CAMECO CORP
			Symbol			CCJ

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Cameco Updates Progress at Cigar Lake

2009-10-23 08:50 ET - News Release

SASKATOON, SASKATCHEWAN -- (MARKET WIRE) -- 10/23/09

Cameco Corporation (TSX: CCO) (NYSE: CCJ) announced today that dewatering of the underground development of the Cigar Lake project has resumed.

The inflow on the 420 metre level that forced suspension of dewatering on August 12, 2008 has been remediated by remotely placing an inflatable seal between the shaft and the source of the inflow and subsequently backfilling and sealing the entire development behind the seal with concrete and grout. The 420 level is not part of future mine plans.

It is currently expected to take six to 12 months to dewater and secure the mine depending on what conditions are found in the shaft and the underground workings.

Cameco's plans to dewater, re-enter and safely inspect and secure the mine were developed in consultation with Canadian Nuclear Safety Commission (CNSC) staff and the Saskatchewan ministries of Environment and Advanced Education, Employment and Labour.

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