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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001130319-04-000839.txt : 20041222
<SEC-HEADER>0001130319-04-000839.hdr.sgml : 20041222
<ACCEPTANCE-DATETIME>20041222160201
ACCESSION NUMBER:		0001130319-04-000839
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20041222
FILED AS OF DATE:		20041222
DATE AS OF CHANGE:		20041222

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:		041220963

	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>o15062e6vk.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<BR>
Washington, DC 20549</B>

<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 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 December,
2004

<P align="center" style="font-size: 10pt">(Commission File No.
1-14228)

<CENTER>
<P align="center" style="font-size: 24pt"><B>Cameco Corporation</B>
<HR align="center" size="1" width="45%" noshade>
<DIV align="center" style="font-size: 10pt"><I>(Translation of Registrant&#146;s Name Into English)</I>
</DIV>

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

<P align="center" style="font-size: 10pt"><B>2121 &#150; 11th Street West<BR>
Saskatoon, Saskatchewan, Canada S7M 1J3</B><BR>
<HR align="center" size="1" width="45%" noshade>
<DIV align="center" style="font-size: 10pt"><I>(Address of Principal Executive Offices)</I>
</DIV>
</CENTER>

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

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

<P 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>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="40%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">Yes <FONT face="Wingdings">&nbsp;&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">No <FONT face="Wingdings">&nbsp;&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P 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;&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">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>
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	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">SIGNATURE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">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="center" style="font-size: 10pt"><B>EXHIBIT INDEX</B>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
        <TD width="10%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="70%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
        <TD nowrap align="center"><B>Exhibit No.</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center"><B>Description</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center"><B>Page No.</B></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><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
December&nbsp;22, 2004</TD>
        <TD>&nbsp;</TD>
        <TD align="center">3 - 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.

<P>
<CENTER>
<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR valign="bottom">
        <TD width="49%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="46%">&nbsp;</TD>
</TR>

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

<TR valign="bottom">
        <TD valign="top">Date: December&nbsp;22, 2004</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3" align="left" valign="top"><B>Cameco
Corporation</B></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
        <TD valign="top">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">By:</TD>
        <TD>&nbsp;</TD>
        <TD align="left" valign="top">/s/ <I>&#147;Gary M.S.
Chad&#148;</I>
<HR size="1" align="left" width="60%" noshade>
Gary M.S. Chad<BR>
Senior Vice-President, Governance,<BR>
Legal and Regulatory Affairs and Corporate&nbsp;Secretary</TD>
</TR>
</TABLE>
</CENTER>

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

</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "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 align="left" style="font-size: 10pt">Cameco Corporation (&#147;Cameco&#148;)<BR>
2121 &#150; 11th Street West, Saskatoon, Saskatchewan S7M 1J3


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

<P align="left" style="font-size: 10pt">December&nbsp;21, 2004



<P align="left" style="font-size: 10pt"><B>Item&nbsp;3 &#151; News Release</B>

<P align="left" style="font-size: 10pt">The English versions 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 December&nbsp;21, 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 December&nbsp;21, 2004, Cameco announced that the Cigar Lake joint venture has decided to proceed
immediately with construction at the Cigar Lake project after having received, on December&nbsp;20, 2004
from the Canadian Nuclear Safety Commission (CNSC), a construction license for Cigar Lake. The
joint venture approved a construction budget of about $450&nbsp;million (Cameco&#146;s share is $225
million). Cameco expects to fund its share of construction costs with operating cash flow and
debt. Production could begin in 2007 followed by a rampup period of up to three years before the
mine reaches full production of 18&nbsp;million pounds. As Cigar Lake production ramps up to full
capacity, just over half of the final uranium processing will be completed at Cameco&#146;s Rabbit Lake
mill, pending regulatory approval. Cameco has entered into a number of longer-term contracts for a
significant amount of Cigar Lake production.



<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">Cameco Corporation announced today that the Cigar Lake joint venture has decided to proceed
immediately with construction at the Cigar Lake project. This is the world&#146;s second largest,
high-grade uranium deposit after McArthur River.


<P align="left" style="font-size: 10pt">Cameco operates Cigar Lake on behalf of a joint venture consisting of Cameco (slightly larger than
50%), COGEMA Resources Inc., a subsidiary of AREVA (37%), Idemitsu Uranium Exploration Canada Ltd.
(8%) and TEPCO Resources Inc. (5%). On December&nbsp;20, 2004, the CNSC announced that it had approved a
construction licence for Cigar Lake located about 660 kilometres north of Saskatoon.


<P align="left" style="font-size: 10pt">This market outlook is shared by a number of Cameco&#146;s international customers who have entered into
longer-term contracts with Cameco for a significant amount of future Cigar Lake production.


<P align="left" style="font-size: 10pt">Cameco anticipates construction will begin early in 2005 and take approximately 27&nbsp;months to
complete. Production could begin in 2007 followed by a rampup period of up to three years before
the mine reaches full production of 18&nbsp;million pounds per year.



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

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

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


<P align="left" style="font-size: 10pt">In making the development decision, the Cigar Lake joint venture approved a construction budget of
about $450&nbsp;million (Cameco&#146;s share is $225&nbsp;million) that includes surface and underground
facilities at Cigar Lake as well as changes to the milling facilities at McClean Lake and Rabbit
Lake. Cameco expects to fund its share of construction costs with operating cash flow and debt.


<P align="left" style="font-size: 10pt">Initially Cigar Lake ore will be processed at the mill located at Cogema&#146;s McClean Lake operation,
70 kilometres to the northeast. As Cigar Lake production ramps up to full capacity, just over half
of final uranium processing will be completed at Cameco&#146;s Rabbit Lake mill facility, pending
regulatory approval.


<P align="left" style="font-size: 10pt">During construction, a maximum of about 350 workers will be employed at the Cigar Lake site.
Approximately 250 people will be permanently employed after production begins.


<P align="left" style="font-size: 10pt">The Saskatchewan government recognizes the significant social and economic benefits of this project
and has expressed its willingness to encourage new production, such as Cigar Lake, in a fashion
similar to what has been done for other resource sectors in the province.


<P align="left" style="font-size: 10pt">The Cigar Lake deposit was discovered in 1981. Test mine development began in 1987 and was
completed in 2000. An environmental impact statement was filed with the relevant regulatory
authorities in 1995. After a thorough environmental assessment, in April&nbsp;1998 the federal and
provincial governments accepted the recommendations of a joint-review panel and authorized the
project to proceed to the regulatory licensing stage. In 2003, a further screening level
environmental assessment was required by regulation before construction and operating licences
could be issued. In February&nbsp;2004, the environmental assessment study report was filed and accepted
by the CNSC in July&nbsp;2004 allowing the project to proceed to construction licensing.



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



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

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



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


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


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

<P align="left" style="font-size: 10pt">December&nbsp;22, 2004




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


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