-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Epf8mC301JEI077Z75nmsKBi7xLzEdxzFm3DVOP3tSLJkNLfF7epfNJKUIy42212
 a/eFBYVL3pvvymHSfCJb2A==

<SEC-DOCUMENT>0001130319-05-000059.txt : 20050128
<SEC-HEADER>0001130319-05-000059.hdr.sgml : 20050128
<ACCEPTANCE-DATETIME>20050128142826
ACCESSION NUMBER:		0001130319-05-000059
CONFORMED SUBMISSION TYPE:	S-8 POS
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20050128
DATE AS OF CHANGE:		20050128
EFFECTIVENESS DATE:		20050128

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:		S-8 POS
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-06180
		FILM NUMBER:		05557544

	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>S-8 POS
<SEQUENCE>1
<FILENAME>o15358sv8pos.htm
<DESCRIPTION>FORM S-8
<TEXT>
<HTML>
<HEAD>
<TITLE>sv8pos</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="right" style="font-size: 9pt"><B>As filed with the Securities and Exchange Commission on January&nbsp;28, 2005.<BR>
Registration Nos. 333-11736 and 333-6180</B>



<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>SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>


<P align="center" style="font-size: 10pt"><HR size="1" noshade width="26%" align="center" color="#000000">



<P align="center" style="font-size: 14pt"><B>POST EFFECTIVE AMENDMENT NO. 1<BR>
TO<BR>
REGISTRATION STATEMENTS NOS. 333-11736 AND 333-6180</B>


<P align="center" style="font-size: 18pt"><B>FORM S-8</B>

<DIV align="center" style="font-size: 14pt"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B></DIV>



<P align="center" style="font-size: 10pt"><HR size="1" noshade width="26%" align="center" color="#000000">

<P align="center" style="font-size: 24pt"><B>Cameco Corporation</B>


<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>



<P align="center" style="font-size: 10pt"><B>Canada</B><BR>
(State or other jurisdiction of incorporation or organization)



<P align="center" style="font-size: 10pt"><B>N/A</B><BR>
(I.R.S. Employer Identification No.)



<P align="center" style="font-size: 10pt"><HR size="1" noshade width="26%" align="center" color="#000000">



<P align="center" style="font-size: 10pt"><B>2121 &#150; 11th Street West, Saskatoon, Saskatchewan, Canada S7M 1J3</B><BR>
(Address of principal executive offices)



<P align="center" style="font-size: 10pt"><HR size="1" noshade width="26%" align="center" color="#000000">



<P align="center" style="font-size: 10pt"><B>Stock Option Plan</B><BR>
(Full title of the plan)



<P align="center" style="font-size: 10pt"><HR size="1" noshade width="26%" align="center" color="#000000">



<P align="center" style="font-size: 10pt"><B>Fletcher Newton<BR>
Power Resources, Inc.<BR>
141 Union Boulevard, Suite&nbsp;330<BR>
Lakewood, Colorado 80228<BR>
(702)&nbsp;879-5523</B><BR>
(Name, address and telephone number,<BR>
including area code, of agent for service)



<P align="center" style="font-size: 10pt"><HR size="1" noshade width="26%" align="center" color="#000000">



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



<P align="center" style="font-size: 10pt"><B>Gary M.S. Chad, Esq.<BR>
Corporate Secretary<BR>
Cameco Corporation<BR>
2121 &#151; 11th Street West,<BR>
Saskatoon, Saskatchewan<BR>
Canada S7M 1J3<BR>
(306)&nbsp;956-6303</B>



<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>

<!-- 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">EXPLANATORY NOTE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">PART I</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">PART II</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="o15358exv5w1.htm">Opinion of Gary M. S. Chad</A></TD></TR>
<TR><TD colspan="9"><A HREF="o15358exv23w1.htm">Consent of Independent Chartered Accountants</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 "EXPLANATORY NOTE" -->
<DIV align="left"><A NAME="000"></A></DIV>

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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Post-Effective Amendment to the Company&#146;s Registration Statements on Form&nbsp;S-8 (Nos.
333-11736 and 333-6180) (the &#147;Registration Statements&#148;), which relate to the Company&#146;s Stock Option
Plan, is filed by the Company pursuant to Rule 416(b) under the Securities Act of 1933, as amended
(the &#147;Securities Act&#148;), to reflect a two hundred percent increase in the number of Common Shares,
no nominal or par value, of the Company (&#147;Common Shares&#148;) covered by the Registration Statements as
a result of the Company&#146;s three-for-one stock split effected in the form of a stock dividend
payable January&nbsp;6, 2005 to shareholders of record on December&nbsp;31, 2004. Pursuant to Rule 416(a)
under the Securities Act, the Registration Statements are also amended to cover any additional
Common Shares which may be issued under the Stock Option Plan to prevent dilution resulting from
any subsequent stock split, stock dividend or similar transaction.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The contents of the Registration Statements are hereby incorporated by reference pursuant to
General Instruction E to Form&nbsp;S-8<B>.</B>


<P align="center" style="font-size: 10pt">&nbsp;
</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 "PART I" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="center" style="font-size: 10pt"><B>PART I</B>



<P align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>


<P align="left" style="font-size: 10pt"><B>Item&nbsp;1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Plan Information.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not required to be filed with this Registration Statement.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Registrant Information and Employee Plan Annual Information.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not required to be filed with this Registration Statement.


<!-- link1 "PART II" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="center" style="font-size: 10pt"><B>PART II</B>



<P align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>


<P align="left" style="font-size: 10pt"><B>Item&nbsp;3.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Incorporation of Documents by Reference.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not required to be filed with this Registration Statement pursuant to General Instruction E to
Form S-8.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;4.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Description of Securities.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not required to be filed with this Registration Statement pursuant to General Instruction E to
Form S-8.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;5.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Interests of Named Experts and Counsel.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not required to be filed with this Registration Statement pursuant to General Instruction E to
Form S-8.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;6.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Indemnification of Directors and Officers.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not required to be filed with this Registration Statement pursuant to General Instruction E to
Form S-8.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;7.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Exemption from Registration Claimed.</B>


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



<P align="center" style="font-size: 10pt">&nbsp;
</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"><B>Item&nbsp;8.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Exhibits.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opinion of Gary M.S. Chad, Esq. regarding legality of securities being registered.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consent of Independent Chartered Accountants.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consent of Gary M.S. Chad, Esq. (included in Exhibit&nbsp;5.1).


<P align="left" style="font-size: 10pt"><B>Item&nbsp;9.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Undertakings.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not required to be filed with this Registration Statement pursuant to General Instruction E to
Form S-8.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A list of exhibits included as part of this Registration Statement is set forth in the Exhibit
Index to this Registration Statement.



<P align="center" style="font-size: 10pt">&nbsp;
</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 "SIGNATURES" -->
<DIV align="left"><A NAME="003"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing this
Post-Effective Amendment to Form S-8 and has duly caused this Registration Statement to be signed
on its behalf by the undersigned, thereunto duly authorized, in the City of Saskatoon, Province of
Saskatchewan, Canada, on this 27th day of January, 2005.


