-----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,
 B4nACRcIN6xRp4xDiMsgrOpRMKMFedSAqD3PzHPCX9uJvwbpzR+TvFmgzcigZKHT
 giTT2MrDNq6zGfxH2yNntA==

<SEC-DOCUMENT>0001130319-07-000615.txt : 20070914
<SEC-HEADER>0001130319-07-000615.hdr.sgml : 20070914
<ACCEPTANCE-DATETIME>20070914131843
ACCESSION NUMBER:		0001130319-07-000615
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070914
FILED AS OF DATE:		20070914
DATE AS OF CHANGE:		20070914

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:		071117208

	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>o37713e6vk.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e6vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<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: 12pt">For the month of September, 2007</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: 12pt; margin-top: 12pt"><B>2121 &#150; 11th Street West<BR>
Saskatoon, Saskatchewan, Canada S7M 1J3</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Address of Principal Executive Offices)</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Indicate by check mark whether the registrant files or will file annual reports under cover
Form&nbsp;20-F or Form&nbsp;40-F.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="80%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form&nbsp;20-F&nbsp;<FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Form&nbsp;40-F&nbsp;<FONT face="Wingdings">&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">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="80%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Yes&nbsp;<FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">No&nbsp;<FONT face="Wingdings">&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">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>




</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">
<P align="right" style="font-size: 10pt"><!-- Folio -->Page 2<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 24pt"><B><U>Exhibit&nbsp;Index</U></B>
</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="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" 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"><!-- Blank Space -->
    <TD align="center" 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="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release dated
September&nbsp;13, 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">3-5</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: September 14, 2007&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>&#147;Gary M.S. Chad&#148;</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, Q.C.&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&nbsp;Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">
<P align="right" style="font-size: 10pt"><!-- Folio -->Page 3<!-- /Folio -->

<P>
<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">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;<BR>
<B>TSX:</B> CCO<BR>
<B>NYSE:</B> CCJ
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><IMG src="o37713o3771300.gif" alt="(CAMECO LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;<B>website:</B> cameco.com<BR>
<B>currency:</B> Cdn</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 8pt; margin-top: 18pt">2121 &#150; 11<SUP style="font-size: 85%; vertical-align: text-top">th </SUP>Street West, Saskatoon, Saskatchewan, S7M 1J3 Canada<BR>
Tel: (306)&nbsp;956-6200 Fax: (306)&nbsp;956-6201
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>Cameco Expands Global Exploration Portfolio</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Saskatoon, Saskatchewan, Canada, September&nbsp;13, 2007. . . . . . . . . . . . . . .
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 6pt"><I>(All dollar values are Canadian unless specified)</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Cameco Corporation </B>announced today that it has beneficially acquired 10.4% of Cue Capital
Corp. (Cue) and advanced a strategic alliance to facilitate continued uranium exploration and
development in Paraguay. Cue is a Vancouver, B.C.-based junior exploration company focused on
Paraguay.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The acquisition was the first stage of a three-stage equity private placement by which Cameco also
gains the right to own up to 60% of a joint venture to develop uranium discoveries on the Yuty
project in the southeast of Paraguay.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco paid $4.5&nbsp;million (US)&nbsp;for 10.4% of Cue in the first stage. Cameco has agreed to acquire
additional shares and share purchase warrants for $15&nbsp;million in the remaining stages, subject to
Cue meeting certain milestones.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Given current valuations, strategic alliances with quality exploration companies offer the most
economic path toward Cameco&#146;s goal to increase uranium production,&#148; said Jerry Grandey, Cameco&#146;s
president and CEO. &#147;We are leveraging our expertise, industry reputation, and financial resources
to ensure that we will participate in potential discoveries on the world&#146;s most promising
exploration lands at an attractive price. We have entered into five strategic alliances or
investments with other exploration companies over the past year.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For further information, see &#147;Cue Transaction Details&#148; below.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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: the impact
of the sales volume of fuel fabrication services, uranium, conversion services, electricity
generated and gold; volatility and sensitivity to market prices for uranium, conversion services,
electricity in Ontario and gold; competition; the impact of change in foreign currency exchange
rates and interest rates; imprecision in decommissioning, reclamation, reserve and tax estimates;
environmental and safety risks including increased regulatory burdens and long-term waste disposal; unexpected
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">
<P align="right" style="font-size: 10pt"><!-- Folio -->Page 4<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 24pt">geological or hydrological conditions; adverse mining conditions; political risks arising from
operating in certain developing countries; terrorism; sabotage; a possible deterioration in
political support for nuclear energy; changes in government regulations and policies, including tax
and trade laws and policies; demand for nuclear power; replacement of production; failure to obtain
or maintain 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; natural phenomena including inclement weather
conditions, fire, flood, underground floods, earthquakes, pit wall failure and cave-ins; ability to
maintain and further improve positive labour relations; strikes or lockouts; operating performance,
disruption in the operation of, and life of the company&#146;s and customers&#146; facilities; decrease in
electrical production due to planned outages extending beyond their scheduled periods or unplanned
outages; success of planned development projects; and other development and operating risks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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.
</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="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>Investor inquiries:</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bob Lillie
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(306) 956-6639</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 colspan="3" valign="top" align="left"><B>Media inquiries:</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lyle Krahn
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(306) 956-6316</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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


