##### 



EXHIBIT 99.1




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Cameco Corporation
 ANNUAL INFORMATION FORM
 For the Year Ended December 31, 2006
 Dated March 30, 2007




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Cameco Corporation
Annual Information Form
Table of Contents
 REPORTING CURRENCY AND FINANCIAL INFORMATION
    
    
    1NOTE REGARDING FORWARD-LOOKING STATEMENTS
    
    
    1NOTE REGARDING RESERVES AND RESOURCES
    
    
    1INCORPORATION AND SUBSIDIARIES
    
    
    3GENERAL DEVELOPMENT OF THE BUSINESS
    
    
    4Three-Year Highlights
    
    
    42007 Expected Material Developments
    
    
    6THE NUCLEAR BUSINESS
    
    
    6Overview
    
    
    6Uranium Concentrates Business
    
    
    7Market Background
    
    
    7Marketing
    
    
    10Mining Properties
    
    
    11McArthur River
    
    
    11Rabbit Lake
    
    
    17Crow Butte
    
    
    17Smith Ranch-Highland
    
    
    17Development Projects
    
    
    18Cigar Lake
    
    
    18Inkai
    
    
    30Exploration
    
    
    32Reserves and Resources
    
    
    33Uranium Reserves
    
    
    34Uranium Fuel Conversion Services
    
    
    39Market Background
    
    
    39Marketing of Conversion Services
    
    
    40Research and Development
    
    
    42Legal Proceedings
    
    
    42Environmental Matters
    
    
    42Cameco Initiatives
    
    
    43Canada
    
    
    43US Environmental Regulation
    
    
    46Government Regulation
    
    
    46Treaty on the Non-Proliferation of Nuclear Weapons
    
    
    46Canadian Uranium Industry Regulation
    
    
    46US Uranium Industry Regulation
    
    
    48Land Tenure
    
    
    48Canadian Royalties and Certain Taxes
    
    
    50Canadian Income Taxes
    
    
    51US Taxes
    
    
    51Employees
    
    
    51BRUCE POWER LP  NUCLEAR ELECTRICAL GENERATION
    
    
    51Overview
    
    
    51The Generating Facilities
    
    
    54Cameco Fuel Management
    
    
    56OPG Services to Bruce Power
    
    
    56Nuclear Waste Management and Decommissioning
    
    
    56Federal Regulation
    
    
    57Ontarios Electricity Regulation
    
    
    58CENTERRA GOLD INC.
    
    
    61Centerra
    
    
    61Kumtor Restructuring
    
    
    62Kumtor Mine
    
    
    62Boroo Mine
    
    
    75Gatsuurt Development Property
    
    
    79REN Exploration Property
    
    
    80Reserves and Resources
    
    
    80Centerra Commitments and Contractual Obligations
    
    
    84Additional Information on Centerra
    
    
    85RISK FACTORS
    
    
    85Risks Relating to Cameco and Centerra Generally
    
    
    86Risks relating to Nuclear Business
    
    
    93Risks Relating to Nuclear Electrical Generation
    
    
    97Risks Relating to Centerra
    
    
    100DESCRIPTION OF SECURITIES
    
    
    103Description of Share Capital
    
    
    103Restrictions on Ownership and Voting
    
    
    1045% Convertible Subordinated Debentures
    
    
    106Ratings of Securities
    
    
    107Dividend Policy
    
    
    1082006 CONSOLIDATED FINANCIAL STATEMENTS
    
    
    109MANAGEMENTS DISCUSSION AND ANALYSIS
    
    
    109MARKET FOR SECURITIES
    
    
    109Price Range and Trading Volume of Common Shares
    
    
    109Price Range and Trading Volume of 5% Convertible
Subordinated Debentures due October 1, 2013
    
    
    110DIRECTORS AND OFFICERS
    
    
    111AUDIT COMMITTEE
    
    
    114MATERIAL CONTRACTS
    
    
    115INTEREST OF EXPERTS
    
    
    116ADDITIONAL INFORMATION
    
    
    116APPENDIX A  AUDIT COMMITTEE MANDATE
    
    
    117
 ii
    
    2006 Cameco Annual Information Form




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REPORTING CURRENCY AND FINANCIAL INFORMATION
   NOTE REGARDING FORWARD-LOOKING STATEMENTS
 General Development of The Business The Nuclear Business Centerra Gold
Inc Risk Factors Managements Discussion and Analysis
 NOTE REGARDING RESERVES AND RESOURCES
 Definitions Uranium Concentrates Business  Reserves and Resources Centerra Gold Inc. 
 1
    
    2006 Cameco Annual Information Form




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Reserves and Resources
  3 8 3 8
    Definitions
 mineral resource
 inferred mineral resource
 indicated mineral resource
 2
    
    2006 Cameco Annual Information Form




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measured mineral resource
 mineral reserve
 probable mineral reserve
 proven mineral reserve
 INCORPORATION AND SUBSIDIARIES
 Incorporation
 Canada Business
Corporations Act
 Eldorado Nuclear Limited Reorganization and
Divestiture Act The Saskatchewan Mining Development Corporation
Reorganization Act Description of Securities
  th
 Subsidiaries
   3
    
    2006 Cameco Annual Information Form




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GENERAL DEVELOPMENT OF THE BUSINESS
 3 8 6 2
   Three-Year Highlights
  2004
 
    
    In January 2004, Unit 3, the second of the two units of the Bruce
A station to be restarted, was reconnected to the Ontario
electricity grid. Unit 3 was declared in commercial production as
of March 1, 2004. With the restart of the two Bruce A nuclear
power units, Bruce Powers net generating capacity increased from
3,160 megawatts to 4,660 megawatts.
 
    
    In March 2004, Cameco announced that the Boroo gold mine achieved
commercial production. Production for the remainder of year at
the Boroo gold mine totalled 217,998 ounces at a total cash cost
of $149 (US) per ounce.
 
    
    In April 2004, Cameco and the National Atomic Company of
Kazakhstan (KazAtomProm) announced plans to develop the Inkai
uranium deposit in Kazakhstan through their Joint Venture Inkai.
 
    
    In June 2004, a Cameco subsidiary, along with Compagnie Generale
des Matieres Nucleaires (now called AREVA), RWE Nukem Inc. of
the United States and its affiliate RWE Nuklear GmBh of Germany
(collectively the Western Companies) finalized an amendment with
Techsnabexport (Tenex), the commercial arm of the Russian
Ministry for Atomic Energy, to their agreement to purchase uranium
derived from highly enriched uranium (HEU) sourced from
dismantled Russian nuclear weapons. The amendment provides,
amongst other things, that the Western Companies will forego a
portion of their future options on non-quota HEU-derived uranium
(i.e. quantities for consumption outside the US) to ensure there
is sufficient material in Russia for blending down the weapons
grade HEU to commercially usable low enriched uranium (LEU).
 4
    
    2006 Cameco Annual Information Form




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
    
    In June 2004, Cameco completed the restructuring of its gold
interests pursuant to which it transferred substantially all of
its gold assets to Centerra in exchange for common shares of
Centerra and the assumption of certain liabilities by Centerra.
Centerra completed its initial public offering on June 30, 2004
and began trading on the Toronto Stock Exchange. Cameco
indirectly owns 52.7% of Centerra.
 
    
    In September 2004, Cameco announced that 200 hourly unionized
employees at its Port Hope conversion facility adopted a new
three-year contract ending a seven week strike.
 
    
    In December 2004, Cameco announced that its board of directors
approved a three-for-one stock split of its outstanding common
 shares. The board of directors also approved an increase in the
annual dividend from $0.20 to $0.24 beginning in 2005 (both
dividend amounts adjusted for the stock split).
 
    
    In December 2004, the Cigar Lake joint venture, after having
received regulatory approval for construction, decided to proceed
with the development of the Cigar Lake uranium deposit at an
estimated cost of approximately $450 million (Camecos share is
$225 million).
 2005
 
    
    Construction at Cigar Lake began in early 2005.
 
    
    In March 2005, Cameco entered into a 10-year toll-conversion
agreement with British Nuclear Fuels plc (BNFL) to purchase all
of the uranium conversion services produced at BNFLs Springfields
U.K. plant.
 
    
    Regulatory approvals were received and initial foundation work has
begun for the commercial uranium mine facility located at Inkai,
Kazakhstan and Cameco agreed, subject to executing formal
amendments (which were executed in 2006), to increase its loan to
the joint venture to a maximum of $100 million (US). In 2007,
Cameco estimated the capitalized cost to bring the new facility to
commercial production at $200 million (US).
 
    
    In October 2005, the ownership interests in Bruce Power were
restructured. Camecos 31.6% Bruce Power interest now includes
only the four Bruce B units and not the four Bruce A units. Cameco
elected not to invest in the planned $4.25 billion program to
increase output from the A units.
 
    
    Due to incremental changes in Bruce Powers governing limited
partnership agreement, which resulted in joint control among the
three major limited partners, effective November 1, 2005 Cameco
began to proportionately consolidate Bruce Powers financial
results rather than account for them using the equity method.
 
    
    In December 2005, Cameco sold its 6.7% interest in Energy
Resources of Australia Ltd., an Australian uranium producer, for
gross proceeds of Aus $121 million. Net proceeds to Cameco after
transaction fees and taxes were approximately Cdn $87 million.
 2006
 
    
    In January 2006, Cameco announced that, based upon updated
reserves estimates and current mining plans, the Kumtor mine life
has been extended by almost three years and the Boroo mine life
has been extended by more than one year.
 
    
    In January 2006, Cameco announced that its board of directors
approved a two-for-one stock split of its outstanding common
 shares. The board of directors also approved an increase in the
annual dividend from $0.12 to $0.16 beginning in 2006 (both annual
dividend amounts adjusted for the stock split).
 
    
    In February 2006, Cameco completed the purchase of 100% of
Zircatec Precision Industries, Inc., (Zircatec) a Canadian
manufacturer of nuclear fuel bundles. The purchase price was $109
million.
 5
    
    2006 Cameco Annual Information Form




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
    
    In April 2006, Cameco announced a significant water inflow into
the second Cigar Lake shaft. The inflow had no impact on other
parts of the mine because the second shaft was not connected to
the mine. To remediate the inflow, Cameco will freeze the shaft
area, subject to regulatory approval.
 
    
    In July 2006, Cameco announced that a pitwall ground movement had
occurred at the Kumtor mine site, involving a significant portion
of the northeast wall. The ground movement did not reduce the
amount of reserves; however, it did significantly reduce 2006
Kumtor production. The fallen rock delayed access to the ore from
this area of the mine representing about 125,000 ounces of
scheduled 2006 production.
 
    
    In October 2006, Cameco announced that a second water inflow had
occurred at Cigar Lake, filling the underground development areas
of the project with water. Production start up was previously
planned for early 2008. Cameco has commenced work at Cigar Lake
to remediate the underground development areas.
 
    
    In November 2006, Cameco announced that unionized employees at its
McArthur River and Key Lake uranium operations accepted a new
contract, which will expire December 31, 2009.
 
    
    In December 2006, Cameco announced that Centerra had reached an
agreement on all material terms of a labour agreement with Kumtor
unionized employees. The agreement will expire December 31, 2008.
 
    
    In December 2006, Cameco announced that its board of directors
approved an increase in the annual dividend from $0.16 to $0.20
beginning in 2007.
 2007 Expected Material Developments
  
    
    In March 2007, Cameco provided an update on the Cigar Lake project
including: (i) production start up is targeted for 2010, subject
to regulatory approval and timely remediation; (ii) Camecos share
of capital costs, including mill modifications, to bring Cigar
Lake into production is estimated at $508 million including $234
million spent on construction as of March 2007, leaving $274
million remaining; and (iii) Camecos share of flood remediation
expenses is estimated at $46 million.
 
