Global Laser Enrichment Announces Start of Test Loop to Guide Evaluation of Next-Generation Technology for U.S. Laser Enrichment Plant

Technology Designed to Meet Rising Demand for Enriched Uranium to Fuel Nuclear
Power Plants
WILMINGTON, N.C.--(Business Wire)--
Global Laser Enrichment (GLE) today announced the start-up of a "test loop" to
evaluate a next-generation uranium enrichment technology that GLE is developing
to increase the United States` supply of enriched uranium for nuclear power
plants worldwide.

GLE, a business venture of GE, Hitachi Ltd. and Cameco, will use the test loop`s
results in determining whether to commercialize laser-based enrichment
technology in the first such full-scale commercial production facility in the
world.

The plant, which would be built in Wilmington, N.C., would create a reliable,
long-term domestic supply of enriched fuel for nuclear power plants, as the
United States seeks to meet the challenges of energy security, climate change
and increased demands for power. Nuclear energy creates virtually no greenhouse
gases during the electricity generation process.

Utilities` demand for low-enriched uranium is expected to increase significantly
in the coming years, with the anticipated construction of a new generation of
nuclear power plants. Meanwhile, a number of current sources of enrichment
supply are expected to go off-line over the next five years.

GLE`s facility could support U.S. high-tech manufacturing employment by
potentially creating hundreds of permanent engineering and support staff
positions, as well as providing supply chain growth across the United States.
During construction, the project could create more than 500 temporary trade
jobs.

"Clearly, this is a major step forward in the commercial deployment of our
advanced enrichment process after years of careful research," said Tammy Orr,
president and CEO of GLE. "We believe the test loop will confirm that our Global
Laser Enrichment process will offer customers a competitive source of diverse
and secure enrichment to fuel the operating and expanding fleet of nuclear
plants."

The test loop is designed to validate the commercial feasibility of the
technology and advance the design of the equipment, facility and processes for
the planned commercial production facility. While the results will be
proprietary, Orr noted, "We are very encouraged with the results we have
obtained to date and with the pace of our progress on Global Laser Enrichment."

GLE anticipates gleaning sufficient data from the test loop by the end of 2009
to decide whether to proceed with plans for a full-scale commercial enrichment
facility. At that time, the company also would refine its projected schedule for
bringing the plant online.

The start-up of the test-loop comes less than a month after GLE announced it had
completed its license application to the U.S. Nuclear Regulatory Commission
(NRC) to build the full-scale facility. The NRC`s estimated 30-month application
review process officially begins once the agency formally dockets, or accepts,
the GLE application.

The proposed enrichment plant would be co-located with the existing nuclear fuel
manufacturing facilities of Global Nuclear Fuel and the new plants and services
business of GE Hitachi Nuclear Energy, headquartered in Wilmington, N.C.

If the decision is made to proceed with construction, the GLE commercial
production facility would have a target capacity of 3.5 million to six million
separative work units (SWUs). A SWU is a unit measuring the energy used to
enrich uranium, which is then fabricated into fuel assemblies for nuclear power
plants.

In 2006, GLE acquired the exclusive rights to develop and commercialize the
third-generation uranium enrichment technology globally through a license from
Silex Systems Ltd. of Australia. In 2008, Cameco, one of the world`s largest
uranium producers, acquired a 24% ownership stake in GLE.

About GE Hitachi Nuclear Energy

Based in Wilmington, N.C., GE Hitachi Nuclear Energy (GEH) is a world-leading
provider of advanced reactors and nuclear services. Established in June 2007,
GEH is a global nuclear alliance created by GE and Hitachi to serve the global
nuclear industry. The nuclear alliance executes a single, strategic vision to
create a broader portfolio of solutions, expanding its capabilities for new
reactor and service opportunities. The alliance offers customers around the
world the technological leadership required to effectively enhance reactor
performance, power output and safety.

About Cameco Corporation

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 power 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.

GE Hitachi Nuclear Energy
Ned Glascock, +1-910-819-5729
edward.glascock@ge.com
or
(Asia-Pacific)
GE Energy
Ms. Izumi Shimmura, + 81 80 3476 5892
izumi.shimmura@ge.com
or
Masto Public Relations
Howard Masto or Tom Murnane
+1-518-786-6488
howard.masto@ge.com
tom.murnane@mastopr.com

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