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<SEC-DOCUMENT>0001130319-04-000508.txt : 20040727
<SEC-HEADER>0001130319-04-000508.hdr.sgml : 20040727
<ACCEPTANCE-DATETIME>20040723163808
ACCESSION NUMBER:		0001130319-04-000508
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20040723
FILED AS OF DATE:		20040723

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:		04929320

	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>o13668e6vk.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 July, 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">1
</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&nbsp;Index</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001"> SIGNATURE</A></TD></TR>
<TR><TD colspan="9"><A HREF="o13668exv1.htm">Press Release Dated July 23, 2004</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&nbsp;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 July 23, 2004</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3 - 8</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>
<BR>
<BR>
&nbsp;<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>Date:  July 23, 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,
Regulatory Affairs and
Corporate Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>o13668exv1.htm
<DESCRIPTION>PRESS RELEASE DATED JULY 23, 2004
<TEXT>
<HTML>
<HEAD>
<TITLE>Press Release Dated July 23, 2004</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "NEWS RELEASE" -->

<DIV align="center">
<TABLE style="font-size: 10pt" 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 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>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><B>Listed</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Symbol</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>web site address:</B></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top">TSX<BR>NYSE</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CCO<BR>CCJ</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><IMG src="o13668o1366801.gif" ALT="(CAMECO LOGO)"></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>www.cameco.com</U></TD>
</TR>
</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: 10pt"><B>Cameco Reports Q2 Earnings from Bruce Power</B>


<P align="left" style="font-size: 10pt">Saskatoon, Saskatchewan,
Canada, July&nbsp;23, 2004  . . . . . . . . . . . . . . . . . . . . .
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

<P align="left" style="font-size: 10pt"><B>Cameco Corporation </B>today announced its interest in the Bruce Power Limited
Partnership will contribute $45&nbsp;million of pre-tax earnings ($30&nbsp;million after
tax or $0.52 per share) to its second quarter results. This is an increase from
the second quarter of 2003 in which Cameco&#146;s share of Bruce Power pre-tax
earnings was $17&nbsp;million ($11&nbsp;million after tax or $0.20 per share).


<P align="left" style="font-size: 10pt">For the first six months of the year, Bruce Power will contribute $91&nbsp;million
of pre-tax earnings ($60&nbsp;million after tax or $1.06 per share). This is an
increase from the first half of 2003 in which Cameco&#146;s share of Bruce Power
pre-tax earnings was $66&nbsp;million ($44&nbsp;million after tax or $0.79 per share).
Cameco holds a 31.6% interest in Bruce Power.


<P align="left" style="font-size: 10pt">&#147;Increased earnings from Bruce Power reflect the additional electricity
generation from the two Bruce A units which were refurbished and brought online
in late 2003 and early 2004,&#148; said Jerry Grandey, Cameco&#146;s president and chief
executive officer. &#147;From the beginning of our partnership, all of Bruce Power
earnings have been reinvested in increased performance and plant refurbishment.
Today, we, and the province of Ontario, are seeing the benefits of Bruce
Power&#146;s capital investment program.&#148;


<P align="left" style="font-size: 10pt">Cameco is reporting its share of Bruce Power results today to co-ordinate with
the announcement of TransCanada Corporation&#146;s second quarter results, which
also included earnings from Bruce Power.


<P align="left" style="font-size: 10pt">Reporting of Cameco&#146;s full second quarter results has been rescheduled to July
30, 2004 to coincide with the first release of quarterly results by Centerra
Gold Inc., which now holds Cameco&#146;s gold assets. The new Canadian-based gold
company completed its initial public offering on June&nbsp;30, 2004 and began
trading on the Toronto Stock Exchange that day.


