By Thia James

Latest step moves Cigar Lake closer to production: Cameco

Dec 17, 2013 | 5:22 AM

Cameco Corporation’s shares rose one percent on Monday after the company announced it’s taken a step that moves it closer to its early 2014 projected start of production at Cigar Lake.

The uranium company said it has started jet boring ore at the Cigar Lake mine. Jet boring involves using pressurized water to extract uranium ore from an ore-bearing rock.

Cameco’s communications manager Rob Gereghty said this is one stage in a multi-stage process.

“It’s a significant milestone. This part of the process is the key part of the process, ultimately you have to remove the ore in order to begin processing the ore. We’re very pleased that we’ve been able to successfully remove the ore from the ore body.”

He said the company will next focus its attention on testing the different pieces of equipment it will use to bring that into full ore production.

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“The testing of the systems, the underground systems is pretty much the focus of our efforts,” he said, and added there is work that needs to take place on the surface, but that won’t interfere with the production of ore.

The mine is expected to go into full production in the first quarter of 2014.

According to numbers provided by Gereghty, there are about 1,000 people, employees and contractors working at the site currently. Once the mine is in full production, it will employ 600 to 650 people, employees and contractors.

Cameco’s shares closed 22 cents higher on the TSX on Monday.

tjames@panow.com

On Twitter: @thiajames