Strateco Resources Inc. reported that the Canadian Nuclear Safety Commission has granted it the license for the underground exploration program at the Matoush uranium project, located in the Otish mountains of Quebec, about 275 km north of Chibougamau and 210 km north of Mistissini. The CNSC has attached a number of conditions to the license, to be met before work starts, including the deposit of a $6 million financial security for site rehabilitation. The CNSC is also requiring that all the aquatic background data be collected and analyzed, and that the data set be in place.

Strateco has already collected and analyzed this data, and will be filing a full report with the CNSC by the end of October 2012. The license is for the maximum allowable period of five years, and is valid from October 16, 2012, until October 31, 2017.