Quarterly Reports - 2012 - Q1

• strong first quarter - steady production, higher uranium sales volumes and average realized prices
• started to receive regulatory approvals for US expansion
• solid progress made at Cigar Lake
• signed agreement to increase ownership at the Millennium project

Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the first quarter ended March 31, 2012 in accordance with International Financial Reporting Standards (IFRS).

"Our uranium business continues to drive our strong financial performance," said Tim Gitzel, president and CEO. "This quarter, our sales volumes were up 33%, and although spot and long-term uranium prices were lower relative to a year ago, our average realized price increased.

"We continue to make good progress with mine construction at Cigar Lake and with securing regulatory approvals required to expand production in the US and in Kazakhstan.

"We will sustain our focus on our growth strategy, growth that we believe will be needed to fuel the world's increasing appetite for safe, clean, reliable and affordable energy."