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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 Under
the Securities Exchange Act of 1934
For the month of August, 2008
Cameco Corporation
(Commission file No. 1-14228)
2121 – 11th Street West
Saskatoon, Saskatchewan, Canada S7M 1J3
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover
Form 20-F or Form 40-F.
Indicate by check mark whether the registrant by furnishing the information contained in this Form
is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with
Rule 12g3-2(b):
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Exhibit Index
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| Exhibit No. |
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Description |
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Page No. |
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1. |
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Material Change Report Dated August 18, 2008 |
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3 — 4 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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| Date: August 18, 2008 |
Cameco Corporation
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By: |
“Gary M.S. Chad”
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Gary M.S. Chad, Q.C. |
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Senior Vice-President, Governance,
Law and Corporate Secretary |
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FORM 51-102F3
MATERIAL CHANGE REPORT
Item 1 — Name and Address of Company
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Cameco Corporation (“Cameco”)
2121 – 11th Street West, Saskatoon, Saskatchewan S7M 1J3 |
Item 2 — Date of Material Change
Item 3 — News Release
The English version and the French translation version of the news release relating to this
material change were distributed and filed by CCN Mathews through their Canadian Timely Disclosure
Pack and U.S. Timely Disclosure Pack on August 12, 2008.
Item 4 — Summary of Material Change
Cameco suspended remediation work at the No. 1 shaft at Cigar Lake after an increase in the rate of
water inflow in the mine was observed. Cameco plans to allow the water in the shaft to return to
the natural equilibrium level over the next few weeks, being the level prior to the commencement of
removal of water from the mine by pumping in late June 2008/early July 2008. Cameco is assessing
the situation to determine the source and characteristics of the inflow, the implications for
planned remediation work and costs and the impact, if any, on Cigar Lake’s planned production
commencement date.
Item 5 — Full Description of Material Change
Remediation work at the No. 1 Shaft at Cameco’s Cigar Lake uranium project was suspended on August
12, 2008 after an increase in the rate of water inflow to the mine was observed.
Remediation and dewatering of the No. 1 Shaft had been progressing smoothly up to this point, and
the No. 1 Shaft had been pumped down to 430 metres below surface when the increase was reported
early on the morning of Tuesday, August 12, 2008. Work in the shaft was suspended a few hours
later. During the day, the inflow rate increased steadily to approximately 600 cubic metres per
hour (m3/hr), which is beyond the range that can be managed while sustaining work in the
shaft. The mine has a total depth of 500 metres and the mine underground workings are at the 480
metre level.
The water level in the shaft was initially allowed to rise to approximately 100 metres below
surface. This allowed additional data to be gathered from instruments used to monitor groundwater
conditions. This information will be analyzed to determine next steps. As the water level rises,
the rate of inflow will naturally diminish.
Cameco plans to allow water in the No. 1 shaft to return to its natural equilibrium level over the
next couple of weeks, being the level prior to the commencement of removal of water from the mine
by pumping in late June 2008/early July 2008.
On October 23, 2006, the underground mine at Cigar Lake was flooded following a water inflow, which
caused a termination of underground activities. Since that time, Cameco has been proceeding with a
phased plan to restore the underground workings at Cigar Lake. During the second half of 2007, a
concrete barrier plug was constructed in the vicinity of the original inflow and grouting was
placed
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around it to seal it off. In February 2008, the underground seal was found effective in a test
consisting of lowering the water level to 100 metres below surface. In addition, Cameco completed
an assessment of two areas of the mine and determined that no additional reinforcement or other
precautionary measures were required prior to dewatering.
On June 27, 2008, Cameco announced it had received regulatory approval to pump water out of the
flooded Cigar Lake mine. A material change report for this announcement was filed on SEDAR on July
7, 2008.
Cameco is assessing the situation to determine the source and characteristics of the August 12,
2008 inflow, the implications for planned remediation work and costs, and the impact, if any, on
Cigar Lake’s planned production commencement date. Before the August 12, 2008 inflow, Cameco had
forecast that production would commence at Cigar Lake in 2011, at the earliest, which forecast was
based upon a number of assumptions and subject to a number of risks that could cause delay, including
the occurrence of another water inflow at Cigar Lake.
As previously disclosed, the remediation plan for Cigar Lake includes options to address excess
inflows including additional grouting from surface and ground freezing if necessary.
The above scientific and technical information for Cigar Lake was prepared under the supervision of
Grant Goddard, a professional engineer employed by Cameco as the general manager of the Cigar Lake
project and a qualified person for the purpose of National Instrument 43-101.
Item 6 — Reliance on subsection 7.1(2) or (3) of National Instrument 51-102.
Item 7 — Omitted Information
Item 8 — Executive Officer
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Gary M.S. Chad
Senior Vice-President, Governance, Law and Corporate Secretary
Cameco Corporation
(306) 956-6303 |
Item 9 — Date of Report