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<SEC-DOCUMENT>0001130319-04-000428.txt : 20040617
<SEC-HEADER>0001130319-04-000428.hdr.sgml : 20040617
<ACCEPTANCE-DATETIME>20040617165352
ACCESSION NUMBER:		0001130319-04-000428
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20040617
FILED AS OF DATE:		20040617

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:		04869222

	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>o13392e6vk.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>
<DIV style="font-family: 'Times New Roman',Times,serif">

<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 June, 2004

<P align="center" style="font-size: 24pt"><B>Cameco Corporation</B><BR>
<FONT style="font-size:10pt">(Commission file No.&nbsp;1-14228)<BR>
</FONT>


<P align="center" style="font-size: 10pt"><B>2121-11th Street West<BR>
Saskatoon, Saskatchewan, Canada S7M 1J3</B><BR>
(Address of Principal Executive Offices)

<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.



<P align="center" style="font-size: 10pt">Form&nbsp;20-F&nbsp;<FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;40-F&nbsp;<FONT face="Wingdings">&#254;</FONT>

<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.



<P align="center" style="font-size: 10pt">Yes&nbsp;<FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No&nbsp;<FONT face="Wingdings">&#254;</FONT>

<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):



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

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<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>
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	<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>
</TABLE>
</CENTER>
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<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&nbsp;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="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><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"><DIV style="margin-left:10px; text-indent:-10px">1.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release dated June 16, 2004</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3 - 7</TD>
</TR>

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


<!-- 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>Date:  June 17, 2004&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000"><I>"Gary M.S. Chad"</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,
Regulatory Affairs and
Corporate Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">2
</DIV>

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<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">

<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="o13392o1339201.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; 11<SUP>th</SUP> Street West, Saskatoon, Saskatchewan, S7M 1J3 Canada<BR>
Tel: (306)&nbsp;956-6200 Fax: (306)&nbsp;956-6201



<P align="center" style="font-size: 10pt"><B>Cameco Provides Details of Previously Announced Uranium Agreement</B><BR>
<I>Companies Amend Deal for Uranium from Dismantled Russian Nuclear Weapons</I>


<P align="left" style="font-size: 10pt">Saskatoon, Saskatchewan, Canada, June&nbsp;16, 2004 . . . . . . . . . . . . . .

<P align="left" style="font-size: 10pt"><B>Cameco Corporation </B>and its two partners announced today that they have
finalized an amendment to their agreement to purchase uranium derived from
dismantled Russian nuclear weapons. The amendment is subject to approval by the
US and Russian governments. Cameco had previously provided an overview of this
development in its 2004 first quarter report. The recent signing of the
agreement provides the opportunity for the companies to explain in more detail
the amendment and its potential impact on the uranium concentrate and UF6
conversion markets.


<P align="left" style="font-size: 10pt">&#147;Cameco is proud to be part of an international initiative that is successfully
turning uranium from Russian nuclear weapons into fuel for clean energy,&#148; said
Jerry Grandey, Cameco&#146;s president and CEO.


<P align="left" style="font-size: 10pt">Please see the attached joint announcement by Cameco and its two partners for
more detailed information.


<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="center" style="font-size: 10pt">3
</DIV>

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<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">




<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="left" style="font-size: 10pt"><B>Media &#038; investor inquiries: </B>Alice Wong (306)&nbsp;956-6337



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



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<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">


<P align="center" style="font-size: 10pt"><IMG src="o13392o1339202.gif" alt="(CAMECO-AREVA-RWE LOGOS)">


<P align="left" style="font-size: 10pt">Wednesday, June&nbsp;16, 2004



<P align="left" style="font-size: 10pt"><B><I>Companies Amend Deal for Uranium from Dismantled Russian Nuclear Weapons</I></B>


<P align="left" style="font-size: 10pt">Cameco, COGEMA and RWE NUKEM (collectively the western companies) announced
they have signed an amendment with Techsnabexport (Tenex) that ensures the
continued operation of the UF<SUB>6</SUB> Feed Component Implementing Contract (HEU
Contract) to the end of its term in 2013. The amendment provides for, amongst
other things, that the western companies will forego a portion of their future
options on non-quota HEU-derived uranium (i.e.&nbsp;quantities for consumption
outside the US) to ensure there is sufficient material in Russia for blending
down the weapons grade HEU to commercially usable low enriched uranium (LEU).
This change was needed in light of Russia&#146;s rising requirements for uranium to
fuel their expanding nuclear plant construction program within Russia and
abroad. The amendment to the HEU Contract is subject to approval by the US and
Russian governments.


<P align="left" style="font-size: 10pt">HEU from dismantled nuclear weapons is blended down to LEU in Russia and
delivered to the United States for use in nuclear power plants in both the US
and abroad. The HEU Contract gives the western companies the right to purchase,
from Tenex, the natural uranium component of the LEU derived from HEU.


