Cameco Announces Third Quarter Dividend

Saskatoon, Saskatchewan, Canada, July 31, 1996

Cameco Corporation announces that its board of directors declared a quarterly dividend of $0.125 (Cdn) per share payable on October 15, 1996 to shareholders of record on September 30, 1996.

For further information, please contact:

Alice Wong
Manager, Investor Relations
Cameco Corporation
Phone: (306) 956-6337
Fax: (306) 956-6318