<SEC-DOCUMENT>0000950123-11-084529.txt : 20110914
<SEC-HEADER>0000950123-11-084529.hdr.sgml : 20110914
<ACCEPTANCE-DATETIME>20110914170125
ACCESSION NUMBER:		0000950123-11-084529
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20110901
FILED AS OF DATE:		20110914
DATE AS OF CHANGE:		20110914

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:		111091030

	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>c22486e6vk.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 6-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<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: 10pt"><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: 10pt"><B>FORM 6-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 10pt"><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: 10pt"><B>For the month of September, 2011</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 10pt"><B>Cameco Corporation</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">(Commission file No.&nbsp;1-14228)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><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: 10pt">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" style="font-size: 10pt; margin-top: 10pt">Form&nbsp;20-F <FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;40-F <FONT face="Wingdings">&#254;</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">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" style="font-size: 10pt; margin-top: 10pt">Yes <FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No <FONT face="Wingdings">&#254;</FONT></DIV>


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





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

<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; margin-left: .25in; width: 7.50in">





<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Exhibit&nbsp;Index</B></U>
</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="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page No.</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
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<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD colspan="3" valign="top" align="center">1.</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Press Release dated September&nbsp;14, 2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">3 - 7</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>
<DIV align="left">
<A name="C22486102"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">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>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">Date: September&nbsp;14, 2011</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Cameco Corporation</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>&#147;Gary M. S. Chad&#148;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV></I>
Gary M. S. Chad
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD 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="left" valign="top">Senior Vice-President, Governance,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD 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="left" valign="top">Law and Corporate Secretary</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->Page 2<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>c22486exv99w1.htm
<DESCRIPTION>EXHIBIT 1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit 1</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="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>TSX: </B>CCO<BR>
<B>NYSE: </B>CCJ
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><IMG src="c22486c2248601.gif" alt="(CAMECO LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>website: </B>cameco.com<BR>
<B>currency: </B>Cdn (unless noted)</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">2121 &#151; 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: 10pt; margin-top: 10pt"><B>Cameco Provides Further Comment on Hathor News Releases</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Saskatoon, Saskatchewan, Canada, September&nbsp;14, 2011 . . . . . . . . . .
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Cameco </B>(TSX: CCO; NYSE: CCJ) provided further comment today on the summary results of the
Preliminary Economic Assessment (PA)&nbsp;of the Roughrider deposit released Tuesday in a news release
issued by Hathor Exploration Ltd (TSX: HAT). Cameco also addressed the directors&#146; circular filed in
response to Cameco&#146;s all-cash offer to acquire Hathor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&#147;Based on our extensive experience developing and operating projects in the Athabasca Basin, we
believe Hathor&#146;s PA significantly underestimates the costs, timelines, and risks associated with
development of the Roughrider deposit and so, by inference, significantly overstates the value of
the Roughrider deposit and Hathor as a company,&#148; said Tim Gitzel, president and CEO of Cameco.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&#147;We are convinced that the development of Roughrider as a standalone operation cannot be
economically justified using realistic development cost and timeline assumptions. The economics
work for Cameco because we have existing infrastructure in the Athabasca region including nearby
milling capacity. We considered the nature and location of the Roughrider deposit and Hathor&#146;s
other exploration assets and any expansion potential in making our offer. We continue to believe
our offer provides full and fair value.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Gitzel noted that PAs are intended to determine whether continued exploration, study and investment
in a mineral property are warranted and do not involve the same rigour as a pre-feasibility or a
feasibility study. PAs use inferred resources that are speculative in nature and under Canadian
securities laws cannot be used in either pre-feasibility or feasibility studies. The PA has a low
level of accuracy for capital and operating cost estimates. Pre-feasibility and full feasibility
reviews are required for a reliable determination of economic viability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In addition to the inherent level of uncertainty in the PA for Roughrider, Cameco identified
several deficiencies in the financial analyses applied that could have a very material negative
effect on the value and economics reported for the Roughrider deposit. These deficiencies are noted
below.
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->Page 3<!-- /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; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Capital Cost Underestimated</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Based on Cameco&#146;s current experience of developing and operating mines in the Athabasca Basin, the
capital cost estimate included in Hathor&#146;s news release is not credible. Hathor
estimates the cost of an underground mine, a mill and tailings management facilities at $567
million. A relevant independent benchmark is Denison Mines Corp.&#146;s January&nbsp;2011 estimate of the
capital expenditure to construct a comparable mine to access the Phoenix deposit, also located in
the Athabasca Basin. Denison&#146;s estimate, which did not include the cost of constructing a mill and
tailings management facilities, was $690&nbsp;million.<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Timeline Unrealistic</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Hathor&#146;s PA did not fully consider the time and investment required to bring the Roughrider deposit
to the construction stage. Cameco believes that a minimum five-year time period would be required
to conduct the drilling necessary to establish a reserve, complete pre-feasibility and feasibility
studies, complete an environmental assessment, secure financing, and complete other regulatory and
aboriginal consultation work necessary to obtain permits to construct a mine, mill and tailings
facility. For comparison, the successful engineering, permitting and construction of Cameco&#146;s
McArthur River mine required 11&nbsp;years to complete and did not include permitting or development of
a mill or tailings facilities. Since the McArthur River mine was developed the regulatory
environment has become more demanding and the regional demand on construction and project
management resources is much greater.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Operating Cost Underestimated</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Consistent with the PA&#146;s estimate of capital, the estimate of operating costs of $14.44 per pound
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> are unreasonably low when compared to established mines operating in the
Athabasca Basin for many years. Despite significantly lower grades, Hathor&#146;s PA suggests that
Roughrider can produce uranium at a much lower cost than McArthur River. McArthur River is
generally perceived by the uranium industry as the best underground uranium mine in the world.
Hathor suggests that based on its PA, prior to establishing a reserve or completing proper
feasibility studies, that Roughrider has already achieved this status.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Deficient Economic Analysis</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Hathor&#146;s calculation of net asset value uses a number of inappropriate assumptions for an advanced
exploration project such as Roughrider and fails to take into account a number of fundamental
factors including:
</DIV>

