-----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,
 NvkelUXKgdihEgFrywRnwxfQxQmwHP1O0enQJOmBDYW7V0ULixGDcR2NpJFjx09W
 bO6LjDFAMQtUjoSzg/DTHQ==

<SEC-DOCUMENT>0000950123-10-050779.txt : 20100826
<SEC-HEADER>0000950123-10-050779.hdr.sgml : 20100826
<ACCEPTANCE-DATETIME>20100518150523
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-10-050779
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20100518

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="left" style="font-size: 10pt; margin-top: 6pt">May&nbsp;14, 2010</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>VIA COURIER &#038; FACSIMILE: (703)&nbsp;813-6982</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;H. Roger Schwall<BR>
Assistant Director<BR>
Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
100 F Street N.E.<BR>
Washington, D.C. 20549-4628

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dear Mr.&nbsp;Schwall:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Cameco Corporation<BR>
Form 40-F for the Fiscal Year Ended December&nbsp;31, 2009<BR>
Filed March&nbsp;31, 2010<BR>
Your File Number 001-14228</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 May&nbsp;4, 2010. Our response
is attached as Schedule&nbsp;A. The numbering and headings in Schedule&nbsp;A correspond to the numbering
and headings in your May&nbsp;4, 2010 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="2%" 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="2%" 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="2%" 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: 12pt">Yours truly,
</DIV>

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

<DIV align="left" style="font-size: 8pt; margin-top: 6pt">OKG/LK/ab</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="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">c:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Suying Li, Securities and Exchange Commission</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Coleman, Securities Exchange Commission</DIV></TD>
</TR>
<!-- End Table Body -->
</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="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE A</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Exhibit&nbsp;99.2 2009 Consolidated Financial Statements</U><BR>
<U>2. Significant Accounting Policies</U><BR>
<U>(g)&nbsp;Property, Plant and Equipment, page 9</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&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%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Your disclosure under this section indicates, in part, that development and other costs
related to the mining property are deferred based on the assessment of the commercial
viability of the property. Please tell us how the determination of commercial viability
corresponds to the establishment of proven and probable reserves under US GAAP as defined in
SEC Industry Guide 7. We also note that deferred costs will be depleted by charges against
earnings from future mining operations. Please expand your disclosure to describe the
depletion base for your deferred costs related to your mining properties.</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"><B>For purposes of our Canadian GAAP financial statements, the assessment of commercial viability
corresponds to the establishment of proven and probable reserves in accordance with National
Instrument 43-101 of the Canadian Securities Administrators (&#147;NI 43-101&#148;). Our interpretation of
NI 43-101 and the assessment of commercial viability corresponds to the formal documented decision
by management to proceed with a mine development.</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>For purposes of our US GAAP reconciliation, the assessment of commercial viability corresponds
directly to the establishment of proven and probable reserves under Industry Guide 7. Our
historical fact pattern has resulted in commercial viability for US GAAP purposes being established
at a later date than commercial viability for Canadian GAAP purposes. Accordingly, we have recorded
Canada/US GAAP differences in prior years related to this issue.</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Regarding your request that we expand our disclosure to further describe the depletion base
associated with our deferred costs, we believe that the current description provided in note 2 (g)
of our 2009 financial statements meets the requirements under CICA Handbook Section&nbsp;3061. We also
believe that our current disclosure satisfies the requirements of Item&nbsp;17 of Form 20-F, which is
the basis upon which we have prepared our US GAAP reconciliation. However, we agree that your
recommendation would serve to enhance the understanding of our readers and accordingly, we will
undertake to expand the description of this accounting policy in future filings with additional
disclosure in substantially the following form.</B></DIV>


<DIV align="left" style="margin-top: 6pt; margin-left: 4%; margin-right:4%; font-size: 10pt"><B>The decision to develop a mine property within a project area is based on an assessment of
the commercial viability of the property, the availability of financing and the existence of
markets for the product. Once the decision to proceed to development is made, development
and other expenditures relating to the project area are deferred and carried at cost with
the intention that </B><U><B>these costs will be depleted over the proven and probable reserves
using the units-of-production method.</B></U><B> No depreciation or depletion is charged against
the property until commercial production commences. After a mine property has been brought
into commercial production, costs of any additional work on that property are expensed as
incurred, except for large development programs, which will be deferred and depleted over
the remaining lives of the related assets.</B>
</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 align="left" style="font-size: 10pt; margin-top: 6pt"><U>Engineering Comments</U></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Reserves and Resources page 55</U></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&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%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In future filings please include an appropriate level of disclosure regarding the Gas
Hills-Peach and North Butte-Brown Ranch properties.</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"><B>We believe the level of disclosure for these properties is appropriate. Neither property is in
production. Neither of these properties is material to Cameco for the following reasons:</B></DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Gas Hills-Peach&#146;s 19&nbsp;million pounds of reserves represents only 3.97% of Cameco&#146;s total reserves of
478.7&nbsp;million pounds.</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Gas Hills-Peach&#146;s 5.7&nbsp;million pounds of measured and indicated resources represents only 2.87% of
Cameco&#146;s total measured and indicated reserves of 198.5&nbsp;million pounds.</B></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I><U>North-Butte-Brown Ranch</U></I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>North Butte-Brown Ranch&#146;s 8.2&nbsp;million pounds of reserves represents only 1.71% of Cameco&#146;s total
reserves of 478.7&nbsp;million pounds.</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>North Butte-Brown Ranch&#146;s 7.4&nbsp;million pounds of measured and indicated resources represents only
3.73% of Cameco&#146;s total measured and indicated resources of 198.5&nbsp;million pounds.</B></DIV>



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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
