NOT FOR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION THROUGH U.S. NEWS OR
WIRE SERVICES


ALL AMOUNTS ARE STATED IN CDN $ (UNLESS NOTED)

Cameco (TSX:CCO) (NYSE:CCJ) announced today that it has priced a public offering
of senior unsecured debentures (the Offering) consisting of $500 million
principal amount of 4.19% Senior Unsecured Debentures, Series G having a term of
10 years (the Series G Debentures). The closing of the Offering is expected to
take place on June 24, 2014.


Cameco intends to use the net proceeds of the Offering to redeem its outstanding
4.70% Senior Unsecured Debentures, Series C due September 16, 2015 (the Series C
Debentures), and for general corporate purposes.


RBC Capital Markets and TD Securities Inc. are acting as lead agents for the
Offering. The Series G Debentures are being offered and sold by way of a
prospectus supplement to Cameco's short form base shelf prospectus dated May 29,
2012 in all of the provinces and territories of Canada. 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 the Series G Debentures in the United States or any other
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such
jurisdiction. The Series G Debentures may not be offered or sold in the United
States except pursuant to an exemption from the registration requirements of the
U.S. Securities Act of 1933, as amended.


The completion of the Offering is subject to certain terms and conditions. A
copy of the short form base shelf prospectus and prospectus supplement relating
to the Series G Debentures will be available in Canada by visiting SEDAR or
Cameco's website at www.cameco.com.


On July 16, 2014, Cameco will redeem in full the Series C Debentures in
aggregate principal amount of $300 million (the Redemption). The Series C
Debentures were issued under a trust indenture between Cameco and CIBC Mellon
Trust Company dated July 12, 1999, as supplemented by a supplemental indenture
dated September 16, 2005 (the Indenture). The Redemption is being made in
accordance with the terms of the Indenture.


The redemption price, under the Indenture, is based on the yield for a
Government of Canada bond with the equivalent term to maturity plus 0.22%. The
following is the redemption price, accrued and unpaid interest and total
redemption payment amount for each $1,000 of principal (to three decimal
places):


Series C Debentures



----------------------------------------------------------------------------
Redemption price                                                 $ 1,039.960
----------------------------------------------------------------------------
Accrued and unpaid interest                                         $ 15.710
----------------------------------------------------------------------------
Total redemption payment                                         $ 1,055.670
----------------------------------------------------------------------------



Non-registered holders (brokerage firms or other financial institutions) of the
Series C Debentures that maintain their interest through CDS Clearing and
Depository Services Inc. (CDS) should contact their CDS customer service
representative with any questions about the Redemption. Beneficial holders of
the Series C Debentures with questions about the Redemption should contact their
respective brokerage firm or financial institution, which holds interests in the
Series C Debentures on their behalf.


Profile

Cameco is one of the world's largest uranium producers, a significant supplier
of conversion services and one of two CANDU fuel manufacturers in Canada. Our
competitive position is based on our controlling ownership of the world's
largest high-grade reserves and low-cost operations. Our uranium products are
used to generate clean electricity in nuclear power plants around the world. We
also explore for uranium in the Americas, Australia and Asia. Our shares trade
on the Toronto and New York stock exchanges. Our head office is in Saskatoon,
Saskatchewan.


Caution Regarding Forward-Looking Information and Statements

The statements contained in this news release regarding the Offering and the
Redemption, including the expected closing date of the Offering, the anticipated
use of proceeds and the date of the Redemption, are forward-looking information
or forward-looking statements under Canadian and U.S. securities laws. They are
subject to the risk that the Offering and Redemption will not be completed as
planned. This forward-looking information assumes that the Offering will be
successfully completed, and the Redemption will be successfully effected, in
accordance with the offering and redemption provisions of the Indenture. We will
not necessarily update this information unless we are required to by securities
laws. 


Although Cameco believes that the assumptions inherent in the forward-looking
statements are reasonable, undue reliance should not be placed on these
statements, which only apply as of the date of this report. Cameco disclaims any
intention or obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or otherwise.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Cameco - Investor inquiries:
Rachelle Girard
(306) 956-6403


Media inquiries:
Gord Struthers
(306) 956-6593
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