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<SEC-DOCUMENT>0001130319-04-000438.txt : 20040624
<SEC-HEADER>0001130319-04-000438.hdr.sgml : 20040624
<ACCEPTANCE-DATETIME>20040624113653
ACCESSION NUMBER:		0001130319-04-000438
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040624
FILED AS OF DATE:		20040624

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:		04878755

	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>o13435e6vk.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">


<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 June, 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="70%">
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<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<!-- 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>

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</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="70%">
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    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<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>

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</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>

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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>
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	<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"> MATERIAL CHANGE REPORT</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="left" style="font-size: 10pt"><U><B>Exhibit&nbsp;Index</B></U>


<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="3%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&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">Material Change Report
dated June&nbsp;24, 2004
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4 - 7</TD>
</TR>

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</TABLE>
</DIV>



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

<!-- 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">Date: June 24, 2004&nbsp;</TD>
    <TD colspan="3">Cameco Corporation<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">/s/ <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,<BR>
Regulatory Affairs and<BR>
Corporate Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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

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<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>
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    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>
<!-- link1 " MATERIAL CHANGE REPORT" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="center" style="font-size: 10pt"><B>FORM 51-102F3<BR>
MATERIAL CHANGE REPORT</B>



<P align="left" style="font-size: 10pt"><B>Item&nbsp;1 &#150; Name and Address of Company</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco Corporation (&#147;Cameco&#148;)<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2121 &#150; 11th Street West, Saskatoon, Saskatchewan S7M 1J3


<P align="left" style="font-size: 10pt"><B>Item&nbsp;2 &#150; Date of Material Change</B>


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


<P align="left" style="font-size: 10pt"><B>Item&nbsp;3 &#150; News Release</B>


<P align="left" style="font-size: 10pt">The English version and the French translation version of the press release
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 on June&nbsp;16, 2004.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;4 &#150; Summary of Material Change</B>


<P align="left" style="font-size: 10pt">Cameco, COGEMA and RWE NUKEM have finalized an amendment to their agreement to
purchase uranium derived from dismantled Russian nuclear weapons. Pursuant to
the amendment they will forego a portion of their future options to purchase
non-quota HEU-derived uranium from Techsnabexport, the commercial arm of the
Russian Ministry for Atomic Energy. The amendment is subject to approval by
the US and Russian governments.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;5 &#150; Full Description of Material Change</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 UF6 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. 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="center" style="font-size: 10pt">Page 4
</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"><I>Background Information</I>


<P align="left" style="font-size: 10pt">In February&nbsp;1993, the United States and Russia signed an agreement (the
&#147;Russian HEU Agreement&#148;) to manage the sale of highly enriched uranium (&#147;HEU&#148;).
Under this agreement, over a term of 20&nbsp;years, 500 tonnes of HEU, derived from
dismantling nuclear weapons, are to be diluted in Russia and delivered to the
United States as low enriched uranium (&#147;Disarmament LEU&#148;), suitable for use in
nuclear power plants. Disarmament LEU scheduled for delivery during the 20-year
period represents approximately 400&nbsp;million pounds of natural uranium as U<SUB>3</SUB>O<SUB>8</SUB>
(&#147;Disarmament Uranium&#148;).


<P align="left" style="font-size: 10pt">On March&nbsp;24 1999, the western companies signed the HEU Contract with Tenex, the
commercial arm of the Russian Ministry for Atomic Energy. Under the HEU
Contract, the western companies were granted options to purchase a majority of
the Disarmament Uranium.
A series of related agreements between the US and Russian governments
(collectively, the &#147;Bilateral Agreement&#148;), which are integral to the HEU
Contract, require Tenex to return to Russia the Disarmament Uranium not
purchased by the parties to the HEU Contract or sold by Tenex. Pursuant to
Bilateral Agreement, the balance of the returned uranium is to be placed in a
monitored stockpile.


<P align="left" style="font-size: 10pt">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="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="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>

</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Year</B><HR size="1" noshade></TD>
    <TD nowrap align="left"><B>&nbsp;</B><HR size="1" noshade></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="left">14</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">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="left">17</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">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="left">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="left">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="center" style="font-size: 10pt">Page 5
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<DIV style="font-family: 'Times New Roman',Times,serif">



<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.
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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" 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 Contract.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" 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="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="left" style="font-size: 10pt"><B>Item&nbsp;6 &#150; Reliance on subsection 7.1(2) or (3)&nbsp;of National Instrument 51-102.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.



<P align="center" style="font-size: 10pt">Page 6
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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt"><B>Item&nbsp;7 &#150; Omitted Information</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;8 &#150; Executive Officer</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gary M.S. Chad<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice-President, Law, Regulatory Affairs and Corporate Secretary<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco Corporation<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(306)&nbsp;956-6303


<P align="left" style="font-size: 10pt"><B>Item&nbsp;9 &#150; Date of Report</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June&nbsp;24, 2004.




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