GOLD MINE NEWS – Commercial Production Begins at Boroo Mine

The Boroo gold mine in northern Mongolia achieved commercial production on Mar. 1. It is owned and operated by the BOROO GOLD CO., which in turn is indirectly owned by AGR LTD. A subsidiary of Saskatoon, Sask.-based CAMECO CORP. holds a 56% interest in AGR.

Gold production for 2004 is expected to total about 210,000 oz at a cash cost of approximately US$170/oz. The total cost of the project remains at about US$75 million. The total probable reserves at Boroo are 1.16 million oz Au, with an average grade of 3.5 g/t, based on a gold price of US$325/oz. Existing reserves will be mined until 2009, while additional exploration is ongoing. Look for more information at www.cameco.com.