Yeelirrie is located about 650km northeast of Perth and about 750km south of Cameco’s Kintyre exploration project in Western Australia.
The Yeelirrie project is a near-surface calcrete-style deposit, ideal for open pit mining and is one of the largest undeveloped uranium deposits in Australia, claimed the company.
Cameco had earlier secured the requisite approvals from the Australian Foreign Investment Review Board and the government of Western Australia.
Earlier in August 2012, BHP Billiton announced the agreement with Cameco to acquire the project.
BHP Billiton Uranium president Dean Valle had called Cameco one among the highly respected uranium producers in the industry.
"We believe they are well placed to carry this project forward in a responsible manner," Valle added.
Pursuant to the acquisition, Cameco will pay a stamp duty of $22m to the government of Western Australia. and plans to further undertake a full document review to draw-up future plans for the project.
