Cameco Corporation TSX: CCO NYSE: CCJ

SASKATOON, SASKATCHEWAN--(Marketwire - March 5, 2009) -

ALL AMOUNTS ARE STATED IN CDN $ (UNLESS NOTED)

Cameco Corporation (TSX:CCO) (NYSE:CCJ) today announced that it has completed its previously announced bought deal public offering of common shares of Cameco at a price of $17.25 per common share. The underwriters, led by BMO Capital Markets and RBC Capital Markets, elected to exercise their over-allotment option in full, resulting in a total of 26,666,400 common shares being issued today by Cameco for gross proceeds of $459,995,400.

Cameco intends to use the net proceeds of the offering to strengthen its capital position and enhance its financial flexibility to allow it to take advantage of opportunities that may emerge from the current industry environment, and for general corporate purposes.

Cautionary Statement Regarding Forward-Looking Information

This news release contains certain forward-looking statements regarding Cameco and the offering referred to herein, including the anticipated use of proceeds. These statements are based upon the assumption that the proceeds of the offering can successfully be used as described above. Actual developments may differ as a result of risks relating to market conditions and global, political and economic uncertainties. Cameco disclaims any obligation to update any forward-looking statement contained in this news release except to the extent required by law.

Profile

Cameco, with its head office in Saskatoon, Saskatchewan, is one of the world's largest uranium producers. The company's uranium products are used to generate electricity in nuclear energy plants around the world, providing one of the cleanest sources of energy available today. Cameco's shares trade on the Toronto and New York stock exchanges.