Companies Amend Deal for Uranium from Russian Nuclear Weapons

Saskatoon, Saskatchewan, Canada, November 26, 2001

Cameco, COGEMA and RWE NUKEM (western companies) announced they have signed an amendment to the commercial agreement, originally signed in March 1999. This agreement gave the western companies the right to purchase, from Techsnabexport (Tenex), natural uranium derived from highly enriched uranium (HEU) contained in Russian nuclear weapons. The HEU is blended down to low enriched uranium (LEU) in Russia and delivered to the United States for use in western nuclear power plants.

Upon delivery of the LEU to the United States, the parties to the commercial agreement have options to purchase the uranium component. While these options can be exercised for total annual deliveries of approximately 24 million pounds per year, sales to utility end users in the US are subject to annual quotas according to the following schedule:

Sales quotas into the United States

Year	Quota (million lbs U3O8)
2002	10
2003	12
2004	14
2005	16
2006	17
2007	18
2008	19
2009 to 2013	20 per year

Under the terms of the amendment, the western companies have committed to exercise their options to purchase quantities of natural uranium at least equal to their respective US quota shares each year for the period 2002 through 2013. The quotas are approximately 53 million pounds for both Cameco and COGEMA and 18 million pounds for RWE NUKEM. Tenex has retained to sell, through its agent Globe Nuclear Services and Supply (GNSS), approximately 82 million pounds over the period. These purchases will provide predictable revenue to the Russian Federation and predictable supplies to the companies.

To the extent the natural uranium component is not purchased by the western companies, or sold by Tenex or its affiliate, it is returned to Russia to be held in a specially designated and monitored inventory and used either as blend stock for future HEU or for purchase by the western companies in the commercial agreement.

Since the signing of the 1993 HEU government - to - government agreement between the United States and Russia, some 5000 Russian nuclear warheads have been dismantled.

For further information contact:

Cameco Corporation

Jamie McIntyre
Director, Investor and Corporate Relations
Phone:     (306) 956-6337
Fax:         (306) 956-6318

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

Original HEU agreement news release March 1999.

COGEMA

Yves Dufour
Mining Business Unit, Public Relations Manager
Phone:     01 39 26 32 95
Fax:         01 39 26 27 11

RWE NUKEM Inc.

James C. Cornell
President, RWE NUKEM Inc.
Phone:     (203) 778-9420
Fax:         (203) 778-9430