Cameco Announces Closing of Debentures Sale

Saskatoon, Saskatchewan, Canada, July 12, 1999

Cameco Corporation today announced it has completed the sale, in Canada, of $100 million of 6.9% debentures Series A, due July 12, 2006.

The debentures were issued under a $300 million debt shelf prospectus filed by the company in early June. The offering was underwritten by RBC Dominion Securities Inc. and TD Securities Inc. The debentures have received a rating of "A" by the Dominion Bond Rating Service Limited, "A-" by Standard & Poor's Rating Service and "A3" by Moody's Investors Service, Inc.

Cameco will use the net proceeds of $98.8 million from this offering to repay commercial paper as it matures and therefore, this sale does not represent additional indebtedness.

Cameco, with its head office in Saskatoon, Saskatchewan, is the world's largest publicly traded uranium producer. Its products are used to generate electricity in nuclear energy plants around the world, providing one of the cleanest sources of energy available today.

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For further information, please contact:

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

Elaine Kergoat Manager, Media & Public Relations Cameco Corporation Phone: (306) 956-6315 Fax: (306) 956-6318