-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 PKFjPIlUgmzHcmJvWrMu5ePKsoa6NjUbdcY++sK+14ZXMWlWojwhodBtPlPtWUws
 A/RkWwjpjVxeMK0HXi7GiQ==

<SEC-DOCUMENT>0001130319-04-000018.txt : 20040109
<SEC-HEADER>0001130319-04-000018.hdr.sgml : 20040109
<ACCEPTANCE-DATETIME>20040109145729
ACCESSION NUMBER:		0001130319-04-000018
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040109
FILED AS OF DATE:		20040109

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:		04517709

	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>o11640e6vk.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 January, 2004
</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">&#254;</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">&#254;</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;&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 colspan="9"><A HREF="#000">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">SIGNATURE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">PRESS RELEASE</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 INDEX" -->
<DIV align="left"><A NAME="000"></A></DIV>

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

<P align="center"><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">
Press Release dated January 9, 2004</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center"><FONT size="2">3 - 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>

<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: January 9, 2004</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>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "PRESS RELEASE" -->
<DIV align="left"><A NAME="002"></A></DIV>

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

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <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><FONT size="1">&nbsp;</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="left"><FONT size="1"><B>web site address:</B></FONT></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="o11640o1164001.gif" ALT="(CAMECO LOGO)">
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2"><U>www.cameco.com</U></FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2">2121 &#150; 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 Discusses Impact of Uranium Prices</B>
</FONT>

<P align="left"><FONT size="2">Saskatoon, Saskatchewan, Canada, January&nbsp;9, 2004 . . . . . . . . . . . . . . .
</FONT>

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

<P align="left"><FONT size="2"><B>Cameco Corporation</B> said today that while it has consistently expected uranium
spot prices to increase significantly over the next several years, some of the
recent and unexpected market developments have resulted in prices rising more
quickly than anticipated. Cameco reviewed the impact of these recent spot price
increases on its uranium sales contract portfolio and feels it is prudent to
remind investors that many of the company&#146;s contracts were signed years ago
when spot prices were much lower. Consequently, the contracts have pricing
terms which will limit the benefit of further spot price increases in 2004. The
price impact will continue in a diminishing fashion in 2005, with much less
impact by 2006. However, Cameco has received the benefit from most of the spot
price increases that occurred in 2003.
</FONT>

<P align="left"><FONT size="2">&#147;While we have upside limits to the benefits of a rising spot price in the near
term, the good news is that the increased uranium prices appear to be supported
by improving supply/demand fundamentals as we had always expected,&#148; said Jerry
Grandey, Cameco&#146;s president and CEO. &#147;Future uranium prices must reflect the
risks taken and returns required by producers to bring on new mines that will
be needed in the coming years to provide secure supply to nuclear utility
customers.&#148;
</FONT>

<P align="left"><FONT size="2"><B>Marketing Strategy</B>
</FONT>

<P align="left"><FONT size="2">The company&#146;s outlook for an improving uranium market has driven its
contracting strategy. Over the past few years, Cameco has limited new sales
commitments in the longer term beyond 2006 and retained as much upside pricing
potential as possible while ensuring adequate cash flow with a mix of
market-related and fixed price contracts.
</FONT>

<P align="left"><FONT size="2">At present, Cameco has more than 100&nbsp;million pounds of uranium committed over
the next five years. Cameco&#146;s committed sales decline rapidly over that period
and will be replaced in the normal course with contracts reflecting the market
outlook which is today significantly improved. About 75% of the sales
commitments in that five-year period will be delivered over the period 2004 to
2006. In 2004, Cameco&#146;s uranium sales volumes are expected to total about 32
million pounds.
</FONT>

