Earnings Statement

Cameco Corporation
Consolidated Statements of Earnings
(Unaudited)
(In Thousands)

		Three Months Ended		Nine Months Ended
		Sept 30/98	Sept 30/97	Sept 30/98	Sept 30/97

Revenue
	Products and services	$202,634	$187,063	$491,507	$462,805

Expenses
	Products and services sold	114,662	94,428	265,720	224,234
	Depreciation, depletion and reclamation	34,959	38,349	88,895	85,132
	Administration	6,552	5,935	20,978	19,664
	Exploration	9,829	8,313	22,364	21,312
	Research and development	620	656	1,794	2,283
	Interest	(58)	(737)	(3,499)	(2,980)

		166,564	146,944	396,252	349,645

Earnings from operations		36,070	40,119	95,255	113,160
	Other expenses	2,069	2,759	2,069	2,759
	Income tax expense
	- current	3,252	3,004	4,179	2,899
	- deferred	12,534	13,383	33,623	44,060

Net earnings		$18,215	$20,973	$55,384	$63,442



Net earnings per common share		$0.32	$0.39	$0.97	$1.19

Cameco Corporation
Consolidated Statements of Retained Earnings
(Unaudited)
(In Thousands)

	Three Months Ended		Nine Months Ended
	Sept 30/98	Sept 30/97	Sept 30/98	Sept 30/97

Retained earnings at beginning of period	$517,384	$469,339	$494,608	$440,206
Net earnings	18,215	20,973	55,384	63,442
Dividends	(7,204)	(7,175)	(21,597)	(20,511)

Retained earnings at end of period	$528,395	$483,137	$528,395	$483,137

See accompanying notes to consolidated financial statements.