Cameco Corporation --- Uranium - Fuel - Electricity - Mining - Milling

Consolidated Balance Sheets

As at December 31		1997	1996	1995
		(Thousands)

Assets
Current assets
	Cash	$109,722	$14,603	$14,642
	Accounts receivable [note 3]	111,584	88,380	91,964
	Inventories [note 4]	298,708	227,598	220,205
	Supplies and prepaid expenses	37,785	24,553	18,990

		557,799	355,134	345,801
Property, plant and equipment [note 5]		1,342,728	1,202,557	1,115,785
Long-term receivables and investments [note 6]		188,696	106,741	72,637
Inventories [note 4]		181,479	114,150	133,127

Total assets		$2,270,702	$1,778,582	$1,667,350



Liabilities and Shareholders' Equity
Current liabilities
	Short-term debt [note 7]	$143,650	$--------	$--------
	Accounts payable and accrued liabilities	93,831	62,695	68,172
	Dividends payable	7,181	6,647	6,582
	Current portion of long-term debt [note 8]	14,016	-	-
	Current portion of other liabilities [note 10]	26,553	14,680	22,615

		285,231	84,022	97,369

Long-term debt [note 8]		129,065	200,018	196,462
Provision for reclamation [note 9]		87,976	64,171	57,338
Other liabilities [note 10]		19,147	10,699	14,524
Deferred income taxes		57,050	-	-

		578,469	358,910	365,693
Shareholders' equity
	Share capital [note 11]	684,792	482,721	475,781
	Contributed surplus	496,745	496,745	496,745
	Retained earnings	494,608	440,206	329,131
	Cumulative translation adjustment [note 12]	16,088	-	-

		1,692,233	1,419,672	1,301,657

Total liabilities and shareholders' equity		$2,270,702	$1,778,582	$1,667,350

Consolidated Statements of Earnings

For the year ended December 31		1997		1996		1995
		(Thousands)

Revenue from
	Products and services	$642,945		$590,861		$395,271

Expenses
	Products and services sold	316,108		298,205		190,210
	Depreciation, depletion and reclamation	122,676		94,974		67,481
	Administration	27,213		23,255		19,617
	Exploration	32,023		29,223		16,991
	Research and development	1,893		3,334		1,629
	Interest [note 13]	(7,962	)	(3,396	)	(4,412	)

		491,951		445,595		291,516

Earnings from operations [note 24]		150,994		145,266		103,755
	Other income (expense)	(3,958	)	(2,422	)	1,858

Earnings before income taxes		147,036		142,844		105,613
	Income taxes [note 14]	65,057		5,311		3,528

Net earnings [note 24]		$81,979		$137,533		$102,085

Consolidated Statements of Retained Earnings

For the year ended December 31	1997		1996		1995
	(Thousands)

Retained earnings at beginning of year	$440,206		$329,131		$253,261
Net earnings	81,979		137,533		102,085
Dividends	(27,577	)	(26,458	)	(26,215	)

Retained earnings at end of year	$494,608		$440,206		$329,131

Consolidated Statements of Changes in Cash Resources

For the year ended December 31		1997		1996		1995
		(Thousands)

Operating activities
	Sale of products and services	$642,148		$570,808		$377,400
	Products and services purchased	(396,068	)	(331,319	)	(202,202	)
	Administration and R&D	(32,389	)	(24,972	)	(19,898	)
	Exploration	(31,006	)	(28,872	)	(16,561	)
	Income taxes	(6,425	)	(4,802	)	(3,586	)
	Interest	(14,154	)	(2,940	)	(2,632	)

Cash provided by operations [notes 15, 24]		162,106		177,903		132,521

Investing activities
	Additions to property, plant and equipment	(126,143	)	(168,141	)	(175,212	)
	Additions to long-term receivables and investments	(49,042	)	(27,730	)	(77,470	)
	Repayment of additional subordinated loan	-		31,591		-
	Acquisition of net business assets	(155,975	)	-		-
	Proceeds on sale of property, plant and equipment	6,315		2,227		200

Cash used in investing		(324,845	)	(162,053	)	(252,482	)

Financing activities
	Increase in debt	150,412		88,415		189,914
	Repayment of debt	(63,699	)	(84,859	)	(55,020	)
	Issue of shares, net of issue costs	198,188		6,948		5,415
	Dividends	(27,043	)	(26,393	)	(26,166	)

Cash provided by (used in) financing		257,858		(15,889	)	114,143

	Increase (decrease) in cash during the year	95,119		(39	)	(5,818	)
	Cash at beginning of year	14,603		14,642		20,460

Cash at end of year		$109,722		$14,603		$14,642

Financials