Other Investments

Centerra Gold Inc. is a growth-oriented Canadian-based gold mining and exploration company engaged in the acquisition, exploration, development and operation of gold properties in Central Asia, the former Soviet Union and other emerging markets. Cameco owns 53% of Centerra.

Centerra began trading on the Toronto Stock Exchange under the symbol CG in June 2004. Cameco transferred all the company’s gold assets to Centerra as part of its strategy to unlock the value contained in these gold properties.

Currently, Centerra has interests in two producing mines:

• 100% of the Kumtor mine in the Kyrgyz Republic
• 100% of the Boroo mine in Mongolia

Other interests include exploration properties:

• 100% of the Gatsuurt property in Mongolia near Boroo
• 63% of the REN joint venture in Nevada, U.S.