Cameco Announces Share Offering and New York Stock Exchange Listing.

SASKATOON, Saskatchewan--(BUSINESS WIRE)--Feb. 26, 1996--Cameco Corporation today (TSE, ME: CCO) announced it has been advised by its major shareholder, Crown Investments Corporation of Saskatchewan (CICS), that CICS intends to enter into an arrangement with a group of underwriters for a secondary offering of 9,500,000 common shares of Cameco in Canada, the United States and internationally. The joint lead underwriters for the offering will be Nesbitt Burns Inc., Goldman, Sachs & Co. and RBC Dominion Securities Inc.

In addition, CICS is expected to grant the underwriters an option, exercisable for 30 days from the date of the closing of the offering, to purchase up to an additional 1,000,000 common shares of Cameco to cover over-allotments.

The offering will provide for payment for the common shares to be made in two instalments, the first payable on the closing of the offering, expected in mid-March, 1996 and the second payable one year later.

Cameco also announced that it has received approval from the New York Stock Exchange to list its common shares and the instalment receipts initially representing the common shares offered by CICS, subject to official notice of issuance.

As of February 19, 1996 there were 52,752,860 issued and outstanding common shares of Cameco. This offering will result in the following changes to Cameco's ownership structure and share ownership: -0-

                                      AFTER  OFFERING
                                -------------------------
                            If 9,500,000     If 10,500,000
         Before Offering  Shares Subscribed  Shares Subscribed

CICS          15,543,623       6,043,623         5,043,623
           (29.5 percent)  (11.5 percent)     (9.6 percent)

Public
Shareholders  37,209,237      46,709,237        47,709,237
           (70.5 percent)  (88.5 percent)    (90.4 percent)

Total         52,752,860      52,752,860        52,752,860

Cameco, with its head office in Saskatoon, Saskatchewan, is the world's largest publicly traded uranium company and a growing gold producer. Its uranium products are used to generate electricity in nuclear power plants around the world, providing one of the cleanest sources of energy available today.

Cameco has filed a preliminary short-form prospectus with all appropriate securities regulatory agencies in Canada and has filed a registration statement with the Securities and Exchange Commission in the United States, which has not yet become effective. The common shares being offered by CICS may not be sold in the United States nor may offers to buy be accepted from purchasers in the United States prior to the time the registration statement becomes effective.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these common shares in any state of the United Sates in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Interested US investors may obtain a written prospectus from Nesbitt Burns Securities Inc., 430 Park Ave., 7th Floor, New York, New York 10022, Goldman, Sachs & Co., Registration Department, 85 Broad Street, New York, New York 10004 or RBC Dominion Securities Corporation, Financial Square, 24th Floor, New York, New York 10005.

CONTACT: Cameco Corporation

Alice Wong, 306/956-6337

Elaine Kergoat, 306/956-6315