    
    Cameco will be negotiating new collective agreements for unionized
employees at Zircatec and Port Hope, as their agreements expire in
June 2007.
 THE NUCLEAR BUSINESS
 Overview
  3 8
 6
    
    2006 Cameco Annual Information Form




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2 6
 Uranium Concentrates Business
 Market Background
 Demand
 3 8 3 8
 Supply
  Primary Production
 3 8
 3 8
  Secondary Sources
  7
    
    2006 Cameco Annual Information Form




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Uranium from Nuclear Disarmament
 3 8
  3 8
  3 8
  3 8 3 8 3 8
 HEU Commercial Agreement
  3 8
 8
    
    2006 Cameco Annual Information Form




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3 8 3 8
 .
 6
 Trade Restraints and Policies
 3 8 Uranium from Nuclear
Disarmament
   Prices
  9
    
    2006 Cameco Annual Information Form




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3 8 3 8
 3 8 x x
 Marketing
   3 8 3 8
   3 8
 10
    
    2006 Cameco Annual Information Form




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3 8 6
 Mining Properties
   3 8
 2004(1)
    
    2005(1)
    
    2006(1)
    
    2007(1)McArthur River (2)
    
    
    13,100,000
    
    
    
    13,100,000
    
    
    
    13,100,000
    
    
    
    13,100,000Rabbit Lake
    
    
    5,400,000
    
    
    
    6,000,000
    
    
    
    5,100,000
    
    
    
    5,500,000Smith Ranch-Highland
    
    
    1,200,000
    
    
    
    1,300,000
    
    
    
    2,000,000
    
    
    
    1,600,000Crow Butte
    
    
    800,000
    
    
    
    800,000
    
    
    
    700,000
    
    
    
    800,000Total
    
    
    20,500,000
    
    
    
    21,200,000
    
    
    
    20,900,000
    
    
    
    21,000,000
 
 Notes:(1)
    
    This does not include test mining production from Inkai.(2)
    
    Milled at Key Lake. McArthur River
 3 8 3 8 3 8 3 8 3 8 3 8
  Property Description and Environment
  11
    
    2006 Cameco Annual Information Form




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Site accessibility, infrastructure and physiography
    History
  
    
    In 1998, Cameco bought all of the shares of Uranerz Exploration
and Mining Ltd. (and changed Uranerzs name to UEM), thereby
increasing its direct and indirect participating interest in the
McArthur River joint venture to 83.766%.
 
    
    In 1999, AREVA acquired one-half of the shares of UEM, thereby
reducing Camecos direct and indirect participating interest in
the McArthur River joint venture to 69.805%. AREVAs direct and
indirect participating interest in the McArthur River joint
venture is 30.195%.
 12
    
    2006 Cameco Annual Information Form




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Mine Development
   Geology and Mineralization
   Exploration, Drilling and Estimates
      13
    
    2006 Cameco Annual Information Form




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Mine Operations
   3 3
    Milling
 3 8
 3 8 3 8
 14
    
    2006 Cameco Annual Information Form




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3 8 Canadian Environmental Assessment Act
     3 8
 Safety and Radiation Control
  15
    
    2006 Cameco Annual Information Form




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Nuclear Safety and Control Act
 McArthur River Resource and Reserve Estimates
 Uranium
Concentrates Business-Reserves and Resources
 1.
    
    Key Assumptions
 (a)
    
    Continuity of quality and quantity of uranium mineralization between sampled areas.(b)
    
    Water control measures are effective at preventing water inflow.(c)
    
    The reported mineral reserves includes provisions for dilution or mining recovery.(d)
    
    The reported mineral resources do not include allowances for dilution and mining
recovery.(e)
    
    For the purpose of estimating mineral reserves in accordance with National
Instrument 43-101 of the Canadian securities regulatory authorities, a uranium price of
$38.50 (US) per pound U3O8was used. For the purpose of
estimating mineral reserves in accordance with US Securities and Exchange Commissions
Industry Guide 7 for US reporting purposes, a uranium price of $32.30 (US) per pound
U3O8was used. Estimated mineral reserves at McArthur River are
the same using either uranium price.
 2.
    
    Key Parameters
 (a)
    
    Grades were obtained from radiometric probing of underground drill holes and
converted to percentage U3O8 on the basis of a correlation
between radiometric counts and assay values.(b)
    
    Densities were determined from regression formulas based on density
measurements of drill core and chemical assay grades.(c)
    
    Limits and continuity of the mineralization are structurally controlled.(d)
    
    Mineral reserves at McArthur River are based on estimated quantities of uranium
recoverable by the current raise bore mining method and the currently planned mining
methods of boxhole boring, jetboring and/or blasthole stoping.
 3.
    
    Key Methods
 (a)
    
    Three-dimensional wire frame models were created from digitized mineralization
boundaries interpreted on 10 metre spacing vertical cross-sections and planviews.
Estimates of the grade and density of blocks of 1 metre x 5 metre x 1 metre were
obtained from ordinary kriging.(b)
    
    Mineral reserves are defined as the economically mineable part of the indicated
and measured mineral resources. Only mineral reserves have demonstrated economic
viability. The amount of reported mineral resources does not include amounts
identified as mineral reserves.
  16
    
    2006 Cameco Annual Information Form




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Rabbit Lake
 Uranium Concentrates
Business  Reserves and Resources
    Cigar
Lake  Toll Milling Agreements )
  Crow Butte
 Uranium Concentrates Business 
Reserves and Resources
 Smith Ranch-Highland
  17
    
    2006 Cameco Annual Information Form




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Uranium Concentrates Business 
Reserves and Resources
 Development Projects
    Cigar Lake
 3 8 3 8 3 8 3 8 3 8 3 8
 2006 Water Inflow Incidents
 www.sedar.com
 Property Description and Location
   18
    
    2006 Cameco Annual Information Form




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The Crown Minerals Act
     Canadian Royalties and Certain Taxes
  3 8
   Development
 19
    
    2006 Cameco Annual Information Form




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Site Accessibility, Climate, Local Resources, Infrastructure and Physiography
       History
    Mining Operations
 20
    
    2006 Cameco Annual Information Form




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Geological Setting
   Exploration
    3 8
  Mineralization
    21
    
    2006 Cameco Annual Information Form




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Drilling
 3 8 3 8
    Sampling and Analysis
     3 8
    22
    
    2006 Cameco Annual Information Form




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3 8
 3 8 3 8
    Security of Samples
   Cigar Lake Resource and Reserve Estimates
 Uranium Concentrates
Business  Reserves and Resources
 1.
    
    Key Assumptions
 (a)
    
    Indicated mineral resources have been estimated at a minimum mineralized
thickness of 2.5 metres and at a cut-off grade of 1.2% U3O8
applied to the Phase 1 mineral resource block model. The inferred mineral resources
have been estimated by applying a cut-off grade of 5.9% U3O8 to
the Phase 2 resource block model.(b)
    
    Mineral resources have been estimated with an allowance of 0.5 metres of
dilution material above and below the deposit at 0% U3O8. No
allowance for mining recovery is included.
 23
    
    2006 Cameco Annual Information Form




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(c)
    
    Mineral reserves have been estimated at a minimum mineralized thickness of 2.5
metres and at a cut-off grade of 5.9% U3O8 applied to the Phase 1
mineral resource block model.(d)
    
    Mineral reserves have been estimated with an allowance of 0.5 metres of
dilution material above and below the deposit, plus 5% external dilution and 5%
backfill dilution at 0% U3O8. Mineral reserves have been
estimated based on 90% mining recovery.(e)
    
    For the purpose of estimating mineral reserves in accordance with NI 43-101, a
price of $38.50 (US) per pound U3O8was used. For the purpose of
estimating mineral reserves in accordance with United States Securities and Exchange
Commission Industry Guide 7 for US reporting purposes, a price of $32.30 (US) per pound
U3O8 was used. Estimated mineral reserves at Cigar Lake are
almost identical at either price because of the insensitivity of the mineral reserves
to the cut-off grade over the range of these two prices.(f)
    
    Environmental, permitting, legal, title, taxation, socio-economic, political,
marketing or other issues are not expected to materially affect the mineral resource
and mineral reserve estimates.
 2.
    
    Key Parameters
 (a)
    
    Grades (percentage U3O8) were obtained from assaying of
drill core and checked against radiometric results. In areas of lost core or poor
recovery, reliance was placed on radiometric grade determined from the gamma probing.
The grade of a sample was estimated from radiometric results if the core recovery was
less than 75%.(b)
    
    Where density was not directly measured for each sample, a correlation between
uranium grade and density was applied.(c)
    
    Mineral reserves at Cigar Lake are based on estimated quantities of uranium
recoverable by a tested mining method.(d)
    
    The key economic parameters underlying the mineral reserves include a
conversion from US$ dollars to Cdn$ dollars using a fixed exchange rate of
US$0.91=Cdn$1.00.
 3.
    
    Key Methods
 (a)
    
    Mineral reserves were estimated based on the use of the jet boring mining
method combined with bulk freezing of the ore body. Jet boring produces an ore slurry
with initial processing consisting of crushing and grinding underground, leaching at
the McClean Lake JEB mill and yellowcake production split between the McClean Lake JEB
mill and Rabbit Lake mill.(b)
    
    Mining rates are assumed to vary between 80 and 140 tonnes per day and a full
mill production rate of 18 million pounds of U3O8 per year based
on 98.5% mill recovery.(c)
    
    The geological interpretation of the ore body outline was done on section and
planviews derived from core drillhole information. Mineral resources and mineral
reserves were estimated using 2-dimension horizontal block models. Except in the case
of the inferred mineral resources, the block size of 15 metres x 6 metres was used.
For inferred mineral resources, the block size was increased to 40 metres x 10 metres.(d)
    
    The geological model does not incorporate the results of the underground freeze
holes since the conversion of radioactivity measurements to uranium grade has not yet
been confirmed by chemical assays.(e)
    
    Ordinary kriging served to estimate the grade, thickness and density of the
blocks.
 24
    
    2006 Cameco Annual Information Form




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(f)
    
    Mineral reserves are defined as the economically mineable part of the indicated
and measured resources. Only mineral reserves have demonstrated economic viability.
Reported mineral resources do not include those amounts identified as mineral reserves.(g)
    
    Inferred mineral resources have a great amount of uncertainty as to their
existence and as to whether they can be mined legally or economically. It cannot be
assumed that all or any part of the inferred mineral resources will ever be upgraded to
a higher category.
     Decommissioning and Reclamation
    25
    
    2006 Cameco Annual Information Form




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Mining Operations
   3 8
  Toll Milling Agreements
  Toll Milling Agreements
  JEB Toll Milling Agreement
  3 8
 26
    
    2006 Cameco Annual Information Form




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Rabbit Lake Toll Milling Agreement
 JEB Toll Milling Agreement
    Water Inflow Incidents and Remediation
   27
    
    2006 Cameco Annual Information Form




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Phase 2
    
    This phase involves dewatering the underground mine openings,
validating the integrity of the plug to ensure the water inflow
has been sufficiently sealed, and initiating the installation of
surface freezing infrastructure and is expected to be complete by
the end of the third quarter 2007, other than drilling of the
freezeholes and the freezing of the ground which will continue
through to phase five.Phase 3
    
    This phase involves completing any additional remedial work
identified in phase two to be completed such as determining if
additional reinforcement is required in higher risk areas. This
phase is expected to be complete by the end of 2007.Phase 4
    
    This phase involves completing underground rehabilitation which
includes securing areas to prevent a ground fall or water inflow,
re-establishing mine ventilation, installing pumping capacity and
re-establishing the ore freezing program. This phase is expected
to be complete by the summer of 2008.Phase 5
    
    This phase involves resuming construction activities in order to
meet the scheduled mine completion target of 2010.
     28
    
    2006 Cameco Annual Information Form




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Development
  Canadian
Environment Assessment Act
       3 8 3 8
 29
    
    2006 Cameco Annual Information Form




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3 8
   
    
    Total mill production of 222.9 million pounds of U3O8 based on an overall milling recovery of 98.5%;
 
    
    Total mine production of 497 thousand tonnes of ore;
 
    
    Average mill feed grade of 20.7 % U3O8;
 
    
    Production scheduled for 2010;
 
    
    Mining rate is variable to achieve a constant production level of U3O8. The average mine production
is 100 tonnes per day, but varies annually from 80 to 140 tonnes per day depending on the grade of ore being mined;
 
    
    Two year ramp up to full production of 18 million pounds of U3O8 per year (recovered after miling); and
 
    
    Mine operating life of 14.8 years
       Inkai
  30
    
    2006 Cameco Annual Information Form




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Uranium
Concentrates Business  Reserves and Resources
    3 8
       31
    
    2006 Cameco Annual Information Form




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Exploration
          32
    
    2006 Cameco Annual Information Form




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Reserves and Resources
  Qualified Persons
    
    PropertiesDoug Beattie, Chief Mine Engineer, Engineering and Projects, Cameco
Chuck Edwards, Director, Engineering and Projects, Cameco
Alain G. Mainville, Director, Mineral Resources Management, Cameco
    
    Dawn Lake
Key Lake
Millennium
Rabbit LakeCameron Chapman, Technical Superintendent, McArthur River, Cameco
Chuck Edwards, Director, Engineering and Projects, Cameco
Alain G. Mainville, Director, Mineral Resources Management, Cameco
Gary Haywood, General Manager, McArthur River, Cameco
    
    McArthur RiverDoug McIlveen, Cigar Lake Chief Geologist, Cameco
Barry Schmitke, Cigar Lake General Manager, Cameco
Alain G. Mainville, Director, Mineral
Resources Management, Cameco
Chuck Edwards, Director, Engineering and Projects, Cameco
    
    Cigar LakeDave Crawford, Manager, Project Development, PRI
Chuck Foldenauer, Smith-Ranch Highland Mine Manager, PRI
Steve Lundsford, Sr. Evaluation Geologist, PRI
    
    Crow Butte
Gas Hills  Peach
North Butte/Brown Ranch
Northwest Unit
Reynolds Ranch
Ruby Ranch
Ruth
Shirley Basin
Smith Ranch-HighlandDave Crawford, Manager, Project Development, PRI
Steve Magnuson, VP, Engineering & Development, PRI
Alain G. Mainville, Director, Mineral Resources Management, Cameco
    
    Inkai
  Note Regarding Reserves and Resources
  33
    
    2006 Cameco Annual Information Form




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Uranium Reserves
  PROVEN
    
    PROBABLE
    
    TOTAL RESERVES(100% basis)
    
    (100% basis)
    
    (100% basis)Content
    
    
    
    
    
    
    
    
    
    Content
    
    
    
    
    
    
    
    
    
    Content
    
    Camecos
    
    EstimatedGrade
    
    (lbs
    
    
    
    
    
    Grade
    
    (lbs
    
    
    
    
    
    Grade
    
    (Ibs
    
    Share
    
    Metallurgical
    
    MiningRESERVES
    
    Tonnes
    
    %U3O8
    
    U3O8)
    
    Tonnes
    
    %U3O8
    
    U3O8)
    
    Tonnes
    
    %U3O8
    
    U3O8)
    
    U3O8)
    
    Recovery %
    
    MethodPROPERTY
    
    {(tonnes in thousands; pounds in millions)Cigar Lake
    
    
    497.0
    
    
    
    20.67
    
    
    
    226.3
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    497.0
    
    
    
    20.67
    
    
    
    226.3
    
    
    
    113.2
    
    
    
    98.5
    %
    
    UGCrow Butte
    
    
    901.6
    
    
    
    0.33
    
    
    
    6.5
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    901.6
    
    
    
    0.33
    
    
    
    6.5
    
    
    
    6.5
    
    
    
    85.0
    %
    
    ISLGas Hills  Peach
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,851.0
    
    
    
    0.13
    
    
    
    19.7
    
    
    
    6,851.0
    
    
    
    0.13
    
    
    
    19.7
    
    
    
    19.7
    
    
    
    65.0
    %
    
    ISLHighland
    
    
    278.5
    
    
    
    0.13
    
    
    
    0.8
    
    
    
    935.1
    
    
    
    0.13
    
    
    
    2.7
    
    
    
    1,213.6
    
    
    
    0.13
    
    
    
    3.5
    
    
    
    3.5
    
    
    
    80.0
    %
    
    ISLInkai
    
    
    22,694.0
    
    
    
    0.07
    
    
    
    35.4
    
    
    
    63,727.0
    
    
    
    0.06
    
    
    
    79.0
    
    
    
    86,421.0
    
    
    
    0.06
    
    
    
    114.4
    
    
    
    68.6
    
    
    
    80.0
    %
    
    ISLKey Lake
    
    
    61.9
    
    
    
    0.52
    
    
    
    0.7
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    61.9
    
    
    
    0.52
    
    
    
    0.7
    
    
    
    0.7
    
    
    
    98.7
    %
    
    OPMcArthur River
    
    
    530.2
    
    
    
    17.49
    
    
    
    204.5
    
    
    
    280.0
    
    
    
    26.33
    
    
    
    162.5
    
    
    
    810.2
    
    
    
    20.55
    
    
    
    367.0
    
    
    
    256.2
    
    
    
    98.7
    %
    
    UGNorth Butte/
Brown Ranch
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,874.6
    
    
    
    0.10
    
    
    
    8.5
    
    
    
    3,874.6
    
    
    
    0.10
    
    
    
    8.5
    
    
    
    8.5
    
    
    
    80.0
    %
    
    ISLRabbit Lake
    
    
    40.0
    
    
    
    1.15
    
    
    
    1.0
    
    
    
    696.5
    
    
    
    1.18
    
    
    
    18.1
    
    
    
    736.5
    
    
    
    1.18
    
    
    
    19.1
    
    
    
    19.1
    
    
    
    96.7
    %
    
    UGRuby Ranch
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,832.2
    
    
    
    0.09
    
    
    
    5.5
    
    
    
    2,832.2
    
    
    
    0.09
    
    
    
    5.5
    
    
    
    5.5
    
    
    
    80.0
    %
    
    ISLRuth
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    853.7
    
    
    
    0.09
    
    
    
    1.7
    
    
    
    853.7
    
    
    
    0.09
    
    
    
    1.7
    
    
    
    1.7
    
    
    
    80.0
    %
    
    ISLSmith Ranch
    
    
    676.9
    
    
    
    0.10
    
    
    
    1.5
    
    
    
    3,143.1
    
    
    
    0.12
    
    
    
    8.3
    
    
    
    3,820.0
    
    
    
    0.12
    
    
    
    9.8
    
    
    
    9.8
    
    
    
    80.0
    %
    
    ISLTotal
    
    
    25,680.1
    
    
    
    
    
    
    
    476.7
    
    
    
    83,193.2
    
    
    
    
    
    
    
    306.0
    
    
    
    108,873.3
    
    
    
    
    
    
    
    782.7
    
    
    
    513.0
    
    
    
    
    
    
    
    
 
 Notes:1
    
    Cameco reports mineral reserves and mineral resources separately.2
    
    Cigar Lake reserves are current as at March 16, 2007.3
    
    Mill recovery factors must be applied in order to obtain the expected amounts of recovered pounds U3O8.4
    
    Mineral Reserves incorporate allowances for dilution and mining losses.5
    
    Mining Method: OP  Open Pit; UG  Underground; ISL  In situ leaching.6
    
    Mineral reserves are estimated using current geological models and current and/or projected operating costs and mine plans. Camecos normal data verification procedures have been employed in connection with the mineral reserve estimations for each property, unless otherwise set out in this Annual Information Form.7
    
    For the purpose of estimating mineral reserves in accordance with NI 43-101, a uranium price of
$38.50 (US)/lb U3O
8
was used. For the purpose of estimating mineral reserves in accordance with US Securities
Commission Industry Guide 7, a uranium price of $32.30 (US)/lb U
3O
8was used.
Estimated mineral reserves are identical at either price, except for Cigar Lake where
they are almost identical.8
    
    The key economic parameters underlying the mineral reserves include an exchange rate of $0.91 US=$1.00 Cdn.9
    
    Except as otherwise set out in this Annual Information Form, environmental, permitting, legal, title, taxation, socio-economic, political, marketing or other issues are not expected to materially affect the above estimates of mineral reserves.10
    
    Totals may not add up due to rounding.  34
    
    2006 Cameco Annual Information Form




---



##### 



Uranium Measured and Indicated Resources
 Cautionary Note to Investors concerning estimates of Measured and Indicated Resources:
 This section uses the terms measured resources and indicated resources. US investors are
advised that while those terms are recognized and required by Canadian securities regulatory
authorities, the US Securities and Exchange Commission does not recognize them. Investors are
cautioned not to assume that any part or all of the mineral deposit in these categories will ever
be converted into proven or probable reserves.
  MEASURED ANDMEASURED
    
    INDICATED
    
    INDICATED(100% basis)
    
    (100% basis)
    
    (100% basis)Content
    
    
    
    
    
    
    
    
    
    Content
    
    
    
    
    
    
    
    
    
    Content
    
    CamecosGrade
    
    (lbs
    
    
    
    
    
    Grade
    
    (lbs
    
    
    
    
    
    Grade
    
    (lbs
    
    Share
    
    MiningRESOURCES
    
    Tonnes
    
    % U3O8
    
    U3O8)
    
    Tonnes
    
    % U3O8
    
    U3O8)
    
    Tonnes
    
    % U3O8
    
    U3O8)
    
    (lbs U3O8)
    
    MethodPROPERTY
    
    (tonnes in thousands; pounds in millions)Cigar Lake
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    61.2
    
    
    
    4.86
    
    
    
    6.6
    
    
    
    61.2
    
    
    
    4.86
    
    
    
    6.6
    
    
    
    3.3
    
    
    UGCrow Butte
    
    
    64.5
    
    
    
    0.23
    
    
    
    0.3
    
    
    
    1,475.8
    
    
    
    0.25
    
    
    
    8.1
    
    
    
    1,540.3
    
    
    
    0.25
    
    
    
    8.4
    
    
    
    8.4
    
    
    ISLDawn Lake
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    347.0
    
    
    
    1.69
    
    
    
    12.9
    
    
    
    347.0
    
    
    
    1.69
    
    
    
    12.9
    
    
    
    7.4
    
    
    OP&UGGas Hills 
Peach
    
    
    2,013.0
    
    
    
    0.08
    
    
    
    3.3
    
    
    
    1,153.0
    
    
    
    0.07
    
    
    
    2.3
    
    
    
    3,166.0
    
    
    
    0.08
    
    
    
    5.6
    
    
    
    5.6
    
    
    ISLHighland
    
    
    782.3
    
    
    
    0.10
    
    
    
    1.7
    
    
    
    47.0
    
    
    
    0.09
    
    
    
    0.1
    
    
    
    829.3
    
    
    
    0.10
    
    
    
    1.8
    
    
    
    1.8
    
    
    ISLInkai
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    11,042.0
    
    
    
    0.06
    
    
    
    14.2
    
    
    
    11,042.0
    
    
    
    0.06
    
    
    
    14.2
    
    
    
    8.5
    
    
    ISLMcArthur River
    
    
    75.0
    
    
    
    8.51
    
    
    
    14.1
    
    
    
    39.8
    
    
    
    8.37
    
    
    
    7.4
    
    
    
    114.8
    
    
    
    8.49
    
    
    
    21.5
    
    
    
    15.0
    
    
    UGMillennium
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    446.0
    
    
    
    3.81
    
    
    
    37.5
    
    
    
    446.0
    
    
    
    3.81
    
    
    
    37.5
    
    
    
    15.7
    
    
    UGNorth Butte/ Brown
Ranch
    
    
    1,008.8
    
    
    
    0.08
    
    
    
    1.9
    
    
    
    3,923.6
    
    
    
    0.07
    
    
    
    6.3
    
    
    
    4,932.4
    
    
    
    0.07
    
    
    
    8.2
    
    
    
    8.2
    
    
    ISLNorthwest Unit
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,000.7
    
    
    
    0.03
    
    
    
    2.3
    
    
    
    4,000.7
    
    
    
    0.03
    
    
    
    2.3
    
    
    
    2.3
    
    
    ISLRabbit Lake
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    180.4
    
    
    
    0.54
    
    
    
    2.2
    
    
    
    180.4
    
    
    
    0.54
    
    
    
    2.2
    
    
    
    2.2
    
    
    UGReynolds Ranch
    
    
    3,073.5
    
    
    
    0.07
    
    
    
    4.5
    
    
    
    5,245.3
    
    
    
    0.06
    
    
    
    7.0
    
    
    
    8,318.8
    
    
    
    0.06
    
    
    
    11.5
    
    
    
    11.5
    
    
    ISLRuby Ranch
    
    
    156.0
    
    
    
    0.17
    
    
    
    0.6
    
    
    
    108.0
    
    
    
    0.06
    
    
    
    0.1
    
    
    
    264.0
    
    
    
    0.12
    
    
    
    0.7
    
    
    
    0.7
    
    
    ISLRuth
    
    
    99.8
    
    
    
    0.10
    
    
    
    0.2
    
    
    
    125.2
    
    
    
    0.07
    
    
    
    0.2
    
    
    
    225.0
    
    
    
    0.07
    
    
    
    0.4
    
    
    
    0.4
    
    
    ISLShirley Basin
    
    
    89.1
    
    
    
    0.15
    
    
    
    0.3
    
    
    
    1,635.9
    
    
    
    0.11
    
    
    
    4.1
    
    
    
    1,725.0
    
    
    
    0.12
    
    
    
    4.4
    
    
    
    4.4
    
    
    ISLSmith Ranch
    
    
    30.8
    
    
    
    0.20
    
    
    
    0.1
    
    
    
    2,406.4
    
    
    
    0.09
    
    
    
    5.0
    
    
    
    2,437.2
    
    
    
    0.09
    
    
    