<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">&nbsp;</TD>
    <TD colspan="3" align="left"><B>CAMECO CORPORATION</B><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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Gerald W. Grandey&#148;</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Gerald W. Grandey&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed below by the following persons in the capacities listed below and on the date indicated
and each of the undersigned persons, in any capacity, hereby appoints Gerald W. Grandey, O. Kim
Goheen and Gary M.S. Chad severally as attorneys-in-fact of the undersigned, with full power of
substitution and resubstitution, to sign this Registration Statement and any and all amendments
(including post-effective amendments and any registration statements pursuant to Rule 462(b) under
the Securities Act of 1933) and supplements and exhibits thereto and to file the same, and other
documents in connection therewith, with the Securities and Exchange Commission, and authorizes each
of them to do and perform each and every act necessary to be done in connection therewith.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Date</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Gerald W. Grandey&#148;</I>
<HR size="1" noshade color="#000000">
(Gerald W. Grandey)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief
Executive Officer
and Director
(principal
executive officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;27, 2005</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;O. Kim Goheen&#148;</I>
<HR size="1" noshade color="#000000">
(O. Kim Goheen)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice
President and Chief
Financial Officer
(principal
financial and
accounting officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;27, 2005</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;John S. Auston&#148;</I>
<HR size="1" noshade color="#000000">
(John S. Auston)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;27, 2005</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Joe F. Colvin&#148;</I>
<HR size="1" noshade color="#000000">
(Joe F. Colvin)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;27, 2005</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Date</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Harry D. Cook&#148;</I>
<HR size="1" noshade color="#000000">
(Chief Harry D. Cook)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;27, 2005</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;James R. Curtiss&#148;</I>
<HR size="1" noshade color="#000000">
(James R. Curtiss)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;27, 2005</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;George S. Dembroski&#148;</I>
<HR size="1" noshade color="#000000">
(George S. Dembroski)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;27, 2005</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Nancy E. Hopkins&#148;</I>
<HR size="1" noshade color="#000000">
(Nancy E. Hopkins)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;27, 2005</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Oyvind Hushovd&#148;</I>
<HR size="1" noshade color="#000000">
(Oyvind Hushovd)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;27, 2005</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;J.W. George Ivany&#148;</I>
<HR size="1" noshade color="#000000">
(Dr.&nbsp;J.W. George Ivany)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;27, 2005</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;A. Neil McMillan&#148;</I>
<HR size="1" noshade color="#000000">
(A. Neil McMillan)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;27, 2005</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Robert W. Peterson&#148;</I>
<HR size="1" noshade color="#000000">
(Robert W. Peterson)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;27, 2005</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Victor J. Zaleschuk&#148;</I>
<HR size="1" noshade color="#000000">
(Victor J. Zaleschuk)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;27, 2005</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of Section 6(a) of the Securities Act of 1933, the undersigned
has signed this Post-Effective Amendment to Form S-8, solely in the capacity of the duly authorized
representative of the Registrant in the United States, in the City of Lakewood, State of Colorado,
on the 27<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of January, 2005


<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">&nbsp;</TD>
    <TD colspan="3" align="left">&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">                                       &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Fletcher Newton&#148;</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Fletcher Newton&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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


<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>
<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="004"></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="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description of Exhibit</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Gary M. S. Chad, Esq. regarding legality of securities
being registered.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Independent Chartered Accountants.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Gary M. S. Chad, Esq. (included in Exhibit&nbsp;5.1)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>o15358exv5w1.htm
<DESCRIPTION>OPINION OF GARY M. S. CHAD
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w1</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">



<P align="center" style="font-size: 10pt"><IMG src="o15358o1535801.gif" alt="(CAMECO LOGO)">



<P align="left" style="font-size: 10pt"><B>Exhibit&nbsp;5.1</B>


<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>CAMECO CORPORATION</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Office</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="font-size: 10pt; margin-left:0px; text-indent:-0px">January&nbsp;27, 2005
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2121 &#150; 11th Street West</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Saskatoon, Saskatchewan</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Canada S7M 1J3</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tel 306.956.6200</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fax 306.956.6201</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">www.cameco.com</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">United States Securities and Exchange Commission<BR>
450 Fifth Street, N.W.<BR>
Washington, D.C. 20549<BR>
U.S.A.


