Balance Sheet

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

			As at

		Sept 30/99	Dec 31/98	Sept 30/98

Assets
Current assets
	Cash	$35,971	$36,466	$50,019
	Accounts receivable	91,079	124,247	150,339
	Inventories	372,134	344,451	342,635
	Supplies and prepaid expenses	52,998	51,467	52,445

		552,182	556,631	595,438

	Property, plant and equipment	2,122,771	1,989,011	1,933,683
	Long-term receivables, investments and other	187,041	210,160	191,671
	Inventories	83,015	182,805	217,317

		2,392,827	2,381,976	2,342,671

Total assets		$2,945,009	$2,938,607	$2,938,109


Liabilities and Shareholders' Equity
Current liabilities
	Short-term debt	-	$32,651	$213,467
	Accounts payable and accrued liabilities	89,135	116,335	75,867
	Dividends payable	7,215	7,207	7,203
	Current portion of long-term debt	27,611	28,631	26,944
	Current portion of other liabilities	3,211	14,406	14,935

		127,172	199,230	338,416

	Long-term debt	350,930	540,116	558,682
	Provision for reclamation	103,627	105,995	103,085
	Other liabilities	11,417	19,052	17,322
	Deferred income taxes	424,952	170,940	178,210

		890,926	836,103	857,299

Shareholders' equity
	Preferred securities	179,546	186,985	-
	Share capital	689,440	687,658	687,300
	Contributed surplus	496,745	496,745	496,745
	Retained earnings	541,188	509,326	528,395
	Cumulative translation account	19,992	22,560	29,954

		1,926,911	1,903,274	1,742,394

Total liabilities and shareholders' equity		$2,945,009	$2,938,607	$2,938,109

See accompanying notes to consolidated financial statements.