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Cameco Share Offering Closes Successfully

Saskatoon, Saskatchewan, Canada, July 11, 1991

Cameco Corporation is pleased to announce the successful conclusion of its initial public offering of common shares which closed today. A cheque in the amount of $130 million was presented to Bill Gatenby, Chairman and CEO of Cameco by the underwriting group. The amount represents the proceeds from the issue of 10.4 million common shares at $12.50 each before payment of underwriters' fees and the expenses of the issue. Net proceeds from the issue will be used immediately to reduce the Corporation's debt.

Gatenby said that he was very pleased with the success of this first issue and welcomed it as a vote of confidence in the future of the Corporation. He added that "about 60% of the issue has been taken up by institutions with the remainder going to individuals in Canada and abroad."

Cameco Corporation is one of the world's largest low-cost producers of uranium, supplying about 10% of the Western World's electrical utility fuel requirements. The Corporation also provides about 20% of the Western World's uranium conversion services. It operates two of the world's largest uranium mines in Northern Saskatchewan and has uranium refining and conversion facilities in Ontario. The head office and principal place of business of the Company is in Saskatoon, Saskatchewan. The ticker symbol is CCO and the newspaper abbreviation is Cameco.


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For further information, please contact:

Rita Mirwald
Director, Corporate Affairs
Cameco Corporation
Phone: (306) 956-6313
Fax: (306) 956-6318