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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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



<P align="left" style="font-size: 10pt"><B>Highlights</B>


<P align="left" style="font-size: 10pt"><B><I>Bruce Power Limited Partnership (100% basis)</I></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="60%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Three Months</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Three Months</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Six Months</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Six Months</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Ended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30/04</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30/03</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30/04</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30/03</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Output (terawatt hours)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Capacity factor (%)<SUP>1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Realized price ($&nbsp;&nbsp;per MWh)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B><I>($&nbsp;millions)</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">434</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">244</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">833</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">642</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Operating costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">210</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">536</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">403</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Earnings before interest and taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">297</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">239</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Earnings before taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">264</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">207</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cash from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">293</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">284</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Capital expenditures
(including sustaining capital)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">292</TD>
    <TD>&nbsp;</TD>
</TR>

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




<P>
<HR size="1" width="18%" align="left" noshade>

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

<TR valign="top">
    <TD width="1%" nowrap align="right">1</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Capacity factor for a given period represents the amount of electricity
actually produced for sale as a percentage of the amount of electricity the
plants are capable of producing for sale.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">In the second quarter of 2004, Bruce Power generated cash from operations of
$189&nbsp;million compared to $106&nbsp;million in the second quarter of 2003. For the
first half of 2004, Bruce Power generated $293&nbsp;million compared to $284&nbsp;million
during the same period in 2003.


<P align="left" style="font-size: 10pt">Capital expenditures for the second quarter of 2004 totalled $73&nbsp;million
compared to $160&nbsp;million during the same period in 2003. For the first six
months of 2004, capital expenditures were $179&nbsp;million compared to $292&nbsp;million
in the first half of 2003. As previously reported, Bruce Power&#146;s 2004 capital
expenditure program is expected to total $400&nbsp;million, of which $280&nbsp;million is
for the six operating reactors and infrastructure projects plus $120&nbsp;million
for sustaining capital and site service support areas.



<P align="left" style="font-size: 10pt"><B><I>Cameco&#146;s Earnings from Bruce Power</I></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="60%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Three Months</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Three Months</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Six Months</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Six Months</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Ended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>($ millions)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30/04</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30/03</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30/04</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>June 30/03</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Bruce Power&#146;s earnings
before taxes (100%)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">264</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">207</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cameco&#146;s share of pre-tax
earnings before adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B><I>Adjustments:</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Sales contract valuation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest capitalization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest income on loan to Bruce
Power</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fair value increments on assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Pre-tax earnings from Bruce Power</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>

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



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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt"><B>Second Quarter</B><BR>
<B><I>Q2 Earnings</I></B><BR>
For the second quarter, Bruce Power earnings before taxes were $133&nbsp;million
compared to $19&nbsp;million in 2003. The increase in earnings was attributable to
higher output quarter over quarter. For the three months ended June&nbsp;30, 2004,
Cameco&#146;s pre-tax earnings from Bruce Power amounted to $45&nbsp;million compared to
$17&nbsp;million in 2003.


<P align="left" style="font-size: 10pt"><B><I>Q2 Output</I></B><BR>
During the second quarter, the Bruce Power units generated 9.4 terawatt hours
(TWh) of electricity representing a capacity factor of 92%. This output
includes unit A3 for the full quarter and unit A4 up to May&nbsp;22, 2004. In the
second quarter of 2003, only the B units were operational and they generated
5.3 TWh representing a 77% capacity factor.


<P align="left" style="font-size: 10pt">There was one scheduled outage for unit A4, which began on May&nbsp;22, 2004 and
ended on July&nbsp;2, 2004 when it came back in service. There was only one
unplanned outage during the second quarter of 2004. Unit B8 was down for two
days in April due to a faulty valve.


<P align="left" style="font-size: 10pt"><B><I>Q2 Price</I></B><BR>
For the second quarter, Bruce Power&#146;s revenue increased to $434&nbsp;million from
$244&nbsp;million in 2003. This can be attributed primarily to higher output noted
above<B>.</B>


<P align="left" style="font-size: 10pt">The realized price achieved from a mix of contract and spot sales averaged $46
per megawatt hour (MWh) during the second quarter of 2004 compared to $45 per
MWh during the same period in 2003.


<P align="left" style="font-size: 10pt">During the quarter, the Ontario electricity spot price averaged almost $47 per
MWh compared to $48 per MWh during the second quarter of 2003.