    5.1
    
    
    
    5.1
    
    
    ISLTotal
    
    
    7,392.8
    
    
    
    
    
    
    
    27.0
    
    
    
    32,237.3
    
    
    
    
    
    
    
    116.3
    
    
    
    39,630.1
    
    
    
    
    
    
    
    143.3
    
    
    
    100.5
    
    
    
    
 
 Notes:1
    
    Cameco reports mineral reserves and mineral resources separately. The amount of reported mineral resources does not include those amounts identified as reserves.2
    
    Cigar Lake resources are current as at March 16, 2007.3
    
    Mining Method: OP  Open Pit; UG  Underground; ISL  In situ leaching.4
    
    Mineral resources are estimated using current geological models. Camecos normal data verification procedures have been employed in connection with the mineral resource estimations for each property, unless otherwise set out in this Annual Information Form.5
    
    Totals may not add up due to rounding.6
    
    Mineral resources that are not mineral reserves do not have demonstrated economic viability. 35
    
    2006 Cameco Annual Information Form




---



##### 



Uranium Inferred Resources
 Cautionary Note to Investors concerning estimates of Inferred Resources:
 This section uses the term inferred resources. US investors are advised that while this term is
recognized and required by Canadian securities regulatory authorities, the US Securities and
Exchange Commission does not recognize it. Inferred resources have a great amount of uncertainty
as to their existence and great amount of uncertainty as to their economic and legal feasibility.
It cannot be assumed that all or any part of an inferred resource will ever be upgraded to a higher
category. Under Canadian securities regulations, estimates of inferred resources may not form the
basis of feasibility or pre-feasibility studies. Investors are cautioned not to assume that part
or all of an inferred resource exists or is economically or legally mineable.
  INFERRED RESOURCES(100% basis)CamecosGrade
    
    Content
    
    ShareTonnes
    
    % U3O8
    
    (lbs U3O8)
    
    (lbs U3O8)
    
    MiningPROPERTY
    
    (tonnes in thousands; pounds in millions)
    
    MethodCigar Lake
    
    
    317.0
    
    
    
    16.92
    
    
    
    118.2
    
    
    
    59.1
    
    
    UGCrow Butte
    
    
    2,802.1
    
    
    
    0.16
    
    
    
    10.1
    
    
    
    10.1
    
    
    ISLDawn Lake
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Gas Hills-Peach
    
    
    656.8
    
    
    
    0.05
    
    
    
    0.8
    
    
    
    0.8
    
    
    ISLHighland
    
    
    587.6
    
    
    
    0.15
    
    
    
    2.0
    
    
    
    2.0
    
    
    ISLInkai
    
    
    253,918.0
    
    
    
    0.05
    
    
    
    268.0
    
    
    
    160.8
    
    
    ISLMcArthur River
    
    
    584.6
    
    
    
    7.35
    
    
    
    94.8
    
    
    
    66.2
    
    
    UGMillennium
    
    
    217.0
    
    
    
    2.03
    
    
    
    9.7
    
    
    
    4.1
    
    
    UGNorth Butte/
Brown Ranch
    
    
    618.5
    
    
    
    0.07
    
    
    
    1.0
    
    
    
    1.0
    
    
    ISLNorthwest Unit
    
    
    627.8
    
    
    
    0.04
    
    
    
    0.5
    
    
    
    0.5
    
    
    ISLRabbit Lake
    
    
    312.2
    
    
    
    0.59
    
    
    
    4.0
    
    
    
    4.0
    
    
    UGReynolds Ranch
    
    
    5,333.3
    
    
    
    0.04
    
    
    
    4.9
    
    
    
    4.9
    
    
    ISLRuby Ranch
    
    
    60.8
    
    
    
    0.14
    
    
    
    0.2
    
    
    
    0.2
    
    
    ISLRuth
    
    
    210.5
    
    
    
    0.08
    
    
    
    0.4
    
    
    
    0.4
    
    
    ISLShirley Basin
    
    
    506.8
    
    
    
    0.10
    
    
    
    1.1
    
    
    
    1.1
    
    
    ISLSmith Ranch
    
    
    595.7
    
    
    
    0.07
    
    
    
    0.9
    
    
    
    0.9
    
    
    ISLTotal
    
    
    267,348.7
    
    
    
    
    
    
    
    516.6
    
    
    
    316.1
    
    
    
    
 
 Notes:1
    
    Cameco reports mineral reserves and mineral resources separately. The amount of reported mineral resources does not include those amounts identified as reserves.2
    
    Cigar Lake inferred resources are current as at March 16, 2007.3
    
    Mining Method: OP  Open Pit; UG  Underground; ISL  In situ leaching.4
    
    Mineral resources are estimated using current geological models. Camecos normal data verification procedures have been employed in connection with the mineral
resource estimations for each property, unless otherwise set out in this Annual Information Form.5
    
    Totals may not add up due to rounding.6
    
    Mineral resources that are not mineral reserves do not have demonstrated economic viability.7
    
    Inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that
all or any part of the inferred resources will ever be upgraded to a higher category. 36
    
    2006 Cameco Annual Information Form




---



##### 



Uranium Reserves Reconciliation
   
    
    At McArthur River, 19 million pounds were upgraded from probable reserves to proven
reserves following a review of the mining plan for a portion of Zone 2.
    
    At Rabbit Lake, 13.5 million pounds of reserves were added as a result of underground
drilling and increased confidence in the geological interpretation.
    
    At Cigar Lake, 2.6 million pounds of probable reserves were converted to indicated
resources following a revision of the cut-off grade.
 Reconciliation of Camecos Share of Uranium Reserves
(in thousands of pounds U 3 O 8 )
 2006
    
    2006December 31, 2005
    
    Throughput 1
    
    Addition (Deletion)2
    
    December 31, 2006Reserves  ProvenCigar Lake
    
    
    113,222
    
    
    
    0
    
    
    
    
    
    
    
    113,222Crow Butte
    
    
    6,815
    
    
    
    (897
    )
    
    
    597
    
    
    
    6,515Highland
    
    
    1,807
    
    
    
    (1,169
    )
    
    
    144
    
    
    
    782Inkai
    
    
    21,211
    
    
    
    0
    
    
    
    
    
    
    
    21,211Key Lake
    
    
    590
    
    
    
    0
    
    
    
    
    
    
    
    590McArthur River
    
    
    136,323
    
    
    
    (12,799
    )
    
    
    19,226
    
    
    
    142,750Rabbit Lake
    
    
    3,127
    
    
    
    (1,405
    )
    
    
    (711
    )
    
    
    1,011Smith Ranch
    
    
    2,845
    
    
    
    (1,390
    )
    
    
    3
    
    
    
    1,458Total Proven Reserves
    
    
    285,940
    
    
    
    (17,660
    )
    
    
    19,259
    
    
    
    287,539Reserves  ProbableCigar Lake
    
    
    2,625
    
    
    
    0
    
    
    
    (2,625
    )
    
    
    0Crow Butte
    
    
    1,013
    
    
    
    0
    
    
    
    (1,013
    )
    
    
    0Gas Hills  Peach
    
    
    19,684
    
    
    
    0
    
    
    
    
    
    
    
    19,684Highland
    
    
    2,663
    
    
    
    0
    
    
    
    
    
    
    
    2,663Inkai
    
    
    47,412
    
    
    
    0
    
    
    
    
    
    
    
    47,412McArthur River
    
    
    135,258
    
    
    
    0
    
    
    
    (21,816
    )
    
    
    113,442North Butte/Brown
Ranch
    
    
    8,524
    
    
    
    0
    
    
    
    
    
    
    
    8,524Rabbit Lake
    
    
    7,863
    
    
    
    (4,000
    )
    
    
    14,241
    
    
    
    18,104Ruby Ranch
    
    
    5,462
    
    
    
    0
    
    
    
    
    
    
    
    5,462Ruth
    
    
    1,689
    
    
    
    0
    
    
    
    
    
    
    
    1,689Smith Ranch
    
    
    8,317
    
    
    
    0
    
    
    
    
    
    
    
    8,317Total Probable
Reserves
    
    
    240,510
    
    
    
    (4,000
    )
    
    
    (11,213
    )
    
    
    225,297Total Reserves
    
    
    526,450
    
    
    
    (21,660
    )
    
    
    8,046
    
    
    
    512,836
 
 Notes:1
    
    Corresponds to millfeed. The discrepancy between the 2006 mill feed and Camecos share of 2006 pounds U3O8
produced is due to mill recovery, mill inventory and the processing of low-grade material.2
    
    Changes in reserves or resources, as applicable, include reassessment of geological data, results of information provided by mining
and milling, and subsequent re-classification of reserves or resources, as applicable. 37
    
    2006 Cameco Annual Information Form




---



##### 



Uranium Resources Reconciliation
   
    
    At McArthur River, measured resources increased by 3.4 million pounds due to reclassification.
 
    
    At Rabbit Lake, 5.3 million pounds of resources were converted to reserves.
 
    
    At Millennium, resources decreased as a result of additional drilling.
 
    
    At Cigar Lake, the increase in resources is due to a change in the cut-off.
 Reconciliation of Camecos Share of Uranium Resources
(in thousands of pounds U 3 O 8 )
 2006December 31, 2005
    
    Addition (Deletion)1
    
    December 31, 2006Resources  MeasuredCrow Butte
    
    
    0
    
    
    
    322
    
    
    
    322Gas Hills  Peach
    
    
    3,346
    
    
    
    
    
    
    
    3,346Highland
    
    
    1,663
    
    
    
    
    
    
    
    1,663McArthur River
    
    
    6,427
    
    
    
    3,400
    
    
    
    9,827Millenium
    
    
    0
    
    
    
    
    
    
    
    0North Butte/Brown Ranch
    
    
    1,857
    
    
    
    
    
    
    
    1,857Reynolds Ranch
    
    
    4,493
    
    
    
    
    
    
    
    4,493Ruby Ranch
    
    
    585
    
    
    
    
    
    
    
    585Ruth
    
    
    216
    
    
    
    
    
    
    
    216Shirley Basin
    
    
    304
    
    
    
    
    
    
    
    304Smith Ranch
    
    
    138
    
    
    
    
    
    
    
    138Total Measured Resources
    
    
    19,029
    
    
    
    3,722
    
    
    
    22,751Resources-IndicatedCigar Lake
    
    
    0
    
    
    
    3,282
    
    
    
    3,282Crow Butte
    
    
    8,100
    
    
    
    
    
    
    
    8,100Dawn Lake
    
    
    7,436
    
    
    
    
    
    
    
    7,436Gas Hills  Peach
    
    
    2,310
    
    
    
    
    
    
    
    2,310Highland
    
    
    92
    
    
    
    
    
    
    
    92Inkai
    
    
    8,521
    
    
    
    (5
    )
    
    
    8,516McArthur River
    
    
    5,136
    
    
    
    
    
    
    
    5,136Millennium
    
    
    19,220
    
    
    
    (3,483
    )
    
    
    15,737North Butte/Brown Ranch
    
    
    6,303
    
    
    
    
    
    
    
    6,303Northwest Unit
    
    
    2,341
    
    
    
    
    
    
    
    2,341Rabbit Lake
    
    
    7,486
    
    
    
    (5,322
    )
    
    
    2,164Reynolds Ranch
    
    
    6,960
    
    
    
    
    
    
    
    6,960Ruby Ranch
    
    
    143
    
    
    
    
    
    
    
    143Ruth
    
    
    192
    
    
    
    
    
    
    
    192Shirley Basin
    
    
    4,085
    
    
    
    
    
    
    
    4,085Smith Ranch
    
    
    4,984
    
    
    
    
    
    
    
    4,984Total Indicated Resources
    
    
    83,309
    
    
    
    (5,528
    )
    
    
    77,781Total Measured &
Indicated Resources
    
    
    102,338
    
    
    
    (1,806
    )
    
    
    100,532
 
 Note:1
    
    Changes in reserves or resources, as applicable, include reassessment of geological data, results
of information provided by mining and milling, and subsequent re-classification of reserves or
resources, as applicable. 38
    
    2006 Cameco Annual Information Form




---



##### 



Reconciliation of Camecos Share of Uranium Resources
(in thousands of pounds U 3 O 8 ) (Continued)
 2006December 31, 2005
    
    Addition (Deletion) 1
    
    December 31, 2006Resources  InferredCigar Lake
    
    
    59,105
    
    
    
    
    
    
    
    59,105Crow Butte
    
    
    10,083
    
    
    
    
    
    
    
    10,083Gas Hills  Peach
    
    
    845
    
    
    
    
    
    
    
