Source Of New Flooding At Cigar Lake Still Unknown

Source Of New Flooding At Cigar Lake Still Unknown

Thursday, August 14, 2008 at 14:31

A little more is known today about Tuesday’s flooding at Cameco’s Cigar Lake uranium operation.

This morning, the company released its second quarter results — but even CEO Gerry Grandey admits those are somewhat overshadowed by recent events at Cigar Lake, a mine that first flooded in October 2006.

Grandey says Cameco still doesn’t know where the water came from, and says finding out is first priority.

In the meantime, all dewatering work has been temporarily suspended.

Two years ago, Cameco set a budget of $46 million to deal with remediation.

The company says almost all of that money is gone now.

Cameco will provide an update on the Cigar Lake situation the end of September.