Cameco Announces Closing of Over-Allotment Option

Saskatoon, Saskatchewan, Canada, April 24, 1996

On March 20, 1996, Crown Investments Corporation of Saskatchewan (CICS) sold 9.5 million common shares of Cameco Corporation through a secondary offering. Pursuant to the exercise of an over-allotment option, a further 620,500 common shares of Cameco Corporation were sold today by CICS under the secondary offering. The joint lead underwriters are Nesbitt Burns Inc., Goldman, Sachs & Co. and RBC Dominion Securities Inc.

With the divesture of an aggregate of 10,120,500 shares by CICS, the public holds 89.7% of Cameco's shares and the provincial government, through CICS, holds the remaining 10.3%. There are currently 52,976,124 shares outstanding in Cameco.

Cameco, with its head office in Saskatoon, Saskatchewan, is the world's largest publicly traded uranium company and a growing gold producer. Its uranium products are used to generate electricity in nuclear power plants around the world, providing one of the cleanest sources of energy available today.

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