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

<P align="center"><FONT size="2">- 2 -
</FONT>
<P align="left"><FONT size="2"><B>Impact of Rising Spot Prices</B>
</FONT>
<P align="left"><FONT size="2">For 2004, about 60% of Cameco&#146;s uranium under long-term contract will be sold
at prices which reference the spot market price near the time of delivery and
40% will be sold at fixed prices.
</FONT>
<P align="left"><FONT size="2">The spot price increased by more than 45% during 2003 to end the year at $14.50
(US)&nbsp;as the market continued to evaluate the impact of the supply side
developments. In the last 10&nbsp;weeks of 2003 the spot price rose by $2.05 (US).
This has resulted in some of Cameco&#146;s spot market-related contracts reaching
ceiling prices in the near term. The impact of ceiling prices became
significant as the spot price moved into the $14.00 (US)&nbsp;range.
</FONT>
<P align="left"><FONT size="2">In addition, many of Cameco&#146;s fixed price contracts were entered into a number
of years ago when the uranium spot price was considerably lower than today. For
example, the uranium spot price was near historic low levels in 2000, dropping
to $7.10 (US)&nbsp;per pound. The following table provides a few years of uranium
spot price history.
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="65%">
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><I>Average
uranium spot price</I></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="1"><B>Year</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>(US$/lb
U<SUB>3</SUB>O<SUB>8</SUB>)</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><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><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2000</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8.21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8.77</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2002</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">9.86</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2003</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">11.54</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Current</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">14.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">In 2004, the expected impacts to revenue, earnings and cash flow to changes in
the spot price from its current level of $14.50 (US)&nbsp;per pound are outlined in
the table below. The results assume that one Canadian dollar is equivalent to
75 cents US.
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="65%">
<TR valign="bottom">
    <TD width="34%">&nbsp;</TD>

    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>

    <TD width="5%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>$1.00 (US) Increase in</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>$1.00 (US) Decrease in</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Uranium Spot Price</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Uranium Spot Price</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></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><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Revenue</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="right"><FONT size="2">&#043;$9 million (CDN)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="right"><FONT size="2">&#150;$11 million (CDN)</FONT></TD>
</TR>
<TR>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net Earnings</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="right"><FONT size="2">&#043;$5 million (CDN)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="right"><FONT size="2">&#150;$7 million (CDN)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Earnings Per Share</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="right"><FONT size="2">&#043;$0.09 (CDN)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="right"><FONT size="2">&#150;$0.12 (CDN)</FONT></TD>
</TR>
<TR>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash Flow</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="right"><FONT size="2">&#043;$4 million (CDN)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="right"><FONT size="2">&#150;$6 million (CDN)</FONT></TD>
</TR>
<TR>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="left"><FONT size="2">Given the composite of the company&#146;s contract portfolio, the impact of an
additional $1.00 (US)&nbsp;increase in the spot price from $15.50 (US)&nbsp;per pound
would be slightly less.
</FONT>
<P align="left"><FONT size="2">Cameco also obtains earnings from its conversion services, power generation and
gold businesses.
</FONT>

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

<P align="center"><FONT size="2">- 3 -
</FONT>
<P align="left"><FONT size="2"><B>Profile</B>
</FONT>
<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="left"><FONT size="2"><B>Forward-Looking Statement</B>
</FONT>
<P align="left"><FONT size="2">Statements contained in this news release which are not historical facts are
forward-looking statements that involve risks, uncertainties and other factors
that could cause actual results to differ materially from those expressed or
implied by such forward-looking statements. Factors that could cause such
differences, without limiting the generality of the following, include:
volatility and sensitivity to market prices for uranium, electricity in Ontario
and gold; the impact of the sales volume of uranium, conversion services,
electricity generated and gold; competition; the impact of change in foreign
currency exchange rates and interest rates; imprecision in reserve estimates;
environmental and safety risks including increased regulatory burdens;
unexpected geological or hydrological conditions; political risks arising from
operating in certain developing countries; a possible deterioration in
political support for nuclear energy; changes in government regulations and
policies, including trade laws and policies; demand for nuclear power;
replacement of production and failure to obtain necessary permits and approvals
from government authorities; legislative and regulatory initiatives regarding
deregulation, regulation or restructuring of the electric utility industry in
Ontario; Ontario electricity rate regulations; weather and other natural phenomena;
ability to maintain and further improve positive labour relations; operating
performance of the facilities; success of planned development projects; and
other development and operating risks.
</FONT>
<P align="left"><FONT size="2">Although Cameco believes that the assumptions inherent 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="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="60%">&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 (306)&nbsp;956-6337</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 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 (306)&nbsp;956-6639</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 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 (306)&nbsp;956-6316</FONT></TD>
</TR>
</TABLE>
</CENTER>

