Cameco Share Price Set, New York Stock Exchange Listing Confirmed

Saskatoon, Saskatchewan, Canada, March 14, 1996

Cameco Corporation today announced that it has been advised by its major shareholder, Crown Investments Corporation of Saskatchewan (CICS), that a price per share of $75.50 has been set for the sale of 9,500,000 common shares by CICS through a secondary offering announced February 26. Cameco shares closed March 13 at $75.50 on the Toronto Stock Exchange.

The shares are to be sold on an installment basis. The first payment of $37.75 (CDN) per share for purchasers in Canada or $27.60 (US) for purchasers in the United States will be payable on closing of the offering, scheduled for March 20, 1996. The second payment of $37.75 (CDN) per share will be due on March 20, 1997.

Cameco also confirmed that trading of its common shares and the installment receipts representing the common shares offered by CICS will begin on the New York Stock Exchange March 14, 1996 under the symbol CCJ for shares and CCJ PP for installment receipts. Trading of the installment receipts on the Toronto and Montreal exchanges will begin March 14, 1996 under the symbol CCO.IR.W until closing of the offering, and CCO.IR thereafter. Cameco shares, which have traded on the Toronto and Montreal exchanges since July 1991 under the symbol CCO, will continue to be traded on these exchanges as CCO.

The joint lead underwriters for the offering are Nesbitt Burns Inc., Goldman, Sachs & Co., and RBC Dominion Securities Inc. The offering by CICS includes an option, exercisable until 30 days after closing, that allows the underwriters to purchase up to an additional 1,000,000 shares solely to cover over-allotments of shares sold in the offering. The total value of the offering, if the over-allotment option is exercised, will be approximately $793 million (CDN).

As of March 8, 1996, there were 52,783,410 issued and outstanding common shares of Cameco. This offering will result in the following changes to Cameco's ownership structure and share ownership:

Cameco has filed a short-form prospectus with all appropriate securities regulatory agencies in Canada and has filed a registration statement with the Securities and Exchange Commission in the United States, which was declared effective on March 12, 1996.

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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This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these common shares in any state of the United States in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Interested US investors may obtain a written prospectus from Nesbitt Burns Securities Inc., 430 Park Ave., 7th Floor, New York, New York 10022, Goldman, Sachs & Co., Registration Department, 85 Broad Street, New York, New York 10004 or RBC Dominion Securities Corporation, Financial Square, 24th Floor, New York, New York 10005.