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<SEC-DOCUMENT>0001130319-04-000403.txt : 20040601
<SEC-HEADER>0001130319-04-000403.hdr.sgml : 20040601
<ACCEPTANCE-DATETIME>20040601151951
ACCESSION NUMBER:		0001130319-04-000403
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040601
FILED AS OF DATE:		20040601

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:		04841135

	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>
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<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>
<DIV style="font-family: 'Times New Roman',Times,serif">


<HR size="4" noshade color="#000000" style="margin-top: -5px">
<HR size="1" noshade color="#000000" style="margin-top: -10px">



<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>


<DIV align="center" style="font-size: 12pt"><B>Washington, DC 20549</B>
</DIV>


<P align="center" style="font-size: 18pt"><B>FORM 6-K</B>



<P align="center" style="font-size: 10pt"><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>



<P align="center" style="font-size: 10pt">For the month of May, 2004

<P align="center" style="font-size: 24pt"><B>Cameco Corporation</B>


<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="40%" align="center">
<I>(Commission file No.&nbsp;1-14228)</I></DIV>



<P align="center" style="font-size: 10pt"><B>2121&#150;11th Street West<BR>
Saskatoon, Saskatchewan, Canada S7M 1J3</B>


<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="40%" align="center">
<I>(Address of Principal Executive Offices)</I></DIV>


<P align="left" style="font-size: 10pt">Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Form&nbsp;20-F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Form&nbsp;40-F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#254;</FONT></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">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.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">No&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#254;</FONT></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant
in connection with Rule&nbsp;12g3-2(b): <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>



<P>
<HR size="1" noshade color="#000000" style="margin-top: -2px">
<HR size="4" noshade color="#000000" style="margin-top: -10px">








<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">








<!-- 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">NEWS 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="center" style="font-size: 10pt"><B>Exhibit Index</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit No.</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Page No.</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release dated May&nbsp;30, 2004
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "SIGNATURE" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SIGNATURE</B>


<P align="left" style="font-size: 10pt">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.



<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3">Cameco Corporation<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">Date: May 31, 2004&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000"><I>&#147;Gary
M.S. Chad&#148;</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">Gary M.S. Chad&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">Senior Vice-President, Law,<BR>
Regulatory Affairs and
Corporate Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "NEWS RELEASE" -->
<DIV align="left"><A NAME="002"></A></DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Share</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Listed</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Symbol</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>web site address:</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">TSX<BR>NYSE
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CCO<BR>CCJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><IMG src="o13227o1322701.gif" alt="(CAMECO LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">www.cameco.com</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">2121 &#150; 11th Street West, Saskatoon, Saskatchewan, S7M 1J3 Canada<BR>
Tel: (306)&nbsp;956-6200 Fax: (306)&nbsp;956-6201


<P align="center" style="font-size: 12pt"><B>Cameco Expects Not to Proceed with Texas Reactor Purchase</B>


<P align="left" style="font-size: 10pt">Saskatoon, Saskatchewan, Canada, May&nbsp;30, 2004 . . . . . . . . . . . . . .


<P align="left" style="font-size: 10pt"><B>Cameco Corporation </B>announced today that it does not expect to acquire a 25.2%
interest in the South Texas Project (STP). Two current owners of STP, Texas
Genco and San Antonio City Public Service Board, have indicated their intention
to exercise rights of first refusal to purchase this interest.


<P align="left" style="font-size: 10pt">On March&nbsp;1, 2004, Cameco announced a $333&nbsp;million (US)&nbsp;agreement to purchase a
25.2% interest in STP from a wholly owned subsidiary of American Electric
Power, subject to a number of conditions including the right of first refusal
by the other STP owners. Under the terms of the agreement, Cameco is entitled
to receive $7&nbsp;million (US)&nbsp;in compensation if the transaction does not proceed
because the right of first refusal is exercised.


<P align="left" style="font-size: 10pt">&#147;We are disappointed that two STP owners have provided notice to exercise their
rights of first refusal. However, the fact that they did demonstrates that we
negotiated a competitive agreement,&#148; said Jerry Grandey, Cameco&#146;s president and
chief executive officer. &#147;We are continuing to look for opportunities that are
consistent with our vision to become a dominant nuclear energy company
producing uranium fuel and generating clean electricity.&#148;


<P align="left" style="font-size: 10pt">Cameco, with its head office in Saskatoon, Saskatchewan, is the world&#146;s largest
uranium producer. 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.


<P align="left" style="font-size: 10pt">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.


<P align="left" style="font-size: 10pt">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.



<P align="center" style="font-size: 10pt">- End -



<P align="center" style="font-size: 10pt">- 4 -


<P align="center" style="font-size: 10pt">&nbsp;
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