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McArthur River is the world’s largest high!grade ura"iu# #i"ea"d Ke$ La%e is the largest ura"iu# #ill i" the world
're grades at the McArthur River #i"e are ()) ti#es the worldaverage which #ea"s it ca" *roduce #ore tha" (+ #illio"*ou"ds *er $ear ,$ #i"i"g o"l$ (-) to .)) to""es o/ ore *er da$0e are the o*erator
McArthur River is o"e o/ our three #aterial ura"iu# *ro*erties
'ur o*erati"g lice"ces /or the Ke$ La%e #ill a"d McArthur River#i"e were a#e"ded i" .))3 a"d .)() givi"g us Be>i,ilit$ i" oura""ual lice"sed *roductio" li#it As lo"g as average a""ual*roductio" does "ot e>ceed (+< #illio" *ou"ds *er $ear thesea#e"d#e"ts allow;
• the Ke$ La%e #ill to *roduce u* to .)8 #illio" *ou"ds9())4 ,asis: *er $ear
• the McArthur River #i"e to *roduce u* to .( #illio"
*ou"ds 9())4 ,asis: *er $earI/ *roductio" is lower tha" (+< #illio" *ou"ds i" a"$ $ear weca" *roduce #ore i" /uture $ears u"til we recover the short/all
Mi"i"g #ethods a"d tech"iues
0e use a "u#,er o/ i""ovative #ethods to #i"e the McArthurRiver de*osit;
Ground reezing
The sa"dsto"e that overla$s the de*osit a"d ,ase#e"t roc%s iswater!,eari"g with large volu#es o/ water u"der sig"i7ca"t*ressure 0e use grou"d /reeDi"g to /or# a" i#*er#ea,le wallarou"d the area ,ei"g #i"ed This *reve"ts water /ro# e"teri"gthe #i"e a"d hel*s sta,iliDe wea% roc% /or#atio"s To date wehave i"stalled 7ve /reeDewalls a"d are curre"tl$ *re*ari"g asi>th
Raisebore mining
Raise,ore #i"i"g is a" i""ovative "o"!e"tr$ a**roach that we
ada*ted to #eet the u"iue challe"ges at McArthur River Iti"volves;
McArthur River curre"tl$ has si> areas with deli"eated #i"eralreserves 9Do"es ( to 8 Do"e 8 south a"d Do"e =: a"d eight areaswith deli"eated #i"eral resources 0e are curre"tl$ #i"i"g Do"e. a"d the lower area o/ Do"e 8
o"e . has ,ee" activel$ #i"ed si"ce *roductio" ,ega" It isdivided i"to /our *a"els 9*a"els ( . 6 a"d -: ,ased o" theco"7guratio" o/ the /reeDewall arou"d the ore As the /reeDewallis e>*a"ded the i""er co""ecti"g /reeDewalls are
deco##issio"ed i" order to recover the ura"iu# that wasi"accessi,le arou"d the active /reeDe *i*es a"el - re*rese"ts
the u**er *ortio" o/ Do"e . overl$i"g *art o/ the other *a"elsMi"i"g is "eari"g co#*letio" i" *a"els ( . a"d 6 a"d the#aForit$ o/ the re#ai"i"g Do"e . *rove" #i"eral reserves are i"*a"el -
o"e 8 is divided i"to three #i"i"g areas; ce"tral "orth a"dsouth 0e are activel$ #i"i"g the ce"tral area A "ew #i"i"garea is also u"der develo*#e"t G Do"e 8 "orth G a"d is /orecastedto ,e i" *roductio" i" .)(8 Raise,ore #i"i"g is scheduled tore#ai" the *ri#ar$ e>tractio" #ethod over the li/e o/ #i"e 0eare testi"g two other #i"i"g #ethods ,lasthole sto*i"g a"d,o>hole ,ori"g U*o" success/ul co#*letio" o/ the test *rogra#si" .)(6 a" a**licatio" will ,e #ade to the C1C to a**rovethese #i"i"g #ethods as seco"dar$ e>tractio" #ethods /orMcArthur River
