Cameco Acquires Majority Ownership of the Millennium Project

Mon Jun 11, 2012 8:55am EDT

* Reuters is not responsible for the content in this press release.

  SASKATOON, SASKATCHEWAN, Jun 11 (MARKET WIRE) --


    ALL AMOUNTS ARE STATED IN CDN $ (UNLESS NOTED)

    Cameco (TSX:CCO) (NYSE:CCJ) announced today that the agreement with AREVA
Resources Canada Inc. (AREVA) to purchase AREVA's 27.94% interest in the
Millennium project for $150 million has closed.

    With the closing, Cameco's interest in the Millennium project increases
to 69.9%. The remaining 30.1% is owned by JCU (Canada) Exploration Co.

    The Millennium project is a proposed uranium mine located in the
Athabasca Basin of northern Saskatchewan consisting of 590 hectares of
land. Exploration on the Millennium project area to date has identified
indicated resources of 50.9 million pounds of U3O8 (507,800 tonnes with
an average grade of 4.55%) and inferred resources of 16.7 million pounds
of U3O8 (297,800 tonnes with an average grade of 2.54%).

    The terms of the purchase agreement provides AREVA with a 4% royalty on
revenue from 27.94% of any production that exceeds 63 million pounds U3O8
from the project.

    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.

Contacts:
Cameco
Investor inquiries:
Rachelle Girard
(306) 956-6403

Media inquiries:
Rob Gereghty
(306) 956-6190

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