Cameco Annual Report 2011


We are making statements and providing information about our expectations for the future which are considered to be forward-looking information or forward-looking statements under Canadian and United States securities laws. These include our statements about: our aim to increase our annual uranium production to 40 million pounds by 2018 and how we expect to achieve this goal; our views about the future of the nuclear industry, the supply and demand for uranium and energy, and the number of net new reactors expected by 2021; our expectations regarding future production at our projects, and planned activities for 2012; the percentage interest in the Millennium project that we will acquire as a result of our agreement with AREVA and the statement that the project could utilize our excess milling capacity; and our expectation that our cash flow and sales support disciplined, continuing growth. They also include other statements using words such as going to, continue, plan, forecast, expect, potential, ensure, could and will, or statements described as goals or milestones. These statements represent our views as of March 6, 2012, and can change significantly. We are presenting this information to help you understand management's current views of our future prospects, and it may not be appropriate for other purposes. We will not necessarily update this information unless we are required to by securities laws. This information is based on a number of material assumptions, and is subject to a number of material risks, which are discussed in our current annual MD&A, including under the heading "Caution about forward-looking information". In particular, we have made assumptions about the demand for uranium, our expected production level and production costs, the reliability of our reserve and resource estimates, the geological, hydrological and other conditions at our mines and our ability to continue our operations without any significant disruptions due to accidents or other development or operating risks. We have also assumed that the agreement with AREVA to purchase an additional interest in the Millennium project will close as expected, and that the project will lead to utilization of our excess milling capacity. The material risks that could prevent us from reaching our production target for 2018 include the risks that actual sales volumes or market prices are lower than we expect; production costs are higher than planned, or necessary supplies are not available; our mineral reserve and resource estimates are not reliable, or we face unexpected or challenging conditions; or our operations are disrupted for any reason. We are also subject to the risks that the purchase of an additional interest in the Millennium project from AREVA may not be successfully completed, and that the project may not utilize our excess milling capacity as expected for any reason.

Qualified Persons

Information of a scientific and technical nature concerning Cigar Lake was prepared under the supervision of Grant Goddard, P. Eng., Cameco's Vice-President, Saskatchewan Mining North, concerning McArthur River was prepared under the supervision of David Bronkhorst, P. Eng., Cameco's Vice-President, Saskatchewan Mining South, and concerning Inkai was prepared under the supervision of Dave Neuburger, Vice-President, International Mining. Each of these individuals is a qualified person for the purpose of NI 43-101.