<DIV align="left" style="font-size: 8pt; margin-top: 6pt"><I>(All dollar values are Canadian unless specified)</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Cameco&#146;s wholly-owned subsidiary, Cameco Global Exploration Ltd. (Cameco Global), has
acquired 2,647,058 units of Cue Capital Corp. from treasury at a price of $1.70 (US)&nbsp;per unit for
$4.5&nbsp;million (US). Each unit is comprised of one common share and one-half of one share purchase
warrant of Cue. Each whole warrant entitles Cameco Global to purchase one common share of Cue at an
exercise price of $2.43 per share for a period of two years.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a result of the acquisition, Cameco Global now beneficially owns a total of 2,647,058 common
shares of Cue, which represents 10.4% of Cue&#146;s issued and outstanding common shares as at September
12, 2007, and 1,323,529 warrants, which if exercised would represent an additional 5.2% of Cue&#146;s
issued and outstanding common shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The units were acquired pursuant to a subscription agreement dated September&nbsp;6, 2007 between Cameco
Global and Cue. The proceeds from this first private placement have been used by Cue to fund its
acquisition of 30% of Transandes Paraguay S.A., which holds the Yuty Concessions in Paraguay. The
details of Cue&#146;s acquisition of this interest, which also closed yesterday, were announced by Cue
in a news release issued on July&nbsp;3, 2007. Cue has the right to earn the remaining 70% of Transandes
under a separate agreement dated November&nbsp;3, 2006, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the subscription agreement, Cameco Global has agreed to subscribe by private placement for
additional units of Cue having an aggregate purchase price of $15.0&nbsp;million in two future tranches
as follows:
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">
<P align="right" style="font-size: 10pt"><!-- Folio -->Page 5<!-- /Folio -->

<DIV style="margin-top: 24pt">
<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%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a subscription for additional units having an aggregate purchase price of $2.5&nbsp;million,
subject to, among other things, Cue causing a satisfactory title opinion to be delivered to
Cameco Global in respect of the grant of exploration and exploitation work permits in respect
of the Yuty Concessions held by Transandes; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a subscription for additional units having an aggregate purchase price of $12.5&nbsp;million,
subject to, among other things: (a)&nbsp;Transandes acquiring a contract for exploration and
exploitation in respect of a portion of the Yuty Concessions, (b)&nbsp;Cue receiving shareholders&#146;
approval of the third tranche, and (c)&nbsp;Cameco Global and Cue executing a comprehensive
strategic alliance agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The purchase price for the units comprising the second- and third-tranche private placements will
be equal to the 20-day volume weighted average market price of the common shares on the TSX Venture
Exchange prior to the date of the closing of each tranche. The gross proceeds from the second and
third tranches will be used by Cue solely for the continued uranium exploration and development of
the Yuty Concessions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to a letter agreement between Cameco Global and Cue dated August&nbsp;31, 2007, a strategic
alliance between Cameco Global and Cue has become effective to facilitate the exploration and
development of the Yuty Concessions on terms whereby Cameco Global will have the right to acquire a
60% interest in any uranium deposits discovered on the Yuty Concessions as long as Cameco Global
and its affiliates hold securities of Cue at least equal to 90% of the number of units subscribed
for by, and issued to, Cameco Global in the private placements. The terms of the strategic alliance
were announced by Cue in a news release dated September&nbsp;6, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As long as Cameco Global holds at least 90% of the securities subscribed for, and issued to it in
the private placements, Cameco Global has the right to appoint one representative to Cue&#146;s board of
directors. Pursuant to the letter agreement, Cameco Global has: the pre-emptive right to
participate in any future financings so as to maintain its pro-rata percentage interest in Cue; the
right to a top-up private placement each calendar year-end to prevent dilution of Cameco Global&#146;s
interest in Cue which may result from the exercise of options and warrants throughout the prior
calendar year; and the right at any time a takeover bid is made for common shares of Cue to
maintain its pro-rata shareholdings in Cue through a top-up private placement to prevent dilution
resulting from the exercise of options and warrants since the beginning of the then current
calendar year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco Global acquired the units for investment purposes only and will acquire additional units
pursuant to its subscription agreement with Cue, if the outstanding closing conditions are met.
Cameco Global may also, depending on market and other conditions, increase or decrease its
beneficial ownership, control or direction over common shares or other securities of Cue through
market transactions, private agreements, the exercise of warrants or Cameco Global&#146;s other current
rights to acquire additional common shares of Cue pursuant to the letter agreement, or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>For more information, or to obtain a copy of the subject early warning report, please contact:</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco Corporation<BR>
2121 &#150; 11<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Street West<BR>
<B><I>Saskatoon, Saskatchewan<BR>
S7M 1J3</I></B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>- End -</B>

