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CROW BUTTE

Reserves and Resources

Mineral Reserves and Resources

Our mineral reserves and resources are the foundation of our company and fundamental to our success.

We have interests in a number of uranium properties. The tables in this section show our estimates of the proven and probable reserves, measured and indicated resources and inferred resources at those properties. However, only three of the properties listed in those tables are material uranium properties for us: McArthur River and Inkai, which are being mined, and Cigar Lake, which is being developed.

For additional details about our mineral reserves and resources, please refer to our 2013 Q4 MD&A.

About Mineral Reserves

Mineral reserves are the economically mineable part of measured and indicated mineral resources demonstrated by at least a preliminary feasibility study. They fall into two categories:

  • proven reserves: the economically mineable part of a measured resource for which a preliminary feasibility study demonstrates that economic extraction is justified
  • probable reserves: the economically mineable part of a measured and/or indicated resource for which a preliminary feasibility study demonstrates that economic extraction is justified

We use current geological models, an average uranium price of $63.75 (US) per pound U3O8, and current or projected operating costs and mine plans to estimate our mineral reserves, allowing for dilution and mining losses. We apply our standard data verification process for every estimate.

The price assumption is based on independent industry and analyst estimates of spot prices and the corresponding long-term prices and reflects our committed and uncommitted sales volumes. For committed sales volumes, the spot and term price assumptions were applied in accordance with the terms of the agreements. For uncommitted sales volumes the same price assumptions were applied using a spot-to-term price ratio of 60:40.

Our share of uranium in the mineral reserves table below is based on our respective ownership interests, except for Inkai which is based on our interest in planned production (57.5%) assuming an annual production rate of 5.2 million pounds, which differs from our ownership interest (60%).

Mineral Reserves

As at December 31, 2013 (100% basis — only the second last column shows our share)

Proven and probable
(tonnes in thousands; pounds in millions)
    Proven Probable
Property Mining method Tonnes Grade %U3O8 Content
(lbs U3O8)
Tonnes Grade %U3O8 Content
(lbs U3O8)
               
McArthur River underground 465.2 21.42 219.7 572.2 11.17 140.8
Cigar Lake underground 233.6 22.31 114.9 303.5 15.22 101.8
Rabbit Lake underground 43.0 0.29 0.3 1,599.1 0.57 20.0
Key Lake open pit 67.5 0.50 0.7      
Inkai ISR 1,947.1 0.08 3.6 57,742.6 0.07 84.0
Smith Ranch–
Highland
ISR 1,100.8 0.10 2.5 1,498.3 0.08 2.7
North Butte–
Brown Ranch
ISR 925.1 0.09 1.8 1,361.9 0.07 2.0
Crow Butte ISR 928.6 0.11 2.3      
Total 5,710.8 345.7 63,077.6 351.5
               
Reserves continued
(tonnes in thousands; pounds in millions)
  Total mineral reserves
Property Tonnes Grade %U3O8 Content
(lbs U3O8)
Cameco's share
of content
(lbs U3O8)
Metallurgical
recovery (%)
           
McArthur River 1,037.4 15.76 360.5 251.6 98.7
Cigar Lake 537.1 18.30 216.7 108.4 98.5
Rabbit Lake 1,642.1 0.56 20.3 20.3 97
Key Lake 67.5 0.50 0.7 0.6 98.7
Inkai 59,689.7 0.07 87.6 50.4 85
Smith Ranch–
Highland
2,599.1 0.09 5.2 5.2 80
North Butte/
Brown Ranch
2,287.0 0.08 3.8 3.8 80
Crow Butte 928.6 0.11 2.3 2.3 85
Total 68,788.5 697.2 442.7  
           
 
Notes
Estimates in the above table:
  • use an average uranium price of $63.75 (US)/lb U3O8
  • are based on an average exchange rate of $1.00 US=$1.05 Cdn
  • totals may not add up due to rounding.

About Mineral Resources

Mineral resources do not have demonstrated economic viability, but have reasonable prospects for economic extraction. They fall into three categories: measured, indicated and inferred. Our reported mineral resources are exclusive of mineral reserves.

  • Measured and indicated mineral resources can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters to support evaluation of the economic viability of the deposit.
  • measured resources: we can confirm geological and grade continuity to support production planning
  • indicated resources: we can reasonably assume geological and grade continuity to support mine planning
  • inferred mineral resources are estimated using limited information. We do not have enough confidence to evaluate their economic viability in a meaningful way. You should not assume that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration.

Our share of uranium in the mineral resource tables below is based on our respective ownership interests, except for Inkai which is based on our interest in potential production (57.5%), which differs from our ownership interest (60%). Mineral resources that are not mineral reserves have no demonstrated economic viability.

