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<SEC-DOCUMENT>0001130319-03-000335.txt : 20030414
<SEC-HEADER>0001130319-03-000335.hdr.sgml : 20030414
<ACCEPTANCE-DATETIME>20030414160541
ACCESSION NUMBER:		0001130319-03-000335
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20030414
FILED AS OF DATE:		20030414

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:		03648696

	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>o09536e6vk.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="4"><B>Washington, DC 20549</B>
</FONT>

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

<P align="center"><FONT size="2"><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 April, 2003
</FONT>
<P align="center"><FONT size="6"><B>Cameco Corporation</B></FONT><BR>
<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 align="left"><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="65%">
<TR valign="bottom">
    <TD width="51%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">Form&nbsp;20-F&nbsp;&nbsp;&#091;&nbsp;&nbsp;&#093;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Form&nbsp;40-F&nbsp;&nbsp;&#091;X&#093;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><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="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">Yes&nbsp;&nbsp;&#091;&nbsp;&nbsp;&#093;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
No&nbsp;&nbsp;&#091;X&#093;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><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">&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>
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	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><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="o09536exv1.htm">Press Release Dated April 14, 2003</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>






<!-- link1 "Exhibit&nbsp;Index" -->
<DIV align="left"><A NAME="000"></A></DIV>
<P align="center"><FONT size="2"><B>Exhibit&nbsp;Index</B>
</FONT>

<CENTER>
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    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&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>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD 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
April&nbsp;14, 2003
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">3 &#151; 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 align="left"><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>
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<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD valign="top"><FONT size="2">Date: April 14, 2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Cameco Corporation<BR>
By:
</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"><FONT size="2">
<I>&#147;Gary M.S. Chad&#148;</I>
</FONT><HR size="1" noshade><FONT size="2">
Gary M.S. Chad<BR>
Senior Vice-President, Law,<BR>
Regulatory Affairs and<BR>
Corporate Secretary</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">&nbsp;</FONT>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>3
<FILENAME>o09536exv1.htm
<DESCRIPTION>PRESS RELEASE DATED APRIL 14, 2003
<TEXT>
<HTML>
<HEAD>
<TITLE>Press Release Dated April 14, 2003</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<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="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
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    <TD width="30%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Share</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>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Listed</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Symbol</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 nowrap align="left"><FONT size="1"><B>web site address:</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><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">TSX<BR>NYSE</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
CCO<BR>CCJ
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2"><IMG src="o09536cameco.gif" alt="(CAMECO LOGO)">
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2"><U><B>www.cameco.com</B></U></FONT></TD>
</TR>

