Earnings Statement

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

			Three Months Ended		Nine Months Ended
			Sept 30/99	Sept 30/98	Sept 30/99	Sept 30/98

Revenue from
	Products and services		$169,175	$202,634	$497,590	$491,507

Expenses
	Products and services sold		106,702	114,662	284,114	265,720
	Depreciation, depletion and reclamation		31,148	34,959	91,457	88,895
	Administration		6,151	8,621	23,990	23,047
	Exploration		6,984	9,829	17,211	22,364
	Research and development		591	620	1,724	1,794
	Interest, net		960	(58)	5,423	(3,499)
	Writedown of mineral properties		45,523	-	45,523	-
	Gain on sale of assets		(11,606)	-	(11,606)	-

			186,453	168,633	457,836	398,321

Earnings (loss) from operations			(17,278)	34,001	39,754	93,186

Other expenses			3,545	-	3,545	-

Earnings (loss) before income taxes			(20,823)	34,001	36,209	93,186

Income tax expense (recovery)
		- current	4,778	3,252	8,581	4,179
		- deferred	(57,578)	12,534	(32,588)	33,623

Net earnings			31,977	18,215	60,216	55,384

Preferred securities charges			2,235	-	6,717	-

Net earnings attributable to common shares			$29,742	$18,215	$53,499	$55,384

Earnings per common share			$0.52	$0.32	$0.93	$0.97

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

	Three Months Ended		Nine Months Ended
	Sept 30/99	Sept 30/98	Sept 30/99	Sept 30/98

Retained earnings at beginning of period	$518,661	$517,384	$509,326	$494,608
Net earnings	31,977	18,215	60,216	55,384
Dividends on common shares	(7,215)	(7,204)	(21,637)	(21,597)
Preferred securities charges	(2,235)	-	(6,717)	-

Retained earnings at end of period	$541,188	$528,395	$541,188	$528,395

See accompanying notes to consolidated financial statements.