Quarterly Reports - 2014 - Q1

Summary

• strong first quarter sales and average realized price in our uranium segment
• uranium production and sales outlook reconfirmed
• mining activities now underway at Cigar Lake
• McClean Lake mill modifications proceeding; mill will not begin processing ore in Q2
• completed the sale of our interest in Bruce Power Limited Partnership

Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the first quarter ended March 31, 2014 in accordance with International Financial Reporting Standards (IFRS).

"We saw strong first quarter results compared to 2013," said president and CEO, Tim Gitzel, "driven by higher uranium deliveries and realized prices, and the sale of our interest in Bruce Power Limited Partnership. Our operations continued to perform well, with the highlight being the startup of production at the Cigar Lake mine.

"As an industry, we saw positive signs in Japan, where a new energy policy confirmed that nuclear power will remain an important source of energy. However, that news did not change our view of the current market, where excess supply and discretionary demand for uranium products has resulted in further downward pressure on the uranium price. While we do not expect improvement in the near to medium term, the long-term outlook for the industry remains strong, and we're making efficient use of our resources to be ready for that future growth."