Boxhole boring
=o>hole ,ori"g is si#ilar to the raise,ore #ethod ,ut the drilli"g#achi"e is located ,elow the #i"eraliDatio" so develo*#e"t is"ot reuired a,ove the #i"eraliDatio" This #ethod is curre"tl$,ei"g used at a /ew #i"es arou"d the world ,ut had "ot ,ee"used /or ura"iu# #i"i"g *rior to testi"g at McArthur River
0e e>*ect ,o>hole ,ori"g will o"l$ ,e used as a seco"dar$#ethod i" areas where we deter#i"e raise,ori"g is "ot /easi,leor *ractical Test #i"i"g to date has ide"ti7ed this as a via,le#i"i"g o*tio" however o"l$ a #i"or a#ou"t o/ ore is scheduledto ,e e>tracted usi"g this #ethod
The area ,etwee" the u**er a"d lower access levels 9the sto*e:is the" drilled oJ a"d ,lasted The ,ro%e" roc% is collected o" thelower level a"d re#oved ,$ li"e!o/!sight re#ote!co"trolled scoo*tra#s the" tra"s*orted to a gri"di"g circuit '"ce a sto*e is#i"ed out it is ,ac%7lled with co"crete to #ai"tai" grou"dsta,ilit$ a"d allow the "e>t sto*e i" seue"ce to ,e #i"ed This#i"i"g #ethod has ,ee" used e>te"sivel$ i" the #i"i"g i"dustr$
i"cludi"g ura"iu# #i"i"g
=lasthole sto*i"g is *la""ed i" areas where ,last holes ca" ,eaccuratel$ drilled a"d s#all sta,le sto*es e>cavated without
Feo*ardiDi"g the /reeDewall i"tegrit$ 0e e>*ect this #ethod toco#*le#e"t the raise,ori"g #ethod a"d to allow /or #oreeco"o#ic recover$ o/ ore o" the *eri*her$ o/ the ore,od$ as wellas s#aller lower grade areas
.)(. U*date
roductio"
'ur share o/ *roductio" i" .)(. was (4 higher tha" our /orecast/or the $ear a"d .4 lower tha" total *roductio" i" .)((
At McArthur River a"d Ke$ La%e we realiDed ,e"e7ts u"der the*roductio" Be>i,ilit$ a#e"d#e"ts to the McArthur River a"d Ke$La%e o*erati"g lice"ces 9see roductio" Be>i,ilit$: /or the /ourthco"secutive $ear '"goi"g eJorts to i#*rove the ecie"c$ a"drelia,ilit$ o/ the Ke$ La%e #ill resulted i" record #ill *er/or#a"ce0e have #itigated the ris% to *roductio" i" .)(6 associated with
the tra"sitio" to the u**er #i"i"g area o/ Do"e 8 0e have #ade*roductivit$ i#*rove#e"ts o" c$cle ti#es which i"clude the useo/ ,lasthole sto*i"g i" s#aller lower grade areas o/ the #i"elocated awa$ /ro# the /reeDewalls I" additio" we have cha"gedthe seue"ci"g o/ the raises i" Do"e . *a"el - which willi#*rove *roductivit$
ew #i"i"g areas
0e co"ti"ued drilli"g to i"stall the /reeDewall i" the u**er #i"i"garea o/ Do"e 8 "orth 0e e>*ect to 7"ish i"stalli"g ,ri"ecirculatio" li"es a"d start /reeDi"g u**er Do"e 8 "orth i" .)(6
a"d ,egi" *roductio" /ro# this area i" .)(8
I" additio" to the u"dergrou"d wor% we have started to u*gradeour electrical i"/rastructure o" sur/ace to address the /uture "eed/or i"creased ve"tilatio" a"d /reeDe ca*acit$ associated with#i"i"g "ew Do"es a"d i"creasi"g #i"e *roductio"
McArthur River *roductio" e>*a"sio"
