cameco allows hathor exploration to lapse

From the Cameco website.
Might cause a rise in PDN shareprice.



Cameco (TSX: CCO; NYSE: CCJ) announced today that it will not increase or extend its offer to acquire all of the outstanding shares of Hathor Exploration Limited (TSX: HAT), which expires on November 29, 2011.

"After careful consideration we cannot justify increasing the price beyond our current offer and accordingly, we will let our offer lapse," said Tim Gitzel, president and CEO of Cameco. "Cameco has remained disciplined through the bid process to ensure that we make the best decisions for our company and its shareholders."

Gitzel said that allowing the bid to lapse will not adversely affect Cameco's plan to double annual uranium production to 40 million pounds by 2018.

"Our plan involves existing assets in our development pipeline and we remain on track to meet our objectives. We will continue to explore other growth opportunities, but only where there is a clear benefit to our shareholders," Gitzel said.