Exhibit 1
Exhibit 1
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TSX: CCO
NYSE: CCJ
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website: cameco.com
currency: Cdn (unless noted) |
2121 11th Street West, Saskatoon, Saskatchewan, S7M 1J3 Canada
Tel: (306) 956-6200 Fax: (306) 956-6201
Cameco Provides Initial Comment on Hathors News Release Summarizing
Roughrider Preliminary Economic Assessment
Saskatoon, Saskatchewan, Canada, September 13, 2011 . . . . . . . . . . . . .
Cameco (TSX: CCO; NYSE: CCJ) commented on the summary results of the Preliminary Economic
Assessment (PA) of the Roughrider deposit released earlier today by Hathor Exploration Ltd (TSX:
HAT).
We believe the key assumptions used in Hathors news release, which are substantially the same as
those Hathor presented in our earlier discussions, are simply unrealistic and would not survive the
greater rigour required of a pre-feasibility study, let alone a full feasibility review, said Tim
Gitzel, president and CEO of Cameco. Based on our initial review of the summary results of the PA,
we do not see any new information that would lead us to change our view on Hathor, or the premium
value we are offering to its shareholders.
Cameco will review Hathors disclosure in greater detail and may comment further in due course.
Details of the Offer
On August 30, 2011 Cameco commenced its offer to acquire all of the outstanding shares of Hathor
for cash consideration of $3.75 per share in a transaction which values the fully diluted share
capital of Hathor at approximately $520 million.
Further details of the offer are available in Camecos take-over bid circular which has been filed
on SEDAR and has been mailed to Hathor shareholders. A copy of the take-over bid circular and a
letter to Hathor shareholders are also available at cameco.com.
How to Tender Shares to the Offer
Cameco urges Hathor shareholders to carefully consider the information provided in Camecos
take-over bid circular and then tender their shares to Camecos offer before it expires at 5:00
p.m. (Vancouver time) on October 31, 2011, (unless it is extended or withdrawn) by following the
instructions provided in the take-over bid circular.
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Hathor shareholders are encouraged to call Kingsdale Shareholder Services if they have questions or
would like assistance tendering their shares to the offer. Shareholders can reach Kingsdale by
email at contactus@kingsdaleshareholder.com, or by calling toll-free at
1-888-518-1552 (English or French). Banks and brokers can call collect at 1-416-867-2272.
Advisors
CIBC World Markets Inc. is acting as financial advisor to Cameco in connection with the proposed
take-over and Osler, Hoskin & Harcourt LLP is acting as Camecos legal counsel.
Caution Regarding Forward-Looking Information and Statements
Certain information contained in this news release constitutes forward-looking information (or
forward-looking statements) within the meaning of Canadian and U.S. securities laws. All
statements, other than statements of historical or present fact, constitute forward-looking
information and typically include words and phrases about the future such as will, anticipate,
estimate, expect, plan, intend, predict, goal, target, project, potential, strategy and outlook.
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. Cameco cautions the reader that such 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 such
forward-looking information. These risks, factors and assumptions include, but are not limited to:
the assumption that Cameco will acquire a 100% interest in Hathor through the Offer; the risk of
changes in the price of uranium; the assumption that there are no inaccuracies or material
omissions in Hathors publicly available information and the risk that Hathor has not disclosed
events or facts which may have occurred or which may affect the significance or accuracy of any
such information; assumptions about anticipated operations and planned exploration and development
activities; the risk of operating or technical difficulties in connection with mining or
development activities; and the risks involved in the exploration, development and mining business.
Certain of these factors are discussed in greater detail in Camecos and Hathors 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 about these assumptions and risks. The
information concerning Hathor contained in this news release has been taken from or is based upon
Hathors publicly available documents on file with Canadian securities regulatory authorities.
Neither Cameco nor any of its directors or officers assumes any responsibility for the accuracy or
completeness of such information, or for any failure by Hathor to disclose events or facts which
may have occurred or which may affect the significance or accuracy of any such information, but
which are unknown to Cameco. Forward-looking information is designed to help you understand
managements 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.
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Profile
Cameco, with its head office in Saskatoon, Saskatchewan, is one of the worlds largest uranium
producers. The companys uranium products are used to generate electricity in nuclear energy plants
around the world, providing one of the cleanest sources of energy available today. Camecos 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.
- End -
Hathor investor inquiries:
Kingsdale Shareholder Services
contactus@kingsdaleshareholder.com
1-888-518-1552 (toll free)
Cameco investor inquiries:
Rachelle Girard (306) 956-6403
Media inquiries:
Gord Struthers (306) 956-6593
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