Quarterly Reports - 2007 - Q2

Cameco Corporation today reported record net earnings in the second quarter of 2007 due to higher realized prices and deliveries in the uranium business, offset somewhat by decreased electricity profits due to lower generation resulting from planned and unplanned outages.

"Cameco achieved the highest quarterly revenue and earnings ever recorded in the company's history reflecting the company's core strength in the uranium business," said Jerry Grandey, Cameco's president and CEO. "We will continue to build on this strong financial performance in the future."