Cameco Shareholders Elect Board of Directors

Saskatoon, Saskatchewan, Canada, May 5, 1999

Cameco Corporation announced today the election of three new directors at the company's annual meeting of shareholders. The new directors are:

John S. Auston West Vancouver, British Columbia	President, Chief Executive Officer and Director Ashton Mining of Canada Inc.
Joe F. Colvin Annapolis, Maryland	President and Chief Executive Officer Nuclear Energy Institute
J. W. George Ivany Saskatoon, Saskatchewan	President and Vice-Chancellor University of Saskatchewan

They join nine directors who were re-elected: Allan E. Blakeney, Harry D. Cook, James R. Curtiss, George S. Dembroski, Justus Dornier, Nancy E. Hopkins, John R. McCaig, Bernard M. Michel and Robert W. Peterson.

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