January 07, 2005 18:20 ET

Cameco Corporation: Bruce A Reactor to Begin Planned Outage




JANUARY 7, 2005 - 18:20 ET

Cameco Corporation: Bruce A Reactor to Begin Planned

SASKATOON, SASKATCHEWAN--(CCNMatthews - Jan. 7, 2005) - Cameco
Corporation (TSX:CCO)(NYSE:CCJ) announced today, as per the 2005
business plan, that Bruce Power will shut down unit 3 at the Bruce A
generating station for its first planned inspection and maintenance on
January 8, 2005.

The outage, which will begin on the first anniversary of the reactor's
successful restart, is expected to last for about two months. Workers
will inspect the unit's boilers, change some low-pressure turbine
rotors, and perform other maintenance work.

The company will provide further information on all scheduled 2005
outages at Bruce Power when Cameco reports its fourth quarter results on
Thursday, January 27.

Cameco indirectly holds a 31.6% interest in Bruce Power Limited
Partnership, which leases the Bruce nuclear plants in Ontario. Bruce
Power, with its current total capacity of about 4,700 megawatts, can
generate enough clean electricity to supply about 20% of Ontario's power

Cameco, with its head office in Saskatoon, Saskatchewan, is the world's
largest uranium producer. 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.

Statements contained in this news release which are not historical facts
are forward-looking statements that involve risks, uncertainties and
other factors that could cause actual results to differ materially from
those expressed or implied by such forward-looking statements. Factors
that could cause such differences, without limiting the generality of
the following, include: volatility and sensitivity to market prices for
uranium, electricity in Ontario and gold; the impact of the sales volume
of uranium, conversion services, electricity generated and gold;
competition; the impact of change in foreign currency exchange rates and
interest rates; imprecision in reserve estimates; environmental and
safety risks including increased regulatory burdens; unexpected
geological or hydrological conditions; political risks arising from
operating in certain developing countries; a possible deterioration in
political support for nuclear energy; changes in government regulations
and policies, including trade laws and policies; demand for nuclear
power; replacement of production and failure to obtain necessary permits
and approvals from government authorities; legislative and regulatory
initiatives regarding deregulation, regulation or restructuring of the
electric utility industry in Ontario; Ontario electricity rate
regulations; weather and other natural phenomena; ability to maintain
and further improve positive labour relations; operating performance of
the facilities; success of planned development projects; and other
development and operating risks.

Although Cameco believes that the assumptions inherent in the
forward-looking statements are reasonable, undue reliance should not be
placed on these statements, which only apply as of the date of this
report. Cameco disclaims any intention or obligation to update or revise
any forward-looking statement, whether as a result of new information,
future events or otherwise.


Contact Information

    Cameco Corporation
    Investor & media inquiries:
    Alice Wong
    (306) 956-6337
    Investor inquiries:
    Bob Lillie
    (306) 956-6639