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Message: Cameco notifies Calypso that it won't go ahead with Argentine option agreement
By The Canadian Press
VANCOUVER - Calypso Uranium Corp. (TSXV:CLP.V - News) says Cameco Corp. (TSX:CCO.TO - News) has bowed out of their exploration agreement for several properties in Argentina as the result of a strategic shift in focus.
Saskatoon-based Cameco, Canada's largest uranium producer, could have acquired a 51 per cent interest in Calypso's subsidiary Energia Mineral Inc. under a three-year option agreement signed in September 2010.
The agreement covered most of Calypso's uranium projects in Argentina, with the exception of the Huemul property.
Under the 2010 agreement, Cameco had the option to spend $3 million in each of three years to acquire the 51 per cent equity stake in Energia. By pulling out of the final year of funding, it will have no equity stake in Energia.
Calypso said it has been advised Cameco is making a strategic shift in the regions and projects that it will focus on.
"We have accomplished a great deal in advancing our knowledge of our properties in the past two years of joint exploration with Cameco," said Stephen Barley, Calypso's president and chief executive.
"Calypso is evaluating new opportunities in the uranium and other resource sectors in multiple countries including Argentina in order to provide further diversity for our shareholders."
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