I" .)(. we co#*leted the /easi,ilit$ stud$ o" the McArthur Rivere>te"sio" *roFect a"d ,ased o" the *ositive results revised our#i"e *la" to i"cor*orate a #i"e e>*a"sio" This i"cludes a"i"crease i" our a""ual *roductio" rate to .. #illio" *ou"dsU6'+ 9())4 ,asis: ,$ .)(+ su,Fect to recei*t o/ regulator$a**roval
0e were "oti7ed ,$ the C1C that the e"viro"#e"talassess#e"t /or the *la""ed i"crease i" *roductio" would ,etra"sitio"ed to the C1C lice"si"g a"d co#*lia"ce *rocessesrather tha" the /ederal e"viro"#e"tal assess#e"t *rocess 0eare develo*i"g *la"s to co#*lete this regulator$ *rocess
I" additio" we #ust co"ti"ue to success/ull$ tra"sitio" i"to "ew#i"e areas through #i"e develo*#e"t a"d i"vest#e"t i" su**ort
i"/rastructure As *art o/ this #ulti!$ear *roFect we *la" to;
• e>*a"d the /reeDe *la"t a"d electrical distri,utio" s$ste#s
• i"crease ve"tilatio" ,$ si"%i"g a /ourth sha/t at the"orther" e"d o/ the #i"e
• i#*rove our dewateri"g s$ste# a"d e>*a"d our water
treat#e"t ca*acit$
McArthur River tech"ical re*ort
I" .)(. we u*dated the McArthur River tech"ical re*ortHighlights i"cluded;
• a (34 i"crease i" our share o/ the #i"eral reserves due to
a ..4 additio" i" to""age a"d a slight decrease i" the
The Ke$ La%e #ill ,ega" o*erati"g i" (3+6 Mill *roductio" at Ke$La%e is e>*ected to closel$ /ollow McArthur River *roductio"su,Fect to recei*t o/ regulator$ a**roval As *art o/ our Ke$ La%ee>te"sio" e"viro"#e"tal assess#e"t we are see%i"g a**roval toi"crease Ke$ La%e’s "o#i"al a""ual *roductio" rate to .- #illio"
*ou"ds U6'+ a"d to i"crease our taili"gs ca*acit$
The #ill revitaliDatio" *la" i"cludes u*gradi"g circuits with "ewtech"olog$ to si#*li/$ o*eratio"s a"d i#*rove e"viro"#e"tal*er/or#a"ce As *art o/ this *la" we re*laced the acid stea#a"d o>$ge" *la"ts
Taili"gs ca*acit$
This $ear we;
• adva"ced the e"viro"#e"tal assess#e"t /or the Ke$ La%e
e>te"sio" *roFect ,$ su,#itti"g the dra/t e"viro"#e"tal i#*actstate#e"t to the regulators receivi"g their co##e"ts a"d*rovidi"g res*o"ses
• ,ega" Batte"i"g the slo*e o/ the eil#a"" taili"gs#a"age#e"t /acilit$ *itwalls relocati"g a,out +)4 o/ the sa"d
E>*loratio"
I" .)(. our sur/ace e>*loratio" *rogra#s drill tested targets"orth a"d south o/ the curre"t #i"i"g areas
la""i"g or the uture
roductio"
orecast; (+< #illio" *ou"ds o/ U6'+ *er $ear u"til .)(< 9ourshare will ,e (6( #illio" *ou"ds: with a *la""ed *roductio"i"crease i" .)(+
ew #i"i"g Do"es
o"e 8 "orth is the "e>t area to ,e #i"ed It is curre"tl$ u"derdevelo*#e"t a"d we /orecast *roductio" to ,egi" i" .)(8 0ee>*ect to start /reeDi"g the lower #i"i"g area o/ Do"e 8 "orth i".)(6
0e e>*ect to use raise,ore #i"i"g i" this area a**l$i"g thegrou"d /reeDi"g e>*erie"ce we gai"ed i" Do"e . *a"el - This
should sig"i7ca"tl$ i#*rove *roductio" ecie"cies co#*ared to,o>hole ,ori"g
I" .)(6 we also e>*ect to co#*lete the e>*a"sio" o/ the e>isti"g/reeDe *la"t to su**ort our *roductio" *la"s at McArthur River
Mill revitaliDatio"
