The project area is one of 12 mineral claims held by the Cree Lake Extension Joint Venture exploration project.
Cameco is the operator with 41.96% stake, JCU (Canada) Exploration Company owns 30.1%, and AREVA Resources Canada holds the remaining 27.94% stake.
Under the terms of the agreement, the Millennium mineral claim, consisting of 590 ha of land, will be designated as a separate project area under the Cree Lake Extension Joint Venture.
Under the terms of the Cree Lake Extension Joint Venture agreement, the sale to Cameco is subject to JCU (Canada) Exploration’s rights of refusal on transfers.
If JCU does not exercise its rights, Cameco will acquire the entire 27.94% interest from AREVA, increasing its ownership interest in the Millennium project to 69.9%.
If JCU elects to exercise its rights, it will acquire an additional 11.67% interest and Cameco will acquire an additional 16.27% interest, resulting in Cameco owning 58.23% in the Millennium project.
The transaction is expected to close no later than 6 June 2012.
