Production Update Reported For Cigar Lake Mine

SASKATOON - Cameco reported that 0.34 million pounds (100% basis) of uranium concentrate was produced from milling Cigar Lake ore in 2014, in line with its most recent expectations. Packaged production is expected to be 6 to 8 million pounds (100% basis) in 2015.

Ore mined at Cigar Lake is transported by truck to the McClean Lake mill, operated by AREVA Resources Canada Inc., where it is processed to uranium concentrate. The McClean Lake mill is located approximately 70 kilometers northeast of the mine site in northern Saskatchewan, Canada. Mining at Cigar Lake began in March 2014 and the first uranium concentrate was packaged at McClean Lake in October 2014.

Cameco continues to expect Cigar Lake to ramp up to its full annual production rate of 18 million pounds (100% basis) by 2018. The annual production rates during ramp up will be adjusted as necessary based upon operating experience.

The Cigar Lake mine is owned by Cameco (50.025%), AREVA Resources Canada Inc.