I" .)(6 we e>*ect to;
• co#*lete i"stallatio" a"d co##issio"i"g o/ a "ewelectrical su,statio"
• co#*lete the structural steel wor% a"d eui*#e"t
i"stallatio" /or a "ew calci"er to ,e co##issio"ed i" .)(8
Taili"gs ca*acit$
I" .)(6 we e>*ect to;
• co#*lete Batte"i"g o/ the eil#a"" taili"gs #a"age#e"t/acilit$ *itwalls a"d ,egi" co"structi"g a ,uttress to *reve"tsa"d sloughi"g whe" the water level is raised
• adva"ce the e"viro"#e"tal assess#e"t /or the Ke$ La%ee>te"sio" *roFect ,$ su,#itti"g the 7"al e"viro"#e"tali#*act state#e"t /or review ,$ the *rovi"cial a"d /ederalregulators a"d *ursue the reuired regulator$ a**rovals
0e will ,e a**l$i"g /or a re"ewal o/ our McArthur River a"d Ke$La%e o*erati"g lice"ces i" .)(6 The Ca"adia" uclear 1a/et$Co##issio" has scheduled a o"e!da$ heari"g i" the third uarteras *art o/ the a**licatio" *rocess
E>*loratio"
I" .)(6 we *la" to co"ti"ue adva"ci"g the u"dergrou"de>*loratio" dri/ts to the southwest a"d "ortheast directio"sAdditio"al drilli"g is *la""ed u"dergrou"d to deli"eate Do"e Aa"d /ro# sur/ace to ide"ti/$ additio"al #i"eral resources i" thede*osit
Ma"agi"g 'ur Ris%s
roductio" at McArthur River?Ke$ La%e *oses #a"$ challe"ges;co"trol o/ grou"dwater wea% roc% /or#atio"s radiatio"*rotectio" water i"Bow #i"e area tra"sitio"i"g regulator$a**rovals a"d taili"gs ca*acit$ '*eratio"al e>*erie"ce gai"edsi"ce the start o/ *roductio" has resulted i" a sig"i7ca"treductio" i" ris%
0ater i"Bow ris%
The greatest ris% is *roductio" i"terru*tio" /ro# water i"Bows A
.))6 water i"Bow resulted i" a three!#o"th sus*e"sio" o/
*roductio" 0e also had a s#all water i"Bow i" .))+ that did "oti#*act *roductio"
The co"seue"ces o/ a"other water i"Bow at McArthur Riverwould de*e"d o" its #ag"itude locatio" a"d ti#i"g ,ut couldi"clude a sig"i7ca"t i"terru*tio" or reductio" i" *roductio" a#aterial i"crease i" costs or a loss o/ #i"eral reserves
0e ta%e the /ollowi"g ste*s to reduce the ris% o/ i"Bows ,utthere is "o guara"tee that these will ,e success/ul;
• Nrou"d /reeDi"g; =e/ore #i"i"g we drill /reeDeholes a"d
/reeDe the grou"d to /or# a" i#*er#ea,le /reeDewall arou"dthe area ,ei"g #i"ed Nrou"d /reeDi"g reduces ,ut does "oteli#i"ate the ris% o/ water i"Bows
*ossi,le I" additio" we assess all *la""ed #i"e develo*#e"t/or relative ris% a"d a**l$ e>te"sive additio"al tech"ical a"do*erati"g co"trols /or all higher ris% develo*#e"t
• u#*i"g ca*acit$ a"d treat#e"t li#its; 'ur sta"dard /orthis *roFect is to secure *u#*i"g ca*acit$ o/ at least o"e a"d ahal/ ti#es the esti#ated #a>i#u# sustai"ed i"Bow 0e reviewour dewateri"g s$ste# a"d reuire#e"ts at least o"ce a $eara"d ,e/ore ,egi""i"g wor% o" a"$ "ew Do"e
0e ,elieve we have sucie"t *u#*i"g water treat#e"t a"dsur/ace storage ca*acit$ to ha"dle the esti#ated #a>i#u#sustai"ed i"Bow
