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<SEC-DOCUMENT>0001130319-02-001505.txt : 20021210
<SEC-HEADER>0001130319-02-001505.hdr.sgml : 20021210
<ACCEPTANCE-DATETIME>20021210150653
ACCESSION NUMBER:		0001130319-02-001505
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20021210
FILED AS OF DATE:		20021210

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:		02853483

	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>o08490e6vk.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"><A HREF="#toc">Table of Contents</A></H5><P>

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

<P align="center"><FONT size="3"><B>&nbsp;</B>
</FONT>

<P align="center"><FONT size="5"><B>FORM 6-K</B>
</FONT>

<P align="center"><FONT size="5"><B>&nbsp;</B>
</FONT>

<P align="center"><FONT size="3"><B>Report of Foreign Private Issuer<BR>
Pursuant to Rule&nbsp;13a-16 or 15d-16 Under<BR>
the Securities Exchange Act of 1934</B>
</FONT>

<P align="center"><FONT size="2">For the month of December, 2002
</FONT>
<P align="center"><FONT size="6"><B>Cameco Corporation</B>
</FONT>

<P align="center"><FONT size="2">(Commission file No.&nbsp;1-14228)
</FONT>
<P align="center"><FONT size="2"><B>2121-11th Street West<BR>
Saskatoon, Saskatchewan, Canada S7M 1J3</B><BR>
(Address of Principal Executive Offices)
</FONT>
<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="100%">
<TR valign="bottom">
        <TD width="45%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
        <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align="right" valign="top"><FONT size="2">Form&nbsp;20-F&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Form&nbsp;40-F&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#254;</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="100%">
<TR valign="bottom">
        <TD width="45%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
        <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align="right" valign="top"><FONT size="2">Yes&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
No&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#254;</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 align="center"><FONT size="2"></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="#002"> Material Change Report dated December&nbsp;10, 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>






<P align="right"><FONT size="2"><B>Page&nbsp;2</B>
</FONT>

<!-- 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="70%">
<TR valign="bottom">
        <TD width="10%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
        <TD width="65%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD 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><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><HR size="1" width="40%" 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="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
Material Change Report
dated December&nbsp;10, 2002
</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">3 &#150; 5</FONT></TD>
</TR>
</TABLE>
</CENTER>
<!-- 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="42%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="48%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Date: December&nbsp;10, 2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="left" valign="top"><FONT size="2">Cameco Corporation</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>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><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>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><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">
By:
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2"><I>&#147;Gary M.S. Chad&#148;</I>
&nbsp;&nbsp;&nbsp;&nbsp;&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>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2"><HR size="1" width="40%" noshade></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>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Senior Vice-President, Law,</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>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Regulatory Affairs and</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>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Corporate Secretary</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2"></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="right"><FONT size="2"><B>Page&nbsp;3</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>

<!-- link1 " Material Change Report dated December&nbsp;10, 2002" -->
<DIV align="left"><A NAME="002"></A></DIV>
<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>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="8%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="82%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>ITEM 1</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
&#151;
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2"><B>Reporting
Issuer:</B></FONT></TD>
</TR>

<TR valign="bottom">
        <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>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Cameco Corporation (&#147;Cameco&#148;)</FONT></TD>
</TR>


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

<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>ITEM 2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
&#151;
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2"><B>Date of
Material Change:</B></FONT></TD>
</TR>

<TR valign="bottom">
        <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>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">December&nbsp;6, 2002</FONT></TD>
</TR>

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

<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>ITEM 3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
&#151;
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2"><B>Press
Release:</B></FONT></TD>
</TR>

<TR valign="bottom">
        <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>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">The English version and the French translation version of the press
release 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 December&nbsp;6, 2002.</FONT></TD>
</TR>

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

<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>ITEM 4</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
&#151;
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2"><B>Summary of
Material Change:</B></FONT></TD>
</TR>

<TR valign="bottom">
        <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>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Cameco announced an increase in its annual common share dividend
from $0.50 to $0.60 per share. The dividend increase will take
effect for shareholders of record at the end of the first quarter
of 2003.</FONT></TD>
</TR>

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

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

<TR valign="bottom">
        <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>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Cameco announced an increase in its annual common share dividend
from $0.50 to $0.60 per share. The dividend increase will take
effect for shareholders of record at the end of the first quarter
of 2003.</FONT></TD>
</TR>

<TR valign="bottom">
        <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>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">The board also declared a quarterly dividend of $0.125 (Cdn) per
share, payable on January&nbsp;15, 2003 to shareholders of record on
December&nbsp;31, 2002.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2"></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="right"><FONT size="2"><B>Page&nbsp;4</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="8%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="82%">&nbsp;</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>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Cameco&#146;s board of directors has consistently followed a policy of
paying $0.50
per common share since the company became publicly traded in 1991.
After reviewing the company&#146;s financial position, particularly its
cash flow, the board decided to amend the policy to increase the
common share dividend by 20% next year.</FONT></TD>
</TR>

<TR valign="bottom">
        <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>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&#147;We are confident that Cameco&#146;s strong cash flow will increase in
the coming years, particularly with the contribution from our
investment in Bruce Power,&#148; said Bernard Michel, Cameco&#146;s chair and
chief executive officer. &#147;This will allow us to increase our
dividend to shareholders, fund our current commitments and maintain
the flexibility to pursue nuclear growth opportunities in the
future.&#148;</FONT></TD>
</TR>

<TR valign="bottom">
        <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>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Cameco has consistently stated that it will return surplus cash to
shareholders. &#147;We are pleased to reward Cameco&#146;s patient
shareholders by providing them with an opportunity to share in the
company&#146;s success,&#148; said Michel.</FONT></TD>
</TR>

<TR valign="bottom">
        <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>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Statements contained in this material change report 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></TD>
</TR>

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

<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>ITEM 6</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
&#151;
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2"><B>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):</B></FONT></TD>
</TR>

<TR valign="bottom">
        <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>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">None Applicable</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2"></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="right"><FONT size="2"><B>Page&nbsp;5</B>
</FONT>

<CENTER>
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        <TD valign="top"><FONT size="2"><B>ITEM 7</B></FONT></TD>
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&#151;
</FONT></TD>
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        <TD align="left" valign="top"><FONT size="2"><B>Omitted
Information:</B></FONT></TD>
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        <TD align="left" valign="top"><FONT size="2">None Applicable</FONT></TD>
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<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>ITEM 8</B></FONT></TD>
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&#151;
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2"><B>Senior
Officer:</B></FONT></TD>
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<TR valign="bottom">
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        <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 Affairs and Corporate
Secretary<BR>
Cameco Corporation<BR>
(306)&nbsp;956-6303</FONT></TD>
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        <TD valign="top"><FONT size="2"><B>ITEM 9</B></FONT></TD>
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&#151;
</FONT></TD>
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        <TD align="left" valign="top"><FONT size="2"><B>Statement of
Senior Officer:</B></FONT></TD>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">The foregoing accurately discloses the material change referred to
herein.</FONT></TD>
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<P><FONT size="2">DATED at Saskatoon, Saskatchewan the 10th day of December, 2002.
</FONT>
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<I>&#147;Gary M.S. Chad&#148;</I></FONT></TD>
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        <TD align="left" valign="top"><FONT size="2"><HR size="1" width="40%" noshade></FONT></TD>
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Gary M.S. Chad</FONT></TD>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Senior Vice-President, Law,</FONT></TD>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Regulatory Affairs and Corporate</FONT></TD>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Secretary</FONT></TD>
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