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Saskatoon, Saskatchewan, Canada, June 7, 2002
Cameco Corporation reaffirmed today its previously disclosed financial outlook for the Bruce Power operation, in which it holds a 15% interest. This was in response to investors' concerns over comments made on June 3, 2002 by Duncan Hawthorne, chief executive officer of Bruce Power. Hawthorne commented on the level of commitments for capital expenditures over three years of operation beginning May 2001, to upgrade and improve the Bruce units. These commitments have already been reflected in Cameco's financial projections.
Bruce Power's economics remain robust and Cameco continues to expect significant contributions to the company's earnings and cash flow beginning in 2003 as previously disclosed to shareholders.
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.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
Statements contained in this news release which are not historical
facts are forward-looking statements that involve risks, uncertainties
and other factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause such differences, without
limiting the generality of the following, include: volatility
and sensitivity to market prices for uranium, electricity
in Ontario and gold; the impact of the sales volume of uranium,
conversion services, electricity generated and gold; competition;
the impact of change in foreign currency exchange rates and
interest rates; imprecision in reserve estimates; environmental
and safety risks including increased regulatory burdens; unexpected
geological or hydrological conditions; political risks arising
from operating in certain developing countries; a possible
deterioration in political support for nuclear energy; changes
in government regulations and policies, including trade laws
and policies; demand for nuclear power; replacement of production
and failure to obtain necessary permits and approvals from
government authorities; legislative and regulatory initiatives
regarding deregulation, regulation or restructuring of the
electric utility industry in Ontario; Ontario electricity
rate regulations; weather and other natural phenomena; ability
to maintain and further improve positive labour relations;
operating performance of the facilities; success of planned
development projects; and other development and operating
risks.
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| For more information, please contact: |
|
Bob Lillie Manager, Investor Relations Cameco Corporation Phone:(306) 956-6639 Fax:(306) 956-6318 |