EXPLORER Cameco Corporation this week commenced a major drilling program in Western Australia at what could potentially be Australia's fifth uranium mine.
The Kintyre deposit, 2000 kilometres north east of Perth, is believed to hold around 36 million kilos of uranium.
That will make Kintyre one of Australia's richest uranium mines on par with Energy Resources of Australia's Ranger mine, in which Cameco once held an interest, in the Northern Territory.
Managing director of the Kintyre project, Ron Matthews said uranium is still a growth commodity despite its recent price drop.
Matthews said there is a definite demand out there for uranium and people are actively looking for new sources of uranium as the world looks at nuclear power increasingly.
Last year, Canadian company Cameco joined forces with Mitsubishi to buy Kintyre from Rio Tinto for almost $700 million.
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