Cameco has ended its pursuit of the lucrative Roughrider uranium deposit in northern Saskatchewan.

The company announced today that it will not increase or extend its offer to shareholders of Hathor Exploration.

In recent weeks, it has been in a bidding war with Rio Tinto.

Cameco’s current bid is due to expire tomorrow, and company president and CEO Tim Gitzel says his firm will let its offer lapse.

According to Gitzel, “After careful consideration we cannot justify increasing the price beyond our current offer.  Cameco has remained disciplined through the bid process to ensure that we make the best decisions for our company and its shareholders.”

Gitzel says that allowing the bid to lapse will not adversely affect Cameco’s plan to double annual uranium production to 40 million lbs. by 2018.