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

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>o11640o1164001.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 o11640o1164001.gif
M1TE&.#EA90!&`,0``/'Q\8N*BU%04,;%Q4-!0B8D)30R,^/CXZFHJ&YM;M34
MU'U\?&!>7YJ9FK>WMQ<5%O___P``````````````````````````````````
M`````````````````````````"'Y!```````+`````!E`$8```7_("2.9&F>
M:(HB:NN^<"RCR<,`<Z[O/%0_#P*N1RP6?\#@T,ALM@""I%3HK%I%`()4:AA<
MOT:%80LTL,!H7I;\:*3?.^VVH"@!&H(Z?&\*D*DC!T@%#GR&$`-_)7YD9X=I
M`&-32U!L0(Z/7XQ)!0<C:Y8&`IZ95P`%6XZ@6P8-I*5?#5L")$B<;K!IDDFO
M"'^ON4ZOB5(,@:B3)0,!S`%>P3D)C@M;SQ#4R2,!NTD&A=`P-:_<!23<#WH0
MJVP)X"X_@5OM(K[%)'*60//N)S^T(L22X+I635N^5/SL1`%B3,0F(*\6`B'P
M"=G!,@D_X7L0P*`4$O)&U+N8Q)J[=1P]_R8!*:6C0Y(M,]H"XA+"PP<LD]2\
M>;'FR8TI7WX<L64G3)T9U6TT.E1$2'I'@7S+N*JAS2T1IWR*:B"I1B#_$&T9
MB*WDB+(7!WH%`$_$@:<01NK[>M&JUQ'B1G#K.L(BD'0HM]RX:T+:V2WIT"KY
MM,`OD`)J"9,8!O>`8XK*FCF3#,/Q*UE;"`#CK$.QW9D/()-6X]A:X`>MEJR.
M<;,`):!<1LV&<2HTB=>7=L<(F"2L4(3"8RBV(5L0IZG)8>`67>)`@#S19P16
MG;V(&#8"3';7`1S[^!VO#:0[GP,E(/;H\;V''W]QQ@,#!HP6[P3``MG0.)"`
M7P9(<X`O]+UP@/]$!#0C$1`)MN``,@RL!\$!#*P4(0H.)+%`"J!9N.&%R!AW
M0H;\;8C$:"8`\$"*"?8&VPL)K'?``@((P$`#`$*@P`(LW)'C`J0`@``#.F)"
MPI%#BJ@.DP(89H("">08)28C^00#-0PXX(`6!3QSHR0!.$`.?N=\2(*9H@B`
MC)HC3%C``@'X0TD-<P:081!Z;`+="XQL90,6`_Q`0`$!**#`0EHP,(`"([VB
MP`,"#!$)$`/Y8L`2"UFEQ:8B/5;')C"F($E.)!`#JEM)8(*-(Z@`4T\Y/J("
M73W_,/(G-A21.@,UF#D%X0C$F'@J"8RXI*EF=9I5`U^UA"<",B:\]=?_)DK.
M,,">.!$+5@D++4*3"%&T:>6YA3"DPJ2IG;!0`"/!*8.1!ABP2:K?DA`NLN-"
M,,8^*/2+`FC0UL*0M4'D,"%'.&@(4+XC[.N12QBE0(Q=?3C,+Z7^\B(#:(YH
M7"RXPTX\+1`]8F$MK2@$U",C'XX$<`OL!@N!R!"36[)0+KU[P@#EM-JB:`AG
MBXT>^&0[&0$?@B8OSASKN_-508'V8@D*J/8#';\1\`^C)GPZ@@+X1!9G`9U`
M0/`0D7H;]0ARB!N4C)#A<&/4"#^P@`/+&,"UCTE`1PQT`'!K;W[Y+3#&8!=V
M(X#?<N3H13VK-BZ5P8.*T"%X2\C%R7H(H%+`1!D+*^W`@YPX6D+HCR4`P.9Z
MXY$;!(]+D0<"&S$-T(.MF&!F,2)BZ)>T*@S0`#,-E`I`?DO@ES(1^.FW;GXN
(*$!]"2$``#L_
`
end

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