Efforts to plug a leak at the hapless Cigar Lake uranium 
project, in Saskatchewan, Canada, are proceeding as 
expected, although the remediation work is still expected to take the better part of this year, Cameco CFO Kim Goheen said last week.

Once the water inflow has been sealed off, the company will start dewatering the mine.

Speaking at an investor conference, in New York, Goheen said that Cameco would not give any guidance on when it expected to finally start production at the mine until it had a better idea of the way forward.

Before the most recent flood, the firm had said it expected to start production in 2011, at the earliest.

The Cigar Lake project, with proven and probable reserves of more than 226,3-million pounds uranium oxide, contains the biggest-known undeveloped high-grade uranium deposit in the world.

The mine was expected to start production as early as 2008, 
before a rockfall caused a flood in October 2006, forcing the company to halt development.

Cameco only received approval 
to start dewatering the mine in June last year, after successfully testing an underground seal, and was approaching the bottom of shaft one when the mine flooded once again in August.

The inflow has been traced to a fissure located in the top of a tunnel on the 420 m level, and the company is working to plug the leak before restarting the 
dewatering process.


Holes are being drilled from the surface to allow the placement of concrete and grout, and the firm is using submersible, 
remotely operated vehicles to clear the 420-m level in preparation to pour the bulkhead.

“Many of you are impatient to see development of this mine resume, and we are too. But we intend to do it systematically, to ensure success at every step,” Goheen said.

“Education always comes with a price, but we are learning how to deal with these challenges.”

Cameco is the operator of the Cigar Lake project, and owns 50%, while Paris-based Areva holds 37%, Idemitsu Canada Resources owns 8% and Tepco Resources owns the remaining 
5%.

Through the process, the company has become more 
experienced in assessing the pumping capacity needed at the project, Goheen said.

“We absolutely will bring that mine into production,” he 
affirmed.

“It is far too valuable to consider otherwise.”

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