Cameco Sale of Selected Assets to Cogema Closes

Saskatoon, Saskatchewan, Canada, July 8, 1999

Cameco Corporation today announced the closing of the transaction (announced May 5, 1999) in which Cogema Resources Inc. acquires an interest in selected uranium assets. Net proceeds of approximately $250 million (CDN) will result in an after-tax gain of about $65 million (CDN). Today's closing follows receipt of necessary regulatory approvals.

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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