<SEC-DOCUMENT>0001193125-17-012170.txt : 20170118
<SEC-HEADER>0001193125-17-012170.hdr.sgml : 20170118
<ACCEPTANCE-DATETIME>20170118143632
ACCESSION NUMBER:		0001193125-17-012170
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20170118
FILED AS OF DATE:		20170118
DATE AS OF CHANGE:		20170118

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:		17533209

	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>d320760d6k.htm
<DESCRIPTION>6-K
<TEXT>
<HTML><HEAD>
<TITLE>6-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, DC 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 6-K
</B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Report of Foreign Private Issuer </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Rule 13a-16 or 15d-16 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Under the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the month of January, 2017 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>Cameco
Corporation </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Commission file No.&nbsp;1-14228) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2121-11th Street West </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Saskatoon, Saskatchewan, Canada S7M 1J3 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of Principal Executive Offices) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether
the registrant files or will file annual reports under cover Form 20-F or Form 40-F. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form
20-F&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F&nbsp;&nbsp;&#9745; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 12g3-2(b) under the Securities Exchange Act of 1934. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Yes&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&#9745; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection with
<FONT STYLE="white-space:nowrap">Rule&nbsp;12g3-2(b):</FONT> </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="55%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="18%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><B><U>Exhibit Index</U></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:39.10pt; font-size:8pt; font-family:Times New Roman"><B>Exhibit No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:39.50pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Description</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:30.25pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Page No.</B></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Press Release dated January 17, 2017</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="45%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: January&nbsp;18, 2017</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Cameco Corporation</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; font-size:10pt; font-family:Times New Roman"><I>&#147;Sean A. Quinn&#148;</I></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Sean A. Quinn</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Senior Vice-President, Chief Legal Officer and Corporate&nbsp;Secretary</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 2 </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>d320760dex1.htm
<DESCRIPTION>EX-1
<TEXT>
<HTML><HEAD>
<TITLE>EX-1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="26%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>TSX:</B> CCO <B></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>NYSE:</B> CCJ</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">


<IMG SRC="g320760g75u96.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>website:</B> cameco.com <B></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>currency:</B> Cdn (unless noted)</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">2121 &#150; 11<SUP STYLE="font-size:85%; vertical-align:top">th </SUP>Street West, Saskatoon, Saskatchewan, S7M
1J3 Canada </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Tel: (306)&nbsp;956-6200 Fax: (306)&nbsp;956-6201 </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Cameco Announces Preliminary 2016 Earnings Expectations </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>and Operational Changes Planned for 2017 </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Saskatoon, Saskatchewan, Canada, January&nbsp;17, 2017&nbsp;&nbsp;&nbsp;&nbsp; .&nbsp;&nbsp;&nbsp;&nbsp; .&nbsp;&nbsp;&nbsp;&nbsp; .&nbsp;&nbsp;&nbsp;&nbsp;
..&nbsp;&nbsp;&nbsp;&nbsp; .&nbsp;&nbsp;&nbsp;&nbsp; .&nbsp;&nbsp;&nbsp;&nbsp; .&nbsp;&nbsp;&nbsp;&nbsp; .&nbsp;&nbsp;&nbsp;&nbsp; .&nbsp;&nbsp;&nbsp;&nbsp; .&nbsp;&nbsp;&nbsp;&nbsp; .&nbsp;&nbsp;&nbsp;&nbsp; .&nbsp;&nbsp;&nbsp;&nbsp;
..&nbsp;&nbsp;&nbsp;&nbsp; .&nbsp;&nbsp;&nbsp;&nbsp; .&nbsp;&nbsp;&nbsp;&nbsp; .&nbsp;&nbsp;&nbsp;&nbsp; .&nbsp;&nbsp;&nbsp;&nbsp; .&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Cameco</B> (TSX: CCO; NYSE: CCJ) is today announcing earnings expectations for its year ended December&nbsp;31, 2016 and operational changes planned for
2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">While it is not our usual practice to disclose earnings expectations, we are announcing our earnings expectations for 2016 in advance of our
participation in upcoming investor conferences due to the significant discrepancy between analyst earnings estimates and our current expectations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Our current earnings expectations are not reflective of the strength of our core uranium business, which saw us achieve our outlook for delivery volumes
