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


					(Restated)
As at December 31			2004		2003
				(Thousands)
Assets
Current Assets
Cash and cash equivalents		$	189,532	$	84,069
	Accounts receivable		182,951		181,337
	Inventories [note 3]		386,936		316,435
	Supplies and prepaid expenses		90,923		49,380
	Current portion of long-term receivables, investments and other [note 5]		898		54,866

			851,240		686,087

Property, plant and equipment [note 4]			2,281,418		2,119,784
Long-term receivables, investments and other [note 5]			732,262		625,317
Goodwill [note 19]			187,184		–

Total assets		$	4,052,104	$	3,431,188

Liabilities and Shareholders' Equity
Current liabilities
	Accounts payable and accrued liabilities	$	231,697	$	167,002
	Dividends payable		8,652		8,515
	Current portion of long-term debt [note 6]		–		4,331
	Current portion of other liabilities [note 8]		17,317		1,563
	Future income taxes [note 13]		38,653		24,237

			296,319		205,648

Long-term debt [note 6]			518,603		601,048
Provision for reclamation [note 7]			166,941		150,444
Other liabilities [note 8]			31,086		36,196
Future income taxes [note 13]			533,024		528,250

			1,545,973		1,521,586

Minority interest			345,611		14,690

Shareholders' equity
	Share capital [note 9]		750,559		708,345
	Contributed surplus [note 9]		511,674		505,400
	Retained earnings		938,809		694,423
	Cumulative translation account [note 10]		(40,522)		(13,256)

			2,160,520		1,894,912

Total liabilities and shareholders' equity		$	4,052,104	$	3,431,188


Commitments and contingencies [notes 7, 16, 21, 22]
See accompanying notes to consolidated financial statements.
Approved by the board of directors Original signed by Gerald W. Grandey and Nancy E. Hopkins

Balance Sheets