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Uranium Price

Cash Statement

Consolidated Statements of Cash Flow
(Unaudited)
(In Thousands)

			Three Months Ended		Nine Months Ended
			Sept 30/00	Sept 30/99	Sept 30/00	Sept 30/99

Operating activities
	Net earnings (loss)		($108,351)	$31,977	($83,917)	$60,216
	Items not requiring (providing) cash:
		Depreciation, depletion and reclamation	24,673	31,148	76,800	91,457
		Provision for deferred taxes (recovery)	382	(57,578)	20,144	(32,588)
		Writedown of mineral properties	127,738	45,523	127,738	45,523
		Other non-cash items	-	3,545	-	3,545
		Gain on sale of assets	-	(11,606)	-	(11,606)
		Deferred revenue recognized	(4,376)	(3,386)	(9,713)	(9,193)
	Other operating items		(15,743)	63,182	8,732	28,102

Cash provided by operations			24,323	102,805	139,784	175,456


Investing activities
	Additions to property, plant and equipment		(10,492)	(66,736)	(81,319)	(174,753)
	Sale of net business assets		-	238,053	-	238,053
	Proceeds on sale of property, plant and equipment		-	852	-	1,261

Cash provided by (used in) investing			(10,492)	172,169	(81,319)	64,561


Financing activities
	Increase in debt		2,229	100,000	4,466	100,000
	Repayment of debt		-	(348,244)	(12,150)	(308,316)
	Shares repurchased		(9,292)	-	(46,484)	-
	Issue of shares		169	402	1,645	1,781
	Preferred securities charges		(4,161)	(4,139)	(12,242)	(12,348)
	Dividends		(6,924)	(7,213)	(21,156)	(21,629)

Cash used in financing			(17,979)	(259,194)	(85,921)	(240,512)


	Increase (decrease) in cash during the period		(4,148)	15,780	(27,456)	(495)
	Cash at beginning of period		22,161	20,191	45,469	36,466

Cash at end of period			$18,013	$35,971	$18,013	$35,971



Supplemental cash flow disclosure
	Interest paid		$7,012	$6,451	$21,107	$26,776
	Income taxes paid (recovered)		($684)	$6,950	$3,132	$14,290



Note: See accompanying notes to consolidated financial statements.