Cameco Does Not Endorse Mini-Tender Offer

Saskatoon, Saskatchewan, Canada, March 29, 2001

 

Cameco Corporation has been notified that TRC Capital Corporation has made an unsolicited mini-tender offer on March 22, 2001, to purchase up to 2,000,000, or approximately 3.6%, of Cameco's common shares, at a price of $28.20 (Cdn) per share. Cameco cautions shareholders that the offer has been made at a discount to the closing price of $29.50 (Cdn) for the company's shares on The Toronto Stock Exchange on the day before the offer was announced.

Cameco wishes to inform its shareholders that it does not recommend or endorse this unsolicited offer and that the company is in no way associated with TRC Capital Corporation.

Shareholders who are considering selling their shares are cautioned that they should consult their investment advisors before making any decisions.

The US Securities and Exchange Commission (SEC) has issued an investor alert regarding mini-tender offers that can be accessed at the SEC's web site at www.sec.gov/investor/pubs/minitend.htm. The SEC is responsible for securities regulation in the United States.

Cameco, with its head office in Saskatoon, Saskatchewan, is the world's largest uranium supplier. 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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For further information, please contact:

Rita Mirwald  Senior Vice-President,   Human Resources & Corporate Relations  Cameco Corporation Phone:(306) 956-6313 Fax:(306) 956-6312

Bob Lillie Manager, Investor Relations Cameco Corporation Phone:(306) 956-6639 Fax:(306) 956-6318