SASKATOON, SASKATCHEWAN--(Marketwire - May 1, 2009) -

ALL AMOUNTS ARE STATED IN CDN $ (UNLESS NOTED)

Cameco Corporation (TSX:CCO) (NYSE:CCJ) today reported first quarter 2009 adjusted net earnings1 of $89 million ($0.24 per share adjusted and diluted), 40% lower than in the first quarter of 2008. This was due to lower earnings in the uranium and gold businesses, partially offset by improved results in the electricity business.

In our uranium business, higher costs of sales adversely affected uranium profits in the first quarter. However, these costs for the year, excluding costs for purchased uranium, are still expected to be within our prior guidance (increasing by between 5% and 10%). Overall costs of sales are forecast to rise by 15% to 20% as we expect to purchase additional uranium at prices substantially higher than our costs of production to take advantage of trading opportunities.