Quarterly Reports - 2013 - Q1

• strong first quarter production
• first quarter financial results as expected
• at Cigar Lake, continued progress towards first production in mid-2013
• completed the acquisition of NUKEM Energy GmbH
• the government of Saskatchewan announced changes to the provincial royalty system to encourage continued investment in Saskatchewan's uranium mining industry

Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the first quarter ended March 31, 2013 in accordance with International Financial Reporting Standards (IFRS).

"Our results this quarter are consistent with what we had projected," said Tim Gitzel, president and CEO. "Deliveries from our uranium segment and revenue from Bruce Power were low, and resulted in lower net earnings.

"We remain on track with our annual outlook, and have increased our focus on streamlining and efficiency in order to remain competitive in today's uncertain environment.

"We are confident in the future growth for the industry, but also know the importance of being responsive to current market conditions by taking action today to remain a profitable, low cost producer for years to come."