Cameco Approves Dividend

SASKATOON, SASKATCHEWAN--(Marketwire - Dec. 2, 2011) -

ALL AMOUNTS ARE STATED IN CDN $ (UNLESS NOTED)

Cameco (TSX: CCO) (NYSE: CCJ) announced today that its board of directors has approved a quarterly cash dividend of $0.10 per common share, payable on January 13, 2012 to shareholders of record on December 30, 2011.

Profile

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

As used in this news release, "Cameco" or the "company" means Cameco Corporation, a Canadian corporation and its subsidiaries and affiliates unless stated otherwise.

FOR FURTHER INFORMATION PLEASE CONTACT:
        Cameco
        Investor inquiries:
        Bob Lillie
        (306) 956-6639

        Rachelle Girard
        (306) 956-6403

        Media inquiries:
        Rob Gereghty
        (306) 956-6190

Source: Cameco