OWNERSHIP:

Cameco Corporation (50%)
AREVA Resources (37%)
Idemitsu Uranium Exploration Canada Limited (8%)
TEPCO Resources Inc. (5%)

OPERATOR:

Cameco Corporation (Cameco assumed operation in January 2002)

DISCOVERED:

1981 by AREVA Resources

OPERATION:

Cigar Lake is the world's second-largest known high-grade orebody. Construction of the mine is ongoing.  When in production, the slurry will be trucked about 75 kilometres to the McClean Lake mill for processing. As production ramps up, a portion of the uranium solution will be trucked from the McClean Lake mill to Cameco's Rabbit Lake operation for final processing and packaging (subject to regulatory approvals). Mill expansions are planned for both sites.

CAPACITY:

Planned annual production of 18 million lbs. U3O8 (6,924 tonnes uranium)

PRODUCTION:

Estimates for starting production will be provided after the mine has been dewatered and the underground workings have been evaluated

RESERVES:

Proven and probable reserves of 226.3 million lbs. U3O8 (87,000 tonnes uranium) with an average grade of 20.67% U3O8

SIGNIFICANT EVENT:

In August 2008, Cigar Lake experienced a new inflow of water during an attempt to dewater the underground mine. Once sealed, work will begin to re-establish mine development.