Cameco to provide toll processing services for Uranerz's new uranium mine in Campbell County
Smith Ranch-Highland, November 30, 2011
Cheyenne, WY - Cameco Resources and Uranerz Energy Corporation have entered into an agreement by which material from Uranerz's recently licensed Nichols Ranch in situ uranium mine in Campbell County will be processed into uranium concentrate (yellowcake) at Cameco's central processing plant at the Smith Ranch-Highland Project in Converse County.
Smith Ranch-Highland is America's largest uranium operation and has the licensed capacity to mill four million pounds of uranium concentrate per year. Recent production has been just under two million pounds per year. Commercial in situ operations at the combined Smith Ranch-Highland Project began in 1988.
“Adding processing from Uranerz under a tolling agreement will help make both of our operations more efficient, ensuring jobs and continued growth in Wyoming's uranium industry,” said Cameco Resources' President Paul Goranson.
Uranerz is hiring additional personnel to work at its site during construction and operation, and announced it is focused on achieving commercial production as soon as practical.
“The addition of up to 800,000 pounds a year from Uranerz will still allow full growth from our own new sites that we are working to bring into production,” Goranson said.
Cameco Resources of Cheyenne is America's largest uranium producer and comprises the US operations of Cameco Corporation of Saskatoon, Saskatchewan, Canada (NYSE:CCJ), which is one of the world's largest uranium producers. Cameco Resources has about 350 employees and full-time contractors at its Wyoming and Nebraska mines, its exploration and development office in Casper, and its headquarters in Cheyenne.
Uranerz Energy Corporation is a U.S.-based uranium company focused on achieving near-term commercial in-situ recovery (ISR) uranium production in Wyoming, the largest producer of uranium of any U.S. state. The Uranerz management team has specialized expertise in the ISR uranium mining method, and has a record of licensing, constructing, and operating commercial ISR uranium projects. The Company has already entered into long-term uranium sales contracts with Exelon and one other of the largest nuclear utilities in the U.S. Uranerz Energy Corporation is listed on the NYSE Amex and the Toronto Stock Exchange under the symbol URZ, and listed on the Frankfurt Stock Exchange under the symbol U9E.
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CONTACT at Cameco Resources:
Paul Goranson, 307-316-7600, or
Ken Vaughn, 307-315-3009 (mobile)