</DIV>


</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>o37713o3771300.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 o37713o3771300.gif
M1TE&.#EA90!&`,0``/'Q\8N*BU%04,;%Q4-!0B8D)30R,^/CXZFHJ&YM;M34
MU'U\?&!>7YJ9FK>WMQ<5%O___P``````````````````````````````````
M`````````````````````````"'Y!```````+`````!E`$8```7_("2.9&F>
M:(HB:NN^<"RCR<,`<Z[O/%0_#P*N1RP6?\#@T,ALM@""I%3HK%I%`()4:AA<
MOT:%80LTL,!H7I;\:*3?.^VVH"@!&H(Z?&\*D*DC!T@%#GR&$`-_)7YD9X=I
M`&-32U!L0(Z/7XQ)!0<C:Y8&`IZ95P`%6XZ@6P8-I*5?#5L")$B<;K!IDDFO
M"'^ON4ZOB5(,@:B3)0,!S`%>P3D)C@M;SQ#4R2,!NTD&A=`P-:_<!23<#WH0
MJVP)X"X_@5OM(K[%)'*60//N)S^T(L22X+I635N^5/SL1`%B3,0F(*\6`B'P
M"=G!,@D_X7L0P*`4$O)&U+N8Q)J[=1P]_R8!*:6C0Y(M,]H"XA+"PP<LD]2\
M>;'FR8TI7WX<L64G3)T9U6TT.E1$2'I'@7S+N*JAS2T1IWR*:B"I1B#_$&T9
MB*WDB+(7!WH%`$_$@:<01NK[>M&JUQ'B1G#K.L(BD'0HM]RX:T+:V2WIT"KY
MM,`OD`)J"9,8!O>`8XK*FCF3#,/Q*UE;"`#CK$.QW9D/()-6X]A:X`>MEJR.
M<;,`):!<1LV&<2HTB=>7=L<(F"2L4(3"8RBV(5L0IZG)8>`67>)`@#S19P16
MG;V(&#8"3';7`1S[^!VO#:0[GP,E(/;H\;V''W]QQ@,#!HP6[P3``MG0.)"`
M7P9(<X`O]+UP@/]$!#0C$1`)MN``,@RL!\$!#*P4(0H.)+%`"J!9N.&%R!AW
M0H;\;8C$:"8`\$"*"?8&VPL)K'?``@((P$`#`$*@P`(LW)'C`J0`@``#.F)"
MPI%#BJ@.DP(89H("">08)28C^00#-0PXX(`6!3QSHR0!.$`.?N=\2(*9H@B`
MC)HC3%C``@'X0TD-<P:081!Z;`+="XQL90,6`_Q`0`$!**#`0EHP,(`"([VB
MP`,"#!$)$`/Y8L`2"UFEQ:8B/5;')C"F($E.)!`#JEM)8(*-(Z@`4T\Y/J("
M73W_,/(G-A21.@,UF#D%X0C$F'@J"8RXI*EF=9I5`U^UA"<",B:\]=?_)DK.
M,,">.!$+5@D++4*3"%&T:>6YA3"DPJ2IG;!0`"/!*8.1!ABP2:K?DA`NLN-"
M,,8^*/2+`FC0UL*0M4'D,"%'.&@(4+XC[.N12QBE0(Q=?3C,+Z7^\B(#:(YH
M7"RXPTX\+1`]8F$MK2@$U",C'XX$<`OL!@N!R!"36[)0+KU[P@#EM-JB:`AG
MBXT>^&0[&0$?@B8OSASKN_-508'V8@D*J/8#';\1\`^C)GPZ@@+X1!9G`9U`
M0/`0D7H;]0ARB!N4C)#A<&/4"#^P@`/+&,"UCTE`1PQT`'!K;W[Y+3#&8!=V
M(X#?<N3H13VK-BZ5P8.*T"%X2\C%R7H(H%+`1!D+*^W`@YPX6D+HCR4`P.9Z
MXY$;!(]+D0<"&S$-T(.MF&!F,2)BZ)>T*@S0`#,-E`I`?DO@ES(1^.FW;GXN
(*$!]"2$``#L_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
