Westward and Cameco differ on startup date

A disagreement is reported between Cameco (TSE) and Westward Explorations (VSE) concerning the date when commercial production began at the Contact lake gold mine in northern Saskatchewan.

Based on production numbers, Cameco says commercial production began on April 30, 1995; Westward believes the date should be based on the milling rate and not on the number of ounces produced.

Westward sold its 20% interest in the Preview Lake joint venture, which encompasses the mine, to Cameco and Uranerz Exploration and Mining. Cameco is now the operator and two-thirds owner of the mine.

Westward’s solicitors requested, but were refused, permission to inspect daily mill throughput records dating from the day the mill first “turned over.”

Westward is 76.9%-owned by Windarra Minerals (TSE).