Cameco Announces Filing of a Technical Report for the Inkai Operation
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NYSE: CCJ currency: Cdn (unless noted)
2121 – 11th Street West, Saskatoon, Saskatchewan, S7M 1J3 Canada
Tel: (306) 956-6200 Fax: (306) 956-6201
Cameco Announces Filing of a Technical Report for the Inkai Operation
Saskatoon, Saskatchewan, Canada, January 25, 2018 . . . . . . . . . . . . .
Cameco (TSX: CCO; NYSE: CCJ) announced today that it filed a technical report under
Canadian Securities Administrators’ National Instrument 43-101 Standards of Disclosure for
Mineral Projects titled “Inkai Operation, South Kazakhstan Oblast, Republic of Kazakhstan.”
The technical report is dated January 25, 2018, with an effective date of January 1, 2018.
As outlined in the technical report, Joint Venture Inkai LLP’s (JV Inkai) 2017 production was
5.5 million pounds U3O8 (Cameco’s share 3.2 million pounds) and 2018 forecast production is
6.9 million pounds U3O8 (Cameco’s share 3.4 million pounds).
JV Inkai has the right to increase production to 10.4 million pounds U3O8 per year, subject to
market conditions and the terms of the Resource Use Contract, with a projected mine life
extending to mid-2045. Updated details on planned production, and mineral reserve and mineral
resource estimates are included in the technical report.
The report also outlines that, over the remaining life of current mineral reserves:
forecast production is estimated at 229.2 million pounds U3O8 (Cameco’s share 92.6
million pounds);
cash operating costs are estimated to be $9.55 Cdn per pound U3O8 (with a currency
exchange rate assumption of 265 Kazakhstan Tenge to $1.00 Cdn); and
capital costs are estimated to be $1.064 billion Cdn (100% basis with a currency
exchange rate assumption of 265 Kazakhstan Tenge to $1.00 Cdn).
Due to the restructuring of JV Inkai on January 1, 2018, Cameco’s ownership interest is now
40% and Kazatomprom’s ownership interest is now 60%. With this change, Cameco will equity
account for its interest in JV Inkai in its 2018 financial results.
Cameco’s 2017 annual results, 2017 production and 2018 plans will be released before markets
open on February 9, 2018.
The technical report is posted on our website at cameco.com. Shareholders may obtain paper
copies of the technical report free of charge by contacting:
Cameco Investor Relations
2121 – 11th Street West
Saskatoon, SK S7M 1J3
Phone: (306) 956-6340
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Profile
Cameco is one of the world’s largest uranium producers, a significant supplier of conversion
services and one of two Candu fuel manufacturers in Canada. Our competitive position is based
on our controlling ownership of the world’s largest high-grade reserves and low-cost operations.
Our uranium products are used to generate clean electricity in nuclear power plants around the
world. Our shares trade on the Toronto and New York stock exchanges. Our head office is in
Saskatoon, Saskatchewan.
Qualified Persons
The technical and scientific information discussed in this news release was approved by the
following individuals who are qualified persons for the purposes of NI 43-101:
Darryl Clark, PhD, P. Geo., President, Cameco Kazakhstan LLP
Alain G. Mainville, P. Geo., Director, Mineral Resources Management, Cameco
Corporation
Stuart B. Soliz, P. Geo., Principal Geologist, Power Resources, Inc. (operating as Cameco
Resources)
Robert J. Sumner, PhD, P. Eng., Principal Metallurgist, Technical Services, Cameco
Corporation
Caution about Forward-looking Information and Statements
Certain information in this new release constitutes forward-looking information or forward
looking statements within the meaning of Canadian and United States securities laws. These
include: JV Inkai’s 2018 forecast production is 6.9 million pounds U3O8 (Cameco’s share 3.4
million pounds); projected mine life extending to mid-2045; over the remaining life of the
current mineral reserves, forecast production is estimated at 229.2 million pounds U3O8
(Cameco’s share 92.6 million pounds); and capital and operating cost estimates.
Forward-looking information is necessarily based upon a number of assumptions that, while
considered reasonable by management, are inherently subject to significant uncertainties and
contingencies. Cameco cautions the reader that such forward looking information involves
known and unknown risks, uncertainties and other factors that may cause actual results and
developments to differ materially from those expressed or implied by such forward-looking
information. These risks, factors and assumptions include, but are not limited to: the risk that JV
Inkai will be unable to achieve its 2018 and future production targets or these targets may
change; the risk that Cameco is unable to enforce its rights under the May 27, 2016
implementation agreement; the risk that JV Inkai is unable to enforce its rights under the
Resource Use Contract; the risk that Cameco or JV Inkai is subject to litigation or arbitration that
has an adverse outcome; the risk that the cost estimates are wrong or change; risks associated
with mineral reserve estimation, including that they are imprecise by nature, may change over
time, and include a number of variables and assumptions that may change or prove to be
incorrect; assumptions about anticipated operations and planned development and production
activities and the risk that one or more of these assumptions prove to be incorrect; the risk that
development and operations, including any ramp up of JV Inkai’s uranium production, are
disrupted or delayed due to operating or technical difficulties, regulatory requirements, or
political risk; and the risks involved in the exploration, development and mining business.
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Cameco is providing this forward looking information to help you understand management’s
current views regarding the filing of this technical report and it may not be appropriate for other
purposes. Cameco does not undertake any obligation to update or revise forward-looking
information, whether as a result of new information, future events or otherwise, except to the
extent legally required.
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Investor inquiries: Rachelle Girard (306) 956-6403
Media inquiries: Gord Struthers (306) 956-6593