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<SEC-DOCUMENT>0000000000-05-044106.txt : 20060810
<SEC-HEADER>0000000000-05-044106.hdr.sgml : 20060810
<ACCEPTANCE-DATETIME>20050825134832
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000000000-05-044106
CONFORMED SUBMISSION TYPE:	UPLOAD
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20050825

FILED FOR:		

	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:		UPLOAD

	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>LETTER
<SEQUENCE>1
<FILENAME>filename1.txt
<TEXT>






      August 25, 2005


Via facsimile and U.S. Mail

Cameco Corporation
Kim Goheen
Senior Vice-President, and
Chief Financial Officer
2121 - 11th Street West
Saskatoon, Saskatchewan, S7M 1J3
Canada

            RE:        Cameco Corporation
                          Form 40-F filed on March 15, 2005
                           File number 001-14228

Dear Mr. Goheen:

      We have reviewed your response letters dated July 11, 2005
and
July 25, 2005 and have the following comments.  Our review has
been
limited to those matters specifically addressed in this letter.
Where
indicated, we think you should revise your document in response to
these comments.  If you disagree, we will consider your
explanation as
to why our comments are inapplicable or a revision is unnecessary.
Please be as detailed as necessary in your explanation.  In some
of
our comments, we may ask you to provide us with supplemental
information so we may better understand your disclosure.  After
reviewing this information, we may or may not raise additional
comments.



Form 40-F filed on March 15, 2005

2004 Consolidated Financial Statements

Revenue Recognition, Page 40

1. In your future filings, please expand your disclosure to
clarify
the three types of revenue arrangements involving sale of uranium
and
toll conversion services and discuss how you recognize revenue
under
each arrangement. Please specifically state that you do not enter
into
arrangements with multiple deliverables including back-to-back
arrangements with a single customer.

2004 Management`s Discussion and Analysis

Accounting Change, Page 55

2. We have considered your respond to prior comment number one on
our
letter dated July 8, 2005.  Please contact us at your earliest
convenience to discuss the resolution of this comment.

Closing Comments

      As appropriate, please amend your filing and respond to
these
comments within 10 business days or tell us when you will provide
us
with a response.  You may wish to provide us with marked copies of
the
amendment to expedite our review.  Please furnish a cover letter
with
your amendment that keys your responses to our comments and
provides
any requested supplemental information.  Detailed cover letters
greatly facilitate our review.  Please understand that we may have
additional comments after reviewing your amendment and responses
to
our comments.

      You may contact Yong Choi at (202) 551-3758 if you have
questions regarding comments on the financial statements and
related
matters.  Please contact me at (202) 551-3683 with any other
questions.

								Sincerely,



								Jill Davis
								Branch Chief

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Cameco Corporation
August 25, 2005
Page 1




UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
100 F Street, NE  WASHINGTON, D.C. 20549

         DIVISION OF
CORPORATION FINANCE
      Mail Stop 7010


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