By Chris Carr

Update: Cameco bids to buy new mining company

Aug 26, 2011 | 1:32 PM

Saskatoon uranium corporation Cameco made a bid to buy junior mining company Hathor Exploration Ltd. for $520 million.

Cameo and Hathor couldn't agree on the vaule of the company, so Cameo has taken the offer to the Hathor shareholders in a takeover bid.

The offer will be open for acceptance to Hathor's shareholders for at least 60 days following the offer's commencement.

Hathor has projects in the Athabasca Basin in Northern Saskatchewan.

That includes ownership of the Roughrider deposit, which is a source of over 40 million pounds of uranium, considered the third richest deposit on earth after McArthur River and Cigar Lake.

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The Roughrider deposit is located approximately 25 kilometres northwest of Cameco's Rabbit Lake mill.

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