<SEC-DOCUMENT>0000950123-11-090276.txt : 20111017
<SEC-HEADER>0000950123-11-090276.hdr.sgml : 20111017
<ACCEPTANCE-DATETIME>20111017151225
ACCESSION NUMBER:		0000950123-11-090276
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20111001
FILED AS OF DATE:		20111017
DATE AS OF CHANGE:		20111017

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:		111143715

	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>c23374e6vk.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 6-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: Helvetica,Arial,sans-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 October, 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"><B>(Commission file No.&nbsp;1-14228)</B>
</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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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-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="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Page No.</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Press Release dated October&nbsp;17, 2011
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">3 &#150; 6</TD>
</TR>
<!-- End Table Body --></TABLE>
</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="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">Date: October&nbsp;17, 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;</I>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
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,<br>
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>c23374exv99w1.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&nbsp;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="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&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="c23374c2337401.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 Updates Hathor Shareholders on Status of Premium Offer</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Saskatoon, Saskatchewan, Canada, October&nbsp;17, 2011 . . . . . . . . . . .
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Cameco </B>(TSX: CCO; NYSE: CCJ) today mailed to Hathor Exploration Ltd. (TSX: HAT) shareholders a
letter from Tim Gitzel, president and CEO of Cameco. The letter should arrive in the next few days.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The content of the letter follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Dear Hathor Exploration shareholder:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">You have a unique opportunity to receive an immediate and substantial premium by tendering
to Cameco&#146;s offer to acquire Hathor for $3.75 per share. However, the October&nbsp;31, 2011 5:00
p.m. (Vancouver time) deadline is quickly approaching. Hathor shareholders who wish to take
advantage of the offer need to ensure they do so prior to the expiry time of the offer.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">While you need to make a decision regarding your Hathor shares, the reasons to accept our
offer are straightforward.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>An Attractive Premium Offer</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Despite the recent turbulence in the markets and uncertainty about the future, Cameco&#146;s
offer has not been withdrawn or reduced and continues to offer an attractive premium of:
</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>40% over Hathor&#146;s closing share price on August&nbsp;25, 2011 (the last trading day prior
to the announcement of Cameco&#146;s intention to make an offer)</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>33% over Hathor&#146;s 20-day volume weighted average price as at 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="4%" 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 share price prior to the general decline in the share prices of
uranium companies since March&nbsp;2011.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Cameco&#146;s fully funded, all-cash premium offer has insulated Hathor&#146;s share price from recent
market pressure. Since Cameco&#146;s offer was announced on August&nbsp;26, 2011, the share prices of
Hathor&#146;s peers have declined by over 14%<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>. If Hathor traded in line with
its peers, Cameco&#146;s offer would represent a significantly greater premium today.
</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"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Based on the average share price performance between
August&nbsp;26, 2011 and October&nbsp;13, 2011 of selected peers including: A-Cap,
Berkeley, Deep Yellow, Forsys, Laramide, Mega Uranium, Strathmore, Toro Energy,
UEX and Ur-Energy.</TD>
</TR>

</TABLE>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->Page 3<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">






<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Hathor shareholders can benefit from the all-cash offer that provides certainty of value and
immediate liquidity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Hathor Has Not Surfaced Any Alternative Offers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Nearly two full months have passed since Cameco commenced its premium offer. In that time,
Hathor has released its preliminary assessment for the Roughrider Project, produced several
press releases on drilling results, made public statements about its assessment of the
importance of the Roughrider Project to the global uranium industry, and ran a process to
solicit alternatives to Cameco&#146;s premium offer. However, an alternative that would deliver
better value to Hathor shareholders has not emerged. The lack of any alternative to our
premium offer confirms that Cameco has made a full and fair offer for your shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>The Best Alternative for Hathor Shareholders</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">As I have said before, Hathor&#146;s management team has done an exceptional job of identifying
and delineating the Roughrider deposit and has put Hathor shareholders in a good position to
realize an attractive return on their investment. However, Cameco believes that Hathor&#146;s
inexperience as a mine developer has resulted in it significantly underestimating the costs,
timelines and challenges of developing an advanced exploration stage project such as
Roughrider. Cameco believes that the Roughrider deposit cannot be economically developed as
a standalone operation with its own mining and milling facilities and related
infrastructure. It is only due to Cameco&#146;s existing infrastructure and obvious synergies in
the region that we are currently able to justify making this attractive offer. Our premium
offer allows you as a Hathor shareholder to realize full and fair value for your shares and
monetize your investment today with no risk.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">You can also choose to do nothing and bear the considerable risks and uncertainties of
Hathor attempting to develop its assets over the course of many years and during a period of
great global economic uncertainty. In addition to the significant technical difficulties of
developing a uranium mine in the Athabasca region, continued development of the Roughrider
deposit and Hathor&#146;s other projects will require substantial additional funds. Additional
equity financings, joint venture agreements or other transactions that are undertaken to
raise funds could result in material dilution to existing Hathor shareholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">You have an opportunity to earn a substantial premium by accepting Cameco&#146;s all-cash offer
to acquire Hathor for $3.75 per share. The offer expires soon, so please act now.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>How to Tender Your Shares to the Offer</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">To take advantage of our offer, tender your shares prior to October&nbsp;31, 2011 at 5:00 p.m.
(Vancouver time) when our offer will expire, unless it is extended or withdrawn.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->Page 4<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">All questions regarding our offer and how to tender your shares should be directed to
Kingsdale Shareholder Services Inc. at 1-888-518-1552 (toll-free in North America), or by
email at contactus@kingsdaleshareholder.com.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Thank you in advance for taking the time to consider this offer.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">On behalf of Cameco,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Tim Gitzel<BR>
President and Chief Executive Officer
</DIV>

<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; or the &#147;company&#148; means Cameco Corporation, a Canadian
corporation and its subsidiaries and affiliates unless stated otherwise.
</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
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->Page 5<!-- /Folio -->
</DIV>

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<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">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>

<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 6<!-- /Folio -->
</DIV>



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