Production Outlook For Cigar Lake Operation

SASKATOON, - Cameco reported that the Cigar Lake operation is expected to produce 16 million packaged pounds of uranium concentrate (U3O8) in 2016. Ore from the Cigar Lake mine is milled and packaged at the McClean Lake operation, which is majority, owned and operated by AREVA Resources Canada Inc. The McClean Lake mill's operating license has a current annual production limit of 13 million pounds. AREVA plans to submit an application to the Canadian Nuclear Safety Commission to increase the mill's licensed annual production limit. Full achievement of the 2016 production outlook for Cigar Lake is subject to securing regulatory approvals necessary to increase mill production.