Crow Butte Uranium Mine Receives ISO 14001:2004 Certification

Crow Butte, January 19, 2006

Cameco Corporation's Crow Butte Resources solution uranium mine announced today it has received certification under the ISO 14001:2004 program, one of the most internationally recognized standards for environmental management systems.

"This achievement is the result of several years of planning and preparation by our employees," said Jim Stokey, mine manager at Crow Butte. "It demonstrates how seriously we take environmental responsibilities and our ongoing commitment to the community in northwest Nebraska."

ISO 14001:2004 is an international standard through which a company can demonstrate its commitment to sound environmental performance through compliance, pollution prevention and continual improvement. It establishes a permanent framework to assist companies in reaching their environmental protection goals. The framework calls for annual independent audits and for re-certification every three years. The International Organization for Standardization issued a revision to ISO 14001 in 2004. Crow Butte has received certification under the new standard.

The Crow Butte facility received certification following an audit conducted by Perry Johnson Registrars, of Southfield, Michigan.

"Most of the components of an environmental management system have been in place at Crow Butte for some time," said Stokey. "We decided to introduce and implement a new system, based on ISO 14001:2004, to ensure greater consistency and to foster among our employees an attitude of continual search for improvement in our environmental protection performance."

The Crow Butte solution mine, located near Crawford, Nebraska, produces about 0.8 million pounds of uranium annually using the in situ leach mining method. Cameco holds a 100% interest in Crow Butte through its wholly owned subsidiary, Crow Butte Resources, Inc.

Cameco’s Canadian uranium facilities at McArthur River, Key Lake, Blind River and Port Hope have been certified under the ISO system. The Smith Ranch-Highland mine in Wyoming and the Inkai test mine in Kazakhstan are in the process of being certified.

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.

Media inquiries:
Jim Stokey (Crow Butte Mine Manager) 
(308) 665-2215 ext. 111

Investor inquiries:
Bob Lillie (Corporate Office)
(306) 956-6639