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<SEC-DOCUMENT>0001130319-07-000447.txt : 20070815
<SEC-HEADER>0001130319-07-000447.hdr.sgml : 20070815
<ACCEPTANCE-DATETIME>20070613172918
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001130319-07-000447
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20070613

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:		CORRESP

	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>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>corresp</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o36755o3675500.gif" alt="(CAMECO LOGO)">
</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="80%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">June&nbsp;13, 2007<BR>&nbsp;<BR>
<B>VIA
EDGAR AND OVERNIGHT COURIER<BR></B>&nbsp;<BR>
Securities
and Exchange Commission<BR>
Division of Corporation Finance<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549-7010<BR>
Attention: Gary Newberry<BR>&nbsp;<BR>&nbsp;<BR>
<B>CONFIDENTIAL
TREATMENT HAS BEEN REQUESTED FOR<BR>
PORTIONS OF THIS LETTER PURSUANT TO 17 C.F.R. &#167;200.83.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><IMG src="o36755o3675501.gif" alt="(LETTERHEAD)"></TD>
</TR>
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</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">This response letter omits confidential information that was delivered separately to the Division
of Corporate Finance. The omissions are denoted with four asterisks (****).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt">Dear Mr.&nbsp;Newberry:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Cameco Corporation (the &#147;Registrant&#148;) &#151; Form&nbsp;40-F for Fiscal Year Ended December&nbsp;31, 2006, File No.
1-14228</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reference is made to the comments of the staff (the &#147;Staff&#148;) of the Securities and Exchange
Commission (the &#147;Commission&#148;) with respect to the above-referenced filing on Form 40-F (the &#147;Form
40-F&#148;) in the letter dated May&nbsp;29, 2007 (the &#147;Comment Letter&#148;) addressed to O. Kim Goheen.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are writing to respond on behalf of the Registrant to comments contained in the Comment Letter.
Our response was prepared in consultation with KPMG LLP, the Registrant&#146;s external auditors. The
numbered paragraphs and headings below correspond to the headings and numbers set forth in the
Comment Letter, the text of which is copied below in italics for your reference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Note 12 &#151; Cigar Lake Remediation, page 17</U>
</DIV>


<DIV style="margin-top: 9pt">
<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"><I>1.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>We note the write-down of assets, the additional development costs and the total construction
costs for this project. Tell us:</I></TD>
</TR>

</TABLE>
</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>the nature and amount of each item that comprises the asset write-down, and</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>how the amount of each asset write-down was determined.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 36pt"><IMG src="o36755o3675502.gif" alt="(NUCLEAR)">
</DIV>

</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="right" style="font-size: 10pt"><!-- Folio -->Page 2<!-- /Folio -->



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


<DIV align="left" style="font-size: 10pt; margin-top: 9pt">With respect to the items that comprise the asset write-down, a complete listing of the affected
assets has been attached as Appendix&nbsp;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In terms of the process by which the amount of the asset write-down was determined, we conducted a
thorough, item-by-item review and assessment of the assets comprising the Cigar Lake project. The
review involved several members of the project&#146;s engineering staff as well as accounting personnel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Given that the affected assets were submerged in water hundreds of metres below the surface, it was
impossible to inspect the assets to confirm the degree to which they had been damaged. Instead, a
reasoned approach was taken and significant professional judgment was applied. For each discrete
construction area, a listing of the assets was reviewed with the engineer responsible for that
section of the mine. There were three main factors that contributed to the determination of the
amounts to be written off:
</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Intolerance to water &#151; the electrical systems will have to be completely replaced
and were written off completely. Mechanical equipment was written down by an amount equal
to the estimated cost of refurbishing the asset, unless it was deemed to be unsalvageable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Water pressure &#151; at the mine&#146;s greatest depth of 480 metres, the water pressure is
nearly 700 pounds per square inch. This is enough to penetrate seals and crush tires and
hoses. Accordingly, an estimate of the value of such items was made and included in the
write-down.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Lead times for certain assets &#151; where there is doubt as to the future utility of an
asset and the lead time is known to be lengthy, the plan is to repurchase the asset to
ensure project timelines are met. In such instances, the carrying amount of the asset was
included in the write-down, net of any estimated salvage value.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The list of the impacted assets and the amounts to be written off were reviewed with the management
team for the project prior to recording the write-down.
</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="3%" nowrap align="left"><I>2.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>We note your discussion of the five-phase plan to restore Cigar Lake in Exhibit&nbsp;99.3. Tell
us what consideration was given to loss contingencies related to this plan that would require
disclosure in the financial statements.</I></TD>
</TR>