Tra"sitio" to "ew #i"i"g areasI" order to success/ull$ achieve the *la""ed *roductio" schedulewe #ust co"ti"ue to success/ull$ tra"sitio" i"to "ew #i"i"gareas which i"cludes #i"e develo*#e"t a"d i"vest#e"t i"critical su**ort i"/rastructure
The Do"e 8 "orth tra"sitio" *la""ed i" late .)(8 carries a slightl$higher tra"sitio" ris% tha" other #i"i"g area tra"sitio"s due tothe site’s li#ited Be>i,ilit$ to oJset a short/all i" *roductio" dueto schedule dela$s
La,our relatio"s The curre"t collective agree#e"t with u"io"iDed e#*lo$ees atthe McArthur River a"d Ke$ La%e o*eratio"s e>*ires o" ece#,er6( .)(6 There is ris% to *roductio" i" .)(8 i/ we are u"a,le toreach a" agree#e"t a"d e#*lo$ees go o" stri%e
Ke$ La%e taili"gs ca*acit$ ris%
Taili"gs /ro# *rocessi"g McArthur River ore are de*osited i" theeil#a"" taili"gs #a"age#e"t /acilit$ At curre"t *roductio"rates the /acilit$ will reach lice"sed ca*acit$ ,$ .)(+ Asig"i7ca"t dela$ i" o,tai"i"g or a /ailure to receive the
"ecessar$ regulator$ a**roval /or the e>*a"sio" o/ the /acilit$could i"terru*t or *reve"t the o*eratio" o/ McArthur River a"dKe$ La%e as *la""ed
I" the *ast sloughi"g o/ #aterial /ro# the *itwalls has resulted i"loss o/ ca*acit$ Tech"ical studies show that sta,iliDi"g a"dreduci"g water levels i" the *it e"ha"ces the sta,ilit$ o/ the*itwalls a"d reduces the ris% o/ sloughi"g I" .))3 regulatorsa**roved our *la" /or the lo"g!ter# sta,iliDatio" o/ the eil#a""taili"gs #a"age#e"t /acilit$ *itwalls 0e are i#*le#e"ti"g the
*la" a"d e>*ect it will ,e co#*lete i" .)(8 0e are *roceedi"gwith the e"viro"#e"tal assess#e"t to su**ort a" a**licatio" /orregulator$ a**roval to de*osit taili"gs to a #uch higher level
This would *rovide e"ough taili"gs ca*acit$ to #ill all the %"ow"McArthur River #i"eral reserves a"d resources should the$ ,eco"verted to reserves with additio"al ca*acit$ to toll #ill ore/ro# other regio"al de*osits
0e also #a"age the ris%s listed here
Uranium in Canada(Updated September 2015)
• Canada was the world's largest uranium producer for many years, accounting for
about 22% of world output, but in 2009 was overtaken by a!akhstan"
• #roduction comes mainly from the $crthur &iver mine in northern askatchewan
province, which is the largest in the world"
• #roduction is e(pected to increase significantly from 20)* as the new Cigar +ake
mine comes into full operation"
• ith known uranium resources of *-2,000 tonnes of U./ 1*,000 tU3, as well as
continuing e(ploration, Canada has a significant role in meeting future world demand"
The 7c*rthur 8iver uranium mine is the world4s largest in terms of annual production. *lso it has
enormous reserves (a"out &+, tonnes %30!, &$!,3 t%) of high grade ore (&D.' %30! after
allowance for dilution) located D metres underground. 8emote control raise "oring methods are used to
mine the ore, which is then truc/ed ! /m south to "e milled at 9ey a/e, site of the closed mine that once
produced &' of the world4s uranium.
*t the 9ey a/e mill, which has "een modified for the 7c*rthur 8iver ore, the ore is "lended with 4specialwaste roc/4 and processed to produce %30!. Tailings are deposited in a mined=out pit. The licensed
capacity of the 9ey a/e mill is "asically !, tEyr % 30!, "ut after Cameco applied for an increase to
&, tEyr permission was given for mill production up to ,2 tEyr to catch up earlier year shortfalls. An
Fuly 2&$ CN1C approved an increase in mill production to &&,3D tEyr %30!. @rom 2&! it pro-ects &,
tEyr %30! su"-ect to regulatory approval. Cameco Guotes c52El" production cost (mid=2&3).
There has "een no production from the 9ey a/e mine since 22, "ut development of the 6one $ north
ore"ody may return it to production.
Cameco is the ma-ority owner and operator of 7c*rthur 8iver mine (D.!') as well as the 9ey a/e 7ill
(*reva is a 3.2' and &D.+' partner, respectively). *reva earlier applied for a licence to process some
0ther deposits close to 7c*rthur 8iver are prospective.$cClean +ake
*fter starting operation in mid=&, 7cClean a/e produced a"out 2 tEyr of %30! from 2.$' ore up
until 2, although production was well down in 2D through to 2& due to lower ore grades. The mine
was relicensed at 3D$ tEyr. 0perations have comprised three open pits, with an underground mine from1ue pit planned for the future. 7cClean a/e also has high=Guality new plant and infrastructure. At uses
the first mined=out pit for tailings disposal # the F tailings management facility.
The F mill has "een upgraded and expanded to , tonnes % 30! ($DD t%) per year to accommodate
the ore from the Cigar a/e mine (see section on Cigar a/e"elow). %nder arrangements concluded in
2&& it will treat all the Cigar a/e ore. *reva says that the mill is the most technologically=advanced in the
world, "eing a"le to treat ore from less than &' to 3' %, and in fact is the only facility capa"le of
processing high=grade uranium ore without diluting it. CN1C gave regulatory approval at the end of 2&2
to operate the mill with high=grade ore from 7c*rthur 8iver and increase production from 3D$ to tEyr
of concentrate. *reva recommissioned the mill in 2&3, and first deliveries from Cigar a/e arrived in7arch 2&$. *reva is increasing the mill capacity to &, tonnes % 30! (2$ t%) per year from 2&D.
fforts to increase production to fill the gap left "y the delay in Cigar a/e production had limited success,
and development of the near"y small Cari"ou deposit awaits improved economic conditions. 7ining of 1ue
deposit 2=! and 1ue in 2! over 2!=& provided ore for the mill until mid=2& when it was
shut down and put onto care and maintenance until it was upgraded to treat the Cigar a/e ore. 1ome
&&, tonnes of low=grade ore remains stoc/piled to "e treated when mar/ets improve. 8eserves are
small. An 2&$ a little production was reported.
7cClean a/e is ma-ority=owned (+') and operated "y *reva 8esources. enison 7ines (22.') and
the Fapanese company 0verseas %ranium 8esources evelopment (0%8 Canada, +.') are *reva4s
-oint venture partners.&abbit +ake
%ranium was discovered at 8a""it a/e in &D! and it was "rought into production "y Cameco in &+.
7ost of the deposit has "een mined out, "ut reserves still exist at agle Point, where around &+ tEyr of
%30! from an ore grade of 2.&' have "een mined underground in recent years. Production is expected to
diminish in the next few years, though to 2&$ Cameco considered a prospective 8a""it a/e extension.Cigar +ake
7ining commenced at Cigar a/e in 2&$. The proven and pro"a"le ore reserves at Cigar a/e are
extremely large and very high grade. * $!=metre=deep underground mine was developed in very poor
ground conditions # the ore"ody is actually in the soft *tha"asca sandstone. ;ence it uses ground
free6ing and remotely=controlled high pressure water -ets at this level to excavate the ore. 9nown
resources are &3, tonnes %30! at a"out &+' average grade, and with other resources the mine is
expected to have a life of at least 3 years. Production is ramping up to !,2 tEyr % 30! (+, t%Eyr) over
four years from late 2&$. An 2& it is expected to "e over one=third of that figure.