at a realized price 83% higher than the current spot price,&#148; said president and CEO, Tim Gitzel. &#147;The current earnings expectations do however reflect the consequences of a continued weak uranium market and our resolve to make the
necessary decisions to defend and preserve our core uranium business for the long-term benefit of our stakeholders.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As expected, Cameco delivered
31.5&nbsp;million pounds of uranium at an average realized price of $54.46 per pound in 2016. Also, we&nbsp;do&nbsp;not currently expect that any changes to the financial outlook for 2016 presented in the table on page 13 of our third quarter
Management&#146;s Discussion and Analysis (our 2016 Financial Outlook Information) will have a material impact on our actual 2016 earnings. However, subject to completion of our quarterly financial close process, annual audit and approval of the
2016 consolidated financial statements by Cameco&#146;s board of directors, we expect to report an IFRS net loss for 2016 due in part to asset impairments resulting from fair market value assessments at year end. We expect our adjusted net earnings
for 2016 will be significantly lower than analysts&#146; earnings estimates. In presenting our adjusted net earnings, we expect to make total adjustments to net earnings between approximately $180&nbsp;million and $220&nbsp;million after-tax ($0.45
to $0.56 per share). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cameco&#146;s full annual results will be released after markets close on February&nbsp;9, 2017. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As previously reported, Cameco implemented a number of strategic initiatives in 2016 intended to strengthen our core business and enhance financial
performance over time. These initiatives include the suspension of production at the Rabbit Lake operation and curtailment of our U.S. mining operations; signing of a collaboration agreement with the aboriginal communities located near our
Saskatchewan operations; restructuring of our NUKEM segment and corporate office departments and consolidation of office space. Our legal costs related to our tax dispute with the Canada Revenue Agency (CRA) also increased as we prepared our case to
be heard in the Tax Court of Canada, which started in October. The total estimated cost for all these items is approximately $120&nbsp;million in 2016. These costs were partially offset by the $59 million of additional income generated by the
termination of two long-term supply contracts in the third quarter of 2016. We also recorded an impairment charge for the Rabbit Lake mine and mill in conjunction with the suspension of production. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2017 Operational Changes </B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cameco is planning a number of actions in 2017 intended to further reduce costs and improve efficiency at its uranium mining operations. The workforce at the
McArthur River, Key Lake and Cigar Lake operations is expected to be reduced by approximately 10% or 120 employees in total. The reduction is planned to be conducted in stages and expected to be completed by the end of May 2017. Affected employees
will be offered exit packages that include transition assistance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cameco also plans to implement changes to the air commuter service by which employees
and contract workers get to and from the mine and mill sites in northern Saskatchewan, as well as work schedule changes to achieve additional cost savings. These changes will begin in April 2017 and are expected to be completed during 2018. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The workforce reduction and changes to air commuter service and work schedules planned at the Saskatchewan operations are not expected to impact production in
2017. However, due to cost cutting measures planned at Inkai, Cameco expects Inkai to produce almost 10% less in 2017 with Cameco&#146;s share being 3.1&nbsp;million pounds. In 2016, Cameco&#146;s share of Inkai production was 3.3&nbsp;million
pounds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Information regarding Cameco&#146;s uranium production plans for 2017 will be provided together with Cameco&#146;s full annual results for 2016
after markets close on February&nbsp;9, 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;We regret the impact of these decisions on affected employees and other stakeholders,&#148; said
president and CEO, Tim Gitzel. &#147;These are necessary actions to take in a uranium market that has remained weak and oversupplied for more than five years. While it is positive that we are starting to see other producers announce their intent to
reduce supply, we have not yet seen an actual reduction in supply. Ultimately, it will be the return of both term demand and term contracting in a significant way that will signal that market fundamentals have turned more positive. While we expect
that this demand and term contracting will come to the market at some point, it has not yet happened. These operational changes are part of our strategy to help us effectively manage the company through these low times and remain competitive, while
positioning the company to benefit as the market improves.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Profile </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cameco is one of the world&#146;s largest uranium producers, a significant supplier of conversion services and one of two Candu fuel manufacturers in Canada.
