Cameco Shareholders Elect Board of Directors

Saskatoon, Saskatchewan, Canada, May 3, 1996

Cameco Corporation today announced the election of one new director to the board at its annual meeting of shareholders. He is:

    George S. Dembroski
    Vice-Chairman and Director
    RBC Dominion Securities Limited, Toronto, Ontario

He joins 11 directors who were re-elected: Dr. Richard B. Baltzan, Allan E. Blakeney, Harry D. Cook, James R. Curtiss, Justus Dornier, Nancy E. Hopkins, John R. McCaig, Bernard M. Michel, Robert W. Peterson, Robert T. F. Reid and Kim Thorson.

At a meeting later in the day, the board of directors declared a quarterly dividend of $0.125 (Cdn) per share payable on July 15, 1996 to shareholders of record on July 1, 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.

For further information, please contact: