Cameco Elects Two New Board Members

SASKATOON, SASKATCHEWAN, May 27 (MARKET WIRE) --
ALL AMOUNTS ARE STATED IN CDN $ (UNLESS NOTED)

Cameco Corporation (TSX: CCO); (NYSE: CCJ) has announced the election of
two new board members. They are Donald Deranger of Prince Albert,
Saskatchewan and James Gowans of Toronto, Ontario. They were elected at
the company's annual meeting held today, along with 12 other board
members who were re-elected.

Deranger is the Athabasca vice-chief of the Prince Albert Grand Council.
He is president of Points Athabasca Contracting Ltd. and an adviser to
the Athabasca Basin Development Corporation, both entities that are
building economic and business capacity in northern Saskatchewan.

Deranger has been recognized by several national organizations for his
initiatives in promoting employment, training and economic development
for residents of Saskatchewan's north. At its mining and milling
operations in the Athabasca basin, Cameco draws more than 50% of its work
force from northern communities.

Gowans is the president and CEO of DeBeers Canada Inc., a diamond
exploration and mining company.

A graduate of the University of British Columbia's mineral engineering
program, Gowans has also attended the Banff School of Advanced
Management. During his career in the mining industry, he previously
served as senior vice-president and COO of nickel producer PT Inco in
Indonesia from 2002 to 2006.

Gowans is currently on the board of DeBeers Canada Inc., the chair of the
Mining Association of Canada and president of the Canadian Institute of
Mining, Metallurgy and Petroleum.

Shareholders also re-elected board members John Clappison, Joe Colvin,
James Curtiss, George Dembroski, Gerald Grandey, Nancy Hopkins, Oyvind
Hushovd, George Ivany, Anne McLellan, Neil McMillan, Senator Robert
Peterson, and Victor Zaleschuk.

Harry Cook of La Ronge, Saskatchewan and John Auston of Vancouver,
British Columbia had both decided to retire from the board.

Cook served on the board for 17 years and was influential in building
Cameco's relationships with its northern stakeholders, while Auston
served on the board for 10 years and was first chair of Cameco's reserves
oversight committee and helped set high standards for the company's
reserve estimation process.

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.

Contacts:
Cameco Corporation
Investor inquiries:
Bob Lillie
(306) 956-6639

Media inquiries:
Lyle Krahn
(306) 956-6316
Website: www.cameco.com

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