    845Highland
    
    
    1,977
    
    
    
    
    
    
    
    1,977Inkai
    
    
    160,793
    
    
    
    
    
    
    
    160,793McArthur River
    
    
    66,151
    
    
    
    
    
    
    
    66,151Millennium
    
    
    4,700
    
    
    
    (629
    )
    
    
    4,071North Butte/Brown Ranch
    
    
    966
    
    
    
    
    
    
    
    966Northwest Unit
    
    
    508
    
    
    
    
    
    
    
    508Rabbit Lake
    
    
    3,701
    
    
    
    332
    
    
    
    4,033Reynolds Ranch
    
    
    4,912
    
    
    
    
    
    
    
    4,912Ruby Ranch
    
    
    184
    
    
    
    
    
    
    
    184Ruth
    
    
    365
    
    
    
    
    
    
    
    365Shirley Basin
    
    
    1,132
    
    
    
    
    
    
    
    1,132Smith Ranch
    
    
    896
    
    
    
    
    
    
    
    896Total Inferred Resources
    
    
    316,318
    
    
    
    (297
    )
    
    
    316,021
 
  1
    
    Changes in reserves or resources, as applicable, include reassessment of geological data, results of
information provided by mining and milling, and subsequent re-classification of reserves or resources, as
applicable. Uranium Fuel Conversion Services
 Market Background
 Demand
 6 2
 6 2
 2 6 6 2 2 2
 Supply
 6 6 2 6 6
 39
    
    2006 Cameco Annual Information Form




---



##### 



6 Uranium Fuel Conversion Services  Operations
 6 6 Uranium Concentrates Business
 Prices
   Marketing of Conversion Services
 UF 6
 6 6 6
 6
 UO 2
 2 2
 2
 Operations
  40
    
    2006 Cameco Annual Information Form




---



##### 



Blind River  Refining
 3 3 3 3 6 2 6 3
 3 6 6 3
 3 3 3
  Port Hope  Conversion
 2 6 2 6 2 2 6 3 6 6 6 2
   41
    
    2006 Cameco Annual Information Form




---



##### 



Zircatec  Fuel Fabrication
  2
 2
 Research and Development
  Legal Proceedings
  Environmental Matters
   42
    
    2006 Cameco Annual Information Form




---



##### 



Cameco Initiatives
        Canada
  43
    
    2006 Cameco Annual Information Form




---



##### 



Decommissioning and Reclamation
       44
    
    2006 Cameco Annual Information Form




---



##### 



Regulatory Compliance
 Canadian Environmental Protection Act
  Nuclear Safety and Control Act
  45
    
    2006 Cameco Annual Information Form




---



##### 



US Environmental Regulation
       Government Regulation
   Treaty on the Non-Proliferation of Nuclear Weapons (the NPT)
  Canadian Uranium Industry Regulation
  46
    
    2006 Cameco Annual Information Form




---



##### 



Mine Ownership Restriction
  Cameco Ownership Restriction
 Eldorado
Nuclear Limited Reorganization and Divestiture Act Description of Securities  Restrictions on Ownership and Voting
 Canadian Nuclear Safety and Control Act
     47
    
    2006 Cameco Annual Information Form




---



##### 



Uranium Export Regulation
  US Uranium Industry Regulation
 Atomic Energy Act of
1954 National Environmental Policy Act
 Wyoming Environmental Quality Act Clean Air Act Clean Water Act Clean Water Act
 Nebraska Environmental Protection Act
     Land Tenure
 Saskatchewan Operations
  48
    
    2006 Cameco Annual Information Form




---



##### 



The Crown Minerals Act The Crown Minerals Act The Mineral
Disposition Regulations, 1986
      49
    
    2006 Cameco Annual Information Form




---



##### 



US Operations
  Canadian Royalties and Certain Taxes
 Crown Mineral Royalty Schedule
  3 8
 Canadian DollarRoyalty Rate
    
    Sales Price in Excess of:6
    %
    
    $
    16.16Plus
    
    
    4
    %
    
    $
    24.24Plus
    
    
    5
    %
    
    $
    32.33
     50
    
    2006 Cameco Annual Information Form




---



##### 



Canadian Income Taxes
  Income Tax Act.
 US Taxes
   Employees
  Bruce Power LP  Nuclear Electrical Generation
 Overview
 Business
  51
    
    2006 Cameco Annual Information Form




---



##### 



2
  Acquisition of Interest
    Overview-Bruce Power-OPG Lease
 Cameco Fuel Management
  2005 Bruce Power Restructuring
    52
    
    2006 Cameco Annual Information Form




---



##### 



Bruce Power-OPG Lease
    53
    
    2006 Cameco Annual Information Form




---



##### 



The Generating Facilities
 Overview
   New Fuel Program
    54
    
    2006 Cameco Annual Information Form




---



##### 



Operating Life Assessment
      CANDU Technology
   55
    
    2006 Cameco Annual Information Form




---



##### 



Employees
  Cameco Fuel Management
 2
 2
 2
 Uranium Fuel Conversion Services Operations
 OPG Services to Bruce Power
 Nuclear Waste Management and Decommissioning
 Nuclear Waste Management and Decommissioning
  
    
    used nuclear fuel bundles (high-level radioactive waste);
    
    other material that has come in close contact with reactors but is less radioactive than used nuclear
fuel bundles, such as ion exchange resins and other structural material and reactor equipment,
including pressure tubes (intermediate-level radioactive waste); and
    
    material used in connection with station operation that is not highly radioactive
(low-level radioactive waste).
 56
    
    2006 Cameco Annual Information Form




---



##### 



Nuclear Fuel
Waste Act
 Federal Regulation
 Government Regulation  Canadian Uranium Industry
Regulation Nuclear Liability Act
   57
    
    2006 Cameco Annual Information Form




---



##### 



.
 Ontarios Electricity Regulation
 Summary of Key Impacts
     Ontario Electricity Sector Restructuring
  Electricity Pricing, Conservation and Supply
Act, 2002, .
 58
    
    2006 Cameco Annual Information Form




---



##### 



Electricity Restructuring Act, 2004 Electricity Restructuring Act
 
    
    the creation of a new Ontario Power Authority (OPA), responsible for ensuring adequate, long-term supply of
electricity and integrated system planning;
    
    regulated prices in parts of the electricity sector to ensure price stability for certain specified consumers;
    
    a revised role for the IESO;
    
    creation of a new Conservation Bureau, that will be led by Ontarios Chief Energy Conservation Officer; and
    
    provisions that will continue to enable the Ministry of Energy to set targets for conservation, renewable energy, and
the overall supply mix within Ontario.
    59
    
    2006 Cameco Annual Information Form




---



##### 



Ontario Power Authority
 Electricity Restructuring Act
     Electricity Price Adjustments
 Electricity Restructuring Act Electricity Restructuring Act
 The IESO
 Electricity Restructuring Act
   60
    
    2006 Cameco Annual Information Form




---



##### 



OEBs Licensing Process and Industry Codes
  CENTERRA GOLD INC.
 Centerra
   Centerra
Gold Inc.  Reserves and Resources
 61
    
    2006 Cameco Annual Information Form




---



##### 




    
    in the reserves at Kumtor, Boroo and Gatsuurt
amounted to total proven and probable reserves of
3.65 million ounces of gold; and
    
    in the resources at Kumtor and Boroo mines and
Gatsuurt and REN exploration properties, amounted
to 2.71 million ounces of gold in measured and
indicated resources and 1.38 million ounces of gold
in inferred resources.
       Kumtor Restructuring
   Kumtor Mine
  62
    
    2006 Cameco Annual Information Form




---



##### 



Doing Business in the Kyrgyz Republic
  Government and Political Factors
        63
    
    2006 Cameco Annual Information Form




---



##### 



Relevant Kyrgyz Law
and Investment Agreement with the Government of the Kyrgyz Republic
   Relevant Kyrgyz Law and the Investment Agreement with the Government of the Kyrgyz Republic
  64
    
    2006 Cameco Annual Information Form




---



##### 



Property, Location, Concession and Mine Site
   65
    
    2006 Cameco Annual Information Form




---



##### 



66
    
    2006 Cameco Annual Information Form




---



##### 



Site accessibility, infrastructure and physiography
     History and Financing
    Geology and Mineralization
   67
    
    2006 Cameco Annual Information Form




---



##### 




    
    Two parallel zones of alteration and gold mineralization strike northeasterly and dip
to the southeast at 45° to 60°, separated by 30 to 50 metres of barren or
poorly mineralized rock. The South Zone, with a length of 700 to 1,000 metres and a
horizontal width of 40 to 80 metres, is reasonably well mineralized throughout its
entire length, with an average gold grade of 3 to 4 grams of gold per tonne. The
North Zone, somewhat more extensive along strike but with a similar width, has lesser
gold grade continuity and splits into a number of individual lenses that have average
gold grades in the range of 2 to 3.5 grams of gold per tonne;
    
    At their northeastern end, the North and South Zones coalesce into the Stockwork
Zone, which has higher gold grades and good grade continuity. Its dimensions in plan
are 400 to 500 metres long by 50 to 200 metres wide, with an average gold grade of 5
to 6 grams of gold per tonne, depending on the cut-off grade. The Stockwork Zone
plunges northeasterly at 40° to 50°, and diminishes in size below
elevation 3,900. Its down-plunge continuation below elevation 3,900 is known as the
NB Zone. Geographically, the Stockwork Zone is located closest to the pit highwall
and thus governs to a large extent the overall strip ratio of the pit design; and
    
    In the south-western part of the deposit, the SB Zone (a division of the South Zone)
has recently been identified below elevation 3,900. The SB Zone has a 360 metre
strike length and has a down dip length ranging from 70 to 600 metres, depending on
the geological section. It is open to depth, along strike to the southwest and down
plunge to the northeast. While its full dimensions remain to be defined, it appears
somewhat smaller than the Stockwork Zone, but is of excellent grade. It is the SB
Zone that has given rise to the large increase in the mineral reserves and resources
(including inferred resources) of the Kumtor deposit as the result of drilling
conducted in 2005 and 2006.
    68
    
    2006 Cameco Annual Information Form




---



##### 



Historical Exploration, Sampling and Drilling
  
    
    The delineation of the surface extent of the mineralization by 60 trenches;
    
    The exploration of the upper portion of the deposit by underground drifts and crosscuts developed on three levels and
totalling 30 kilometres of workings;
    
    Testing of the lower portion of the deposit by 114 inclined and vertical diamond drill holes from the surface and 32
horizontal diamond drill holes from underground for a total of approximately 77,000 metres of drilling; and
    
    The assembly of a sampling database containing 69,775 samples collected from trenches, underground workings and drill
cores. Three bulk samples weighing 9 tonnes, 20 tonnes and 464 tonnes were processed for metallurgical test work.
    69
    
    2006 Cameco Annual Information Form




---



##### 




    
    At the SB Zone, 1.8 million ounces of inferred resources have
been identified by the 2006 diamond drill program.
Additional underground drilling is planned for 2007.
 
    
    Most of the increase in inferred resources at the
Central Pit is due to positive drilling results from the SB
Zone beneath the current pit design for the south end of the
Central Pit. The SB Zone has been extended significantly to
depth, and as of December 31, 2006, a high-grade underground
inferred resource of 1.8 million ounces of contained gold
with an average grade of 20.5 grams of gold per tonne has
been identified below the current Central Pit. Centerra has
approved a $36 million (US) underground exploration program
to construct an underground decline so diamond drilling can
be completed to define and explore the resources and evaluate
the feasibility of underground mining. Construction is
expected to begin in the second quarter of 2007.
 
    
    At the Sarytor deposit, resources were upgraded by the
in-fill drilling completed in 2006 and 296,000 ounces added
to reserves.
 
    
    Measured and indicated resources increased by 481,000 ounces.
  Employees
  Mining
   Milling
  Production History
   70
    
    2006 Cameco Annual Information Form




---



##### 



Highwall Ground Movements
          71
    
    2006 Cameco Annual Information Form




---



##### 



Gold Sales
   Kyrgyzaltyn Management Fee
   Environmental, Health and Safety Matters
    72
    
    2006 Cameco Annual Information Form




---



##### 



Decommissioning and Reclamation
   Kumtor Reserve and Resource Estimates
 Centerra Gold Inc 
Reserves and Resources
  73
    
    2006 Cameco Annual Information Form




---



##### 



1.
    
    Key Assumptions
 
    
    The mineral reserves reported include allowances for dilution and mining recovery;
 2.
    