<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="4%">Re:</TD>
    <TD>Post-Effective Amendment to Registration Statements on Form S-8 of Cameco Corporation</TD>
</TR>
</TABLE>


<P align="left" style="font-size: 10pt">Dear Sirs:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with a Post-Effective Amendment (the &#147;Amendment&#148;) to the Registration Statements of
Cameco Corporation (&#147;Cameco&#148;), a corporation organized under the <I>Canadian Business Corporation Act</I>,
to the Company&#146;s Registration Statements on Form&nbsp;S-8 (Nos. 333-11736 and 333-6180) (the
&#147;Registration Statements&#148;) filed under the Securities Act of 1933, as amended (the &#147;Securities
Act&#148;), relating to a two hundred percent increase in the number of Common Shares, without nominal
or par value (the &#147;Offered Shares&#148;), of Cameco, issuable under the Cameco Stock Option Plan covered
by the Registration Statements as a result of Cameco&#146;s three-for-one stock split effected in the
form of a stock dividend payable on January&nbsp;6, 2005 to shareholders of record on December&nbsp;31, 2004,
I, a barrister and solicitor duly qualified and licensed to practice law in the Province of
Saskatchewan, Canada and Corporate Secretary of Cameco, have examined, among other things, copies
of the Amendment and such corporate and other records, certificates and documents, and such
questions of law, as I consider necessary or appropriate for the purposes of this opinion.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
upon the foregoing, I am of the opinion that the Offered Shares have been duly authorized and,
when issued and paid for, will be legally issued, fully paid and non-assessable.

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



<P align="center" style="font-size: 10pt"><IMG src="o15358o1535804.gif" alt="(NUCLEAR. THE CLEAN AIR ENERGY. LOGO)">



<P align="center" style="font-size: 10pt">&nbsp;
</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I consent to the filing of this opinion with the United States Securities and Exchange Commission
in connection with Cameco&#146;s filing of the Amendment with the United States Securities and Exchange
Commission. By giving the foregoing consent, I do not admit that I come within the category of
persons whose consent is required under Section&nbsp;7 of the Securities Act or the Rules and
Regulations of the United States Securities and Exchange Commission thereunder.


<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">&nbsp;</TD>
    <TD colspan="3" align="left">Yours truly,</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top" align="left">&nbsp;</TD>

<TD colspan="3"  style="border-bottom: 1px solid #000000" align="left"><I>&#147;Gary
M.S. Chad&#148;</I></TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Gary M. S. Chad<BR>
Senior Vice President, Governance, Legal and Regulatory Affairs and Corporate Secretary</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>


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


</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>o15358exv23w1.htm
<DESCRIPTION>CONSENT OF INDEPENDENT CHARTERED ACCOUNTANTS
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w1</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">



<P align="right" style="font-size: 10pt">Exhibit&nbsp;23.1



<P align="left" style="font-size: 10pt"><IMG src="o15358o1535802.gif" alt="(KPMG LOGO)">


<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="70%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">KPMG LLP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Chartered Accountants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">600 &#150; 128 Fourth Avenue South
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone (306)&nbsp;934-6200</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Saskatoon, SK S7K 1M8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telefax (306)&nbsp;934-6233</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">www.kpmg.ca</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><B>Consent of Independent Registered Public Accounting Firm</B>



<P align="left" style="font-size: 10pt">The Board of Directors<BR>
Cameco Corporation

<P align="left" style="font-size: 10pt">We consent to the incorporation by reference in the Registration Statement on Form S-8 of Cameco
Corporation relating to the Company&#146;s Stock Option Plan of our report dated January&nbsp;26, 2004,
except as to note 28(b) which is as of February&nbsp;27, 2004 relating to the consolidated balance
sheets of Cameco Corporation as at December&nbsp;31, 2003 and 2002, and the related consolidated
statements of earnings, retained earnings and cash flows for each of the years in the three-year
period ended December&nbsp;31, 2003, which report appears in the Annual Report on Form 40-F of Cameco
Corporation for the year ended December&nbsp;31, 2003.


