Cameco reported in early January 2012 that the second shaft at the Cigar Lake uranium mining project in northern Saskatchewan had broken through to the main mine workings. The second shaft will provide for increased ventilation of the underground workings as well as an additional means of entering and exiting the mine.

Cameco President and CEO Tim Gitzel said, “We expect to resume full mine development and construction activities in 2012 and remain on track to start ore mining by mid-2013.”

During 2011, Cameco restored underground mine systems, infrastructure, and development areas at Cigar Lake; secured regulatory approval for and started construction of systems to increase discharge capacity for treated water; initiated orebody freezing from surface; and developed and secured regulatory approval for a revised mine plan.

The Cigar Lake project is 50%-owned and operated by Cameco. The other Cigar Lake joint venture partners are AREVA Resources Canada (37%), Idemitsu Resources Canada (8%) and Tepco Resources Inc. (5%).