Cameco acquires uranium exploration stake

28 June 2006

Canada’s Cameco Corp has acquired a 19.5% share of uranium exploration and development company UNOR Inc and signed a strategic alliance with the company.

UNOR, formerly Hornby Bay Exploration, is the Toronto-based owner of 226 mineral claims in northwestern Nunavut on the Hornby Basin, a geological formation with similar characteristics to the uranium-rich Athabasca Basin in northern Saskatchewan.

Cameco purchased 22.9 million common shares of UNOR at C$0.40 ($0.36) per share through a private placement for a total of C$9.2 million ($8.3 million).

The strategic alliance agreement allows Cameco to operate any mine developed on UNOR’s properties and market any uranium produced providing certain conditions are met.

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