</TABLE>
</CENTER>
<P align="center"><FONT size="2">2121 &#151; 11<SUP>th</SUP> Street West, Saskatoon, Saskatchewan, S7M 1J3&nbsp;&nbsp;Canada<BR>
Tel: (306)&nbsp;956-6200 Fax: (306)&nbsp;956-6201
</FONT>
<P align="center"><FONT size="2"><B>Cameco Provides Update on Water Inflow at McArthur River Mine</B>
</FONT>
<P align="left"><FONT size="2">Saskatoon, Saskatchewan, Canada, April&nbsp;14, 2003
</FONT>
<P align="left"><FONT size="2"><B>Cameco Corporation </B>reported today the volume of water being pumped from the
McArthur River mine slightly exceeds the total inflow. The situation continues
to be serious and fluctuates frequently as mine personnel closely monitor water
levels as well as pumping and water treatment equipment. The critical area of
the mine remains unaffected but water is being stored close to this area and
there is only minimal storage left in the mine.
</FONT>
<P align="left"><FONT size="2">Mine personnel have improved the method of measuring water inflow and
determined that the flow rate is higher than previously estimated. However,
they have successfully added more pumping capacity. Water treatment capacity,
on the surface, has also been substantially increased and is currently capable
of matching the pumping capacity.
</FONT>
<P align="left"><FONT size="2">Most of the pumping capacity is located on the 530-metre level below surface.
The critical area of the mine, located 640 metres below the surface, contains
the ore processing equipment and large pumps that will be lost if total mine
pumping capacity does not keep up with the water inflow. Based on the current
inflow rates, if the mine cannot pump water from the 640-metre level, Cameco
expects to have about two weeks to install additional pumping capacity before
the pumps on the 530-metre level are impacted. Mine personnel continue to focus
on increasing pumping and water treatment capacity.
</FONT>
<P align="left"><FONT size="2">There has been slow progress constructing the concrete barrier located in the
development tunnel just above the 530-metre level. Based on current plans and
information, it will likely still take about two weeks before the concrete
barrier can begin to control the water inflow and another two to three months
to permanently seal off the area.
</FONT>
<P align="left"><FONT size="2">The additional water inflow in a development area of the McArthur River mine
began on
April&nbsp;6, 2003. Production has been temporarily suspended since that time.
</FONT>
<P align="left"><FONT size="2">Although events are still unfolding, Cameco now anticipates production restart
will be delayed four to six months based on current conditions. Annual mine and
mill production will be well below the full capacity of 18.7&nbsp;million pounds of
uranium. Given the company&#146;s inventory position and other supply sources, a
production shortfall of this magnitude is not expected to impact deliveries
under 2003 sales contracts.
</FONT>
<P align="center"><FONT size="2">&nbsp;</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="center"><FONT size="2">- 2 -
</FONT>
<P align="left"><FONT size="2">While the full impact of this situation is still being evaluated, preliminary
estimates indicate that 2003 net earnings will decline by about $4 to $5
million for every month that McArthur River is unable to produce. This
reduction in estimated net earnings is based on the following assumptions:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">costs associated with the efforts to bring the mine back into production will be expensed as incurred,</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">McArthur River production will be replaced by drawing down higher-cost inventory,</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">annual forecast sales and delivery volumes remain unchanged,</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">and the uranium spot price does not change.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">The net earnings projection does not include any provision for potential
writedown of assets. At this time, it is not expected that a writedown of a
material amount would be necessary. However, the company will continue to
assess the carrying values of its assets as new information becomes available.
</FONT>
<P align="left"><FONT size="2">Operating cash flow in 2003 is expected to be relatively unaffected unless
Cameco decides to increase product purchases.
</FONT>
<P align="left"><FONT size="2">Cameco will continue to provide updates as significant developments occur.
</FONT>
<P align="left"><FONT size="2">The McArthur River mine is located in northern Saskatchewan about 620
kilometres north from Saskatoon by air.
</FONT>
<P align="left"><FONT size="2"><B>Investor &#038; Media Conference Call<BR></B>
We invite you to join us in a conference call at 9:30 a.m. Eastern time (7:30
a.m. Saskatoon time) today, April&nbsp;14, 2003, to discuss this news release. The
call will be open to all members of the investment community. Members of the
media will be invited to ask questions at the end of the call. In order to
join the conference call, please dial <B>(416)&nbsp;695-9753 </B>or <B>(888)&nbsp;789-0089 </B>(Canada
and US). An operator will put your call through. Please pass this invitation
to colleagues in your organization who have an interest in Cameco.
</FONT>
<P align="left"><FONT size="2">A recorded version of the proceedings will be available:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">on our web site, www.cameco.com, shortly after the call, and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">on post view until midnight on Monday, April&nbsp;28 by calling (416)&nbsp;252-1143 or
(866)&nbsp;518-1010 (no code required)</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">Cameco, with its head office in Saskatoon, Saskatchewan, is the world&#146;s largest
uranium supplier. The company&#146;s uranium products are used to generate
electricity in nuclear energy plants around the world, providing one of the
cleanest sources of energy available today. Cameco&#146;s shares trade on the
Toronto and New York stock exchanges.
</FONT>


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



<P align="center"><FONT size="2">- 3 -
</FONT>
<P align="left"><FONT size="2"><B>CAUTION REGARDING FORWARD-LOOKING INFORMATION<BR></B>
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="left"><FONT size="2">Although Cameco believes that the assumptions inherit in the forward-looking
statements are reasonable, undue reliance should not be placed on these
statements, which only apply as of the date of this report. Cameco disclaims
any intention or obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or otherwise.
</FONT>
<P align="center"><FONT size="2">- End -
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2"><B>Media &#038; investor inquiries:</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Alice Wong&nbsp;&nbsp;&nbsp;(306)&nbsp;956-6337</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><B>Investor inquiries:</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Bob Lillie&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(306)&nbsp;956-6639</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><B>Media inquiries:</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Lyle Krahn&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(306)&nbsp;956-6316</FONT></TD>
</TR>
</TABLE>
</CENTER>

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



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end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
