Cameco Appoints New President

Saskatoon, Saskatchewan, Canada, May 3, 2000

Cameco Corporation announced today the appointment of Gerald W. Grandey as president of the company. He was also elected as a new director at the company's annual meeting of shareholders held today.

Gerald Grandey joins 11 directors who were re-elected: John S. Auston, Joe F. Colvin, Harry D. Cook, James R. Curtiss, George S. Dembroski, Justus Dornier, Nancy E. Hopkins, J.W. George Ivany, John R. McCaig, Bernard M. Michel and Robert W. Peterson. Allan E. Blakeney retired from the board after serving for eight years.

Gerald Grandey joined Cameco in 1993 and most recently held the position of executive vice-president. Bernard Michel, who will continue in his role as chair of the board and chief executive officer, also held the title of president prior to this announcement.

Cameco, with its head office in Saskatoon, Saskatchewan, is the world's largest uranium producer. The company's uranium products are used to generate electricity in nuclear energy plants around the world, providing one of the cleanest sources of energy available today. Cameco's shares trade on the Toronto and New York stock exchanges.

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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