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<SEC-DOCUMENT>0001130319-08-000739.txt : 20081201
<SEC-HEADER>0001130319-08-000739.hdr.sgml : 20081201
<ACCEPTANCE-DATETIME>20081008144322
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001130319-08-000739
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20081008

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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o42091bo4209100.gif" alt="(CAMECO LOGO)">
</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="70%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">October&nbsp;7, 2008<BR>&nbsp;<BR>&nbsp;<BR>
VIA
FACSIMILE &#038; COURIER (202)&nbsp;772-9368<BR>&nbsp;<BR>
Mr.&nbsp;H. Roger Schwall<BR>
Assistant Director<BR>
Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
100 F Street N.W.<BR>
Washington, D.C.<BR>
20549
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><IMG src="o42091bo4209101.gif" alt="(Cameco Letterhead)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Cameco Corporation<BR>
Form 40-F Filed March&nbsp;31, 2008<BR>
Your File Number 1-14228</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I am writing to provide Cameco&#146;s response to your comment letter dated September&nbsp;30, 2008. Our
response is attached as Schedule&nbsp;A. The numbering and headings in Schedule&nbsp;A correspond to the
numbering and headings in your September&nbsp;30, 2008 letter.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As requested, Cameco acknowledges that:</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>The company is responsible for the adequacy of the disclosure in the filing;</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>Staff comments or changes to disclosure in response to staff comments do not foreclose
the Commission from taking any actions with respect to the filing; and</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>The company may not assert staff comments as a defence in any proceedings 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">Please contact the undersigned at (306)&nbsp;956-6256 to discuss any questions you may have regarding
the attached response.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">Yours truly,</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>&#147;O. Kim Goheen&#148;</I></DIV>

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

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">c:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mike Karney, Securities Exchange Commission<BR>
Sean Donahue, Securities Exchange Commission<BR>
Gerald W. Grandey, President and Chief Executive Officer, Cameco Corporation</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o42091bo4209103.gif" alt="(NUCLEAR ENERGY LOGO)">
</DIV>




<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">




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


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Certifications, page 2</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>SEC Comment:</I>
</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%">&nbsp;</TD>
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>We note your officers&#146; statements in the certifications that they have reviewed this
report on Form 40-F of Cameco Corporation. In future filings, please indicate that the
officers&#146; have reviewed this <I>annual </I>report on Form 40-F of Cameco Corporation.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Cameco&#146;s Response:</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>We will do so.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Evaluation of disclosure controls and procedures, page 2</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>SEC Comment:</I>
</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%">&nbsp;</TD>
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>We note your statement that &#147;&#091;a&#093; control system, no matter how well conceived or
operated, can provide only reasonable, not absolute, assurance that the objectives of the
control system are met.&#148; Please revise to state clearly, if true, that your principal
executive officer and principal financial officer concluded that your disclosure controls
and procedures are effective at the reasonable assurance level. In the alternative, remove
the reference to the level of assurance of your disclosure controls and procedures. Please
refer to Section&nbsp;II.F.4 of Management&#146;s Reports on Internal Control Over Financial
Reporting and Certification of Disclosure in Exchange Act Periodic Reports, SEC Release No.
33-8238, available on our website at <U>http://www.secc.gov/rules/final/33-8238.htm</U>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Cameco&#146;s Response:</B></U>
</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;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Cameco&#146;s Chief Executive Officer and Chief Financial Officer have indeed concluded that the
company&#146;s disclosure controls and procedures are effective at a reasonable assurance level.
That was the intent of the express statement in our </B><B>Form 40-F</B><B> for the fiscal year ended December
31, 2007, at page 2, in the second sentence of paragraph (b), where we state that:</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on that evaluation, the CEO and CFO have concluded that as of such date Cameco
Corporation&#146;s disclosure controls and procedures <B>are effective to ensure </B>&#091;emphasis
added&#093; that information required to be disclosed...</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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>That express statement is then followed, in the next paragraph, by a further statement
confirming the conclusion of effectiveness at the reasonable assurance level but
cautioning that all errors and fraud cannot be prevented:</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It should be noted that while <B>the Chief Executive Officer and Chief Financial
Officer believe that Cameco Corporation&#146;s disclosure controls and procedures provide
a reasonable level of assurance that they are effective </B>&#091;emphasis added&#093;, they do
not expect that the disclosure controls and procedures will be effective or internal
control over financial reporting to be capable of preventing all errors and fraud.</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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>In our future filings, unless the Chief Executive Officer or Chief Financial Officer determine
otherwise as part of their assessment, we will clarify that the determination of effectiveness</B></TD>
</TR>

</TABLE>
</DIV>

<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">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Page 2
</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;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>referred to in the second sentence of paragraph (b)&nbsp;is at the reasonable assurance level by
revising that sentence to state:</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on that evaluation, the CEO and CFO have concluded that as of such date Cameco
Corporation&#146;s disclosure controls and procedures <B>are effective to provide a
reasonable level of assurance </B>&#091;emphasis added&#093; that information required to be
disclosed...</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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>That revision should eliminate any lack of clarity as to the level of assurance of
effectiveness reached by the Chief Executive Officer and Chief Financial Officer, and we
would not propose to modify the statements in the following paragraph.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Audit Committee Financial Expert, page 2</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>SEC Comment:</I>
</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%">&nbsp;</TD>
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>We direct you to Instruction B.(8)(b) of Form 40-F. Your disclosure in this section
should be further supplemented to indicate the relevant experience of Mr.&nbsp;Clappison that
qualifies him as an audit committee financial expert. In future filings, please supplement
your disclosure accordingly.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Cameco&#146;s Response:</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>We will do so.</B>
</DIV>


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



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