Quarterly Reports - 2014 - Q2

Summary

• strong second quarter results - higher revenue, gross profit and net earnings
• average realized uranium price continues to outperform the spot and long-term market prices
• at Cigar Lake jet boring temporarily stopped to allow more thorough ground freezing in localized areas
• the Key Lake extension project environmental assessment was approved by the Canadian Nuclear Safety Commission, allowing for future increased production

Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the second quarter ended June 30, 2014 in accordance with International Financial Reporting Standards (IFRS).

"Our marketing strategy and strong portfolio of contracts continues to serve us well," said Tim Gitzel, president and CEO," providing us with average realized prices that are well above the current uranium spot price, and resulting in strong second quarter financial results, despite the continued market uncertainty.

"It's that uncertainty that guides our strategic decision-making and keeps us focused on the things that are within our control - keeping costs down, and ensuring we're running our operations safely, efficiently and reliably. Maintaining that focus will help us to weather the challenging near- to medium-term market conditions, and allow us to benefit from the strong, long-term outlook for nuclear energy."