PERU

Published by MAC on 2007-04-18

PERU

Cameco eyeing Uranium exploration in Puno - Peru

BNAmericas

18th April 2007

The world's largest uranium producer, Saskatchewan-based Cameco, is in talks with Torontonian junior Vena Resources to sign a JV to explore for uranium in Peru's Puno department.

The two are in talks to hammer out a deal to explore one or more of Vena's greenfield uranium properties in Puno in which Cameco would pay Cdn$10mn (US$8.87mn) over four years to gain a 50% interest, Cameco spokesperson Lyle Krahn told BNamericas.

"There are interesting uranium occurrences in that area worth pursuing," Krahn said, adding that venturing into South America through exploration in Peru is part of a global plan to expand Cameco's uranium assets past its current high-yield deposits in Saskatchewan.

In keeping with that plan the company is willing to consider other areas of the continent as well, he said. The projects in Puno are in their earliest days with no resources yet defined, according to Krahn.

Vena owns three greenfield properties in Puno, according to the company's website: Munani, Lagunillas and Río Blanco.

By Pablo Gaete
Business News Americas