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<SEC-DOCUMENT>0001130319-07-000814.txt : 20071206
<SEC-HEADER>0001130319-07-000814.hdr.sgml : 20071206
<ACCEPTANCE-DATETIME>20071206140606
ACCESSION NUMBER:		0001130319-07-000814
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20071206
FILED AS OF DATE:		20071206
DATE AS OF CHANGE:		20071206

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:		071289107

	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>o38743e6vk.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e6vk</TITLE>
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<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,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 December, 2007
</DIV>

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

<DIV align="center" style="font-size: 10pt; margin-top: 0pt">(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="100%">
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<TR valign="bottom">
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    <TD width="4%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>

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<TR valign="bottom">

<TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form&nbsp;20-F <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form&nbsp;40-F <FONT style="font-family: 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="100%">
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    <TD width="48%">&nbsp;</TD>
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    <TD width="48%">&nbsp;</TD>
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<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Yes <FONT style="font-family: Wingdings">&#111;</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No <FONT style="font-family: 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>

<BR>

<DIV style="width: 100%; border-bottom: 1pt solid black; 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"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 10px;">
<DIV align="right" style="font-size: 10pt; margin-top: 0pt"><B>Page 2</B>
</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt"><U><B>Exhibit&nbsp;Index</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<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: 10pt" valign="bottom">
    <TD nowrap align="center" colspan="3" 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">
    <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 December&nbsp;6, 2007
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">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: December&nbsp;6, 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="center"><I>&#147;Gary M.S. Chad&#148;</I></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, Law and Corporate Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</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>
<DIV style="width: 100%; border: 1px solid black; padding: 10px;">
<DIV align="right" style="font-size: 10pt; margin-top: 0pt"><B>Page 3</B>
</DIV>
</DIV>

