Quarterly Reports - 2011 - Q1

  • reconfirms growth strategy post Fukushima
  • begins freezing the ground around shaft 2 and restarts freezing of the orebody at Cigar Lake
  • receives final approval for annual production of 3.9 million pounds (100% basis) at Inkai
  • completes a mineral resource estimate at Kintyre

Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the first quarter ended March 31, 2011 in accordance with the newly adopted International Financial Reporting Standards (IFRS).

"Today's first quarter results are being reported as the situation at the Fukushima nuclear complex is stabilizing," said CEO Jerry Grandey.

"In the short-term, we may see delays as the industry pauses to learn the lessons from Fukushima. However, a number of countries have already reaffirmed that building new nuclear reactors is essential to meeting long-term energy demand in their rapidly developing economies.

"These nuclear building programs require additional global uranium supply," Grandey explained. "That's why our strategy to double annual uranium production by 2018 from our world-leading asset base is unshaken."