KINTYRE

Summary

Cameco making progress at Kintyre

The Kintyre deposit in Western Australia was discovered 25 years ago, but remained undeveloped because of previous policy constraints.

Cameco bought the project in 2008 from Rio Tinto in a 70% joint venture with Mitsubishi.

The project lands are located 60 km south of Telfer and 260 km northeast of Newman at the western edge of the Great Sandy Desert in the East Pilbara region of Western Australia. It is 1,250 kilometres north of the state capital of Perth.

Kintyre lies immediately north of Rudall River (Karlamilyi) National Park, which is one of the largest and most remote national parks in the world.

In April of 2009, Cameco opened the Kintyre Joint Venture office in Perth to manage the project through the evaluation and pre-feasibility stages. By September of 2009, permits were granted and a small camp was re-established at Kintyre to support diamond drilling. The program's purpose was to confirm the historic drilling done years earlier and do additional delineation drilling.

By the middle of 2010, there were four drill rigs working 24 hours a day at the site and Cameco was able to complete a resource estimate in accordance with the Canadian national instrument 43-101 requirements. This was published by Cameco on May 6, 2011 in the company's management discussion and analysis document for the first quarter.

Besides the exploration work, Cameco initiated baseline environmental studies and filed the initial Uranium Project Environmental Referral document with both state and Commonwealth regulators in September, 2010.

In early 2011, the Kintyre Uranium Project Environmental Scoping Document was filed with the same regulators.

The Scoping document was approved in August 2011 and Cameco is now preparing the environmental impact assessment document, the Environmental Review and Management Plan.

Negotiations have continued through the current exploration and environmental studies phase with the Western Desert Lands Aboriginal Corporation which represents the interest of the Martu, who are the traditional owners of Kintyre.

Even prior to reaching final agreement, Cameco has made a priority of hiring and training local Martu people from nearby communities to work at the exploration camp. This resulted in close to 20 new jobs for Martu people during the drilling program.

Cameco publishes resource estimate for Kintyre
Q1 2011 Cameco MD&A excerpt (May 6, 2011)

Cameco releases Environmental Scoping Document
March, 2011

Cameco Australia Files Kintyre Referral Document
September 2010

Cameco Expands Australian Presence
April 6, 2009

Cameco Completes Kintyre Acquisition
August 11, 2008

Cameco Acquires Advanced Australian Exploration Project
July 9, 2008

Current Activities

Continue testing the mineralization at depth and incorporate results into our mineral resource estimate
Continue environmental studies in preparation for next stage of regulatory approval process
Work to advance the project toward a development decision using Cameco stage gate process
Continue talks aimed at reaching a mine development agreement with the Martu