Mineral Resources

As at December 31, 2013 (100% — only the last column shows our share)

Measured and indicated
(tonnes in thousands; pounds in millions)
    Measured Indicated
Property Mining method Tonnes Grade %U3O8 Content
(lbs U3O8)
Tonnes Grade %U3O8 Content
(lbs U3O8)
               
McArthur River underground 111.2 4.13 10.1 16.7 9.36 3.5
Cigar Lake underground 18.9 1.68 0.7 25.5 2.71 1.5
Rabbit Lake underground       1,152.6 0.80 20.2
Millennium underground       1,442.6 2.39 75.9
Phoenix underground       152.4 15.60 52.3
Tamarack underground       183.8 4.42 17.9
Dawn Lake open pit,
underground
      347.0 1.69 12.9
Kintyre open pit       4,315.4 0.58 55.2
Yeelirrie open pit 24,013.5 0.17 92.4 12,626.5 0.13 34.9
Inkai ISR       29,346.4 0.08 49.2
Smith Ranch–
Highland
ISR 1,783.1 0.10 4.0 14,618.1 0.06 17.8
North Butte–
Brown Ranch
ISR       7,245.7 0.07 10.8
Gas Hills–Peach ISR 4,558.8 0.10 9.7 5,214.7 0.11 12.2
Crow Butte ISR 1,133.1 0.24 6.0 1,354.9 0.29 8.6
Ruby Ranch ISR       2,215.3 0.08 4.1
Ruth ISR       1,080.5 0.09 2.1
Shirley Basin ISR 89.2 0.16 0.3 1,638.2 0.11 4.1
Total 31,707.8 123.2 82,976.4 383.3
               
Resources continued
(tonnes in thousands; pounds in millions)
  Total measured and indicated
Property Tonnes Grade
%U3O8
Content
(lbs U3O8)
Cameco's share
(lbs U3O8)
         
McArthur River 127.9 4.81 13.6 9.5
Cigar Lake 44.4 2.27 2.2 1.1
Rabbit Lake 1,152.6 0.80 20.2 20.2
Millennium 1,442.6 2.39 75.9 53.0
Phoenix 152.4 15.60 52.3 15.7
Tamarack 183.8 4.42 17.9 10.3
Dawn Lake 347.0 1.69 12.9 7.4
Kintyre 4,315.4 0.58 55.2 38.7
Yeelirrie 36,640.0 0.16 127.3 127.3
Inkai 29,346.4 0.08 49.2 28.3
Smith Ranch–
Highland
16,401.2 0.06 21.8 21.8
North Butte/
Brown Ranch
7,245.7 0.07 10.8 10.8
Gas Hills–Peach 9,773.5 0.10 21.9 21.9
Crow Butte 2,488.0 0.27 14.6 14.6
Ruby Ranch 2,215.3 0.08 4.1 4.1
Ruth 1,080.5 0.09 2.1 2.1
Shirley Basin 1,727.4 0.12 4.4 4.4
Total 114,684.2 506.5 391.2
         
 
Inferred
(tonnes in thousands; pounds in millions)
Property Mining method Tonnes Grade %U3O8 Content
(lbs U3O8)
Cameco's share
(lbs U3O8)
           
McArthur River underground 350.7 7.38 57.1 39.9
Cigar Lake underground 373.4 12.01 98.9 49.5
Rabbit Lake underground 708.5 0.58 9.0 9.0
Millennium underground 412.4 3.19 29.0 20.2
Phoenix underground 11.6 29.80 7.6 2.3
Tamarack underground 45.6 1.02 1.0 0.6
Kintyre open pit 950.2 0.46 9.6 6.7
Inkai ISR 254,217.9 0.05 254.4 146.3
Smith Ranch–
Highland
ISR 6,989.4 0.05 7.9 7.9
North Butte–
Brown Ranch
ISR 594.3 0.06 0.8 0.8
Gas Hills–Peach ISR 585.3 0.07 0.9 0.9
Crow Butte ISR 1,135.2 0.12 2.9 2.9
Ruby Ranch ISR 56.2 0.14 0.2 0.2
Ruth ISR 210.9 0.08 0.4 0.4
Shirley Basin ISR 508.0 0.10 1.1 1.1
Total 267,149.6 480.8 288.6
           

Notes
ISR — in situ recovery
  • Mineral resources do not include amounts that have been identified as mineral reserves.
  • Mineral resources do not have demonstrated economic viability. Totals may not add up due to rounding.

Caution about Forward-Looking Information

Please click here for additional information about the assumptions applied in making the forward-looking statements on this page and the factors that could cause results to differ materially.