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<SEC-DOCUMENT>0001130319-03-000337.txt : 20030415
<SEC-HEADER>0001130319-03-000337.hdr.sgml : 20030415
<ACCEPTANCE-DATETIME>20030415110013
ACCESSION NUMBER:		0001130319-03-000337
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030414
FILED AS OF DATE:		20030415

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:		03649687

	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>o09546e6vk.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>

<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"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B><BR>
</FONT>
<FONT size="3"><B>Washington, D.C. 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="2">Commission File No. 1-14228
</FONT>

<CENTER>
<P align="center"><FONT size="6"><B>Cameco Corporation</B></FONT>
<HR size="1" width="45%" noshade>
<FONT size="2"><I>(Translation of Registrant&#146;s Name into
English)</I>
</FONT>
</CENTER>

<CENTER>
<P align="center"><FONT size="2"><B>2121 &#150; 11th Street West<BR>
Saskatoon, Saskatchewan, Canada S7M 1J3</B>
<HR size="1" width="45%" noshade>
<I>(Address of Principal Executive Offices)</I>
</FONT>
</CENTER>

<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="70%">
<TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><FONT size="2">Form&nbsp;20-F&nbsp;&nbsp;&nbsp;</FONT><FONT
face="wingdings">&#111;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Form&nbsp;40-F&nbsp;&nbsp;&nbsp;</FONT><FONT
face="wingdings">&#120;</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="70%">
<TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">Yes&nbsp;&nbsp;&nbsp;</FONT><FONT
face="wingdings">&#111;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">No&nbsp;&nbsp;&nbsp;</FONT><FONT
face="wingdings">&#120;</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):&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</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="o09546exv1.htm">Material Change Report 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>

<!-- 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="10%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="70%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="10%">&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 valign="top" align="center"><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 April&nbsp;14, 2003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center"><FONT size="2">3 - 7</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>

