Located about 650km northeast of Perth and nearly 750km south of Camerco’s Kintyre exploration project, Yeelirrie is a near-surface calcrete-style undeveloped deposit.
Cameco president and CEO Tim Gitzel said Yeelirrie deposit fits well with the company’s vision and corporate strategy.
"We are pleased to add this promising deposit to our suite of uranium assets and look forward to advancing this property through our process for assessing development projects," Gitzel added.
As per the historic estimate prepared for BHP Billiton in June 2012, Yeelirrie hosts measured and indicated mineral resources of about 139 million pounds of U3O8, with an average grade of nearly 0.13% U3O8 and inferred resource of about 5 million pounds at 0.10% U3O8.
The transaction, which is subject to approvals from the government of Western Australia and the Australian Foreign Investment Review Board, is expected to close by the end of 2012.
Upon closing of the deal, Cameco said it has to pay stamp tax duty of about $22m to the government of Western Australia.
