Cameco announces change in executive team.

Cameco Corporation is pleased to announce the appointment of Tim Gitzel to the position of senior vice-president and chief operating officer, which will take effect during the first quarter of 2007.

Gitzel will report to Jerry Grandey, Cameco's president and chief executive officer. Terry

"Fortunately for Cameco, Terry's retirement date is flexible and he will provide his considerable judgment and skills as we continue with the remediation of Cigar Lake," Grandey said. "Terry has made significant contributions to Cameco while serving at the head office and abroad. His commitment to safety and environmental protection as well as community engagement has helped maintain Cameco's leadership position in uranium fuel production."

In his new role, Gitzel will assume responsibility for all uranium mining and milling facilities in Saskatchewan, the United States and Kazakhstan, as well as uranium processing and fuel manufacturing operations in Ontario.

Gitzel brings 12 years of senior level, international mining experience, most recently as executive vice-president, mining business unit, with AREVA, a large French nuclear company. Cameco and AREVA have a long history of joint venture partnerships including mining operations in Saskatchewan. Previously Gitzel was president and CEO of their Canadian subsidiary responsible for Saskatchewan mining operations where he gained significant experience with Canada's regulatory regime, and in working with First Nations peoples. He also has worldwide communications, negotiations and media relations experience, is fluently bilingual and is a registered lawyer in Saskatchewan.

"Cameco has prepared for the resurgence of nuclear power by positioning itself as a leader in the industry with exceptional assets," Grandey said. "Tim Gitzel's international management expertise will be invaluable as we utilize our assets to capitalize on opportunities and grow our businesses."