Quarterly Reports - 2007 - Q4

Cameco Corporation today reported adjusted 2007 net earnings1 of $603 million ($1.63 per share adjusted and diluted1), 120% higher than in 2006 due to improved results in the uranium business.

Adjusted net earnings1 for the fourth quarter were 60% higher than in 2006 due to higher earnings in the uranium, electricity and gold businesses.

"In 2007, Cameco's financial results again set new records," said Jerry Grandey, Cameco's president and CEO. "Our commitment to be a dominant nuclear energy company and the investments we are making in our assets today position us to deliver growing shareholder value in response to the increasing demand for clean, sustainable energy."

Note: All dollar amounts are expressed in Canadian dollars unless otherwise stated. Cameco's unaudited fourth quarter financial statements are available on our company's website cameco.com, on SEDAR at sedar.com and on EDGAR at sec.gov/edgar.shtml.