0re slurry from remote mining is truc/ed for toll treatment at *reva4s expanded 7cClean a/e mill, + /m
northeast, with average feed grade of 2.+' %30!.H
H Prior to 0cto"er 2&& it was envisaged that all of the leaching would "e done at 7cClean a/e and a"out
half of the uranium solution would go onto Cameco4s 8a""it a/e mill + /m east for final production of
uranium oxide concentrate. The revised arrangement will reduce costs "y 2'.
environmental impact had "een completed. An addition to environmental groups, the Brand Council of the
Crees is opposed to any uranium mining in Jue"ec. * government decision was expected in mid=2&.
* D2D=page report "y Ju"ec4s Bureau d'audiences publiques sur l'environnement (*P) was pu"lished
"y the province4s minister for sustaina"le development, environment and climate change in Fuly 2&. At
followed one year4s wor/ "y a commission set up "y *P in 7ay 2&$ to study the environmental and
social impacts of uranium exploration and mining and conduct pu"lic hearings. The report expresses
concern a"out managing mining wastes. Ihile concluding that it would "e KprematureK to authori6e the
development of a uranium industry now, the *P commission urged the Ju"ec government not to
preclude uranium mining on a temporary or permanent "asis "ecause of potential legal and economic
impacts. The government would need to ensure social accepta"ility through an extensive information
programme and cooperation and consensus="uilding strategyO overcome Ktechnological uncertainties and
current gaps in scientific /nowledgeKO and develop a legal framewor/ to allow it to control uranium mining
operations in the province. The head of CN1C then wrote to Jue"ec<s minister Guestioning the report<s
recommendations, saying that they lac/ed >scientific "asis and rigour? and hence were misleading for all
Canadians. KTo suggest that uranium mining is unsafe is to imply that the CN1C and the government of
1as/atchewan have "een irresponsi"le in their approval and oversight of the uranium mines of Canada for
the last 3 years.K KAt is clear that the *P4s recommendations not to proceed is "ased on the perceived
lac/ of social acceptance and not on proven science.K
An the 0tish 7ountains of central Jue"ec 1trateco 8esources Anc. had "een granted a licence "y CN1C to
conduct underground exploration on the $atoush deposit from 2&$, and commenced environmental
studies for the pro-ect. 7atoush has indicated resources of D t% at .!&'% and inferred resources of
D32 t% at .3+'%, and the company pro-ected mine production of & t%Eyr over seven years from
2&D. 1trateco commenced legal action against the provincial government following the *pril 2&3
moratorium, and announced an impairment charge of 5!+ million in its accounts due to its ina"ility to
proceed with the pro-ect<s underground exploration programme, the suspension of exploration and
evaluation planned for 2&$, and the uncertainty created for Jue"ec<s uranium industry.
An Novem"er 2&3 the Jue"ec government refused to authori6e the 7atoush underground exploration
phase. 1trateco said it had invested over 5&23 million in the pro-ect to date. An ecem"er 1trateco
launched a C5 & million claim against the provincial government for the loss of its investments. KAt should
"e recalled that on the "asis of extremely detailed, rigorous environmental and social impact studies,
1trateco received approvals for the underground exploration phase of the 7atoush pro-ect from the
Canadian Nuclear 1afety Commission, the federal 7inister of the nvironment and the federal
administrator of the Fames ay and Northern Jue"ec *greement, as well as a positive recommendation
from the provincial evaluation committee,K the company said.
An Novem"er 2&$ Toro nergy from *ustralia acGuired a &.!' interest in 1trateco as part of a financing
pac/age. An Fune 2& 1trateco filed for "an/ruptcy protection in the 1uperior Court of Jue"ec under the
Companies Creditors *rrangements *ct.
*"itex 8esourcesE * 8esources is exploring its 8psilon pro-ect in the 0tish 7ountains of Jue"ec.
*6imut xploration has committed C5$2 million to uranium exploration, mainly for the atavic pro-ect in
Jue"ec4s northern Nunavi/ region and other prospects in the %ngava ay region further north. %racan8esources reports 3& tonnes %30! of indicated resources and &D, tonnes of inferred resources in the