GOLD PRODUCER NEWS Cameco Consolidates Assets

SASKATOON, Saskatchewan A new entity, CENTERRA GOLD INC., is being created to hold all the gold assets of CAMECO CORP. Cameco subsidiaries will hold 67% and the Kyrgyz government will hold 33% of the new company.

Centerra assets will include the Kumtor gold mine in Kyrgyzstan, the Kumtor operating company, 56% of AGR LTD. (which owns 95% of the Boroo gold mine expected to begin commercial production in the first quarter of 2004 in Mongolia), 62% of the REN joint venture in Nevada, 73% of the Gatsuurt exploration licences near the Boroo project, and about US$130 million in loans that Cameco subsidiaries advanced to the Kumtor and Boroo projects.

Cameco estimates that Centerra's 2004 production is expected to total about 820,000 oz of gold. Together the Kumtor and Boroo deposits contain proven and probable reserves of 35.45 million tonnes averaging 4.05 g/t Au.

The deal is expected to close in the second quarter of 2004, subject to a number of conditions.

Cameco is perhaps better known as the world's largest uranium supplier. See the web site at www.cameco.com.