Quarterly Reports - 2012 - Q2

• second quarter deliveries as expected
• sales, revenue and production guidance for the year reconfirmed
• at McArthur River, made productivity improvements to our 2013 production plan
• at Cigar Lake, preparing to test the jet boring system underground
• closed agreement to increase ownership at the Millennium project

Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the second quarter ended June 30, 2012 in accordance with International Financial Reporting Standards (IFRS).

"We saw some declines in our results this quarter, but we are in-line to deliver on our sales, revenue and production guidance for the year" said Tim Gitzel, president and CEO.

"Our operations performed well and we are pleased with the continued progress we see, particularly the productivity improvements we made in our 2013 production plan at McArthur River and our success in further advancing our Cigar Lake project toward first production.

"There were also a number of other positive developments this quarter - our increased ownership interest at Millennium, our acquisition of NUKEM, and some reactor restarts in Japan, which we expect to pave the way for more restarts.

"So we continue to pursue our growth plans with an eye to the demand growth we see on the horizon."