A fire that broke out in Waskatenau's grain elevator late Wednesday continued to burn Thursday morning.

The fire started in the ceiling around 4 p.m.

"We had a look at the structure, we pulled the fire alarm and activated our volunteer fire department," said Bernice Macyk, director of Disaster Services.

Resident Terry Wohland worked in the elevator and lives right across the street. He says crews managed to water down his property along with several others.

"They saved it. If it wasn't for them, it would have went -- probably same with five for six houses or half the town," he said.

The landmark was the only operating grain elevator between Edmonton and St. Paul.

"It was a landmark that we were so used to and it brought a lot of farmers into the community," said Mayor of Waskatenau Donna Troyer.

And for many farmers, the loss of the elevator could mean a financial loss.

"Every kilometre that we have to move with our truck is fuel burned," said farmer Monty Bauer.

The elevator is owned by Providence Grain Solutions and it says talks are underway with its insurance adjusters.

The company insists it has no plans to leave Waskatenau.

"It's business that we value as a company and we hope that we can continue to move forward," said Providence Grain Solutions CEO Milton Miller.

And while no formal damage estimate has been provided, CTV News is told damage is in the millions. 

The cause of the fire is still under investigation.

Waskatenau is 100 kilometres northeast of Edmonton.

With files from Bill Fortier