McArthur River uranium mine at a standstill

Press release

April 08, 2003

An accidental flood on April 6, 2003 brought production in the Canadian McArthur River uranium mine to a standstill. CAMECO holds a 70% stake in this mine and is its operator; COGEMA holds a 30% stake.
All employees have become involved in plugging and pumping the mine. According to CAMECO's initial estimate, mining activities could remain at a standstill for at least two weeks.

No employee was hurt in the incident and it had no impact on the environment.

Facts:

• The McArthur mine has 275 employees.
• It mined 7,100 tons of uranium in 2002, which were processed at Key Lake.
• CAMECO has a 70% stake in the mine and COGEMA has a 30% stake.
• COGEMA's share of McArthur's production in 2002 was 2,158 tons of uranium (29% of Group production in 2002).

Press Contacts:
Charles Hufnagel - Sophie Renaud - Patrick Germain
tel. + 33 (0) 1 44 83 71 17
fax. + 33 (0) 1 44 83 25 52

Investors Relations:
Vincent Benoit
tel. + 33 (0) 1 44 83 71 79
Frédéric Potelle
tel. + 33 (0) 1 44 83 72 49