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Exploration Licence Granted for Angela and Pamela Prospects

Saskatoon, Saskatchewan, Canada, October 3, 2008

A joint venture of Cameco Australia Ltd. and Paladin Energy Ltd has been granted an exploration licence by the Northern Territory Government for the Angela and Pamela uranium prospects near Alice Springs.

The exploration licence includes a condition that Cameco obtain further regulatory authorisation under Northern Territory mining laws. Approval of the Aboriginal Areas Protection Authority is also required before work on the ground begins. Drilling is planned to begin on the Angela deposit in 2009 once all necessary approvals have been obtained.

"A considerable amount of work was done on these properties in the 1970s and 1980s, but it will take several more years to complete the work needed to decide whether to apply to mine them," said Jennifer Parks, regional director for Cameco Australia which is the operator of the project during the exploration phase. "This includes environmental, engineering and feasibility studies.

"We will work closely with the community and traditional owners to seek their input and keep them informed every step of the way."

Cameco Australia recently opened an office in Alice Springs in order to be more accessible to the public. A small project team, including a project manager, will be appointed and a drill contractor engaged.

Parks said the company intends to become part of the Alice Springs community and will engage as many local suppliers and staff as possible.

"We have been talking to people in Alice Springs since the Cameco/Paladin joint venture was selected as the successful applicant for the project last February," she said. "We acknowledge the issues raised by the community and are committed to work closely and transparently with all stakeholders."

Comprehensive environmental and social impact studies will be required should an application be made to mine the deposit. These would include detailed hydrogeological studies to ensure the geology and hydrology of the area are well understood.

Both Cameco and Paladin have extensive experience in properly managing these crucial aspects in operating similar projects throughout the world.

Cameco

Cameco, with its head office in Saskatoon, Saskatchewan, is the world's largest uranium producer. The company's uranium products are used to generate electricity in nuclear energy plants around the world, providing one of the cleanest sources of energy available today. Cameco's shares trade on the Toronto and New York stock exchanges.

Paladin Energy Ltd

Paladin Energy Ltd is a uranium production company. Its lead project, the Langer Heinrich Uranium Mine, located in Namibia, is the world's newest conventional uranium project. Paladin is now constructing the Kayelekera Uranium Mine in Malawi. Paladin is listed on the Australian Securities Exchange (ASX), Toronto Stock Exchange (TSX) and Namibian Stock Exchange (NSX). The Company also trades on Munich, Berlin, Stuttgart, and Frankfurt Exchanges.

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(306) 956-6593