Cameco No Longer Interested In Diamonds

Cameco No Longer Interested In Diamonds

Monday, September 25, 2006 at 15:18

The world’s largest uranium producer has decided to sell its stake in a major diamond exploration project east of Prince Albert.

Spokesman Lyle Krahn says Cameco has had an interest in the Fort a la Corne Joint Venture since 1989, but is selling its 10.51 per cent share to a subsidiary of Shore Gold.

Krahn says Cameco is getting just under $45 million in the deal.

He says Cameco believes the diamond venture doesn’t fit with its long-term business plans.

Shore Gold is also purchasing De Beers Canada’s interest in the project.