Cameco Welcomes Completion of Canada-India Administrative Arrangements

SASKATOON, SASKATCHEWAN, CANADA--(Nov. 06, 2012) -CURRENCY: CDN (UNLESS NOTED)

Cameco (TSX: CCO; NYSE: CCJ) welcomes today's announcement by Prime Minister Stephen Harper and Prime Minister Manmohan Singh that administrative arrangements to implement the nuclear co-operation agreement (NCA) between Canada and India have been concluded.

The NCA between Canada and India was signed in 2010, but cannot be made operational until the administrative arrangements detailing aspects such as monitoring and reporting requirements are finalized. Today's announcement will pave the way for nuclear products and technologies to be traded between the two countries.

\"India represents a huge business opportunity for Cameco and the entire Canadian nuclear energy industry,\" said Tim Gitzel, Cameco's president and CEO. \"The ability to supply Canadian uranium to this rapidly expanding market will mean more jobs, more investment and more development here in Canada. It will also enable India to meet its growing electricity needs with a clean, carbon-free energy source.\"

Gitzel said persistent efforts by both the federal and Saskatchewan leaders and officials were instrumental in opening the Indian market to export of Canadian uranium to India and securing assurance that it will be used exclusively for peaceful purposes.

India is one of the world's largest and fastest growing consumers of nuclear energy. There are currently 20 operating reactors in the country and it is expected that 32 reactors will be operating by 2021.

Profile

Cameco, with its head office in Saskatoon, Saskatchewan, is one of the world's largest uranium producers. The company's uranium products are used to generate electricity in nuclear energy plants around the world, providing one of the cleanest sources of energy available today. Cameco's shares trade on the Toronto and New York stock exchanges.

As used in this news release, \"Cameco\" or the \"company\" means Cameco Corporation, a Canadian corporation and its subsidiaries and affiliates unless stated otherwise.

Caution Regarding Forward-Looking Information and Statements

Certain information contained in this news release constitutes \"forward-looking information\" or \"forward-looking statements\" within the meaning of Canadian and U.S. securities laws. This includes the number of reactors expected to be operating in India by 2021. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Cameco cautions the reader that such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking information. These risks, factors and assumptions include, but are not limited to, the assumption that India proceeds with the construction of new reactors, and the licensing of existing reactors and new reactors not being adversely affected by change in regulation or by public perception of the safety of nuclear power plants, and the risk that our assumption proves to be inaccurate. Certain of these factors are discussed in greater detail in Cameco's most recent annual information form and MD&A on file with Canadian securities regulatory authorities. Cameco does not undertake any obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise, except to the extent legally required.

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