<P>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="45%">&nbsp;</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 colspan="3" align="left" valign="top"><FONT size="2"><B>Cameco
Corporation</B></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>
    <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">Date: April&nbsp;14, 2003</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">/s/ <I>&#147;Gary M.S.
Chad&#148;</I>
<HR size="1" noshade width="60%">
Gary M.S. Chad<BR>
Senior Vice-President, Law,<BR>
Regulatory Affairs and Corporate&nbsp;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>o09546exv1.htm
<DESCRIPTION>MATERIAL CHANGE REPORT DATED APRIL 14, 2003
<TEXT>
<HTML>
<HEAD>
<TITLE>Material Change Report Dated April 14, 2003</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="right"><FONT size="2"><B>Exhibit&nbsp;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 &#151; 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>
<P align="left"><FONT size="2"><B>ITEM 1 &#151; Reporting Issuer:</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco Corporation (&#147;Cameco&#148;)
</FONT>
<P align="left"><FONT size="2"><B>ITEM 2 &#151; Date of Material Change:</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April&nbsp;6, 2003
</FONT>
<P align="left"><FONT size="2"><B>ITEM 3 &#151; Press Release:</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 as follows:
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="65%">
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="51%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2"><I>Cameco Press Releases<BR>
Distribution</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<I>Can. &#038; U.S. Timely Disclosure Packs</I></FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2">April&nbsp;7, 2003 Press Release</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
April&nbsp;7, 2003</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">April&nbsp;9, 2003 Press Release</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
April&nbsp;9, 2003</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">April&nbsp;14, 2003 Press Release</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
April&nbsp;14, 2003</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B>ITEM 4 &#151;  Summary of Material Change:</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Production at Cameco&#146;s McArthur River mine was temporarily
suspended on April&nbsp;6, 2003, as increased water inflow from an area
of collapsed rock in a new development area begin to flood
non-critical portions of the mine. As of April&nbsp;14, 2003, the volume
of water being pumped from the McArthur River mine slightly
exceeded the total water inflow. For several days after the rock
collapse, marginally more water entered into the mine than was
pumped out, resulting in the accumulation of water in the mine.
The situation is serious and fluctuates
</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="left"><FONT size="2"> frequently. 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.
Based upon plans and information as of April&nbsp;14, 2003, it will
likely take about two weeks before a concrete barrier that is being
constructed can begin to control water inflow and another two or
three months to permanently seal off the area.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco now anticipates production restart will be delayed four to
six months based on conditions as of April&nbsp;14, 2003. Annual mine
and mill production will be well below the full capacity of 18.7
million pounds of uranium. Given Cameco&#146;s inventory position and
other supply sources, a production shortfall of this magnitude is
not expected to impact deliveries under 2003 sales contracts.
Preliminary estimates indicate that 2003 net earning will decline
by about $4 to $5&nbsp;million for every month that McArthur River is
unable to produce. This reduction in estimated earning is subject
to the assumptions discussed in item 5 below and does not included
any provision for a potential write down of assets. Operating cash
flow in 2003 is expected to be relatively unaffected unless Cameco
decides to increase uranium product purchases. The full impact
including the financial implications is still being evaluated.
</FONT>
<P align="left"><FONT size="2"><B>ITEM 5 &#151; Full Description of Material Change:</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Production at Cameco&#146;s McArthur River mine was temporarily
suspended on
April&nbsp;6, 2003, as increased water inflow from an area of collapsed
rock in a new development area, located just above the 530-metre
level, begin to flood non-critical portions of the mine. No one was
injured in the rock collapse. As of April&nbsp;14, 2003, the volume of
water being pumped from the McArthur River mine slightly exceeded
the total water 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since the rock collapse, mine personnel focused on matching the
mine&#146;s pumping and treatment capacity to the water inflow.
Installing extra pumping capacity took longer than anticipated. As
a result, the grinding mill, located in one of the lowest areas of
the mine, is under water, as water accumulated in the mine.
However, they have successfully added more pump capacity so that
the mine is currently pumping out slightly more water than is
coming in.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water treatment capacity, on the surface, has also been
substantially increased and is currently capable of matching the
pumping capacity. Mine personnel have also improved the method of
measuring water inflow and determined that the flow rate is higher
than initially estimated.
</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="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There has been slow progress constructing the concrete barrier
located in the development tunnel just above the 530-metre level.
Based on plans and information as of April&nbsp;14, 2003, 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although events are still unfolding, Cameco now anticipates
production restart will be delayed four to six months based on
conditions as of April&nbsp;14, 2003. 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="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;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="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">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="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">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="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">annual forecast sales and delivery volumes remain unchanged, 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">and the uranium spot price does not change.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The net earnings projection does not include any provision for
potential writedown of assets. As of April&nbsp;14, 2003, it is not
expected that a writedown of a material amount would be necessary.
However, Cameco will continue to assess the carrying values of its
assets as new information becomes available.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating cash flow in 2003 is expected to be relatively unaffected
unless Cameco decides to increase uranium product purchases.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The McArthur River mine is located in northern Saskatchewan
about 620 kilometres north from Saskatoon by air.
</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="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain statements contained in this material change report are
forward looking and reflect Cameco&#146;s views with respect to the
future. Since forward-looking statements address future events and
conditions, by their nature they involve inherent risks and
uncertainties and are not guarantees of Cameco&#146;s future performance
or results. They are subject to various factors and assumptions
which may cause actual results to differ materially from those
expressed or implied by such forward-looking statements, including,
but not limited to: 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 material change 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="left"><FONT size="2"><B>ITEM 6 &#151; Reliance on
Subsection&nbsp;84(2)&nbsp;(SK), Subsection&nbsp;67(2)&nbsp;(BC), Subsection&nbsp;118(4)&nbsp;(AB), Subsection&nbsp;75(3)&nbsp;(ON), Section&nbsp;74&nbsp;(PQ), Subsection&nbsp;81(3)&nbsp;(NS),
and Subsection&nbsp;76(3)&nbsp;(NF):</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None Applicable
</FONT>
<P align="left"><FONT size="2"><B>ITEM 7 &#151; Omitted Information:</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None Applicable
</FONT>
<P align="left"><FONT size="2"><B>ITEM 8 &#151; Senior Officer:</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gary M.S. Chad<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice-President, Law, Regulatory Affairs and Corporate Secretary<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco Corporation<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(306)&nbsp;956-6303
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<P align="left"><FONT size="2"><B>ITEM 9 &#151; Statement of Senior Officer:</B>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing accurately discloses the material change referred to
herein.
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<P align="left"><FONT size="2">DATED at Saskatoon, Saskatchewan the 14th day of April, 2003.
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    <TD valign="top"><FONT size="2">/s/ <I>&#147;Gary M.S. Chad&#148;</I>
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Gary M.S. Chad<BR>
Senior Vice-President, Law, Regulatory Affairs and Corporate&nbsp;Secretary</FONT></TD>
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