"After careful consideration we cannot justify increasing the price
beyond our current offer and accordingly, we will let our offer lapse,"
said Tim Gitzel, president and CEO of Cameco.
"Cameco
has remained disciplined through the bid process to ensure that we make
the best decisions for our company and its shareholders."
Gitzel said that allowing the bid to lapse will not adversely affect
Cameco's plan to double annual uranium production to 40 million pounds by
2018.
"Our plan involves existing assets in our development pipeline and we
remain on track to meet our objectives. We will continue to explore other
growth opportunities, but only where there is a clear benefit to our
shareholders," Gitzel said.
Profile
Cameco, with its head office in Saskatoon, Saskatchewan, is one of the
world's largest uranium producers. The company's uranium products are used
to generate electricity in nuclear energy plants around the world,
providing one of the cleanest sources of energy available today. Cameco's
shares trade on the Toronto and New York stock exchanges.
As used in this news release, "Cameco" or the "company" means Cameco
Corporation, a Canadian corporation and its subsidiaries and affiliates
unless stated otherwise.
Caution Regarding Forward-Looking Information and Statements
The statements in this press release regarding our plan to double
annual uranium production to 40 million pounds by 2018 is "forward-looking
information" (or a "forward-looking statement") within the meaning of
Canadian and U.S. securities laws. Forward-looking information is
necessarily based upon a number of assumptions that, while considered
reasonable by management, are inherently subject to significant business,
economic and competitive uncertainties and contingencies. These
assumptions include the assumption that there is no disruption in planned
production for any reason, and that forecast production levels will be
achieved. Cameco cautions the reader that forward-looking information
involves known and unknown risks, uncertainties and other factors that may
cause actual results and developments to differ materially from those
expressed or implied by forward-looking information. Those risks and
uncertainties include: the risk of disruption in production as a result of
natural phenomena, labour disputes, political risks, blockades or other
acts of social or political activism, shortage or lack of supplies
critical to production, equipment failures or other development and
operation risks; and the risk that forecast production levels are not
achieved because of a change in mining plans, processing plants are not
available, do not function as designed or for other reasons. Certain of
these assumptions, risks and uncertainties are discussed in greater detail
in Cameco's most recent Annual Information Form and MD&A on file with
the Canadian securities regulatory authorities, which we recommend that
you review for more information. Forward-looking information is designed
to help you understand management's current views of our near and longer
term prospects, and it may not be appropriate for other purposes. Cameco
does not undertake any obligation to update or revise forward-looking
information, whether as a result of new information, future events or
otherwise, except to the extent legally
required.