Cameco Close To Finding Source Of Cigar Lake Flood

Thursday, November 13, 2008 at 12:49



In the next couple of weeks, Cameco hopes to have more information in the next couple of weeks on why and how water is flowing into the flooded Cigar Lake uranium mine.


Chief operating officer Tim Gitzel says company officials are pretty sure the water is coming in through an abandoned shaft 420 metres beneath the surface.


Several remote operated vehicles are currently exploring the area.


Gitzel says a plan will be put in place once the company pins down where exactly the water is coming from.


Meanwhile, Cameco President and CEO Jerry Grandey is confident about his company’s future.


He told investors yesterday the wild financial markets might actually be good for Cameco — as the company plans to take advantage of the turmoil and look for opportunities.


The company’s third quarter report revealed that earnings were 46 per cent less than the same time last year.


Cameco is pledging to cut costs.