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<SEC-DOCUMENT>0001130319-02-001398.txt : 20021126
<SEC-HEADER>0001130319-02-001398.hdr.sgml : 20021126
<ACCEPTANCE-DATETIME>20021125212401
ACCESSION NUMBER:		0001130319-02-001398
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20021125
FILED AS OF DATE:		20021126

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CAMECO CORP
		CENTRAL INDEX KEY:			0001009001
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS METAL ORES [1090]
		IRS NUMBER:				980113090
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14228
		FILM NUMBER:		02839958

	BUSINESS ADDRESS:	
		STREET 1:		2121 11TH ST W
		CITY:			SASKATOON
		STATE:			A9
		ZIP:			S7M 1J3
		BUSINESS PHONE:		3069566200

	MAIL ADDRESS:	
		STREET 1:		2121 11TH ST W.
		CITY:			SASKATOON
		STATE:			A9
		ZIP:			S7M 1J3
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>o08351ore6vk.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 6-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<HR size="4" noshade color="#000000" style="margin-top: -5px">
<HR size="1" noshade color="#000000" style="margin-top: -10px">




<P align="center"><FONT size="4">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</FONT><BR>
<FONT size="3">Washington, DC 20549
</FONT>

<P align="center"><FONT size="3">&nbsp;
</FONT>
<P align="center"><FONT size="5"><B>FORM 6-K</B>
</FONT>
<P align="center"><FONT size="5">&nbsp;
</FONT>
<P align="center"><FONT size="2">Report of Foreign Private Issuer<BR>
Pursuant to Rule&nbsp;13a-16 or 15d-16 Under<BR>
the Securities Exchange Act of 1934
</FONT>
<P align="center"><FONT size="2">&nbsp;
</FONT>
<P align="center"><FONT size="2">For the month of November, 2002
</FONT>
<P align="center"><FONT size="2">&nbsp;
</FONT>
<CENTER>
<P><FONT size="6"><B>Cameco Corporation</B><BR>
</FONT>
<HR size="1" width="40%" align="center">
<FONT size="2"><I>(Commission file No.&nbsp;1-14228)</I>
</FONT>
<P align="center"><FONT size="2">&nbsp;
</FONT>
<P><FONT size="2"><B>2121&#150;11th Street West<BR>
Saskatoon, Saskatchewan, Canada S7M 1J3</B><BR>
<HR size="1" width="40%" align="center">
<I>(Address of Principal Executive Offices)</I>
</FONT>
</CENTER>

<P><FONT size="2">Indicate by check mark whether the registrant files or will file annual reports
under cover Form&nbsp;20-F or Form&nbsp;40-F.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
        <TD width="50%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2">Form&nbsp;20-F <FONT face="wingdings">&#111;</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
Form&nbsp;40-F <FONT face="wingdings">&#120;</FONT></FONT></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule&nbsp;12g3-2(b) under the Securities Exchange Act of
1934.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
        <TD width="53%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="42%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2">Yes <FONT face="wingdings">&#111;</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
No <FONT face="wingdings">&#120;</FONT></FONT></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant
in connection with Rule&nbsp;12g3-2(b):
</FONT>
<P>
<HR size="1" noshade color="#000000" style="margin-top: -2px">
<HR size="4" noshade color="#000000" style="margin-top: -10px">




<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<!-- link2 "Exhibit&nbsp;Index" -->
<P align="left"><FONT size="2"><B>Exhibit&nbsp;Index</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="7%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="80%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="1"><B>Exhibit No.</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><FONT size="1"><B>Description</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><FONT size="1"><B>Page No.</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2">1.</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Press Release dated November&nbsp;25, 2002
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">4 - 7</FONT></TD>
</TR>
</TABLE>
</CENTER>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<!-- link1 "SIGNATURE" -->
<P align="center"><FONT size="2"><B>SIGNATURE</B>
</FONT>

<P><FONT size="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="50%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="47%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Date: November 25, 2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top" colspan="3"><FONT size="2">
Cameco Corporation<BR>
By:</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top" colspan="3"><FONT size="2"><I>/s/&nbsp;&nbsp;Gary M.S. Chad</I><BR>
<HR noshade size="1" width="60%" align="left">
Gary M.S. Chad<BR>
Senior Vice-President, Law,<BR>
Regulatory Affairs and<BR>
Corporate Secretary</FONT></TD>
</TR>

</TABLE>
</CENTER>
<P align="center"><FONT size="2">&nbsp;</FONT>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>3
<FILENAME>o08351orexv1.htm
<DESCRIPTION>PRESS RELEASE DATED NOVEMBER 25, 2002
<TEXT>
<HTML>
<HEAD>
<TITLE>exv1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="right"><FONT size="2">Exhibit-1
</FONT>

<P align="center"><FONT size="2"><B><IMG src="o08351orcameco.gif" alt="(CAMECO GOLD-LOGO)"></B>
</FONT>