</TABLE>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 9pt">As noted in our response to question 1, we conducted a thorough review of the assets impacted by
the water inflow and recorded a $15&nbsp;million (Cdn) write-down representing our best estimate of the
damage incurred. While it is possible that the actual amount of the damage could be different than
the estimate, we believe that it is highly improbable that the amount of any such difference would
be material.
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="right" style="font-size: 10pt"><!-- Folio -->Page 3<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Following the water inflow, the company completed a technical report in accordance with
requirements under the Canadian Securities Administrators&#146; National Policy 43-101. In the course of
completing this report, the company reviewed and revised the mining plan for Cigar Lake. The
conclusion was that the mining of the orebody remains feasible and that no reserves had been lost
as a result of the water inflow. Thus, we remain confident that we will be able to mine the
orebody. As a result, it is our view that further disclosure of loss contingencies was not
required.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please note that we altered our financial disclosure timeline and delayed filing our 2006 Form 40-F
to accommodate the completion of the Cigar Lake technical report. Uranium reserves and the
recoverability of mineral properties are significant estimates used in the preparation of our
financial statements. Prior to releasing our 2006 financial statements, we conducted a test of
recoverability for Cigar Lake using information contained in the technical report and concluded
there was no impairment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Note 16 &#151; Income Taxes, page 18</U>
</DIV>


<DIV style="margin-top: 9pt">
<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"><I>3.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>You have disclosed that the biggest reason your provision for income taxes differs from
computed taxes at the expected federal and provincial rates is due to lower tax rates
applicable to your foreign subsidiaries. This is also reflected in the table of your pre-tax
income and current and deferred income taxes. On a supplemental basis, tell us the foreign
countries and the statutory tax rates for each that contribute to this differential.</I></TD>
</TR>

</TABLE>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 9pt">The table below illustrates the countries in which our foreign subsidiaries are located and the
statutory tax rates applicable to each jurisdiction:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>CONFIDENTIAL TREATMENT REQUESTED BY CAMECO CORPORATION PURSUANT TO 17 C.F.R. &#167; 200.83 FOR
INFORMATION IN THE FOLLOWING TABLE (the following information has been provided to the Commission
separately on a confidential basis)</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="65%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="85%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>2006 Statutory</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Country</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Tax Rate</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#091; **** &#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091; **** &#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#091; **** &#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091; **** &#093;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#091; **** &#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091; **** &#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#091; **** &#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091; **** &#093;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#091; **** &#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091; **** &#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#091; **** &#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091; **** &#093;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091; **** &#093;.
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="right" style="font-size: 10pt"><!-- Folio -->Page 4<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Registrant hereby acknowledges as follows:
</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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant is responsible for the adequacy and
accuracy of the disclosure in the filings.</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Comments from Staff or changes to disclosure in
response to Staff comments do not foreclose the
Commission from taking any action with respect to
the filing.</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Staff comments may not be asserted as a defense in
any proceeding initiated by the Commission or any
person under the federal securities laws of the
United States.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you for your prompt attention to the filing. If you or any other member of the Staff has any
further questions or comments concerning these responses or the Form 40-F, please do not hesitate
to contact the undersigned at (306)&nbsp;956-6256.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 24pt">Yours very truly,
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 30pt">/s/&nbsp;&nbsp;O. Kim Goheen
<DIV align="left"><DIV style="font-size: 3pt; margin-top: 3pt; width: 32%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 3pt">O. Kim Goheen<BR>
Senior Vice-President and Chief Financial Officer

