Cameco
2008 Business Review
Driven to succeed
LARGEST PRODUCER
Cameco is the world's largest uranium producer with diversified sources of supply and demonstrated experience in the global marketing of uranium and conversion services.
 
RICH RESERVES
Cameco has more than 500 million pounds of proven and probable reserves, including the world's richest high-grade reserves in northern Saskatchewan.
Uranium Reserves
  Total (Cameco's Share)
Cigar Lake 113.2
Inkai 85.5
McArthur River 243.7
Rabbit Lake 16.2
Other 54.0
Total 512.6
PURCHASE AGREEMENTS
Cameco has firm commitments to annually purchase about 7 million pounds of uranium through 2013, primarily from recycled Russian weapons material.
 
DIVERSIFICATION
Cameco's production supply base is geographically and technologically diversified with operations in Canada, the US and Kazakhstan.
2008 Uranium Production
Cameco's share of production (million lbs U3O8)
  2008 Planned
Inkai 1.2
McArthur River/Key Lake 13.1
Rabbit Lake 3.6
US ISR 2.7
Total 20.6

Scientific and technical information regarding Cameco's material uranium properties, including reserve estimates, was prepared by or under the supervision of the following qualified persons, all of whom are Cameco employees: (i) for McArthur River, Greg Murdock, technical superintendent, McArthur River; Chuck Edwards, principal metallurgist, mining; Alain G. Mainville, director, mineral resources management; and David Bronkhorst, general manager, McArthur River; and (ii) for Cigar Lake, Doug McIlveen, Cigar Lake chief geologist; C. Scott Bishop, chief mine engineer, Cigar Lake; Alain G. Mainville, director, mineral resources management; and Chuck Edwards, principal metallurgist, mining.

See Cameco's MD&A dated March 7, 2008 under the heading "reserves and resources" for a discussion of: (a) the effective date of each estimate of uranium mineral reserves; (b) details of the key assumptions, parameters and methods used to estimate uranium mineral reserves; and (c) a general discussion of the extent to which each estimate of uranium mineral reserves may be materially affected by any known environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues.

McArthur River's mineral reserves are comprised of proven reserves of 486,500 tonnes grading 17.38% U3O8 for a total of 186.6 million lbs U3O8, and probable reserves of 280,000 tonnes grading 26.33% U3O8 for a total of 162.5 million lbs U3O8. Cameco's share of McArthur River's total proven and probable reserves is 243.7 million lbs U3O8. Cigar Lake's mineral reserves are comprised of 497,000 tonnes of proven reserves grading 20.67% U3O8 for a total of 226.3 million lbs U3O8 (of which Cameco's share is 113.2 million lbs U3O8).