Cameco Corporation (CCJ)

[Copperfield]

Cameco Provides Details of Previously Announced Uranium Agreement
Companies Amend Deal for Uranium from Dismantled Russian Nuclear Weapons
Saskatoon, Saskatchewan, Canada June 16, 2004


http://www.cameco.com/media_gateway/news_releases/2004/news_release.php?id=85

Cameco Corporation and its two partners announced today that they have finalized an amendment to their agreement to purchase uranium derived from dismantled Russian nuclear weapons. The amendment is subject to approval by the US and Russian governments. Cameco had previously provided an overview of this development in its 2004 first quarter report. The recent signing of the agreement provides the opportunity for the companies to explain in more detail the amendment and its potential impact on the uranium concentrate and UF6 conversion markets.

“Cameco is proud to be part of an international initiative that is successfully turning uranium from Russian nuclear weapons into fuel for clean energy,” said Jerry Grandey, Cameco’s president and CEO.

Please see the attached joint announcement by Cameco and its two partners for more detailed information.

Cameco, with its head office in Saskatoon, Saskatchewan, is the world’s largest uranium producer. The company’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’s shares trade on the Toronto and New York stock exchanges.