Australian uranium in demand as China goes full steam for nuclear

Cameco (TSX:CCO) (NYSE:CCJ) announced today that the Canadian Competition Bureau has issued a "no action letter" in connection with Cameco's offer to acquire all of the outstanding shares of Hathor Exploration Limited for cash consideration of $3.75 per share. The issuance of the no action letter, which provides that the Commissioner of the Competition Bureau does not intend to challenge the proposed acquisition, satisfies one of the conditions of the offer.

Cameco (TSX:CCO) (NYSE:CCJ) announced today it has signed a non-binding memorandum of understanding (MOU) with its joint venture partners to mill all Cigar Lake ore at the McClean Lake mill. The new milling arrangement is expected to result in a significant reduction in the operating cost of the Cigar Lake project, which is 50% owned and operated by Cameco. The other Cigar Lake joint venture partners are AREVA Resources Canada Inc. (37%), Idemitsu Resources Canada Inc. (8%) and Tepco Resources Inc (5%).

Late last week Ivanhoe Mines (TSX:IVN)(NYSE:IVN)(NASDAQ:IVN) and Rio Tinto received a letter from a representative of the Mongolian Cabinet inviting the companies to discuss potential changes to the Oyu Tolgoi Investment Agreement. The changes related to the conditions under which the Mongolian Government may negotiate with Ivanhoe Mines to acquire, on mutually agreed terms, an additional 16% interest in the project and the application of a sliding-scale royalty to the project. In response to this letter, Ivanhoe Mines and Rio Tinto have formally advised the Mongolian government that the companies are not prepared to renegotiate the investment agreement.

KTWO reports that Cameco plans to hire 70 full time workers for its in-situ Gas Hills project in Wyoming. Cameco is currently waiting for its environmental assessment from the Bureau of Land Management before it begins work. It expects to receive clearance and begin work by 2013. Gas Hills is estimated to have total proven reserves of 10.6 million lbs of U3O8.

Paladin Energy Ltd (TSX:PDN)(ASX:PDN) ("Paladin" or the "Company") has completed the bookbuild for a private placement to institutional and accredited investors of 56.9M ordinary shares (representing 7.3% of Paladin's existing issued capital) to raise approximately A$68.2M/C$69.2M. The placement was priced at A$1.20 (C$1.22) per share which represents a 8.4% discount to Paladin's last closing price on ASX. The new shares will rank equally with existing shares. RBC Capital Markets and UBS AG, Australia Branch acted as Global Joint Lead Placing Agents to the placement.

VANCOUVER, Sept. 28, 2011 /CNW/ - ESO Uranium Corp. (TSXV: ESO), (the "Company" or "ESO") and its 50% Joint Venture (JV) partner Fission Energy (TSX-V: FIS), announce further results from its June 2011 uranium boulder prospecting and radon soil gas survey program:

Deep Yellow, a uranium exploration company with operations in Namibia and in Australia, announced on Tuesday additional high grade uranium intercepts from RC drilling at the Ongolo Alaskite Deposit and the MS7 Prospect.

Although its future is unclear, significant expansion of nuclear power capacity is projected to occur in non-OECD countries, especially China, India and Russia, according to the U.S. Energy Information Administration. The government agency released its International Energy Outlook 2011 last week. "China, Russia, and India account for the largest increment in world net installed nuclear power from 2008 to 2035: China adds 106 gigawatts of nuclear capacity over the period, Russia 28 gigawatts, and India 24 gigawatts."

Fin24 is reporting that a huge tailings dam being built in Kuma township could get kyboshed due to opposition from environmental groups, pressure groups and demands from landowners. The Kareerand tailings dam being built by First Uranium TSX:FIU, JSE:FUM 15km outside Stilfontein is a R400 million project motivated by a need to solve the ubiquitous dust cloud that currently envelops Kuma residents from 15 old tailings dams — relics from the Buffelsfontein and Hartbeesfontein gold mines — says Fin24, which describes the dam in some detail: