Saskatoon, Saskatchewan, Canada, May 29, 1997
Cameco Corporation announced today that its board of directors declared a quarterly dividend of $0.125 (Cdn) per share payable on July 15, 1997 to shareholders of record on June 30, 1997.
For further information, please contact:
| Alice Wong Manager, Investor Relations Cameco Corporation Phone:  (306) 956-6337 Fax:    (306) 956-6318 |
or | Elaine Kergoat Manager, Media & Public Relations Cameco Corporation Phone:  (306) 956-6315 Fax:    (306) 956-6318 |

