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<SEC-DOCUMENT>0001130319-02-001437.txt : 20021129
<SEC-HEADER>0001130319-02-001437.hdr.sgml : 20021128
<ACCEPTANCE-DATETIME>20021129145226
ACCESSION NUMBER:		0001130319-02-001437
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20021129
FILED AS OF DATE:		20021129

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:		02844932

	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>o08393e6vk.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e6vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></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>
<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD></TD><TD colspan="8"><A HREF="#000">Exhibit&nbsp;Index</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">SIGNATURE</A></TD></TR>
<TR><TD colspan="9"><A HREF="o08393exv1.htm">Material Change Report dated November 29, 2002</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link2 "Exhibit&nbsp;Index" -->
<DIV align="left"><A NAME="000"></A></DIV>
<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">
Material Change Report dated November&nbsp;29, 2002
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">4 - 8</FONT></TD>
</TR>
</TABLE>
</CENTER>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link1 "SIGNATURE" -->
<DIV align="left"><A NAME="001"></A></DIV>
<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 29, 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>o08393exv1.htm
<DESCRIPTION>MATERIAL CHANGE REPORT DATED NOVEMBER 29, 2002
<TEXT>
<HTML>
<HEAD>
<TITLE>Material Change Report dated November 29, 2002</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>





<!-- link2 "EXHIBIT 1" -->
<P align="right"><FONT size="2"><B>EXHIBIT 1</B></FONT>


<P align="center"><FONT size="2"><B>FORM 25 (Saskatchewan)<BR>
FORM 26 (Newfoundland)<BR>
FORM 27 (British Columbia, Alberta, Ontario &#038; Nova Scotia)</B>
</FONT>
<P align="center"><FONT size="2"><B>Material Change Report Pursuant To</B>
</FONT>
<P align="center"><FONT size="2">Clause 84(1)(b) of the Securities Act, 1988, S.S. 1988 c. S-42.2<BR>
Subsection 67(1) of the Securities Act, S.B.C. 1985 c. 83<BR>
Subsection 118(1) of the Securities Act, R.S.A. 1981 c. S-6.1<BR>
Subsection 75(2) of the Securities Act, R.S.O. 1980 c. 466<BR>
Subsection 73 of the Securities Act, R.S.Q. c.V-1 - 1.1<BR>
Subsection 81(2) of the Securities Act, R.S.N.S. 1989 c. 418<BR>
Subsection 76(2) of the Securities Act, 1990 S. Nfld. c. 48
</FONT>
<!-- link2 "ITEM 1 &#151;  Reporting Issuer:" -->
<P align="left"><FONT size="2"><B>ITEM 1 &#151;  Reporting Issuer:</B></FONT>


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%">
<TR valign="bottom">
        <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Cameco Corporation (&#147;Cameco&#148;)</FONT></TD>
</TR>
</TABLE>
</CENTER>
<!-- link2 "ITEM 2 &#151;  Date of Material Change:" -->
<P align="left"><FONT size="2"><B>ITEM 2 &#151;  Date of Material Change:</B></FONT>


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%">
<TR valign="bottom">
        <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">November&nbsp;25, 2002</FONT></TD>
</TR>
</TABLE>
</CENTER>
<!-- link2 "ITEM 3 &#151;  Press Release:" -->
<P align="left"><FONT size="2"><B>ITEM 3 &#151;  Press Release:</B></FONT>


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%">
<TR valign="bottom">
        <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">The English version and the French translation version of the press
releases relating to this material change were distributed and
filed by Canadian Corporate News through their Canadian Timely
Disclosure Pack and U.S. Timely Disclosure Pack on November&nbsp;25,
2002.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<!-- link2 "ITEM 4 &#151; Summary of Material Change:" -->
<P align="left"><FONT size="2"><B>ITEM 4 &#151; Summary of Material Change:</B></FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%">
<TR valign="bottom">
        <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align="left" valign="top"><FONT size="2">
Cameco Gold Inc. (&#147;Cameco Gold&#148;), a wholly owned subsidiary of
Cameco, 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 24.4m. 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. Mineralization occurs at a depth of 700 m to 900 m below
the surface. Further drilling will be required to define the
extent of mineralization which remains open in three directions.
As preliminary exploration data, these results are not sufficient
to draw conclusion as to the economic significance of the
mineralization.</FONT></TD>
</TR>
</TABLE>
</CENTER>

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

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%">
<TR valign="bottom">
        <TD width="100%">&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD align="left" valign="top"><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
million ounces in 2001.</FONT></TD>
</TR>

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

<TR valign="bottom">
        <TD align="left" valign="top"><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></TD>
</TR>
</TABLE>
</CENTER>
<!-- link2 "ITEM 5 &#151; Full Description of Material Change:" -->
<P align="left"><FONT size="2"><B>ITEM 5 &#151; Full Description of Material Change:</B></FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%">
<TR valign="bottom">
        <TD width="100%">&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD align="left" valign="top"><FONT size="2">
Cameco Gold, a wholly owned subsidiary of Cameco, on November&nbsp;25,
2002, reported 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></TD>
</TR>
<TR valign="bottom">
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
        <TD align="left" valign="top"><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></TD>
</TR>

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

<TR valign="bottom">
        <TD align="left" valign="top"><FONT size="2">
As preliminary exploration data, these results are not sufficient
to draw conclusions as to the economic significance of the
mineralization.</FONT></TD>
</TR>

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

<TR valign="bottom">
        <TD align="left" valign="top"><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
million ounces in 2001.</FONT></TD>
</TR>

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

<TR valign="bottom">
        <TD align="left" valign="top"><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></TD>
</TR>

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

<TR valign="bottom">
        <TD align="left" valign="top"><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></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2"><B>TECHNICAL SUMMARY</B>
</FONT>
<P><FONT size="2"><B>Project History</B>
</FONT>
<P><FONT size="2">Cameco Gold assumed operatorship of the project in August 1998. The REN claims
have been explored since about 1982.
</FONT>
<P><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">
5</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P><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 Cameco Gold&#146;s
November&nbsp;25, 2002 news release on this matter.
</FONT>
<P><FONT size="2"><B>Drilling Results (2000 - 2002)</B>
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
        <TD width="5%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>&nbsp;</B></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 nowrap align="center" colspan="3"><FONT size="1"><B>&nbsp;</B></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="2"><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="2"><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><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 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><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 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 colspan="3" align="CENTER"><FONT size="2">43W<SUB>1</SUB></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 colspan="2" align="CENTER"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">24W<SUB>4</SUB></FONT></DIV></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 colspan="3" align="CENTER"><FONT size="2">43W<SUB>2</SUB></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><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 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><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 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><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 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 colspan="3" align="CENTER"><FONT size="2">49W<SUB>1</SUB></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><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 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><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><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><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><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="center"><FONT size="2">
6</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P><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><FONT size="2"><B>Qualified Person</B>
</FONT>
<P><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 contained in the November&nbsp;25, 2002 press release upon which this
material change report is based.
</FONT>
<P><FONT size="2"><B>Profile</B>
</FONT>
<P><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><FONT size="2">Cameco Gold also manages and has a 49% 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><FONT size="2">Cameco Gold 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><FONT size="2"><B>Supplemental Information</B>
</FONT>
<P><FONT size="2">Additional drilling information and maps are available on Cameco&#146;s web site as
a link to Cameco Gold&#146;s November&nbsp;25, 2002 news release on this matter.
</FONT>
<!-- link2 "ITEM 6 &#151;  Reliance on Subsection 84(2) (SK), Subsection 67(2) (BC), Subsection 118(4) (AB), Subsection 75(3) (ON), Section&nbsp;74 (PQ), Subsection 81(3) (NS), and Subsection 76(3) (NF):" -->
<P align="left"><FONT size="2"><B>ITEM 6 &#151;  Reliance on Subsection 84(2) (SK), Subsection 67(2) (BC), Subsection 118(4)(AB), Subsection 75(3) (ON), Section&nbsp;74 (PQ),
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsection 81(3) (NS), and Subsection 76(3) (NF):</B></FONT>


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%">
<TR valign="bottom">
        <TD width="100%">&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD align="left" valign="top"><FONT size="2">None Applicable
</FONT></TD>
</TR>
</TABLE>
</CENTER>

<!-- link2 "ITEM 7 &#151;  Omitted Information:" -->
<P align="left"><FONT size="2"><B>ITEM 7 &#151;  Omitted Information:</B></FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%">
<TR valign="bottom">
        <TD width="100%">&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD align="left" valign="top"><FONT size="2">None Applicable</FONT></TD></TR>
</TABLE>
</CENTER>


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



<!-- link2 "ITEM 8 &#151;  Senior Officer:" -->
<P align="left"><FONT size="2"><B>ITEM 8 &#151;  Senior Officer:</B></FONT>


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%">
<TR valign="bottom">
        <TD width="16%">&nbsp;</TD>
        <TD width="79%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" valign="top"><FONT size="2">Gary M.S. Chad<BR>Senior Vice-President, Law, Regulatory Affairs and Corporate Secretary<BR>
Cameco Corporation<BR>
(306)&nbsp;956-6303</FONT></TD>
</TR>
</TABLE>
</CENTER>
<!-- link2 "ITEM 9 &#151;  Statement of Senior Officer:" -->
<P align="left"><FONT size="2"><B>ITEM 9 &#151;  Statement of Senior Officer:</B></FONT>


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%">
<TR valign="bottom">
        <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">The foregoing accurately discloses the material change referred to
herein</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">DATED at Saskatoon, Saskatchewan the 29<SUP>th</SUP> day of November, 2002.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="95%">
<TR valign="bottom">
        <TD width="50%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="50%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2"><I>&#147;Gary M.S. Chad&#148;</I></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">
Gary M.S. Chad<BR>
Senior Vice-President, Law, Regulatory<BR> Affairs and Corporate Secretary</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2">8</FONT>


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