    Key Parameters
 
    
    gold values were obtained from assaying of surface trenches and underground working
samples as well as from drill hole cores;
    
    capping of high-grade samples was established at levels ranging from 20 grams of
gold per tonne at the Southwest deposit and to 60 grams of gold per tonne in low-grade
zones at the Central Pit and 100 grams of gold per tonne in the high-grade SB zone;
    
    density was measured on 200 samples and ranged from 2.51 to 3.23 tonnes per cubic
metre. An average density of 2.85 tonnes per cubic metre is used for waste and
mineralized rocks;
    
    a lowering of a portion the Central Pit northeast wall to increase wall stability;
    
    metallurgical recoveries used in the pit optimization follow a variable recovery
equation and range from 57% to 90% with a life of mine average of 82.3%;
    
    mineral reserves at the Kumtor mine are not only based on grades but also on the
volume and location; and
    
    for the purpose of estimating mineral reserves in accordance with National
Instrument 43-101 of the Canadian securities regulatory authorities and in accordance
with United States Securities and Exchange Commissions Industry Guide 7 for US
reporting purposes, mineral reserves within the current ultimate pit designs for
Kumtor, the Southwest and the Sarytor deposits were calculated with a cut-off grade
based on a gold price of $475 (US) per ounce.
 3.
    
    Key Methods
 
    
    the geological interpretation of the ore bodies outlines was done on vertical
sections 40 metres apart and on plan views;
    
    a three-dimensional block model delineates the reserves and resources;
    
    estimates of the grade of blocks 10 metres x 10 metres x 8 metres were obtained by
ordinary kriging; and
    
    mineral reserves are defined as the economically mineable part of the indicated and
measured resources. Only reserves have demonstrated economic viability. The amount of
reported mineral resources does not include amounts identified as mineral reserves.
    74
    
    2006 Cameco Annual Information Form




---



##### 



www.sedar.com
 Boroo Mine
 Centerra Gold Inc.  Reserves and Resources
  www.sedar.com
 Minerals Law
      75
    
    2006 Cameco Annual Information Form




---



##### 



Windfall Profits Tax
   Stability Agreement
    76
    
    2006 Cameco Annual Information Form




---



##### 



Property Description and Location
       77
    
    2006 Cameco Annual Information Form




---



##### 



Mining
  Milling
     Gold Sales
  Environmental, Health and Safety Matters
    78
    
    2006 Cameco Annual Information Form




---



##### 



Decommissioning and Reclamation
  Gatsuurt Development Property
 Centerra Gold Inc.  Reserves and Resources
        79
    
    2006 Cameco Annual Information Form




---



##### 



www.sedar.com
 REN Exploration Property
   www.sedar.com
 Reserves and Resources
  Qualified Person
    
    PropertiesIan Atkinson, Certified Professional Geologist, Vice President,
    
    KumtorExploration, Centerra
    
    BorooGatsuurtREN
       80
    
    2006 Cameco Annual Information Form




---



##### 



Cautionary Note to Investors concerning estimates of Inferred Resources:
 This section uses the term inferred resources. US investors are advised that while this term is
recognized and required by Canadian securities regulatory authorities, the US Securities and
Exchange Commission does not recognize it. Inferred resources have a great amount of uncertainty
as to their existence and as to their economic and legal feasibility. It cannot be assumed that
all or any part of an inferred resource will ever be upgraded to a higher category. Under Canadian
securities regulations, estimates of inferred resources may not form the basis of feasibility or
pre-feasibility studies. Investors are cautioned not to assume that part or all of an inferred
resource exists or is economically or legally mineable.
  81
    
    2006 Cameco Annual Information Form




---



##### 



Reserves(1)
    
    (Tonnes and Ounces in Thousands)(11)(12)Proven (100% Basis)
    
    Probable (100% Basis)
    
    Total Proven and Probable ReservesCameco
    
    EstimatedGrade
    
    Contained
    
    
    
    
    
    Grade
    
    Contained
    
    
    
    
    
    Grade
    
    Contained
    
    Equity
    
    Metallurgical
    
    MiningProperty
    
    Tonnes
    
    (g/t)
    
    Gold (oz)
    
    Tonnes
    
    (g/t)
    
    Gold (oz)
    
    Tonnes
    
    (g/t)
    
    Gold (oz)
    
    (oz)(3)
    
    Recovery %
    
    Method(4)Kumtor(6)
    
    
    12,014
    
    
    
    4.9
    
    
    
    1,893
    
    
    
    19,426
    
    
    
    4.6
    
    
    
    2,852
    
    
    
    31,440
    
    
    
    4.7
    
    
    
    4,745
    
    
    
    2,500
    
    
    
    82
    %
    
    OPBoroo
    
    
    5,294
    
    
    
    2.6
    
    
    
    449
    
    
    
    19,230
    
    
    
    1.3
    
    
    
    785
    
    
    
    24,523
    
    
    
    1.6
    
    
    
    1,234
    
    
    
    618
    
    
    
    76
    %
    
    OPGatsuurt
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,101
    
    
    
    3.4
    
    
    
    1,005
    
    
    
    9,101
    
    
    
    3.4
    
    
    
    1,005
    
    
    
    530
    
    
    
    88
    %
    
    OPTotal(12)
    
    
    17,308
    
    
    
    4.2
    
    
    
    2,342
    
    
    
    47,757
    
    
    
    3.0
    
    
    
    4,642
    
    
    
    65,064
    
    
    
    3.3
    
    
    
    6,984
    
    
    
    3,648
 Measured and Indicated Resources(2)
    
    (Tonnes and Ounces in Thousands)(11)(12)Measured (100% Basis)
    
    Indicated (100% Basis)
    
    Total Measured and Indicated ResourcesCamecoGrade
    
    Contained
    
    
    
    
    
    Grade
    
    Contained
    
    
    
    
    
    Grade
    
    Contained
    
    Equity
    
    MiningProperty
    
    Tonnes
    
    (g/t)
    
    Gold (oz)
    
    Tonnes
    
    (g/t)
    
    Gold (oz)
    
    Tonnes
    
    (g/t)
    
    Gold (oz)
    
    (oz) (3)
    
    Method(4)Kumtor(5)(6)
    
    
    17,710
    
    
    
    3.5
    
    
    
    1,964
    
    
    
    14,810
    
    
    
    3.2
    
    
    
    1,538
    
    
    
    32,520
    
    
    
    3.3
    
    
    
    3,502
    
    
    
    1,845
    
    
    OPBoroo(5)(8)
    
    
    680
    
    
    
    2.0
    
    
    
    45
    
    
    
    5,519
    
    
    
    1.4
    
    
    
    240
    
    
    
    6,199
    
    
    
    1.4
    
    
    
    284
    
    
    
    142
    
    
    OPGatsuurt(9)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,238
    
    
    
    3.0
    
    
    
    607
    
    
    
    6,238
    
    
    
    3.0
    
    
    
    607
    
    
    
    320
    
    
    OPREN(10)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,991
    
    
    
    12.7
    
    
    
    1,220
    
    
    
    2,991
    
    
    
    12.7
    
    
    
    1,220
    
    
    
    399
    
    
    UGTotal
    
    
    18,390
    
    
    
    3.4
    
    
    
    2,009
    
    
    
    29,558
    
    
    
    3.8
    
    
    
    3,605
    
    
    
    47,948
    
    
    
    3.6
    
    
    
    5,613
    
    
    
    2,706
 Inferred Resources (100% Basis)(2)
    
    (Tonnes and Ounces in Thousands)(11)(12)InferredGrade
    
    Contained
    
    Cameco
    
    MiningProperty
    
    Tonnes
    
    (g/t)
    
    Gold (oz)
    
    Equity (oz)(3)
    
    Method(4)Kumtor(5)(6)
    
    
    571
    
    
    
    2.2
    
    
    
    40
    
    
    
    21
    
    
    OPKumtor SB Underground(7)
    
    
    2,781
    
    
    
    20.5
    
    
    
    1,830
    
    
    
    964
    
    
    UGBoroo(5)(8)
    
    
    7,772
    
    
    
    1.0
    
    
    
    240
    
    
    
    120
    
    
    OPGatsuurt(9)
    
    
    2,437
    
    
    
    3.3
    
    
    
    256
    
    
    
    135
    
    
    OPREN(10)
    
    
    835
    
    
    
    16.1
    
    
    
    432
    
    
    
    141
    
    
    UGTotal
    
    
    14,396
    
    
    
    6.0
    
    
    
    2,798
    
    
    
    1,381
 (1)
    
    For the purpose of estimating mineral reserves in accordance with National Instrument
43-101 of the Canadian securities regulatory authorities and in accordance with US Securities
and Exchange Commission Industry Guide 7, reserves have been estimated with cut-off grades
based on a gold price of $475 (US) per ounce.(2)
    
    Mineral resources are in addition to mineral reserves. Mineral resources that are not
mineral reserves do not have demonstrated economic viability when calculated using mineral
reserve assumptions.(3)
    
    Camecos equity interest amounts to 52.7% of Centerras equity interest of reserves and
resources for the properties. Centerras equity interest for the properties are: Kumtor 100%,
Gatsuurt 100%, Boroo 95% and REN 62%.(4)
    
    OP means open pit and UG means underground.(5)
    
    Open pit resources occur outside the current pits, which have been designed using a gold price
of $475 (US) per ounce.(6)
    
    The open pit mineral reserves and resources at Kumtor are estimated based on a cut-off grade
of 1.3 grams of gold per tonne and include the Central Pit and the Southwest and Sarytor
deposits.(7)
    
    Underground mineral resources occur below the Central Pit shell and are estimated based on a
cut-off grade of 7.0 grams of gold per tonne.(8)
    
    The mineral reserves and resources at Boroo are estimated based on a variable cut-off grade
depending on the type of material and the associated recovery. The cut-off grades range from
0.2 to 0.8 grams of gold per tonne.(9)
    
    The mineral reserves and resources at Gatsuurt are estimated using either a 1.2 or 1.9 grams
of gold per tonne cut-off grade depending on the type of material and the associated recovery.
High-grade values were also cut using variable limits ranging from 20 to 45 grams of gold per
tonne depending on the mineralized zone.(10)
    
    The mineral resources at REN are estimated based on a cut-off grade of 8.0 grams of gold per
tonne.(11)
    
    A conversion factor of 31.10348 grams of gold per ounce is used in the reserve and resource
estimates.(12)
    
    Numbers may not add up due to rounding.
  82
    
    2006 Cameco Annual Information Form




---



##### 



Gold Reserves and Resources Reconciliation
  Reconciliation of Camecos Share of Gold Reserves and Resources (1)  (in troy ounces of contained gold)
 2006 AdditionDecember 31, 2005
    
    
    2006 Throughput (2)
    
    
    (Deletion) (3)
    
    
    December 31, 2006Reserves  ProvenBoroo
    
    
    387,000
    
    
    
    (163,000
    )
    
    
    1,000
    
    
    
    225,000Gatsuurt
    
    
    0
    
    
    
    
    
    
    
    
    
    
    
    0Kumtor(4)
    
    
    1,106,000
    
    
    
    (219,000
    )
    
    
    110,000
    
    
    
    997,000REN
    
    
    0
    
    
    
    
    
    
    
    
    
    
    
    0Total Proven Reserves
    
    
    1,493,000
    
    
    
    (382,000
    )
    
    
    111,000
    
    
    
    1,222,000Reserves  ProbableBoroo
    
    
    222,000
    
    
    
    0
    
    
    
    171,000
    
    
    
    393,000Gatsuurt
    
    
    0
    
    
    
    
    
    
    
    530,000
    
    
    
    530,000Kumtor(4)
    
    
    1,503,000
    
    
    
    0
    
    
    
    
    
    
    
    1,503,000REN
    
    
    0
    
    
    
    
    
    
    
    
    
    
    
    0Total Probable Reserves
    
    
    1,725,000
    
    
    
    0
    
    
    
    701,000
    
    
    
    2,426,000Total Proven and
Probable Reserves
    
    
    3,218,000
    
    
    
    (382,000
    )
    
    
    812,000
    
    
    
    3,648,000Resources  MeasuredBoroo
    
    
    74,000
    
    
    
    
    
    
    
    (52,000
    )
    
    
    22,000Gatsuurt(6)
    
    
    0
    
    
    
    
    
    
    
    
    
    
    
    0Kumtor(5)
    
    
    861,000
    
    
    
    0
    
    
    
    174,000
    
    
    
    1,035,000REN
    
    
    0
    
    
    
    
    
    
    
    
    
    
    
    0Total Measured Resources
    
    
    935,000
    
    
    
    0
    
    
    
    122,000
    
    
    
    1,057,000Resources  IndicatedBoroo
    
    
    27,000
    
    
    