<P align="left" style="font-size: 10pt"><IMG src="o15358o1535803.gif" alt="(-s- KPMG LLP)">



<P align="left" style="font-size: 10pt">Chartered Accountants



<P align="left" style="font-size: 10pt">Saskatoon, Canada<BR>
January&nbsp;26, 2005



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


</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>o15358o1535801.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 o15358o1535801.gif
M1TE&.#EAA0!C`+,``/___\S__\S,S)G,S)F9S)F9F6:9F69F9C-FF?__S/__
MF?__9O__,___`/_,___,S"'Y!```````+`````"%`&,```3_$,A)J[TXZ\V[
M_V`HCF1IGFBJKFSKOG`L5X(QS'A>$DA/Z,"@AM?KW81(H:'(_"6?LR6S":VV
M`M(I\VCMEAQ9K='A+8^(8@0A8&Z#T%J#P$WO#-+JNEXC2,LS`0)S>V988@9D
M%P)$?X1><$4&;!6!80B-CE"0/0:*EEN93WUQ%@&;6ERA0*>3$X9X5*HZHU.#
M$[1X!@8$`[:R4:04-;"]OT*X1;X`ISZMQJM:3A.?G,K/.<@]SMD^&`Z!`H'7
M*;9W4YT4U)(6-9:[UN,=INE:ON;GB1-@L+OQ(`$%I'%S1DW9,%B<_'785RZ8
M!&[2'B(\IY#/$DR;(MYCX@P`-5@1_RO>DH(.P"LFMO9-*5"!&4)X_@[FD?!`
MC"V915)YG'A(Y$A0$@*(:<4M'P!N/!'`?(93Z:TX^;*5E.!RHLYQ0NL]/==J
M8S=Z2:-51'K3X3*S.\-25-BT1]FU$KS.E*!2;9&0X[B]98)H@MRI:>TV$YEM
M;R2B:*LBO!H/&9>L4Z+:I"`W[-)K,J753?:S5@7!G#J.)0D6)85-@"M/Q$NX
MVH2,I^,H`^W3D].X9B'2L'MYM$`Q%0KN3MJ;\)K76OT>ZMCV7/':#>%*H,9Z
MP$?&M3>T]864M0,!UG41>)[]`NS88EB75Z&7PDGGZU]\"HF4$_;X)+A=_1AI
MO"#\)J!F$/]_T@$8`C>``;"9'P::4%EU_#1HPH)?64"=A"=TAP%.QV%H0G<P
M@:>+ARDP@PF),?"G'HHK$$@>BR,0*(=H,)Y`X10KUDB"*;GHZ,)[D?@(`R0)
M"KG"/44:(\@`!11@0),%_"=!E,?L0J,L@A1PP)90-KGEDUK>%\.56&IY@!Q&
M9;GEEB\:^=J:!1A%@P%;YNBF!68>8.=1==[I@0!K)FD!`0>PY*=V9IZH00*%
M'JK=F@>\8:BC&$#:I@`%D'DHH&<>T.8%#C@I:J$P/<"DH:;02:HP3G(98JMG
M4IE!`@2T&F6(F';Y'*%<RGG@F0*0L0B;-.3)$J!.JNKI4;#":0W_E&K&B@&A
MM]:PY576WDH`G?UH`*N@'61;@9FV@*,JF()\9V:4308;[:13+GO+FL_JV8H#
M6\X%@):R/K2NMW`&V"<%Y.()YS:6ML3E:0=<E>>XC4*,P`&3%$S#FNH!%/`.
M"S,<L<=Q6MAQ<,0R>X"OG,K+IZ)\3CR'N.9]"1.D\(I00[_Q?CS!OP;K/`&]