Our competitive position is based on our controlling ownership of the world&#146;s largest high-grade reserves and low-cost operations. Our uranium products are used to generate clean electricity in nuclear power plants around the world. We also
explore for uranium in the Americas, Australia and Asia. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Caution about forward-looking information </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This news release includes statements considered to be forward-looking information or <FONT STYLE="white-space:nowrap">forward-looking</FONT> statements under
Canadian and U.S. securities laws (which we refer to as forward-looking information), including our current expectations regarding our 2016 earnings and adjustments thereto, our expectation that any changes to our 2016 Financial Outlook Information
will not have a material impact on our actual 2016 earnings, our costs related to our strategic initiatives and our dispute with CRA for 2016, the expected cost savings to be achieved by our planned operational changes, our expected production
levels, our expectations regarding future market demand for uranium and term contracting, and the ability of other strategic initiatives to strengthen our business and enhance financial performance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This forward-looking information is based on a number of assumptions, including that: the information already available to us regarding our financial results
for 2016, including asset impairment testing, is sufficiently complete and accurate to allow us to make a&nbsp;reasonable assessment of actual earnings results (and adjustments thereto), the extent of any changes to our 2016 Financial Outlook
Information and costs related to our strategic initiatives and our dispute with CRA for 2016; that our planned workforce reductions and commuter service changes will achieve the expected cost savings and not impact 2017 uranium production at our
Saskatchewan operations; that our other planned operational changes and strategic initiatives will successfully achieve their intended result; that market demand for uranium and term contracting will increase in the future; and that Inkai&#146;s
2017 mining and production plans succeed. This information is subject to a number of risks, including that: the completion of our quarterly financial close process may give rise to earnings results, adjustments to earnings, costs or asset
impairments that are different from our current expectations; unforeseen factors may affect the significance of changes to the 2016 Financial Outlook Information and that we may not be successful in realizing the expected cost reductions and
efficiency improvements from our planned workforce reduction, commuter service changes and other strategic initiatives; that our planned workforce reductions and commuter service changes impact 2017 uranium production at our Saskatchewan operations;
market demand for uranium and term contracting levels remain stable or decrease; and Inkai&#146;s 2017 mining or production plans are delayed or do not succeed for any reason. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please also refer to our annual information form, first quarter, second quarter and third quarter MD&amp;A, and annual MD&amp;A, which include a discussion of
other material risks that could cause actual results to differ significantly from our current expectations, and other assumptions that we make in presenting forward-looking information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The forward-looking information in this news release represents our current views, and can change significantly. It is subject to material risks and based
upon assumptions. Actual results may be significantly different from what we currently expect. Forward-looking information is designed to help you understand management&#146;s current views, and may not be appropriate for other purposes. We will not
necessarily update this information unless we are required to by securities laws. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Qualified Person </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The above scientific and technical information related to Inkai was approved by Alain Mainville, director, mineral resources management for Cameco, who is a
qualified person for the purpose of National Instrument 43-101. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- End - </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="40%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="40%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Investor inquiries:</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Rachelle Girard</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>(306) 956-6403</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Media inquiries:</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Gord Struthers</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>(306) 956-6593</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 6 </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g320760g75u96.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g320760g75u96.jpg
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M 0$! 0$!         0(#! 4&!P@)"@O_Q "U$0 " 0($! ,$!P4$!  ! G<
M 0(#$00%(3$&$D%1!V%Q$R(R@0@40I&AL<$)(S-2\!5B<M$*%B0TX27Q%Q@9
M&B8G*"DJ-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U=G=X>7J"
M@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%QL?(R<K2
MT]35UM?8V=KBX^3EYN?HZ>KR\_3U]O?X^?K_V@ , P$  A$#$0 _ /?Z***
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MN;288>-QP?\  ^XKRH? VYT747O/"/C"^TD/UB*;QUZ%@PR/8@T >Q$@ DG
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M]@5/_1(KPSX8VUQ/\)OB!#9ONF:!2-F>@1BPZ>@->Q+X)UY/!_\ PCP\8S!
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'LQ[FB@#_V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
