Balance Sheet

Cameco Corporation
Consolidated Balance Sheets
(Unaudited)
(In Thousands)


		As At

			Sept 30/98	December 31/97	Sept 30/97

Assets
Current assets
	Cash		$50,019	$109,722	$39,523
	Accounts receivable		150,339	111,584	140,211
	Inventories		342,635	298,708	297,330
	Supplies and prepaid expenses		52,445	37,785	37,463

			595,438	557,799	514,527

Property, plant and equipment			1,933,683	1,342,728	1,307,523
Long-term receivables and investments			191,671	188,696	176,600
Inventories			217,317	181,479	162,606

			2,342,671	1,712,903	1,646,729

Total assets			$2,938,109	$2,270,702	$2,161,256


Liabilities and Shareholders' Equity
Current liabilities
	Short-term debt		$213,467	$143,650	$138,200
	Accounts payable and accrued liabilities		75,867	93,831	57,451
	Dividends payable		7,203	7,181	7,175
	Current portion of long-term debt		26,944	14,016	-
	Current portion of other liabilities		14,935	26,553	17,114

			338,416	285,231	219,940

Long-term debt			558,682	129,065	139,175
Provision for reclamation			103,085	87,976	83,583
Other liabilities			17,322	19,147	8,441
Deferred income taxes			178,210	57,050	49,398

			857,299	293,238	280,597

Shareholders' equity
	Share capital		687,300	684,792	680,837
	Contributed surplus		496,745	496,745	496,745
	Retained earnings		528,395	494,608	483,137
	Cumulative translation adjustment		29,954	16,088	-

			1,742,394	1,692,233	1,660,719

Total liabilities and shareholders' equity			$2,938,109	$2,270,702	$2,161,256

See accompanying notes to consolidated financial statements.