September 13, 2011 / 6:50 PM / 6 years ago

UPDATE 1-Cameco plays down Hathor mine study

* Cameco says no new info in Roughrider PEA

* Hathor shares still trading above Cameco’s bid price

Sept 13 (Reuters) - Cameco Corp (CCO.TO) said on Tuesday that a preliminary study of Hathor Exploration’s HAT.TO Roughrider project does not contain any new information that would make Cameco sweeten its takeover bid.

Late last month, Cameco announced a hostile offer of C$3.75 a share for the exploration company, after talks aimed at a friendly deal failed.

At stake is the Roughrider deposit, an exploration stage uranium project near Cameco’s Rabbit Lake mill in northern Saskatchewan.

Hathor released a preliminary economic assessment (PEA) for Roughrider on Tuesday, which found that a mine, mill and other facilities could be built for around C$567 million ($574 million).

    Cameco, Canada’s largest uranium producer, said that key assumptions in the PEA are unrealistic and would not survive more rigorous economic feasibility studies.

    Hathor has yet to formally respond to Cameco’s bid.

    Shares of Hathor were up 2 Canadian cents at C$4.12 on Tuesday on the Toronto Stock Exchange, well above Cameco’s offer price. Cameco’s shares were up 2.24 percent at C$20.96.

    $1=$0.99 Canadian Reporting by Julie Gordon in Toronto; editing by Rob Wilson

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