September 15, 2009 / 8:26 PM / 10 years ago

UPDATE 1-Cameco doesn't expect Cigar Lake reserve decrease

* World’s largest unmined uranium deposit flooded in 2006

* Company expects to begin pumping out water next year

TORONTO, Sept 15 (Reuters) - Cameco Corp’s (CCO.TO) chief executive said on Tuesday he does not expect any decrease in reserves at the company’s Cigar Lake project, the massive Saskatchewan uranium mine that flooded in 2006.

Cameco has been trying to repair and pump out the deposit — the world’s largest untapped uranium find with proven and probable reserves of 226 million pounds — for the past three years, and suffered another setback when it re-flooded in 2008.

Until the company is able to pump out the water, which they expect to begin doing next year, they won’t know the extent of the damage to equipment and to the mine itself.

However, Cameco CEO Jerry Grandey said he doesn’t expect the damage to make it impossible to get to the uranium that the company plans to mine.

“From a mine design perspective, we know (the reserves) are there,” he said in an investor webcast.

“I wouldn’t look for any of them to disappear.” (Reporting by Cameron French; editing by Rob Wilson)

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