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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001130319-05-000637.txt : 20051026
<SEC-HEADER>0001130319-05-000637.hdr.sgml : 20051026
<ACCEPTANCE-DATETIME>20051026112340
ACCESSION NUMBER:		0001130319-05-000637
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20051025
FILED AS OF DATE:		20051026
DATE AS OF CHANGE:		20051026

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:		051156094

	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>o18366e6vk.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<HEAD>
<TITLE>e6vk</TITLE>
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<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, DC 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 6-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><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>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">For the month of October, 2005
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Cameco Corporation</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Commission file No.&nbsp;1-14228)</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>2121-11th Street West<BR>
Saskatoon, Saskatchewan, Canada S7M 1J3</B><BR>
(Address of Principal Executive Offices)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the registrant files or will file annual reports under cover
Form 20-F or Form 40-F.
</DIV>
<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>
<!-- End Table Head -->
<!-- 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>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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>
<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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<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>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection with
Rule&nbsp;12g3-2(b):
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





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

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<DIV style="font-family: Helvetica,Arial,sans-serif">








<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Exhibit&nbsp;Index</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Page No.</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report
dated October&nbsp;26, 2005
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3 &#151; 5</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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.
</DIV>

<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" align="left">Date: October 26, 2005&nbsp;</TD>
    <TD colspan="3" align="left">Cameco Corporation<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left"><I>"Gary M.S. Chad"</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Gary M.S. Chad&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Senior Vice-President, Governance,

Legal and Regulatory Affairs, and
Corporate Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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

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

<DIV style="font-family: Helvetica,Arial,sans-serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>FORM 51-102F3<BR>
MATERIAL CHANGE REPORT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1 &#151; Name and Address of Company</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco Corporation (&#147;Cameco&#148;)<BR>
2121 &#150; 11<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Street West, Saskatoon, Saskatchewan S7M 1J3</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;2 &#151; Date of Material Change</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>October&nbsp;17, 2005</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3 &#151; News Release</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 October&nbsp;17, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4 &#151; Summary of Material Change</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On October&nbsp;17, 2005, Cameco reached an agreement with TransCanada Corporation, BPC Generation
Infrastructure Trust, Power Workers Union and the Society of Energy Professionals to form a new
Bruce Power A Limited Partnership to hold a sublease for the four Bruce A reactors. Cameco will
not be part of the new limited partnership and will not invest in the planned $4.25&nbsp;billion program
to increase output from the four Bruce A reactors at the Bruce Power site in Ontario. The agreement
is conditional on completing the reorganization of the Bruce Power limited partnerships and a
favourable income tax ruling from the Canada Revenue Agency. If the conditions are satisfied and
the transaction closes: Cameco will receive approximately $200&nbsp;million; a loss will be triggered
of about $63&nbsp;million (Cameco&#146;s share after tax); Cameco will maintain its existing 31.6% interest
in the Bruce Power Limited Partnership, which will continue to operate the four Bruce B reactors;
and Cameco will no longer have an obligation to supply uranium concentrates to the Bruce A reactors
but will continue to be the fuel procurement manager for the Bruce A and B units.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5 &#151; Full Description of Material Change</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On October&nbsp;17, 2005, Cameco reached an agreement with TransCanada Corporation, BPC Generation
Infrastructure Trust (BPC), Power Workers Union and the Society of Energy Professionals to form a
new Bruce Power A Limited Partnership to hold a sublease for the four Bruce A reactors. Cameco will
not be part of the new limited partnership and will not invest in the planned $4.25&nbsp;billion program
to increase output from the four Bruce A reactors at the Bruce Power site in Ontario. This program
includes refurbishing and restarting units A1 and A2 and refurbishing units A3 and A4. The
agreement is conditional on completing the reorganization of the Bruce Power limited partnerships
and a favourable income tax ruling from the Canada Revenue Agency which we hope to receive shortly.
</DIV>

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

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco will maintain its existing 31.6% interest in the Bruce Power Limited Partnership (BPLP),
which is responsible for the overall management of the site, and will continue to hold a 31.6%
beneficial interest in the four Bruce B reactors. BPLP will receive payments in consideration for
entering into a sublease, for the assets transferred to the Bruce A Limited Partnership and for
refurbishment project costs already incurred by BPLP. As a result, BPLP will pay a special
distribution to its limited partners, of which Cameco&#146;s share will be approximately $200&nbsp;million.
Day-to-day operations will be unaffected by this reorganization.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Earlier this year, Cameco confirmed that, together with its partners, TransCanada and BPC, it had
reached a tentative agreement with the Ontario government negotiator to restart units A1 and A2.
The terms of that tentative agreement were not finalized. During the past several months, BPLP, on
behalf of the partnership, has continued negotiations directly with the provincial government.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the new restructuring agreements, the electricity output from the Bruce B units will continue
to be sold either into the Ontario spot market or directly to various customers under long-term,
fixed-price contracts, at the discretion of the partnership.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco supports the Bruce A investment program as an important initiative for Ontario&#146;s nuclear
industry. However, the company has concluded that the final agreement with the government did not
meet its investment criteria. Cameco remains committed to grow in various aspects of the nuclear
energy business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the future, Cameco will receive its share of earnings and cash distributions as generated by the
Bruce B units. As part of the restructuring, Cameco no longer has an obligation to supply uranium
concentrates to the Bruce A reactors but will continue to be the fuel procurement manager for the
Bruce A and B units.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The reorganization involving Bruce A triggers a loss of about $63&nbsp;million (Cameco&#146;s share after
tax) subject to closing adjustments which may increase or decrease the amount. This loss reflects
that the payments to be received by BPLP in connection with the reorganization are less than the carrying
value of Bruce A to BPLP, as well as Cameco writing off proprietary costs related to its interest
in Bruce Power. The carrying values at BPLP include capital costs related to restarting units A3
and A4, costs associated with studying the restart of units A1 and A2 and certain working capital
items.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco confirms the guidance provided in the second quarter report in 2005 that third quarter
earnings from Bruce Power were expected to be significantly higher than in the second quarter of
2005 due to fewer planned outage days and a higher realized price. Cameco&#146;s second quarter report
also indicated operating results for 2005 would be similar to those of 2004. Given the relatively
high spot price for electricity in Ontario during the third quarter, annual earnings from Bruce
Power are now expected to be significantly higher than in 2004, excluding the loss mentioned above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All dollar amounts above are expressed in Canadian dollars.
</DIV>

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

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6 &#151; Reliance on subsection 7.1(2) or (3)&nbsp;of National Instrument 51-102.</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7 &#151; Omitted Information</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8 &#151; Executive Officer</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Gary M.S. Chad<BR>
Senior Vice-President, Governance, Legal and Regulatory Affairs, and
Corporate Secretary<BR>
Cameco Corporation<BR>
(306)&nbsp;956-6303</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9 &#151; Date of Report</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>October&nbsp;26, 2005</TD>
</TR>

</TABLE>
</DIV>


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


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