<P align="left" style="font-size: 10pt">To reduce its exposure to spot market prices, Bruce Power has a portfolio of
fixed-price sales contracts. During the second quarter of 2004, about 45% of
Bruce Power&#146;s output was sold under fixed-price contracts compared to 70% in
the same period in 2003.


<P align="left" style="font-size: 10pt">Cameco provides guarantees to customers under these contracts of up to $123
million. At June&nbsp;30, 2004, Cameco&#146;s actual exposure under these guarantees was
$69&nbsp;million. In addition, Cameco provides financial assurances for other Bruce
Power commitments, which totalled about $82&nbsp;million at
June&nbsp;30, 2004.


<P align="left" style="font-size: 10pt"><B><I>Q2 Costs</I></B><BR>
Output was up 77% while operating costs (including depreciation and
amortization) of $286&nbsp;million were higher by almost 36% on a
quarter-over-quarter basis. This was primarily as a result of moving toward a
six-unit operational site and the resulting increase in staff and material
costs. In the second quarter of 2003, staff costs related to the Bruce A
restart were capitalized to the project. In addition, depreciation costs and
supplemental rent also increased on a quarter-over-quarter basis as a result of
bringing two Bruce A units into service.


<P align="left" style="font-size: 10pt">About 95% of Bruce Power&#146;s operating costs are fixed. As such, most of the
costs are incurred whether the plant is operating or not. On a per unit basis,
the operating cost in the second quarter of 2004 was $30 per MWh, 25% lower
than in the second quarter of 2003. This decrease was primarily due to higher
output plus lower costs as a result of fewer planned maintenance outages on a
quarter-over-quarter basis.



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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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


<P align="left" style="font-size: 10pt"><B>Year to Date (YTD)</B><BR>
<B><I>YTD Earnings</I></B><BR>
For the six months ended June&nbsp;30, 2004, Bruce Power earnings before taxes were
$264&nbsp;million compared to $207&nbsp;million in 2003. The increase in earnings can be
attributed to higher electricity generation in the first half of 2004 compared
to the same period in 2003. Year to date, Cameco&#146;s earnings from Bruce Power
amounted to $91&nbsp;million compared to $66&nbsp;million for the same period in 2003.


<P align="left" style="font-size: 10pt"><B><I>YTD Output</I></B><BR>
For the first six months of the year, the Bruce Power units achieved a total
capacity factor of 86%, down marginally from 88% in the same period last year.
These units produced 17.4 TWh during the first half of the year, a 44% increase
over the same period last year, reflecting the addition of the two A units as
well as the 3% or 26 megawatt (MW)&nbsp;increase on Bruce B unit 6 achieved through
fuel reconfiguration.


<P align="left" style="font-size: 10pt"><B><I>YTD Price</I></B><BR>
For the first six months of 2004, generation revenues totalled $833&nbsp;million, up
30% compared to the first half of 2003. During this period, Bruce Power&#146;s
realized price averaged $47 per MWh from a mix of contract and spot sales, a
10% decrease over the same period last year. The Ontario electricity spot price
averaged about $51 per MWh during the first half of the year compared to $61
per MWh a year ago.


<P align="left" style="font-size: 10pt">During the first half of 2004, about 45% of Bruce Power&#146;s output was sold under
fixed-price contracts compared to 62% in the same period in 2003.


<P align="left" style="font-size: 10pt"><B><I>YTD Costs</I></B><BR>
For the first half of 2004, operating costs (including depreciation and
amortization) were $536&nbsp;million, 33% higher than the same period in 2003. This
was primarily as a result of moving towards a six-unit operational site and the
resulting increase in staff and material costs. In the first half of 2003,
staff costs attributed to the Bruce A restart were capitalized to the project.
In addition, depreciation costs and supplemental rent also increased year over
year as a result of bringing the two Bruce A units into service.


<P align="left" style="font-size: 10pt">About 95% of Bruce Power&#146;s operating costs are fixed. As such, most of the
costs are incurred whether the plant is operating or not. On a per unit basis,
the operating cost was $31 per MWh in the first half of 2004, a decrease of 6%
compared to the same period in 2003.