    0
    
    
    
    93,000
    
    
    
    120,000Gatsuurt(6)
    
    
    977,000
    
    
    
    0
    
    
    
    (657,000
    )
    
    
    320,000Kumtor(5)
    
    
    730,000
    
    
    
    0
    
    
    
    80,000
    
    
    
    810,000REN
    
    
    393,000
    
    
    
    0
    
    
    
    6,000
    
    
    
    399,000Total Indicated Resources
    
    
    2,127,000
    
    
    
    0
    
    
    
    (478,000
    )
    
    
    1,649,000Total Measured and
Indicated Resources
    
    
    3,062,000
    
    
    
    0
    
    
    
    (356,000
    )
    
    
    2,706,000Resources  InferredBoroo
    
    
    84,000
    
    
    
    0
    
    
    
    36,000
    
    
    
    120,000Gatsuurt(6)
    
    
    199,000
    
    
    
    0
    
    
    
    (64,000
    )
    
    
    135,000Kumtor(5)
    
    
    423,000
    
    
    
    0
    
    
    
    562,000
    
    
    
    985,000REN
    
    
    42,000
    
    
    
    0
    
    
    
    99,000
    
    
    
    141,000Total Inferred Resources
    
    
    748,000
    
    
    
    0
    
    
    
    633,000
    
    
    
    1,381,000
 Notes(1)
    
    Cameco reports mineral reserves and mineral resources separately. The amount of reported
mineral resources does not include those amounts identified as mineral reserves.(2)
    
    Corresponds to mill feed. The discrepancy between the 2006 mill feed and Camecos share of
2006 ounces produced is due to mill recovery.(3)
    
    Changes in mineral reserves or resources, as applicable, are attributed to information
provided by drilling and subsequent reclassification of mineral reserves or resources, an
increase in the gold price, changes in pit designs, reconciliation between the mill and the
resource model, and changes to operating costs.(4)
    
    Kumtor mineral reserves include the Central Pit and the Southwest deposit and Sarytor
deposit.(5)
    
    Kumtor mineral resources include the Central Pit, the SB underground, the Southwest deposit
and Sarytor deposit.(6)
    
    Gatsuurt mineral reserves and resources include the Central Zone and Main Zone deposits.
  83
    
    2006 Cameco Annual Information Form




---



##### 



Centerra Commitments and Contractual Obligations
 Exchange Agreements with IFC and EBRD
     Political Risk Insurance Rights Plan
  
    
    each holder of Centerra common shares will be entitled to exchange
its shares for Centerra Class A non-voting shares;
    
    Kyrgyzaltyn has irrevocably elected to exchange all of its common shares for Class A non-voting shares and it is expected that no
other shareholders would elect to do this;
    
    the holders of Centerra common shares (but not Class A non-voting shares) will be entitled to acquire additional common shares for
$0.01 per share, with the aggregate number of common shares
available to be determined by a formula designed to provide for
the holders of Class A non-voting shares to be diluted by an
amount that approximates the proceeds received under the political
risk insurance; and
    
    following the exercise of the rights to acquire additional shares
by Centerra common shareholders, the Class A nonvoting shares
will convert back into Centerra common shares.
  84
    
    2006 Cameco Annual Information Form




---



##### 



Centerra Shareholders Agreement
    Location Agreement
  Administrative Services Agreement
  Additional Information on Centerra
 www.sedar.com www.sedar.com
 RISK FACTORS
   85
    
    2006 Cameco Annual Information Form




---



##### 



Risks relating to Cameco and Centerra Generally
 Cameco and Centerra are subject to a number of operational risks and Cameco and Centerra may
not be adequately insured for certain risks
 6 6
    Labour Relations
 6 2
   86
    
    2006 Cameco Annual Information Form




---



##### 



Imprecision of Reserve and Resource Estimates
    Production Estimates may be inaccurate
     Exploration and Development activities may not be successful
   87
    
    2006 Cameco Annual Information Form




---



##### 



Environmental, health and safety risk.
   Governmental Regulation and Policy Risks
   88
    
    2006 Cameco Annual Information Form




---



##### 



Political Risk
 Centerra Gold Inc.  Kumtor Mine -
Government and Political Factors
     89
    
    2006 Cameco Annual Information Form




---



##### 



Centerra Gold Inc.  Boroo Mine  Stability Agreement
  Cameco or Centerra may be unable to enforce its legal rights in certain circumstances.
   Properties may be subject to defects in title
 Centerra Gold Inc.  Gatsuurt Development Property
   90
    
    2006 Cameco Annual Information Form




---



##### 



Centerra
Gold Inc.  Gatsuurt Development Property
 Counterparty/Credit Risk
    Currency Fluctuations
    Decommissioning and Reclamation
   91
    
    2006 Cameco Annual Information Form




---



##### 



Accounting Policies
  Internal Controls
  Key Personnel
  Camecos and Centerras success depends on their ability to attract and retain qualified
personnel.
  Prospects may suffer due to enhanced competition for mineral acquisition opportunities.
   92
    
    2006 Cameco Annual Information Form




---



##### 



Cameco and Centerra may experience difficulties with their joint venture partners.
  Risks relating to Nuclear Business
 Volatility and Sensitivity to Prices
 3 8
 6 3 8 6
 Spot Uranium Prices (1)  (US $/lb of U 3 O 8 )
 1997
    
    1998
    
    1999
    
    2000
    
    2001
    
    2002
    
    2003
    
    2004
    
    2005
    
    2006SpotHigh
    
    
    14.30
    
    
    
    11.80
    
    
    
    10.90
    
    
    
    9.40
    
    
    
    9.50
    
    
    
    10.20
    
    
    
    14.40
    
    
    
    20.50
    
    
    
    36.50
    
    
    
    72.00Low
    
    
    10.20
    
    
    
    8.75
    
    
    
    9.60
    
    
    
    7.10
    
    
    
    7.20
    
    
    
    9.70
    
    
    
    10.10
    
    
    
    15.60
    
    
    
    21.20
    
    
    
    37.50
 (1)
    
    Source: The Nuexco Exchange Value, published by TradeTech. Spot prices reflect the spot
price for all uranium other than of CIS origin.
 Range of Nuexco UF6 Conversion Values (1)
  (US$/kg U)
 1997
    
    1998
    
    1999
    
    2000
    
    2001
    
    2002
    
    2003
    
    2004
    
    2005
    
    2006SpotHigh
    
    
    6.10
    
    
    
    5.10
    
    
    
    3.85
    
    
    
    3.25
    
    
    
    5.25
    
    
    
    5.25
    
    
    
    6.50
    
    
    
    9.00
    
    
    
    12.00
    
    
    
    11.75Low
    
    
    5.10
    
    
    
    3.50
    
    
    
    2.55
    
    
    
    2.35
    
    
    
    3.65
    
    
    
    5.05
    
    
    
    4.90
    
    
    
    6.80
    
    
    
    11.00
    
    
    
    11.00
 (1)
    
    Source: The Nuexco Conversion Value, published by TradeTech. The conversion value over
this period of time is for the provision of conversion services delivered in North America.
 93
    
    2006 Cameco Annual Information Form




---



##### 



Large flood at the McArthur River Mine, Rabbit Lake Mine or Cigar Lake Project
      Technical Challenges
  Replacement of Reserves
  94
    
    2006 Cameco Annual Information Form




---



##### 



Tailings Capacity Constraints
   3 8
  Aboriginal Title and Consultation Issues
   Competition from Other Energy Sources and Public Acceptance of Nuclear Energy
  95
    
    2006 Cameco Annual Information Form




---



##### 



Dependence on Limited Number of Customers
 3 8 6 6 2 2
 Uranium Industry Competition and International Trade Restrictions
  6
 Deregulation of the Electrical Utility Industry
  Reduced Liquidity and Difficulty in Obtaining Future Financing.
  96
    
    2006 Cameco Annual Information Form




---



##### 



Technical Obsolescence
  Risks Relating to Nuclear Electrical Generation
 Generation and Technology Risks
   Nuclear Operations
   Operating Life Assessment
  Unplanned or Extended Outages
  97
    
    2006 Cameco Annual Information Form




---



##### 



Labour Relations
  Government Regulation
  Bruce Power LP  The Generating Facilities  New Fuel Program
  Nuclear Waste Management and Decommissioning
    98
    
    2006 Cameco Annual Information Form




---



##### 



Restructuring of Ontarios Electricity Industry
 Ontarios Electricity Regulation 
Ontario Electricity Sector Restructuring
  Spot Market Electricity Prices
   Reliance Upon Single Contractors
 3 8 2
 Competition
 Electricity Restructuring
Act
 Reliance Upon Transmission Systems
  99
    
    2006 Cameco Annual Information Form




---



##### 



Effects of Weather
  Credit Risk
   Risks Relating to Centerra
 Centerras business is sensitive to the volatility of gold prices
   Average London PM Fix
(US$)
 1997
    
    1998
    
    1999
    
    2000
    
    2001
    
    2002
    
    2003
    
    2004
    
    2005
    
    2006US$ Average
    
    
    331
    
    
    
    294
    
    
    
    279
    
    
    
    279
    
    
    
    271
    
    
    
    310
    
    
    
    363
    
    
    
    409
    
    
    
    444
    
    
    
    604
   100
    
    2006 Cameco Annual Information Form




---



##### 



Centerras reserves may not be replaced
  Centerra may experience further ground movements at the Kumtor mine
 Kumtor Mine-Highwall Ground Movements
 Changes in, or more aggressive enforcement of, laws and regulations could adversely impact
Centerras business
   Centerra Gold Inc.  Boroo Mine  Minerals
Law Centerra Gold Inc.  Boroo Mine  Stability Agreement
 Centerra Gold Inc. 
Boroo Mine  Stability Agreement
 101
    
    2006 Cameco Annual Information Form




---



##### 



Centerra Gold Inc.  Gatsuurt Development Property
 Governmental Regulation and Policy Risks
 Centerras operations in the Kyrgyz Republic and Mongolia are located in areas of seismic
activity
  Centerras properties are located in remote locations and require a long lead-time for
equipment and supplies
 Centerra
Gold  Kumtor Mine  Environmental, Health and Safety Matters
 Illegal mining has occurred on Centerras Mongolian properties, is difficult to
control, may disrupt Centerras operations and may expose Centerra to liability.
  Centerra may experience reduced liquidity and difficulty in obtaining future financing
  As a holding company, Centerras ability to make payments depends on the cash flows of its
subsidiaries.
  102
    
    2006 Cameco Annual Information Form




---



##### 




    
    the cash flows generated by operations, investment activities and financing activities;
 
    
    the level of taxation, particularly corporate profits and withholding taxes, in the jurisdiction in which they operate;
 
    
    the introduction of exchange controls and repatriation restrictions or the availability of hard currency to be
repatriated; and
 
    
    the ownership interests of other investors in Centerras subsidiaries.
  DESCRIPTION OF SECURITIES
 Description of Share Capital
 5% Convertible Subordinated Debentures Restrictions on Ownership and Voting
 Common Shares
  Class B Shares
  103
    
    2006 Cameco Annual Information Form




---



##### 



First Preferred Shares
  Second Preferred Shares
  Restrictions on Ownership and Voting
 Limits on the Holdings of Residents and Non-Residents of Canada
 Eldorado Nuclear Limited Reorganization and
Divestiture Act
  104
    
    2006 Cameco Annual Information Form




---



##### 



Enforcement
    Definitions
  non-resident
 (i)
    
    an individual, other than a Canadian citizen, who is not ordinarily resident in Canada;(ii)
    
    a corporation incorporated, formed or otherwise organized outside Canada;(iii)
    
    a foreign government or an agency thereof;(iv)
    
    a corporation that is controlled by non-residents, directly or indirectly, as defined in any of (i) to (iii) above;(v)
    
    a trust:
 (A)
    
    established by a non-resident as defined in any of (ii) to (iv) above, other
than a trust for the administration of a pension fund for the benefit of individuals a
majority of whom are residents; or(B)
    
    in which non-residents as defined in any of (i) to (iv) above have more than
fifty percent of the beneficial interest; or
 (vi)
    
    a corporation that is controlled by a trust described in (v) above;
 resident
 voting security
 (i)
    
    a security currently convertible into such a share or other security; and(ii)
    
    currently exercisable options and rights to acquire such a share or other security or such
convertible share or other security;
 person
 (i)
    
    one is a corporation of which the other is an officer or director;
 105
    
    2006 Cameco Annual Information Form




---



##### 



(ii)
    
    one is a corporation that is controlled by the other or by a group of persons of which the other is a member;(iii)
    
    one is a partnership of which the other is a partner;(iv)
    
    one is a trust of which the other is a trustee;(v)
    
    both are corporations controlled by the same person;(vi)
    
    both are members of a voting trust or parties to an arrangement that relates to voting
securities of Cameco; or(vii)
    
    both are at the same time associates, within the meaning of any of (i) to (vi) above, of the
same person; provided that:
 (A)
    
    if a resident who, but for this paragraph, would be an associate of a
non-resident submits to Cameco a statutory declaration stating that no voting
securities are held, directly or indirectly, for a non-resident, that resident and
non-resident are not associates of each other, provided the statutory declaration is
not false;(B)
    
    two corporations are not associates pursuant to (vii) above by reason only that
each is an associate of the same person pursuant to (i) above;(C)
    
    if any person appears to Cameco to hold voting securities to which are attached
not more than the lesser of four one-hundredths of one percent of the votes that may
ordinarily be cast to elect directors of Cameco and 10,000 such votes, that person is
not an associate of any other person and no other person is an associate of that person
in relation to those voting securities;
 control
 beneficial ownership
 Other Restrictions
  The Saskatchewan Mining Development Corporation Reorganization Act
  5% Convertible Subordinated Debentures
  106
    