M5`$;P`/B"-+II'36O',!1UC,CIGJP:IT"-]1PJO2/$/LLX*J#I*HJ,DJBPZG
M>^Y;\@6)8F#LIWS4NC'(]6X-`-!S%TK`>+7F??=X#YV=0<I+\:JRQUMJ^L$B
MU8[\9J&B94TPL3!SP.N>@/]-]\5=9QCF_[Q;#_#E`SU/#32G4Z/M]X8R6PZL
MVF^/8"UWBO==>.@79([IEAYL*_?%IPMSN=:[ASLPYTJ3;KK<0`?P>P97<Y#R
MBBG_K:R8TJ_N^];&TUY!J,1R'_Q#?/9.P3>.\PZNX#AKQP;I<F9_??IF(U]R
MHDLQ'?Z3?]_P,.J#'\]X!TYZ6>8H$[OP94I[)).7YPH8M)UA3!%4JISI6%8L
M9_%!2X-XGC!453Q7(9`"=//>JFY!J')`BF]^Z5;\^C*G[^GC6\6@P;;Z9:VD
M@0=*:^J%+7A5I+1M3U4"45:A`M(J933K2;724D1NU[]EN-`]3!QBDVK%+:4)
M[FB"$%L&\Q2LZUJQR1EK6QRD'KB]/(WQ@*R2UD.HY:L-J.M<6&SC,FRUPT(M
MZX9=8MH<3$%$:+TLCV":!*9T\27XW<*,%#1)RG2%`D&\2(YR?,%WI+0!<%#R
- -;XZ\)*4VR4E'10``.S\_
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>o15358o1535804.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 o15358o1535804.gif
M1TE&.#EA<``Q`*(``/___\S,S)F9F69F9C,S,P```/__S/__F2'Y!```````
M+`````!P`#$```/_"+K<_C#*2:N]..O-N_]@*(YD"09#8*XL)@Q$*\].H!("
MK<LY,`R[X,FF\BD$,051R+3`"`4"3%GXY0*%IE8B*+ZJ7Z!BN@@0I&,<`$E0
MP7JH<TIY[J7/\G*>CI<62V(*!8.#8@,%?P!8@SF,`%!9CP57A(1'@XF0A(&:
M"P*5@TDF<Y\II3Z3#8>%BRJ6`)B2DY^(J+4+A0^5"ZLWL2N:6#^AB6.5M(JY
MK8M`9FVV#:%G?YJWJP*THB7.4(]A:M&@@VO*X]<.4-J+A'",O^*WVU7).(=B
MV`R+M+GG]K8J2Q9I6_5C#JHSY:)`*C;B#*Y*@?!10;0JU34S%EE!:4;,_X:L
M+A[7$8JAC]8]@R#(D".YL4B@7NO<B%.QCY!,B+!``?&',0;,4(J@,.3P`T4*
M,J8Z&8NT:H&F@9MX@6HT=9%4G^-D!=4VQ%.20(H:)!JZ10B6,6739DA%5JU;
M557:BB7B,:R&NC+P*M*+@6^$BD"%NA@I5:Z&7DY3S0`\@*KA?(72*>A&(NH1
ML#,V/M2<9EX#SEDI]_SSY*44-`T^<8:51`[FRHH%QK+GK\ROD%'H.3,VK-E&
M*'8FM\DM*(GE%;=S8\*(C?A$!Z<.G:X5`)MT>I*"GR)^2E\+J[QS)HL2!2SX
M-3*!I,/C"R&04X*E[D+%\36)\X=LC,-"$J6@6O#^')*#8(VMA$IZK#&@&D*I
M`$>?#-?]IU]KY#VC8"444N'>2DU)X@I416@FF(,M(&$'&F;`\41P7OEQF2=O
M\"(%4LWX5Z`2<]SXPF-O]>CCCT`&*>201-J&80C5%<F!:@6Q>)<S/"H)%XL;
MW9:.2U5D@=%L`$8B903KH;;>/,+L)@M6U9$YCV)?0J!3<<D,6`4,D7`F5'=@
M>-EF#5G9%H-@A10$IS%[Y.39GGPBLH0_(T8B$7'"=,$`8CLB*A]A_F2U8$;W
M@%*$,)/%@R@W=:SQ#&I!&;0$*B]PAH5+3EH:PD9T=D&BK-_1%26NO/::5@(`
