Cameco takes stake in Western Uranium

24 May 2007

[Western Uranium, 23 May] Cameco of Canada has signed a letter of intent to form a strategic alliance with Western Uranium, under which Cameco will acquire a 10% stake in Western Uranium for some C$20.1 million ($18.6 million). Western Uranium will invest the money in its exploration operations, especially at its project in Kings Valley, Nevada, USA. The company also has exploration properties at Virgin Valley, Nevada, and at Treeline, New Mexico. Cameco must maintain a minimum 7.5% equity interest in Western Uranium to retain the right to a joint venture interest of 70% in various Western Uranium projects. Edward Flood, Western Uranium's chairman, said the alliance with Cameco "allows Western Uranium to focus its efforts on exploration and development with Cameco supplying financial and operating expertise to advance projects to production if warranted."

Further information

Western Uranium