Cameco Not Aware of Reasons for Sharp Price Increases

Saskatoon, Saskatchewan, Canada, January 30, 1996

Cameco Corporation today stated that it is not aware of any company developments that would lead to the significant rise in its share price. The company's shares opened trading today at $62 1/2 and by mid-morning had reached $69 7/8 on relatively small volumes on the Toronto stock exchange.

Cameco shares have increased steadily in value moving from $51 1/8 on January 3 to $62 3/8 at the close of trading on January 29.

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

For further information, please contact:

Alice Wong
Manager, Investor Relations
Cameco Corporation
Phone: (306) 956-6337
Fax: (306) 956-631