<DIV style="margin-top: 10pt">
<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 use of a 7% discount rate versus a 10% rate which would be consistent with higher
risk advanced-stage exploration projects</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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 impact of discounting the net asset value to the present rather than the start of
construction</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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 application of federal and provincial income taxes</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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 costs and dilution related to future financing required.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Applying reasonable assumptions for discounting period, discount rate, income taxes as well as the
cost and dilution related to future financing would have a very material negative effect on the
value and the economics for the Roughrider deposit reported in Hathor&#146;s press release.
</DIV>
<DIV align="left"><DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">1</TD>
    <TD>&nbsp;</TD>
    <TD>Refer to Denison Mines Corp.&#146;s news release issued January&nbsp;20,
2011.</TD>
</TR>

</TABLE>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->Page 4<!-- /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; margin-left: .25in; width: 7.50in">





<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Cameco&#146;s analysis of the summary results of the PA are based on the limited information
contained in Hathor&#146;s September&nbsp;13, 2011 news release. Hathor has not released the full PA or the
memo summarizing the findings of the PA that was referenced in its news release. Cameco will
conduct a full review of the PA when it is filed and may comment further at that time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Reasons to Accept Cameco&#146;s Offer</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">With respect to the recommendation from Hathor&#146;s board to its shareholders in its directors&#146;
circular filed September&nbsp;14, 2011, Cameco noted the following:
</DIV>

<DIV style="margin-top: 10pt">
<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 Cameco offer is a permitted bid under Hathor&#146;s shareholders&#146; rights plan. The 60-day
offer period was intended to allow sufficient time for Hathor shareholders to consider the
information in the PA as well as time to pursue any alternative transactions. Hathor had
previously indicated that the PA would be available by the middle of September. Cameco is
confident that shareholders will agree with its assessment of value before its bid expires.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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>Prior to the announcement of Cameco&#146;s offer on August&nbsp;26, 2011, Hathor&#146;s share price had
significantly outperformed its peers &#151; both before and after events caused by the
earthquake and tsunami at the Fukushima nuclear power station in Japan. Hathor&#146;s share
price increased 30% from March&nbsp;14, 2011 to August&nbsp;25, 2011 (the last trading day prior to
the announcement of Cameco&#146;s intention to make an offer). Over the same period, the share
prices of Hathor&#146;s peers declined by over 40%<SUP style="font-size: 85%; vertical-align: text-top">2</SUP>.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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>Cameco&#146;s offer provides an all-cash premium of:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>40% over Hathor&#146;s closing share price on August&nbsp;25, 2011</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>33% over Hathor&#146;s 20-day volume weighted average trading price to August&nbsp;25, 2011</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>31% over Hathor&#146;s pre-Fukushima closing share price on March&nbsp;11, 2011.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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>Cameco&#146;s offer provides an opportunity for Hathor shareholders to realize an attractive
return on their investment. Cameco&#146;s fully funded offer also provides Hathor shareholders
with immediate liquidity, certainty of value, and an opportunity to avoid dilution that
would result from financing continued development of the Roughrider deposit and the
company&#146;s other projects.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Details of the Offer</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">On August&nbsp;30, 2011 Cameco commenced its offer to acquire all of the outstanding shares of Hathor
for cash consideration of $3.75 per share in a transaction which values the fully diluted share
capital of Hathor at approximately $520&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Further details of the offer are available in Cameco&#146;s take-over bid circular which has been filed
on SEDAR and has been mailed to Hathor shareholders. A copy of the take-over bid circular and a
letter to Hathor shareholders are also available at Cameco.com.
</DIV>
<DIV align="left"><DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">2</TD>
    <TD>&nbsp;</TD>
    <TD>Refer to Cameco&#146;s August&nbsp;26, 2011 investor presentation available
at Cameco.com</TD>
</TR>

