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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001130319-04-000459.txt : 20040629
<SEC-HEADER>0001130319-04-000459.hdr.sgml : 20040629
<ACCEPTANCE-DATETIME>20040629133410
ACCESSION NUMBER:		0001130319-04-000459
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040629
FILED AS OF DATE:		20040629

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:		04887903

	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>o13471e6vk.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>fORM 6-k</TITLE>
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<BODY bgcolor="#FFFFFF">
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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">


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<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">(Commission file No.&nbsp;1-14228)
</DIV>


<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;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;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):<BR>



<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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<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

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</TR>
<TR><TD colspan="9"><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="#002">FORM 51-102F3 &#151; MATERIAL CHANGE REPORT</A></TD></TR>
</TABLE>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




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<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="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&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="left"><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 valign="top" align="center">1.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Material Change Report
dated June&nbsp;29, 2004
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3&#150;5</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 align="left" valign="top">Date: June&nbsp;29, 2004</TD>
    <TD colspan="3">Cameco Corporation<BR>
<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"><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>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<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 "FORM 51-102F3 &#151; 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 &#151; Name and Address of Company</B>


<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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco Corporation (&#147;Cameco&#148;)<BR>
2121 &#151; 11th Street West, Saskatoon, Saskatchewan S7M 1J3</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;2 &#151; Date of Material Change</B>


<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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>June&nbsp;22, 2004</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;3 &#151; 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;22, 2004.



<P align="left" style="font-size: 10pt"><B>Item&nbsp;4 &#151; Summary of Material Change</B>

<P align="left" style="font-size: 10pt">On June&nbsp;22, 2004 Cameco announced the initial public offering and secondary
offering of common shares of Centerra Gold Inc. have been priced at $15.50 per
common share. Five million common shares are being offered by Centerra, 7.5
million common shares are being offered by Kyrgyzaltyn JSC and 3.8&nbsp;million
common shares are being offered by Central Asia Gold Limited representing a
total offering size of approximately $253&nbsp;million. The companies previously
announced that they were transferring gold assets to Centerra, a new
Canadian-based company. The previously announced Kumtor restructuring also
closed on June&nbsp;22, 2004.



<P align="left" style="font-size: 10pt"><B>Item&nbsp;5 &#151; Full Description of Material Change</B>

<P align="left" style="font-size: 10pt">On June&nbsp;22, 2004 Cameco announced the initial public offering and secondary
offering of common shares of Centerra Gold Inc. have been priced at $15.50 per
common share. Five million common shares are being offered by Centerra, 7.5
million common shares are being offered by Kyrgyzaltyn JSC and 3.8&nbsp;million
common shares are being offered by Central Asia Gold Limited representing a
total offering size of approximately $253&nbsp;million. The companies previously
announced that they were transferring gold assets to Centerra, a new
Canadian-based company.


<P align="left" style="font-size: 10pt">The initial public offering will result in gross proceeds to Centerra of $77.5
million according to the terms of the underwriting agreement. The offering is
expected to close on June&nbsp;30, 2004 and shares will begin trading under the
symbol CG on the Toronto Stock Exchange upon closing.



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

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


<P align="left" style="font-size: 10pt">Centerra has also granted the underwriters of the offering an over-allotment
option, exercisable for a period of 30&nbsp;days from the date of the closing of the
offering. This enables them to purchase up to a total of 1,875,000 additional
common shares at the same price to cover over-allotments, if any, and for
market stabilization purposes.


<P align="left" style="font-size: 10pt">Following the offering, but prior to exercise of the over-allotment option,
Centerra will have 70.2&nbsp;million common shares outstanding. Cameco Gold Inc., a
wholly-owned subsidiary of Cameco, will own 38.1&nbsp;million common shares (54%),
Kyrgyzaltyn JSC will own 11.3&nbsp;million common shares (16%), International
Finance Corp. and the European Bank for Reconstruction and Development will
together own 3.1&nbsp;million common shares (4%) and the public (including shares
taken up by the AGR Limited minority) will own 17.7&nbsp;million common shares
(25%).


<P align="left" style="font-size: 10pt">Closing of the Centerra offering was conditional on completing the Kumtor
restructuring which closed today. This restructuring, announced January&nbsp;5,
2004, deals with the ownership interests in the Kumtor gold mine, located in
the Kyrgyz Republic, and Cameco&#146;s other gold interests held by subsidiaries.


<P align="left" style="font-size: 10pt">In recognition of the singular importance of this event, a delegation of senior
officials from the Kyrgyz government will participate in closing the deal.


<P align="left" style="font-size: 10pt">The offering is being underwritten by a syndicate of underwriters jointly led
by CIBC World Markets Inc. and BMO Nesbitt Burns Inc. and includes RBC Capital
Markets, Canaccord Capital Corporation, GMP Securities Ltd., HSBC Securities
(Canada) Inc., Scotia Capital Inc. and Salman Partners Inc.


<P align="left" style="font-size: 10pt">Cameco has not established any long-term minimum holding of Centerra&#146;s common
shares. The creation of Centerra is part of Cameco&#146;s strategy to unlock the
value of its gold assets for shareholders. Cameco plans to fully consolidate
its share of Centerra&#146;s financial results.


<P align="left" style="font-size: 10pt">The securities referenced by this news release will not be registered under the
United States Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent registration or applicable exemption from
registration requirements. This news release does not constitute an offer to
sell or the solicitation of an offer to buy common shares of Centerra Gold Inc.
in any jurisdiction.



<P align="left" style="font-size: 10pt"><B>Item&nbsp;6 &#151; Reliance on subsection 7.1(2) or (3)&nbsp;of National Instrument 51-102.</B>


<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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;7 &#151; Omitted Information</B>


<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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable.</TD>
</TR>

</TABLE>

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

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

<P align="left" style="font-size: 10pt"><B>Item&nbsp;8 &#151; Executive Officer</B>


<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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Gary M.S. Chad<BR>
Senior Vice-President, Law, Regulatory Affairs and Corporate Secretary<BR>
Cameco Corporation<BR>
(306)&nbsp;956-6303<BR></TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;9 &#151; Date of Report</B>


<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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>June&nbsp;29, 2004.</TD>
</TR>

</TABLE>


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