Quarterly Reports - 2013 - Q2

• second quarter results as expected
• production, uranium and fuel services sales and consolidated revenue outlook reconfirmed
• restructured our business, targeting a 10% future cost reduction through a combination of reduced spending for administration, operations and capital
• at Cigar Lake preparing to begin jet boring in ore
• our share of the total capital cost for Cigar Lake expected to increase between 15% and 25%
• in the US, our North Butte satellite operation began production

Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the second quarter ended June 30, 2013 in accordance with International Financial Reporting Standards (IFRS).

"Despite the prolonged weakness in the uranium market, our strong contract portfolio has continued to serve us well," said Tim Gitzel, president and CEO, "providing us with average realized prices that continue to be above the current uranium spot price.

"This year, we have undergone some restructuring with the intent of increasing profitability and achieving a sustainable 10% future cost reduction. The changes we've made are part of our commitment to improving near-term financial results and creating shareholder value by growing the company and remaining a low-cost producer. We continue to focus on achieving our strategy to profitably increase production, and look forward to Cigar Lake starting production later this year as a highlight of our progress toward that goal."