!.S\_
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>o15358o1535802.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 o15358o1535802.gif
M1TE&.#EA>P`U`/<``/______S/__F?__9O__,___`/_,___,S/_,F?_,9O_,
M,__,`/^9__^9S/^9F?^99O^9,_^9`/]F__]FS/]FF?]F9O]F,_]F`/\S__\S
MS/\SF?\S9O\S,_\S`/\`__\`S/\`F?\`9O\`,_\``,S__\S_S,S_F<S_9LS_
M,\S_`,S,_\S,S,S,F<S,9LS,,\S,`,R9_\R9S,R9F<R99LR9,\R9`,QF_\QF
MS,QFF<QF9LQF,\QF`,PS_\PSS,PSF<PS9LPS,\PS`,P`_\P`S,P`F<P`9LP`
M,\P``)G__YG_S)G_F9G_9IG_,YG_`)G,_YG,S)G,F9G,9IG,,YG,`)F9_YF9
MS)F9F9F99IF9,YF9`)EF_YEFS)EFF9EF9IEF,YEF`)DS_YDSS)DSF9DS9IDS
M,YDS`)D`_YD`S)D`F9D`9ID`,YD``&;__V;_S&;_F6;_9F;_,V;_`&;,_V;,
MS&;,F6;,9F;,,V;,`&:9_V:9S&:9F6:99F:9,V:9`&9F_V9FS&9FF69F9F9F
M,V9F`&8S_V8SS&8SF68S9F8S,V8S`&8`_V8`S&8`F68`9F8`,V8``#/__S/_
MS#/_F3/_9C/_,S/_`#/,_S/,S#/,F3/,9C/,,S/,`#.9_S.9S#.9F3.99C.9
M,S.9`#-F_S-FS#-FF3-F9C-F,S-F`#,S_S,SS#,SF3,S9C,S,S,S`#,`_S,`
MS#,`F3,`9C,`,S,```#__P#_S`#_F0#_9@#_,P#_``#,_P#,S`#,F0#,9@#,
M,P#,``"9_P"9S`"9F0"99@"9,P"9``!F_P!FS`!FF0!F9@!F,P!F```S_P`S
MS``SF0`S9@`S,P`S````_P``S```F0``9@``,P``````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M`````````````````````"'Y!```````+`````![`#4```C_``$('$BPH,&#
M"!,J7,BPH<.'$"-*G$BQHL6+&#-JW,BQH\>/!%>('$FRI$F2`D^J7+EB(,N7
M*%/"?/G0"BM6B&[FQ*FS)\^?@:P(#!3HIM&C2),:;;FBZ,ZG/J'^1!1(H)6B
M2K,J%=KPJD6O`%BUK(B(:=6*38=RI1C4(5B*8,5:E)L6[=FV%?$R?#L1;*"Q
M%$N9M5A7[T3#"OE*C`MX(MVS%`NO/3PY,>2^9^62'6Q7K47$"15'9#R7<^2[
ME2."1B@:HM_&$@4#J'O:<][4K"\OS@P[XF/"J#_C/MBZ)F^+96?KCBA9N-OE
MKH]7_-T9P.J'UPT6?SZT-T39M"<V_[_-O2+IZ:;%!R??%;IQ@9HI)@\O<3S;
MX=K=EX_O.'W]]?>5!]==WCT$GGX-V4>9@)C!5Z!#U-5F'7X-95?0=NTYB)Q_
MS`&X8(;F24=1A.K9)I,5*U`XD(4$7845*T09U-11?UGUETU9484B<4:]B.",
M2$%6EQ4H7G7-D4A>`V,5";$X$(ZL*,E*92M$:>643Z(8I9)<6JDD-%,VUA27
M1UJ94(I>6BGD741MF6226![DI%5N*CG9C$C""-A5*[SI9YXUTODG*Z'5B>2:
MRAE*)IRXS0F`%6\&8L"3@2095&,N`DK4IG7&:9VB2N8VZ%II%:4ID5>QTDJ>
MO3E::9*DOO]:9FI64'4HBB,1V>E`;NXJHZR+QM<4I(#"5D6=K:KX)*.\OND=
MCD@V"J>@2@)+J':]RGIM2C=9ZMT5;NY(T)QC'LI4G8%BFR=NQ!YY%ZO3%M0G
MO(>&%&FAT<)&+K!"5>EM:/_*JVUF]<;K4KMZKMLBL[DM9="<-B4I$K`61NQN
M;_[.*A"L`!A,K9(ILGIPP`>EB&JR%5H*;;4/6B6QC.U>\U?(9;;D<;EV9@SR
MDW4JJ]"</??<\E"PBC2;2!;G;)W('B,\LYN7Q2RSO$=77:"32<M<9X(4HYIJ
MI.?6VW&>+LE:H]-E,VR5UVQ[YZ2U816]4-9_ROVHPG&7N:+".'O_FG11I(*Z
M\\/*HONIR#_7_::>:;O+5;>A/AINV!>O"+5>=(M-^$(JP'FCT"QU*B6-,Y,$
M]4B]3KRE6$B?/A*_ETZL>.DE61A`S%/JZCG;7G>ZZ>^\HZHRD8P.C&K7J"(;
MU/$O1AH\GPKA;">1IMY:9(K8@_W\R=0/G_244/<.J/CY$FGR\8QRC[VX".GL
MJ?3\$=2KS[.UFZ[%8B'^J-F-]=RDQZ-1VVP\5S(X#<TEX1K7ZEX%HX692X$/
M_!6@3@,G%83$6K"AF;MJLCI,K6Y+Z9)>9;Z'FWEI3#V6THX`E<,QKD7P8XZ[
MX,L*4CV9L:]^)&/."EGXPMFDSB$Z&V&G4X2HO\:5:5,N,AQ<5$8<`>+N@!_+
M(+KTE<.R"6YQ]).@Y@RR."-.S2':DM'6Y.4_?"FN<B!)HQK/]#RCK?&-<)17
42683QSK:\8YXS*,>]\A'AP0$`#L_
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>o15358o1535803.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 o15358o1535803.gif
M1TE&.#EA?``>`*(``/___\S,S)F9F69F9C,S,P```/__S/__F2'Y!```````
M+`````!\`!X```/_"+K<_C#*2:N]..O-N_]/$(!D:2X!05#"4!3"*<]A[+CP
M1!1J,=#`6>#EV!%LD%1.P`LZ2\/":.%:Z:2*'?+)34Y#KR_3*M$JQD+7M^M0
MOGZ/ZH*)E<BS]<K@.,'EV`UN/60-+G!T6V!P`"Z)"@&)4401.'R`#$H$/V8/
M;P!1BQ$[4X8/.WEN31"GCH"@9ZJ=.9Y7I#YMIW^(=S=A3@$#H9@[<#AK#&C$
M%$-6I<A[/KY1,9R!+ZTG1@]T*V['#$95WP[7P+<,?@-T`(CLOH':;>H7\[@\
MXWZGA+(O^Q`X."*]N%6E'0!E1:YA2E?A5<(\#?JI(#`.TT"*RP;Z^,;MZ9/&
M/P#>(5,(ZV/%0B+GD.P%L<_`DR@&"A@G:00=D;P8]"O)8^8%@Q%CD4MYI662
MG?](YD(RS<$Z1OVP24"*TNBCE2RHN@39H*,[K4\MGA.@:4<&H.#.A:AG(1U,
MCT(;&)FB;PW"D1@?X<B@3(2`OW`'^"5;P,/'(R?I5*0#IZ981\X@L<(@*=<D
MRQ<[(+)LJ6M<G?=*)O(*6I,?K,OT:?HK)E@PGYHG$=8H&%EGSR!%?`/HE#8D
MK1?>FCC5U;)4S:PKG!)V*:/:A1>%!R%[O#D8JX_T6=^N61,%%=*YBQ]/OKSY
(\^C3TT@``#L_
`
end

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