Smith Ranch-Highland Uranium Mine Receives ISO 14001:2004 Certification

Smith Ranch-Highland, June 1, 2006

Cameco Corporation's Smith Ranch-Highland 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 certification demonstrates our commitment to safe, sustainable operations," said Chuck Foldenauer, Smith Ranch-Highland's mine manager. "The ISO program will help us pursue our goal of continual improvement in environmental performance."

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. Smith Ranch-Highland has received certification under the new standard.

The Smith Ranch-Highland facility received certification following an audit conducted by Perry Johnson Registrars Inc., of Southfield, Michigan.

Foldenauer said most of the elements of a best-practice environmental management system have been in place at Smith Ranch-Highland for some time. The ISO certification brings the elements together in a consistent system to ensure continued high performance in environmental protection.

The Smith Ranch-Highland solution mine, located near Douglas, Wyoming, produced 1.3 million pounds of uranium in 2005 using the in situ leach mining method. Cameco holds a 100% interest in Smith Ranch-Highland through its wholly owned subsidiary, Power Resources, Inc.

Cameco's North American uranium facilities at Crow Butte, McArthur River, Key Lake, Blind River and Port Hope, as well as the Inkai test mine in Kazakhstan, have been certified under the ISO system.

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.

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Media inquiries:
Chuck Foldenauer
(Mine Manager, Smith Ranch-Highland)
(307) 358-6541

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