</DIV>

<DIV style="margin-top: 18pt">
<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">c:&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>April Sifford, Securities and Exchange Commission<BR>
Sandra Eisen, Securities and Exchange Commission<BR>
Gerald W. Grandey, President and Chief Executive Officer, Cameco Corporation<BR>
KPMG LLP</TD>
</TR>

</TABLE>
</DIV>
</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">

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


<DIV align="left" style="font-size: 12pt; margin-top: 12pt"><B>Cigar Lake Writedown</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Amount and Nature of Writedown</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="52%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&#091;*&#093;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>&#091;**&#093;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Reason for</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Asset</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Writedown</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Written Off</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Comments</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Underground (U/G) General Construction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,814</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">U/G Electrical work</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Freeze hole drilling</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">428,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">U/G Electrical and instrumentation</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jet Boring System</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1, 3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,315,166</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">High pressure pumps, electrical and instrumentation</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">High Pressure Pumping</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111,453</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Electrical for pumps</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Freeze Pipe &#038; Temp Hole</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">453,402</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Electrical and installation for equipment to be replaced</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U/G ROM Storage</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1, 2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">446,581</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">U/G monorail &#038; beams and related electrical</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U/G Elec Distribution</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,358,724</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">All U/G electrical equipment and installation costs</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U/G Mobile Equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1, 3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,085,588</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Jumbos, transmixer, roofbolter, scoops and scoop tram</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mining Development System (MDS)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1, 3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,148,071</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">MDS electrical, instrumentation and some parts, as well as refurbishment of same</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U/G Grinding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">196,969</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Grinding &#038; hoisting equipment - electrical &#038; instrumentation</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U/G Water Clarification &#038; Recycle</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">606,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">All contract costs written off, as all will need to be redone</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U/G Ore Slurry Hoisting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Electrical for pumps</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interconnecting system</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,584,192</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">All contract costs wo, as all will need to be redone</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Primary Ventilation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">211,434</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Fans and ventilation doors</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Secondary Ventilation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106,346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Vent ducts and other equipment</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Auxiliary Ventilation system</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">437,752</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Vent ducting and fans</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mine Dewatering</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">308,098</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Sump pumps and related electrical</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shaft Freeze Pipe</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">512,891</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Brine and insulation for piping</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U/G Heat Exchanger Eq</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">370,725</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Electrical for heating equipment</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U/G Secondary Brine Eq</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">889,919</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Insulation of piping and related labour to install</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U/G Mtce &#038; Support Facilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">486,654</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Refuge station supplies and maintenance parts and related electrical for the areas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U/G Waste Rock Handling</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1, 3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135,723</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Hydraulic boom and waste rock feeder</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Eng/Geol Equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">129,523</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Electrical and instrumentation</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CCTV &#038; Voice Communication</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">310,453</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">U/G wireless communication system installation and equipment</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD nowrap colspan="5" align="center" valign="bottom" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total amount to be written off</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>30,695,699</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD nowrap colspan="5" align="center" valign="bottom" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cameco share of write off</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>50.025%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>15,355,523</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 3px double #000000"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
        <TD nowrap colspan="5" align="center" valign="bottom" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><B>*</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Reason for writedown:</B></TD>
</TR>
</TABLE>



<DIV style="margin-top: 2pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Intolerance to water</TD>
</TR>

<TR>
    <TD style="font-size: 2pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Water pressure</TD>
</TR>

<TR>
    <TD style="font-size: 2pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Lead time for certain assets</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">**</TD>
    <TD>&nbsp;</TD>
    <TD>Amounts were determined through review of detailed cost listings in conjunction with engineers responsible for construction in each area. Through discussion, items were identified as underground and
un-recoverable. Items which were determined to require replacement,
once access to underground be re-established were flagged for
write-off on an item-by-item basis. All amounts in underground cost
centres were reviewed using this process.</TD>
</TR>
</TABLE>
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