Quarterly Reports - 2010 - Q3

  • production rises 17% year to date, average unit cost of production decreases 13%
  • 2010 uranium production forecast increases to 22 million pounds
  • Cigar Lake on track
  • McArthur River and Key Lake sign four-year collective agreement

Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the three and nine months ended September 30, 2010.

"This year's operational success has continued into the third quarter," said Cameco CEO Jerry Grandey. "Production volumes are 17% higher than in 2009, while production costs are lower. Our $US realized prices have also risen, illustrating the strength of our contract portfolio.

"As we advised earlier this year, revenues were lower in the third quarter due to the timing of uranium deliveries. We expect about one third of our uranium sales will be delivered in the fourth quarter.

"We are on track to double our annual uranium production from existing assets by 2018. Our growth strategy is in place to ensure we remain among the world's leading uranium suppliers to those who choose to use safe, clean and reliable nuclear power."