Cigar Lake Mine

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The Cigar Lake Mine is the largest undeveloped high grade uranium deposit in the world, located in the uranium rich Athabasca Basin of northernSaskatchewan, Canada.

The deposit, discovered in 1981, is second in size of high-grade deposits only to McArthur River. Other deposits, such as Olympic Dam in Australia, contain more uranium, but not at the significant grades of the Saskatchewan deposits. The average grade at Cigar Lake is in excess of 20% whereas the world average is less than 1%.

As of December 31, 2007, the mine has proven and probable reserves of 497,000 tonnes U₃O₈ at an average grade of 20.67% (226.3 Million pounds)

Construction began in 2005 with production planned for 2007, but the mine is currently undergoing a phased remediation program to restore the underground workings following a flood in October, 2006. Production is expected to be delayed until 2011.

The mine is owned by Cameco Corporation (50%), AREVA Resources Canada Inc. (37%), Idemitsu Canada Resources Ltd. (8%), and TEPCO Resources Inc. (5%). Cameco is the project operator.