<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>Cameco Corporation (&#147;Cameco&#148;)<BR>
2121 &#151; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>November&nbsp;28, 2007</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 news releases relating to this
material change were distributed and filed by CCN Mathews through their Canadian Timely Disclosure
Pack and U.S. Timely Disclosure Pack on November&nbsp;28, 2007 and December&nbsp;3, 2007.
</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 November&nbsp;28, 2007, Cameco announced that underground activities at the Eagle Point underground
mine at the Rabbit Lake operation have been temporarily reduced due to an increase of water flow
from a mining area. The mill continues to operate with a small amount of stockpiled ore.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco reported on December&nbsp;3, 2007 that the company is making good progress in dealing with the
increased water inflow and is putting in place plans to permanently seal off the affected area in
the Eagle Point underground mine at the Rabbit Lake operation. The mine is currently able to
remove water at the same rate as all water entering the underground areas. After further
assessment, the company is allowing additional time before resuming underground mining activities.
The company has set a preliminary target of the first quarter of 2008 to seal off the increased
water flow. Mining will resume when the water flow has been sufficiently reduced to provide an
adequate margin of surface water handling capacity. Cameco will reassess 2008 Rabbit Lake
production and provide an updated forecast when mining and milling plans are finalized. Cameco now
estimates 2007 Rabbit Lake annual production will be 3.8 to 4.0&nbsp;million pounds from stockpiled ore.
</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 November&nbsp;28, 2007, Cameco announced that underground activities at the Eagle Point underground
mine at the Rabbit Lake operation have been temporarily reduced as a precautionary measure. The
mine experienced an increase of water flow from a mining area at the same time as the capacity of
the surface water-handling system was reduced due to an equipment upgrade (this upgrade is now
completed as noted below). The mill continues to operate with a small amount of stockpiled ore.
Cameco&#146;s regulators were notified of developments. There are no safety or environmental issues
associated with this event.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco reported on December&nbsp;3, 2007 that the company is making good progress in dealing with the
increased water inflow and is putting in place plans to permanently seal off the affected area in
the Eagle Point underground mine at the Rabbit Lake operation. After further assessment, the
company is allowing additional time before resuming underground mining activities. Cameco has been
able to more accurately measure the additional water entering the mine and now estimates it is
about 110 cubic metres per hour (initially, increased water inflow was estimated at 40 to 50 cubic
metres per hour). The mine is currently able to remove water at approximately the same rate as all
the water entering the underground areas after successfully completing a planned 25% increase to
the surface water handling capacity sooner than anticipated. The site had been in the process of
increasing that capacity prior to experiencing the incident last week and is working toward a
further, incremental increase. The mine is currently using only 4% of designated water storage
areas available underground (in addition, the mine&#146;s designated water storage
capacity, primarily in mined out areas underground, is sufficient to hold more than three months of
the additional inflow entering the mine). The Rabbit Lake operation is handling this situation
according to the site&#146;s water inflow contingency plans.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>
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<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>
<DIV style="width: 100%; border: 1px solid black; padding: 10px;">
<DIV align="right" style="font-size: 10pt; margin-top: 0pt"><B>Page 4</B>
</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As is customary in such events, site crews are in the process of building concrete barriers,
or bulkheads, intended to permanently contain the increased water flow. The company has set a
preliminary target of the first quarter of 2008 to seal off the increased water flow. Mining will
resume when the water flow has been sufficiently reduced to provide an adequate margin of surface
water handling capacity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Rabbit Lake operation has about 270 Cameco employees. The company does not anticipate layoffs,
however, some Cameco employees may be reassigned to other tasks. There are also 220 contractor
employees whose schedules may be adjusted to meet priorities on site.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, Cameco has already produced 3.7&nbsp;million pounds of uranium at Rabbit Lake and estimates
annual production will be 3.8 to 4.0&nbsp;million pounds from stockpiled ore. We will reassess 2008
production and provide an updated forecast when mining and milling plans are finalized.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The increased water flow originated from an area being mined about 90 metres below surface. All
mining activities appeared normal until additional water began flowing into the area. The rock
around the area continues to be stable and Cameco&#146;s geotechnical engineers have found no evidence
of weakness. Similar events in past years have been handled by the mine successfully. The entire
Eagle Point mine is located in stable, basement rock and is accessed by a ramp from surface. The
company uses an open stope mining method in which the ore is drilled and blasted from a tunnel
above and falls to a lower level. It is then picked up by scoop trams and transported by truck to
surface.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Cautionary Note Regarding Forward-Looking Statements</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The above noted 2008 preliminary target date for Rabbit Lake to recommence mining is
forward-looking information and is based upon the following key assumptions, and is subject to the
following factors that could cause results to differ materially:
</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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we have assumed that the minewater inflow rates will not change except for planned
reductions and the company will maintain sufficient pumping and treatment capacity to match
or exceed the minewater inflow rates, but that is subject to a number of risks including
equipment failure;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we have assumed that our plan to seal the water inflow by constructing a concrete
bulkhead and filling the area behind the bulkhead with concrete and grout will succeed and
be completed in a timely manner, but that is subject to a number of risks including that
the plan does not work as anticipated or takes longer than expected to complete due to
delays in construction;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we have assumed that there is no disruption in our plans to seal the water inflow and
recommence mining due to among other things: natural phenomena, such as fires, cave-ins or
floods; labour disputes; litigation or arbitration proceedings; delay in obtaining or
failure to procure the required equipment (such as trucks to haul concrete), operating
parts and supplies, including concrete and grout necessary to seal off the water inflow;
equipment failure, including equipment provided by the concrete supplier and transporter;
an inability to obtain the necessary permits and government approvals; unexpected
geological or hydrological conditions; and adverse ground conditions. The company is
subject to the risk that any or all of the foregoing will occur or other development or
operating risks.</TD>
</TR>

</TABLE>
</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>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 10px;">
<DIV align="right" style="font-size: 10pt; margin-top: 0pt"><B>Page 5</B>
</DIV>

</DIV>

<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>Gary M.S. Chad<BR>
Senior Vice-President, Governance, Law 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>December&nbsp;6, 2007</TD>
</TR>

</TABLE>
</DIV>

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