Reserves and Resources - uranium

Reserves and Resources - uranium

URANIUM RESERVES ^{1

(AS
OF DECEMBER 31, 1999)}

	Mining Method ²	Tonnes (thousands)		Average Grade (% U₃O₈)		Total (million lbs U₃O₈)		Cameco's Share (million lbs U₃O₈)
Proven Reserves
Cigar Lake	UG	345		22.51		171.2		85.7
Crow Butte	ISL	-		-		4.0		3.6
Gas Hills	ISL	-		-		10.6		10.6
Highland	ISL	-		-		6.4		6.4
Key Lake	OP	221		0.46		2.2		1.9
McArthur River	UG	505		22.15		246.5		172.1
Peach	ISL	-		-		3.6		3.6
Rabbit Lake	OP/UG	908		1.33		26.7		26.7
Ruby Ranch	ISL	-		-		3.1		3.1

Total Proven Reserves ³		1,979				474.3		313.7


Probable Reserves
Cigar Lake	UG	236		11.3		58.8		29.4
Crow Butte	ISL	-		-		5.0		4.5
Gas Hills	ISL	-		-		7.6		7.6
Highland	ISL	-		-		0.9		0.9
McArthur River	UG	163		2.42		8.7		6.1
Peach	ISL	-		-		1.0		1.0
Rabbit Lake	UG	174		0.85		3.3		3.3
Ruby Ranch	ISL	-		-		1.7		1.7

Total Probable Reserves		573				87.0		54.5

Total Proven and Probable Reserves		2,552				561.3		368.2


Possible Reserves
Cigar Lake	UG	565		8.15		101.5		50.8

Total Possible Reserves		565		8.15		101.5		50.8

¹	For a description of the methodology and definitions used by Cameco in the calculation and presentation of reserves and resources, see page 73. Canadian Securities Administrators' proposed National Instrument 43-101 dated July 3, 1998 requires mining companies to disclose reserves and resources using the subcategories of proven reserves, probable reserves and possible reserves and measured resources, indicated resources and inferred resources. Cameco reports reserves and resources separately. The amount of reported resources does not include those amounts identified as reserves. Cameco has measured uranium resources of nil.
²	Mining method is either underground (UG), open pit (OP) or in situ leaching (ISL). Tonnes and grade are not listed for ISL deposits because they contain in situ leach reserves and/or resources which may be dissolved in place and pumped to surface rather than excavated.
³	Approximately 11,068,000 pounds U₃O₈ with an average grade of 1.10% U₃O₈ are contained in broken ore stockpiled at the Key Lake and Rabbit Lake sites.
⁴	Includes Cameco's wholly owned US subsidiaries.

URANIUM RESOURCES ^{1

(AS
OF DECEMBER 31, 1999)}

	Mining Method ²	Tonnes (thousands)		Average Grade (% U₃O₈)		Total (million lbs U₃O₈)		Cameco's Share (million lbs U₃O₈)
Indicated Resources
Bear Creek	ISL	-		-		3.9		3.9
Big Red	ISL	-		-		2.6		2.6
Crow Butte	ISL	-		-		11.0		9.9
Dawn Lake	OP/UG	436		1.93		18.5		10.7
Gas Hills	ISL	-		-		2.1		2.1
Highland	ISL	-		-		2.9		2.9
McArthur River	UG	859		12.02		227.8		159.0
Rabbit Lake	UG	57		1.20		1.5		1.5

Total Indicated Resources		1,352				270.3		192.6


Inferred Resources
Bear Creek	ISL	-		-		0.9		0.9
Big Red	ISL	-		-		3.5		3.5
Crow Butte	ISL	-		-		16.6		15.0
Dawn Lake	UG	165		1.04		3.8		2.2
Gas Hills	ISL	-		-		50.8		50.8
Highland	ISL	-		-		2.5		2.5
Peach	ISL	-		-		4.0		4.0
Ruby Ranch	ISL	-		-		2.0		2.0
Taylor Ranch	ISL	-		-		10.0		5.0

Total Inferred Resources		165				94.1		85.9

OWNERSHIP^{(AS
OF DECEMBER 31, 1999)}

Property	Cameco's Share ⁴	Other Owners		Operator ⁴
Bear Creek	100%		n/a	Cameco
Big Red	100%		n/a	Cameco
Cigar Lake	50%		COGEMA Resources Inc. 37%, Idemitsu Uranium Exploration Canada Ltd. 8%, TEPCO Resources Inc. 5%	Cigar Lake Mining Corp.
Crow Butte	90%		KEPCO Resources America, Ltd. 10%	Crow Butte Resources, Inc.
Dawn Lake	58%		COGEMA Resources Inc. 23%, PNC Exploration (Canada) Ltd. 19%	Cameco
Gas Hills	100%		n/a	Cameco
Highland	100%		n/a	Cameco
Key Lake	83%		COGEMA Resources Inc. 17%	Cameco
McArthur River	70%		COGEMA Resources Inc. 30%	Cameco
Peach	100%		n/a	Cameco
Rabbit Lake	100%		n/a	Cameco
Ruby Ranch	100%		n/a	Cameco
Taylor Ranch	50%		Cotter Corporation 50%	Cameco