URANIUM DEVELOPMENT: Dewatering resumes at Cigar Lake

SASKATCHEWAN — Cameco Corp. of Saskatoon has resumed dewatering the Cigar Lake uranium project in the northern part of the province. Development was interrupted by an inflow of water on the 420-metre level that occurred on August. 12, 2008.

The leak has been plugged by remotely placing an inflatable seal between the shaft and the source. The area was then backfilled and sealed with concrete and grout. The company says the 420 level is not part of future mining plans.

Cameco expects dewatering the mine will take six to 12 months. An estimated production start date will be given after the water has been pumped out, the condition of the underground workings evaluated, remediation completed, and new development and production plans are in place.

The Cigar Lake development is a joint project of Cameco (50% and the operator), Areva Resources (37.1%), Idemitsu Uranium Exploration (7.875%) and Tepco Resources (5%). See www.Cameco.com for details.