<P align="left" style="font-size: 10pt"><B>Bruce Power Outlook for the Year</B><BR>
The planned outages for Bruce Power&#146;s reactors remain the same as reported in
the previous quarter as follows:



<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="2%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all four B units are scheduled to be down for about one month to
inspect the vacuum building in the fall of 2004,</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="2%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>one B unit is scheduled for a maintenance outage concurrent with
the vacuum building inspection and is expected to be out of service for
two to three months, and</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="2%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an outage for one B unit originally scheduled for 2004 is now
planned for 2005.</TD>
</TR>

</TABLE>
<P align="left" style="font-size: 10pt">The vacuum building outage to conduct safety tests is mandated by the Canadian
Nuclear Safety Commission. Bruce B&#146;s last vacuum building outage was in 1992.


<P align="left" style="font-size: 10pt">The aggregate capacity factor for the year is now expected to slightly exceed
80%.



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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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


<P align="left" style="font-size: 10pt">Bruce Power&#146;s revenue is expected to increase in 2004 due to having six units
in operation this year compared to four units in 2003. Margins are also
expected to be somewhat higher than in 2003. The improved margins depend upon
the successful completion of the planned outages and the spot price performance
in the second half of the year.


<P align="left" style="font-size: 10pt">Bruce Power&#146;s anticipated contribution to Cameco for 2004 could be
significantly impacted if the aggregate capacity factor is less than expected
due to planned outages for the remainder of 2004 extending significantly beyond
their scheduled periods or if there are one or more unplanned outages which, in
aggregate, are for an extended period.


<P align="left" style="font-size: 10pt"><B>Bruce Power Outlook for the Third Quarter</B><BR>
The planned month-long maintenance outage for all four B units is scheduled to
begin in late September and end in the fourth quarter. This is expected to
reduce third quarter output by about 10% compared to the second quarter. The
benefit of an expected increase in the electricity spot price is likely to be
offset by higher maintenance costs associated with the outage. Together, these
factors are anticipated to decrease Bruce Power&#146;s earnings in the third quarter
compared to the second quarter.


<P align="left" style="font-size: 10pt"><B>Electricity Price Sensitivity Analysis</B><BR>
At the end of the quarter, approximately 43% of Bruce Power&#146;s planned output
for the remainder of 2004 was under fixed-price contracts. A $1.00 per MWh
change in the spot price for electricity in Ontario would change Cameco&#146;s
after-tax earnings from Bruce Power by about $2&nbsp;million.


<P align="left" style="font-size: 10pt"><B>Ontario Energy Bill (Bill 100)</B><BR>
In June&nbsp;2004, the Ontario government tabled legislation outlining broad plans
to restructure the electricity sector to address the widening gap between
supply and demand in the province. Bill 100 details a range of measures
intended to encourage private investment, maintain price stability and
construct or conserve 25,000 MW of capacity by 2020.


<P align="left" style="font-size: 10pt">The bill would allow the government to intervene in the market by setting
prices paid to generators based on variables including the method of generation
and the amount of electricity produced.


<P align="left" style="font-size: 10pt">The bill includes a requirement that the Independent Electricity System
Operator (previously the Independent Electricity Market Operator) ensure that
power users pay the true cost of electricity taking into consideration the mix
of regulated and market prices paid to generators. Public consultation on the
bill is scheduled for August. Legislative committees will likely review it
during the fall. Cameco will continue to monitor the process and the potential
impact on Bruce Power.


<P align="left" style="font-size: 10pt"><B>Cameco Profile</B><BR>
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="center" style="font-size: 10pt">7
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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


<P align="left" style="font-size: 10pt"><B>Forward-Looking Information</B><BR>
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 -

<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Investor &#038; media inquiries:</B>
</DIV></TD>
    <TD align="left" valign="top">Alice Wong&nbsp;&nbsp;&nbsp;(306) 956-6337</TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Media inquiries:</B>
</DIV></TD>
    <TD align="left" valign="top">Lyle
Krahn&nbsp;&nbsp;&nbsp;&nbsp;(306)
956-6316</TD>
</TR>

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


<P align="center" style="font-size: 10pt">8
</DIV>


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end

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