SASKATOON, Saskatchewan, July 4, 2021 (GLOBE NEWSWIRE) –
Cameco (TSX: CCO; NYSE: CCJ) is returning to its regular workforce at the Cigar Lake uranium mine in northern Saskatchewan today and plans to restart production later this week.
Approximately 230 workers were evacuated from the site on July 1 as a precautionary measure due to the proximity of a wildfire in the vicinity of the operation. In consultation with provincial wildfire management officials from the Saskatchewan Public Safety Agency, we believe the risk to Cigar Lake posed by the fire has now decreased.
With better weather and smoke conditions, a minimal likelihood of more road closures in the area, and all infrastructure at Cigar Lake remaining intact, Cameco believes that all personnel can be safely remobilized and regular operations resume.
Cameco is now in the process of transporting employees and contractors back to the site. Final inspections and equipment preparation will take place in the next few days to prepare the operation to return to production.
Cameco is one of the world’s largest suppliers of the uranium fuel needed to power a world of clean air. Our competitive position is based on our controlling ownership of the world’s largest high-grade reserves and low-cost operations. Utilities around the world rely on our nuclear fuel products to generate power in safe, reliable and carbon-free nuclear reactors. Our shares are listed on the Toronto and New York Stock Exchanges. Our head office is in Saskatoon, Saskatchewan.
Caution Regarding Forward-Looking Information and Statements
This press release includes statements and information about our expectations for the future, which we refer to as forward-looking information. Forward-looking information is based on our current opinions, which may change significantly, and actual results and events may be significantly different than what we currently expect. Examples of forward-looking information in this press release include statements regarding our plans to restart production and resume regular operations, the risk of fire, weather conditions, and the remobilization of personnel. Material risks that could lead to different results include: the risk that our plans to restart production and resume regular operations will be delayed or unsuccessful for any reason; the risk of delays in the remobilization of our staff back to the site; the risk of adverse weather or fire conditions; the risk of damage to the Cigar Lake infrastructure; an operational risk occurs that disrupts our plans; and the risk that we may not be able to meet applicable regulatory requirements. In presenting this forward-looking information, we have made assumptions that may turn out to be incorrect, including assumptions regarding the availability of our personnel, weather and fire conditions, and other factors that may affect the timing and our ability to restart production at Cigar Lake. and return to normal operations as planned. The forward-looking information is designed to help you understand current management views of our short-term and long-term prospects, and may not be appropriate for other purposes. We will not necessarily update this information unless required by securities laws.