<P align="left" style="font-size: 10pt">The western companies have had an agreement with Tenex since 1999 to facilitate
the disarmament initiative by providing for the delivery of the HEU-derived
uranium for use as fuel in western world reactors. The western companies and
Tenex have agreed to a number of amendments over the years to help make the HEU
Contract work in a changing environment.


<P align="left" style="font-size: 10pt"><I>Background Information</I><BR>
Under the HEU Contract, Russia annually delivers the equivalent of 24&nbsp;million
pounds of uranium derived from HEU into the United States. Tenex has the right
to sell a portion of that material directly, or through its sales agent,
primarily into the US market. Currently that quantity is almost 6&nbsp;million
pounds per year, and it increases to about 8&nbsp;million pounds annually over the
next several years. The western companies have rights (or first options) to
purchase the rest of that material for use in the United States or abroad.

<P align="center" style="font-size: 10pt">5
</DIV>

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


<P align="left" style="font-size: 10pt">While Russia can deliver approximately 24&nbsp;million pounds per year, sales to
utility end users in the US are limited by annual legislated quotas according
to the following schedule:


<P align="left" style="font-size: 10pt">Sales quotas into the United States


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="60%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="80%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Year</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Quota</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>(million lbs U<SUB>3</SUB>O<SUB>8</SUB>)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center">14</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center">16</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center">17</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center">18</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center">19</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">2009 to 2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center">20 per year</TD>
</TR>

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


<P align="left" style="font-size: 10pt">If the western companies do not exercise all their first options, or Tenex does
not sell its full quantity, the remaining material is returned to Russia and
placed in an inventory monitored by the United States government. At the end of
2003, there was about 44&nbsp;million pounds in that monitored inventory.


<P align="left" style="font-size: 10pt">The western companies had the priority right (or &#147;second options&#148;) to purchase
all or a portion of the uranium in the monitored inventory provided they have
exercised all first options available for the year for which the second options
are sought. Each year, Tenex is permitted to withdraw about 7&nbsp;million pounds
from that monitored inventory for the blending down or dilution of the HEU,
provided that sufficient material is available in the monitored inventory.


<P align="left" style="font-size: 10pt">Late last year, Russia determined that it will need to withdraw 7&nbsp;million
pounds annually throughout the remaining life of the agreement (through 2013)
to facilitate the blending of HEU.


<P align="left" style="font-size: 10pt">Russia recognized that the monitored inventory and future HEU-derived uranium
deliveries were two sources to draw on for the annual blending requirement.



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Using the monitored inventory means it would be drawn down over the
next six years or sooner depending on whether the western companies
exercised their second options. At Russia&#146;s request, the western
companies have agreed to waive their rights to purchase uranium from
the monitored inventory for the remainder of the agreement. This allows
the HEU agreement to continue as planned, but reduces the remaining
quantity of second options available for the western companies to
purchase over the balance of the HEU commercial agreement.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Russia will make up the balance of its needs through its own share
of HEU-derived uranium in later years. Using future HEU-derived uranium
deliveries means that beginning in about 2008, Tenex will return about
7&nbsp;million pounds of HEU-derived uranium back to Russia to facilitate
its blending requirements.</TD>
</TR>

</TABLE>
<P align="center" style="font-size: 10pt">6
</DIV>

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


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
<P align="left" style="font-size: 10pt">The net impact of the foregoing is that the amount of second option material
for delivery outside the US that theoretically would have been available to the
western (non-US) market has been reduced by a total of about 74&nbsp;million pounds
in the period through 2013, along with the contained conversion component of
some 28,000 tonnes U as UF<SUB>6</SUB>.


<P align="left" style="font-size: 10pt">That 74&nbsp;million pounds is made up of about 30&nbsp;million pounds of Tenex material
that will be returned to Russia in the period 2008 through 2013, and the other
44&nbsp;million pounds is the monitored inventory as of the end of 2003.


<P align="left" style="font-size: 10pt">The western companies have now firmed up most of their options under the HEU
Contract, and have firm purchase commitments for almost 163&nbsp;million pounds of
uranium from now to the end of 2013. Uranium from the HEU Contract has been,
and will continue to be, a reliable source of supply for the market.



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


<P align="left" style="font-size: 10pt"><B>For further information please contact:</B>



<P align="left" style="font-size: 10pt">Alice Wong (Cameco)<BR>
Phone: (306)&nbsp;956-6337


<P align="left" style="font-size: 10pt">M. Yves Dufour (COGEMA, a subsidiary of AREVA)<BR>
Phone: &#043; 33 1 39 26 32 95


<P align="left" style="font-size: 10pt">James C. Cornell (RWE NUKEM, Inc.)<BR>
Phone: (203)&nbsp;205-2785



<P align="center" style="font-size: 10pt">7
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