</TABLE>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->Page 5<!-- /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; margin-left: .25in; width: 7.50in">





<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>How to Tender Shares to the Offer</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Cameco urges Hathor shareholders to carefully consider the information provided in Cameco&#146;s
take-over bid circular and then tender their shares to Cameco&#146;s offer before it expires at 5:00
p.m. (Vancouver time) on October&nbsp;31, 2011, (unless it is extended or withdrawn) by following the
instructions provided in the take-over bid circular.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Hathor shareholders are encouraged to call Kingsdale Shareholder Services if they have questions or
would like assistance tendering their shares to the offer. Shareholders can reach Kingsdale by
email at contactus@kingsdaleshareholder.com, or by calling toll-free at<BR>
1-888-518-1552 (English or French). Banks and brokers can call collect at 1-416-867-2272.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">CIBC World Markets Inc. is acting as financial advisor to Cameco in connection with the proposed
take-over and Osler, Hoskin &#038; Harcourt LLP is acting as Cameco&#146;s legal counsel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Caution Regarding Forward-Looking Information and Statements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Certain information contained in this news release constitutes &#147;forward-looking information&#148; (or
&#147;forward-looking statements&#148;) within the meaning of Canadian and U.S. securities laws. All
statements, other than statements of historical or present fact, constitute forward-looking
information and typically include words and phrases about the future such as will, anticipate,
estimate, expect, plan, intend, predict, goal, target, project, potential, strategy and outlook.
Forward-looking information is necessarily based upon a number of assumptions that, while
considered reasonable by management, are inherently subject to significant business, economic and
competitive uncertainties and contingencies. Cameco cautions the reader that such forward-looking
information involves known and unknown risks, uncertainties and other factors that may cause actual
results and developments to differ materially from those expressed or implied by such
forward-looking information. These risks, factors and assumptions include, but are not limited to:
the assumption that Cameco will acquire a 100% interest in Hathor through the Offer; the risk of
changes in the price of uranium; the assumption that there are no inaccuracies or material
omissions in Hathor&#146;s publicly available information and the risk that Hathor has not disclosed
events or facts which may have occurred or which may affect the significance or accuracy of any
such information; assumptions about anticipated operations and planned exploration and development
activities; the risk of operating or technical difficulties in connection with mining or
development activities; and the risks involved in the exploration, development and mining business.
Certain of these factors are discussed in greater detail in Cameco&#146;s and Hathor&#146;s most recent
Annual Information Form and MD&#038;A on file with the Canadian securities regulatory authorities, which
we recommend that you review for more information about these assumptions and risks. The
information concerning Hathor contained in this press release has been taken from or is based upon
Hathor&#146;s publicly available documents on file with Canadian securities regulatory authorities.
Neither Cameco nor any of its directors or officers assumes any responsibility for the accuracy or
completeness of such information, or for any failure by Hathor to disclose events or facts which
may have occurred or which may affect the significance or accuracy of any such information, but
which are unknown to Cameco. Forward-looking information is designed to help you understand
management&#146;s current views of
our near and longer term prospects, and it may not be appropriate for other purposes. Cameco does
not undertake any obligation to update or revise forward-looking information, whether as a result
of new information, future events or otherwise, except to the extent legally required.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->Page 6<!-- /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; margin-left: .25in; width: 7.50in">

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Cameco, with its head office in Saskatoon, Saskatchewan, is one of the world&#146;s largest uranium
producers. 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: 10pt">As used in this news release, &#147;Cameco&#148; means Cameco Corporation, a Canadian corporation and its
subsidiaries and affiliates unless stated otherwise.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Hathor investor inquiries</B>:<BR>
Kingsdale Shareholder Services<BR>
<u>contactus@kingsdaleshareholder.com</u><BR>
1-888-518-1552 (toll free)

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Cameco investor inquiries:</B><BR>
Rachelle Girard (306)&nbsp;956-6403
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Media inquiries:</B><BR>
Gord Struthers (306)&nbsp;956-6593
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->Page 7<!-- /Folio -->
</DIV>



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