Quarterly Reports - 2011 - Q2

  • second quarter results as expected
  • sales and revenue guidance for the year reconfirmed
  • extensive portfolio of long-term sales contracts provide stability in current market
  • new management team reconfirms corporate growth strategy
  • at Cigar Lake, resumed sinking of shaft 2 and received regulatory approval of mine plan

Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the second quarter ended June 30, 2011 in accordance with International Financial Reporting Standards (IFRS).

"Through the second quarter of 2011 our operations demonstrated reliable production, keeping us on track for the year. At Cigar Lake, we continue to make significant progress," said president and CEO Tim Gitzel. "We also made changes to Cameco's management team to ensure we have the right mix of experience and energy to execute on our strategy to double annual uranium production by 2018.

"As we anticipated, this quarter's financial results were lower due to variability in the timing of uranium deliveries. We expect our sales will be heavily weighted to the second half of the year and anticipate stronger results in the third and fourth quarters.

"With our extensive portfolio of long-term sales contracts, we are in the enviable position of being heavily committed until 2016, which provides us with financial stability as we pursue our corporate growth strategy.

"Over the longer term, we remain confident in the strong fundamentals of the uranium market. World demand for safe, clean, reliable, affordable energy continues to grow and the need for nuclear as part of the world's energy mix remains as compelling as ever."