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December 20, 2010

Cigar Lake Uranium Mine update for third quarter 2010

Cameco provided an update on Cigar Lake Uranium Mine for the third quarter of 2010

Cameco continues to target initial production in mid-2013 and ramping the production up to 5000 tons per year.

Cameco plans include:

* continuing to restore the underground mine systems, infrastructure and underground development areas so we can resume construction
* working to obtain regulatory approval of the environmental assessment that will allow the release of treated water directly to Seru Bay of Waterbury Lake
* beginning to freeze the ground around shaft 2 in preparation to resume shaft sinking
* implementing a surface freeze strategy we expect will shorten the ramp up period for the project by bringing forward uranium production (up to 10 million pounds) into the early years and improve mining costs and project economics
* continuing the surface drilling program designed to upgrade mineral resources

Cigar Lake is a key part of our plan to double annual uranium production to 40 million pounds by 2018 (up from 22 million pounds in 2010), and we are committed to bringing this valuable asset safely into production.



In the 3rd quarter of 2010 Cameco:
* substantially completed clean up, inspection, assessment and securing of the underground development areas
* completed freeze drilling and outfitting of the freeze holes at shaft 2, as part of our preparations to resume shaft sinking
* progressed remediation of the underground brine handling system to support freezing of the orebody and shaft 2
* increased pumping capacity to 2,500 m3/hr
* began backfilling of the 465 metre level

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