<P align="center"><FONT size="2"><B>Cameco Gold Finds High-Grade Gold Mineralization in Nevada</B>
</FONT>
<P align="left"><FONT size="2">Toronto, Ontario, Canada, November&nbsp;25, 2002. . . . . . . . . . . . . . . . . .
</FONT>
<P align="left"><FONT size="2"><B>Cameco Gold Inc., </B>a wholly owned subsidiary of Cameco Corporation, today
reports the discovery of high-grade gold mineralization at its REN project in
northern Nevada, USA. Fourteen holes drilled over a three-year period have
returned high-grade intercepts, including assayed grades ranging from 8.0 grams
gold per tonne (g/t) over 28.9 metres (m)&nbsp;to 55.2 g/t over 24.4 m. Exploration
results obtained in the last six months from five of these holes now confirm
that the mineralization extends at least 200 m in length.
</FONT>
<P align="left"><FONT size="2">Mineralization occurs at a depth of 700 to 900 m below surface. Further
drilling will be required to define the extent of mineralization, which remains
open in three directions.
</FONT>
<P align="left"><FONT size="2">As preliminary exploration data, these results are not sufficient to draw
conclusions as to the economic significance of the mineralization.
</FONT>
<P align="left"><FONT size="2">The REN project is located 2.5 km north of the high-grade Meikle and Rodeo
underground mines in the Carlin trend, a major gold producing area of North
America with annual production of 4.0&nbsp;million ounces in 2001.
</FONT>
<P align="left"><FONT size="2">&#147;This is a very exciting discovery in what is one of the world&#146;s most
significant gold producing regions,&#148; said Len Homeniuk, president, Cameco Gold.
&#147;Our plan is to accelerate our exploration efforts to further delineate the
potential of the discovery.&#148;
</FONT>
<P align="left"><FONT size="2">Cameco Gold is the operator and majority owner (62.14%) of the REN project,
with Homestake Mining Corporation of California, a wholly owned subsidiary of
Barrick Gold Corporation, owning the remaining interest (37.86%) in the joint
venture.
</FONT>
<P align="center"><FONT size="2"><B>TECHNICAL SUMMARY</B>
</FONT>
<P align="left"><FONT size="2"><B>Project History</B>
</FONT>
<P align="left"><FONT size="2">Cameco Gold assumed operatorship of the project in August 1998. The REN claims
have been explored since about 1982.
</FONT>
<P align="left"><FONT size="2">The first high-grade mineralization was discovered in August 2000 as a result
of a six hole drilling program with hole #24 returning the best assay results.
Continuity of that first mineralization, however, turned out to be limited.
</FONT>
<P align="center"><FONT size="2"><B>Cameco Gold Inc.<BR>
70 University Avenue, Suite&nbsp;1000, Toronto, Ontario, Canada M5J 2M4 Tel: (416)&nbsp;204-1953 Fax: (416)&nbsp;204-1954</B><BR>
<I>A member of the Cameco group of companies.<BR>
Cameco is listed on the TSE (CCO)&nbsp;and NYSE (CCJ)&nbsp;and the web site is cameco.com</I>
</FONT>
<P align="right"><FONT size="2">. . . 1/
</FONT>
<P align="center"><FONT size="2"></FONT>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P align="left"><FONT size="2">Follow-up drilling programs in 2001 and 2002 identified another mineralized
area referred to as the JB zone, which has been recently confirmed over a
minimum strike length of 200 m. A total of 41 holes have been drilled on the
REN claims since Cameco assumed project operatorship. Detailed drilling
information is available on Cameco&#146;s web site as a link to this release.
</FONT>
<P align="left"><FONT size="2"><B>Drilling Results (2000 &#151; 2002)</B>
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Intercept</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Grade</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Intercept</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Grade</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Hole #</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>(Metres)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>(g/t)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Hole #</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>(Metres)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>(g/t)</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">24</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">24.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">55.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">43</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">7.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">25</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">22.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">43W</FONT></TD>
    <TD><FONT size="2">(1)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">24W</FONT></DIV></TD>
    <TD align="left"><FONT size="2">(4)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">18.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">32.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">43W</FONT></TD>
    <TD><FONT size="2">(2)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">14.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">26</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">11.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">17.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">44</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">13.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">14.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">28</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">9.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">49</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">19.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">21.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>

<TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">38</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">49W</FONT></TD>
    <TD><FONT size="2">(1)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">18.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">12.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">42</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">9.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">28.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">Cameco Gold and its joint venture partner are considering funding a $2.6
million (US)&nbsp;exploration program on the REN claims in 2003.
</FONT>
<P align="left"><FONT size="2"><B>Geological Setting</B>
</FONT>
<P align="left"><FONT size="2">The REN Project is strategically located in the Carlin trend and contains an
extensive alteration zone along the northern projection of the regional Post
Fault. This zone encompasses much of the prospective stratigraphy that hosts
high-grade mineralization at the Meikle and Rodeo mines to the south.
Exploration targets at the REN Project have been based on structural and
stratigraphical similarities with the Meikle deposit, which has been mined
since 1996 and produced 713,000 ounces of gold during 2001, and the Rodeo
deposit which began production in 2001.
</FONT>
<P align="left"><FONT size="2"><B>Drill Procedures, Sampling and Analyses</B>
</FONT>
<P align="left"><FONT size="2">Drilling at the REN project involved pre-collaring holes to approximately
700-750 m using the relatively inexpensive, reverse circulation method. Holes
were then completed using HQ core drilling. Precise follow-up targeting was
accomplished by directional (Navi) drill methods.
</FONT>
<P align="left"><FONT size="2">Drill core was split and sampled by Cameco personnel. Half the core was sampled
and sealed in bags and shipped to ALS Chemex assay laboratories. Initial assays
consisted of fire assaying with an AA finish. Samples over 10 parts per million
(ppm)&nbsp;were subsequently fire assayed with a gravimetric finish. The final
sample split weight was one assay ton. ALS Chemex, located in Elko and Sparks,
Nevada, is a well established and a recognized assay and geochemical analytical
services company. ALS Chemex is ISO 9002 registered.
</FONT>
<P align="left"><FONT size="2">Check assays were completed on a regular basis. This was done at American Assay
Labs. in Reno, Nevada, and Cone Geochemical Inc. in Lakewood, Colorado. No
significant variance from the original assays were observed. The American Assay
and Cone results were based on fire assaying with a gravimetric finish. The
sample size was one assay ton.
</FONT>
<P align="right"><FONT size="2">. . . 2/
</FONT>
<P align="center"><FONT size="2"></FONT>


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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P align="center"><FONT size="2">&nbsp;
</FONT>
<P align="left"><FONT size="2"><B>Qualified Person</B>
</FONT>
<P align="left"><FONT size="2">Gaylord Cleveland, Cameco Gold&#146;s district geologist in Nevada, has been
involved in gold exploration projects for over 30&nbsp;years and manages the REN
project. He has a Bachelor of Science degree in geophysical engineering, a
Master of Science in geology, and is a member of the American Institute of
Professional Geologists. He has compiled, read and approved the technical
disclosure in this news release.
</FONT>
<P align="left"><FONT size="2"><B>Profile</B>
</FONT>
<P align="left"><FONT size="2">Cameco Gold currently operates the Kumtor gold mine in the Kyrgyz Republic.
Kumtor is scheduled to produce approximately 500,000 ounces in 2002. 2003
production is forecast at 675,000 ounces. Cameco Gold has a 1/3 share in Kumtor
production.
</FONT>
<P align="left"><FONT size="2">Cameco Gold Inc. also manages and has a 95% interest in the Boroo gold mine
project, currently under construction in the Republic of Mongolia. Construction
is scheduled to be completed in the third quarter of 2003 and production is
estimated to be nominally 180,000 ounces per annum.
</FONT>
<P align="left"><FONT size="2">Cameco Gold Inc. with its head office in Toronto, Ontario, is a wholly owned
subsidiary of Cameco Corporation, which is based in Saskatoon, Saskatchewan.
The shares of Cameco Corporation trade on the Toronto and New York stock
exchanges.
</FONT>
<P align="left"><FONT size="2"><B>Supplemental Information</B>
</FONT>
<P align="left"><FONT size="2">Additional drilling information and maps are available on Cameco&#146;s web site as
a link to this news release.
</FONT>
<P align="left"><FONT size="2"><B>Forward-Looking Statements</B>
</FONT>
<P align="left"><FONT size="2">Statements contained in this news release which are not historical facts are
forward-looking statements that involve risks, uncertainties and other factors
that could cause actual results to differ materially from those expressed or
implied by such forward-looking statements. Factors that could cause such
differences, without limiting the generality of the following, include:
volatility and sensitivity to market prices for uranium, electricity in Ontario
and gold; the impact of the sales volume of uranium, conversion services,
electricity generated and gold; competition; the impact of change in foreign
currency exchange rates and interest rates; imprecision in reserve estimates;
environmental and safety risks including increased regulatory burdens;
unexpected geological or hydrological conditions; political risks arising from
operating in certain developing countries; a possible deterioration in
political support for nuclear energy; changes in government regulations and
policies, including trade laws and policies; demand for nuclear power;
replacement of production and failure to obtain necessary permits and approvals
from government authorities; legislative and regulatory initiatives regarding
deregulation, regulation or restructuring of the electric utility industry in
Ontario; Ontario electricity rate regulations; weather and other natural
phenomena; ability to maintain and further improve positive labour relations;
operating performance of the facilities; success of planned development
projects; and other development and operating risks.
</FONT>
<P align="center"><FONT size="2">- End -
</FONT>
<P align="right"><FONT size="2">. . . 3/
</FONT>
<P align="center"><FONT size="2"></FONT>


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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">For investor inquiries, please contact:<BR>
Bob Lillie<BR>
Manager, Investor Relations<BR>
Cameco Corporation<BR>
Phone:&nbsp;&nbsp;(306)&nbsp;956-6639<BR>
Fax:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(306)&nbsp;956-6318</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
For media inquiries, please contact:<BR>
Len Homeniuk<BR>
President<BR>
Cameco Gold Inc.<BR>
Phone:&nbsp;&nbsp;(416)&nbsp;204-1957<BR>
Fax:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(416)&nbsp;204-1954</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="right"><FONT size="2">. . . 4/
</FONT>

<P align="center"><FONT size="2">&nbsp;</FONT>



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