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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 Under
the Securities Exchange Act of 1934
For the month of December, 2007
Cameco Corporation
(Commission file No. 1-14228)
2121-11th Street West
Saskatoon, Saskatchewan, Canada S7M 1J3
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form
20-F or Form 40-F.
Form 20-F o Form 40-F þ
Indicate by check mark whether the registrant by furnishing the information contained in this Form
is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.
Yes o No þ
If Yes is marked, indicate below the file number assigned to the registrant in connection with
Rule 12g3-2(b):
Page 2
Exhibit Index
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Exhibit No. |
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Description |
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Page No. |
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1.
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Press Release dated December 4, 2007
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3-4 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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Date: December 5, 2007 |
Cameco Corporation
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By: |
/s/
Gary M. S. Chad
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Gary M.S. Chad, Q.C. |
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Senior Vice-President, Governance,
Law and Corporate Secretary |
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TSX: CCO
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website: cameco.com |
NYSE: CCJ
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currency: Cdn |
2121 11th Street West, Saskatoon, Saskatchewan, S7M 1J3 Canada
Tel: (306) 956-6200 Fax: (306) 956-6201
Cameco Positions US Operations for Expansion
Saskatoon, Saskatchewan, Canada, December 4, 2007. . . . . . . . . .
Cameco Corporation is implementing a new business name for the uranium mining operations of its
wholly owned subsidiaries in Wyoming and Nebraska. Camecos subsidiaries, Power Resources, Inc.,
and Crow Butte Resources, Inc., will conduct business under the name Cameco Resources. The change
is part of a long-term plan intended to better integrate the US facilities with other Cameco
operations around the world and to create a stronger consolidated brand.
Cameco Resources will target overall production increases of 70% from its in situ recovery (ISR)
operations at Crow Butte, Nebraska and Smith Ranch-Highland, Wyoming. These operations and related
projects combined have over 50 million pounds of proven and probable reserves, with additional
resources and exploration potential. The current combined production of Cameco Resources makes it
the largest US uranium producer, with production of 2.1 million pounds in the first three quarters
of 2007.
Closer integration within Cameco will benefit our employees, strengthen our operations and provide
a solid platform for continued growth, said Steve Collings, president of Cameco Resources. We
will need to double our workforce to achieve our goals and stronger identification with Cameco, the
worlds largest uranium producer, will help us attract and retain the people we need.
Tim Gitzel, senior vice-president and chief operating officer of Cameco, said the US ISR operations
are a critical part of Camecos strategy to increase and diversify uranium production.
Our US operations are well-established, have good relationships with their communities and
extensive experience with the regulatory system, which should ease the path toward increased
production, Gitzel said.
Cameco is targeting to increase the combined production at its Crow Butte and Smith Ranch-Highland
ISR operations to 4.6 million pounds U3O8 annually by 2011, accounting for a
significant component of the companys 2011 annual production based on Camecos previously
announced forecast.
Page 4
Cautionary Note Regarding Forward-looking Statements
The above noted 2011 uranium production forecast for Crow Butte and Smith Ranch-Highland ISR
operations is forward-looking information and is based upon the following key assumptions, and is
subject to the following material factors that could cause actual results to differ materially:
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We have assumed that the companys schedule for bringing additional properties nearby
Crow Butte and Smith Ranch-Highland (such as Gas Hills, Reynolds Ranch, Ruth and North
Butte) into production is achieved, but that is subject to a number of risks including
delays in obtaining regulatory approval or the successful development of new well-fields
and satellite ion-exchange plans; |
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We have assumed that the company has sufficient capacity to mill the additional uranium
it produces which may, among other things, require the company to successfully increase
capacity at its Crow Butte and Smith Ranch mills and successfully restart its idle Highland
mill that is located nearby Smith Ranch, and is subject to the risk that it will not be
able to increase its milling capacity; |
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We have assumed that extensive refurbishment of existing facilities is not required, but
production capacity could be significantly diminished if such refurbishment is required;
and |
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We have assumed that Cameco Resources is able to double its work force and retain the
necessary contractors in a timely manner in order to achieve the targeted production
increases, but actual results could differ significantly if it is unable to do so. |
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We have assumed there is no disruption in planned production due to among other things:
an inability to obtain necessary permits and government approvals; natural phenomena, such
as fires and floods; labour disputes; litigation or arbitration proceedings; failure to
procure required equipment, operating parts and supplies, including reagents, critical to
production; equipment failure; unexpected or challenging geological or hydrological
conditions; and adverse mining conditions. The company is subject to the risk that any or
all of the foregoing will occur, as well as other development or operating risks. |
No assurance can be given that the indicated quantities will be produced. Expected future
production is inherently uncertain, in particular a production forecast several years in the
future, such as above, and which could change materially over time. If actual results differ from
the assumptions above, or if any of the material factors identified above occur, the 2011 uranium
production forecast for Crow Butte and Smith Ranch-Highland ISR operations may differ materially
from the above forecast. Although Cameco believes the assumptions inherent in the forward-looking
statement are reasonable, undue reliance should not be placed on this statement, which only applies
as of the date of this news release. Cameco disclaims any intention or obligation to update or
revise any forward-looking statement, whether as the result of new information, future events or
otherwise.
Cameco, with its head office in Saskatoon, Saskatchewan, is the worlds largest uranium producer.
The companys uranium products are used to generate electricity in nuclear energy plants around the
world, providing one of the cleanest sources of energy available today. Camecos shares trade on
the Toronto and New York stock exchanges.
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Media inquiries:
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Gord Struthers
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(306) 956-6593 |
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Investor inquiries:
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Rachelle Girard
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(306) 956-6403 |