Quarterly Reports - 2008 - Q4

Cameco Corporation today reported 2008 adjusted net earnings of $589 million ($1.67 per share adjusted and diluted), 3% higher than in 2007 due largely to higher earnings in the gold and electricity businesses. Earnings from the uranium business decreased marginally over 2007.

Adjusted net earnings1 for the fourth quarter were $179 million compared to $53 million in the fourth quarter of 2007 due to higher earnings in the uranium and gold businesses driven by increases in sales volumes and realized selling prices.

Note: All dollar amounts are expressed in Canadian dollars unless otherwise stated. The 2008 annual financial statements have been audited, however all 2007 and 2008 fourth quarter financial information presented is unaudited. Cameco's audited annual financial statements are available on our company’s website cameco.com, on SEDAR at sedar.com and on EDGAR at sec.gov/edgar.shtml. For convenience to the reader, supplementary financial information providing a summary of Cameco's financial results for the fourth quarter of 2008 will be made available on the company's website, as well as on SEDAR and EDGAR.

Net earnings for the quarters and years ended December 31, 2007 and 2008 have been adjusted to exclude a number of items. Adjusted net earnings is a non-GAAP measure. For a description see "Use of Non-GAAP Financial Measures" in this document.