    2006 Cameco Annual Information Form




---



##### 



Ratings of Securities
   Security
    
    DBRS(1)
    
    S&P(2)Commercial Paper
    
    R-1 (low)
    
    A-1 (low)(3)Senior Unsecured Debentures
    
    A (low)
    
    BBB+Convertible Debentures
    
    BBB (high)
    
    Not Rated
 (1)
    
    Published as of July 14, 2006(2)
    
    Published as of August 25, 2006(3)
    
    A-1 (low) is the Canadian National Scale Rating while the Global
Scale Rating is A-2.
 107
    
    2006 Cameco Annual Information Form




---



##### 



Commercial Paper
  Senior Unsecured Debentures
  Convertible Debentures
  Dividend Policy
     108
    
    2006 Cameco Annual Information Form




---



##### 



2006
    
    2005
    
    2004Cash dividends declared per common share
    
    $
    0.16
    
    
    $
    0.12
    
    
    $
    0.10
 2006 CONSOLIDATED FINANCIAL STATEMENTS
  MANAGEMENTS DISCUSSION AND ANALYSIS
  MARKET FOR SECURITIES
    Price Range and Trading Volume of Common Shares
  TSX2006
    
    High
    
    Low
    
    VolumeJanuary
    
    $
    45.93
    
    
    $
    37.18
    
    
    
    18,487,817February
    
    $
    46.82
    
    
    $
    38.58
    
    
    
    28,965,114March
    
    $
    44.60
    
    
    $
    37.25
    
    
    
    34,924,835April
    
    $
    49.40
    
    
    $
    42.18
    
    
    
    24,487,544May
    
    $
    49.95
    
    
    $
    41.43
    
    
    
    28,352,527June
    
    $
    49.23
    
    
    $
    37.57
    
    
    
    35,191,254July
    
    $
    48.01
    
    
    $
    41.85
    
    
    
    22,521,297August
    
    $
    45.90
    
    
    $
    42.10
    
    
    
    27,574,889September
    
    $
    47.25
    
    
    $
    38.75
    
    
    
    34,949,705October
    
    $
    44.28
    
    
    $
    36.09
    
    
    
    54,123,359November
    
    $
    43.68
    
    
    $
    35.35
    
    
    
    51,044,472December
    
    $
    47.75
    
    
    $
    43.30
    
    
    
    30,530,643
 109
    
    2006 Cameco Annual Information Form




---



##### 



Price Range and Trading Volume of 5% Convertible Subordinated Debentures due October 1, 2013
  TSX2006
    
    High
    
    Low
    
    VolumeJanuary
    
    $
    421.18
    
    
    $
    350.01
    
    
    
    280,130February
    
    $
    419.03
    
    
    $
    360.63
    
    
    
    5,820March
    
    $
    400.04
    
    
    $
    364.30
    
    
    
    2,650April
    
    $
    447.82
    
    
    $
    397.14
    
    
    
    90,110May
    
    $
    451.60
    
    
    $
    389.28
    
    
    
    31,250June
    
    $
    422.43
    
    
    $
    354.96
    
    
    
    53,990July
    
    $
    443.38
    
    
    $
    394.65
    
    
    
    310,950August
    
    $
    423.98
    
    
    $
    395.22
    
    
    
    558,785September
    
    $
    438.64
    
    
    $
    375.41
    
    
    
    521,250October
    
    $
    402.19
    
    
    $
    346.41
    
    
    
    12,170November
    
    $
    371.13
    
    
    $
    329.02
    
    
    
    2,550December
    
    $
    435.74
    
    
    $
    414.19
    
    
    
    210,400
 110
    
    2006 Cameco Annual Information Form




---



##### 



DIRECTORS AND OFFICERS
 DirectorsName, Office held inCorporation and Municipality of Residence
    
    Principal Occupation or Employment
    
    Director Since (1)Geologist; Corporate Director,
2000 to present; prior:JOHN S. AUSTON (2, 6)
West Vancouver, British Columbia,
Canada
    
    President, Director and Chief
Executive Officer, Ashton Mining
of Canada Inc. 1996-2000.
    
    
    1999JOE F. COLVIN (4, 6)
Kiawah Island, South Carolina, U.S.A.
    
    Corporate Director and President
Emeritus of Nuclear Energy
Institute, February 16, 2005 to
present; prior: President and
Chief Executive Officer, Nuclear
Energy Institute 1996 to February
15, 2005.
    
    
    1999JOHN H. CLAPPISON (2, 3, 4, 7)
Toronto, Ontario, Canada
    
    Corporate Director, commencing in
2006; prior: 1990 to December
2005, managing partner of the
Toronto office of
PricewaterhouseCoopers LLP.
    
    
    2006HARRY D. COOK (2, 4, 6)
La Ronge, Saskatchewan, Canada
    
    Corporate Director, March 31,
2005 to present; prior: Chief,
Lac La Ronge Indian Band from
1987 until March 31, 2005.
    
    
    1992Lawyer, Partner, Winston &
Strawn, 1993 to present; prior:JAMES R. CURTISS (4, 5)
Brookeville, Maryland, U.S.A.
    
    Commissioner US Nuclear
Regulatory Commission 1988-1993.
    
    
    1994GEORGE S. DEMBROSKI (5, 6)
Toronto, Ontario, Canada
    
    Corporate Director, 1998 to
present; prior: Vice-Chairman and
Director, RBC Dominion Securities
Limited (investment dealer)
1981-1998.
    
    
    1996GERALD W. GRANDEY
President and Chief Executive Officer
Saskatoon, Saskatchewan, Canada
    
    Assumed current position 2003;
prior: President 2000-2002;
Executive Vice-President
1997-2000.
    
    
    2000NANCY E. HOPKINS (3, 6)
Saskatoon, Saskatchewan, Canada
    
    Lawyer, Partner, McDougall
Gauley, 1984 to present.
Effective January 2001 Gauley &
Company merged with McDougall
Ready to form McDougall Gauley.
    
    
    1992
 111
    
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DirectorsName, Office held inCorporation and Municipality of Residence
    
    Principal Occupation or Employment
    
    Director Since (1)OYVIND HUSHOVD (2, 3, 5)
Kristiansand S, Norway
    
    Corporate Director, June 1, 2005
to present; prior: Chairman and
Chief Executive Officer of
Gabriel Resources Ltd., May 2003
to May 31, 2005; and President
and Chief Executive Officer of
Falconbridge Ltd. 1996 to 2002.
    
    
    2003J.W. GEORGE IVANY (3, 5, 6)
Kelowna, British Columbia, Canada
    
    Corporate Director, 1999 to
present; prior: President and
Vice-Chancellor, University of
Saskatchewan 1989-1999.
    
    
    1999A. ANNE McLELLAN (4, 5, 6)
Edmonton, Alberta, Canada
    
    Lawyer, Counsel, Bennet Jones LLP
June, 2006 to present; prior: 1993 to 2006, served as a cabinet
minister in various portfolios
with the Canadian government,
most recently as Deputy Prime
Minister of Canada from 2003 to
2006.
    
    December 2006A. NEIL McMILLAN (2, 3, 4)
Saskatoon, Saskatchewan, Canada
    
    President and Chief Executive
Officer, Claude Resources Inc.
March 1, 2004 to present; prior: 1996 to March 1, 2004 President
of Claude Resources Inc.
    
    
    2001ROBERT W. PETERSON (3, 4, 5)
Regina, Saskatchewan, Canada
    
    Member of the Senate of Canada
2005 to present and President and
Chief Operating Officer Denro
Holdings Ltd. 1994 to present.
    
    
    1994VICTOR J. ZALESCHUK (2, 5, 6, 7)
Calgary, Alberta, Canada
    
    Corporate Director, November 2001
to present; prior: President and
Chief Executive Officer, Nexen
Inc. (formerly Canadian
Occidental Petroleum Ltd.) from
June 1, 1997 to June 1, 2001.
    
    
    2001
 
 (1)
    
    Each director will hold office until the next annual meeting unless such directors office
is earlier vacated in accordance with the corporate law requirements applicable to the Company
from time to time.(2)
    
    Member of the reserves oversight committee.(3)
    
    Member of the audit committee.(4)
    
    Member of the safety, health and environment committee.(5)
    
    Member of the human resources and compensation committee.(6)
    
    Member of the nominating, corporate governance and risk committee.(7)
    
    Mr. Clappison was appointed audit committee financial expert to replace Mr. Zaleschuk on
February 23, 2006. 112
    
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OfficersName, Office held in
    
    Principal Occupation or EmploymentCorporation and Municipality of Residence
    
    for Past Five YearsVICTOR J. ZALESCHUK
Chair,
Calgary, Alberta, Canada
    
    Corporate Director, November 2001
to present; prior: President and
Chief Executive Officer, Nexen Inc.
(formerly Canadian Occidental
Petroleum Ltd.) from June 1997 to
June 2001.GERALD W. GRANDEY
President and Chief Executive Officer,
Saskatoon, Saskatchewan, Canada
    
    Assumed current position 2003;
prior: President, 2000-2002;
Executive Vice-President 1997-2000.TERRY V. ROGERS
Senior Vice-President,
Saskatoon, Saskatchewan, Canada
    
    Assumed current position January
2007; prior Senior Vice-President
and Chief Operating Officer
February 2003 to December 2006;
President Kumtor Operating Company,
Kyrgyz Republic 1999  2003.TIMOTHY S. GITZEL
Senior Vice-President and Chief Operating Officer,
Saskatoon, Saskatchewan, Canada
    
    Assumed current position January
2007; prior: Executive
Vice-President, mining business
unit, AREVA June 2004 to January
2007; President and Chief Executive
Officer, Cogema Resources Inc.
September 2001 to June 2004.GEORGE B. ASSIE
Senior Vice-President, Marketing and Business
Development,
Saskatoon, Saskatchewan, Canada
    
    Assumed current position January
2003; prior: President Cameco Inc.,
Eden Prairie, Minnesota 1999 -
2002.O. KIM GOHEEN
Senior Vice-President
and Chief Financial Officer,
Saskatoon, Saskatchewan, Canada
    
    Assumed current position August
2004; prior Vice-President &
Treasurer May 1999 to August 2004.RITA M. MIRWALD
Senior Vice-President, Corporate Services,
Saskatoon, Saskatchewan, Canada
    
    Assumed current position April 1997.GARY M.S. CHAD
Senior Vice-President, Governance, Legal and
Regulatory Affairs, and Corporate Secretary,
Saskatoon, Saskatchewan, Canada
    
    Assumed current position January
2000; prior: Senior General Counsel
and Secretary 1990-1999.
   113
    
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AUDIT COMMITTEE
 Audit Committee Charter
  Composition of the Audit Committee
  Relevant Education and Experience
       114
    
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Fees Paid to External Auditors
  2006
    
    
    2005Audit fees:Cameco and Canadian joint ventures
    
    $
    834,000
    
    
    $
    389,000Cameco  securities
    
    
    
    
    
    
    100,000Centerra and other subsidiaries
    
    
    895,200
    
    
    
    574,800$
    1,729,200
    
    
    $
    1,063,800Audit  related fees:Bruce Power Reorganization
    
    $
    
    
    
    $
    70,000SOX 404 Scoping Project
    
    
    90,000
    
    
    
    35,000Translation services
    
    
    
    
    
    
    10,000Pensions and other
    
    
    8,500
    
    
    
    7,500Zircatec  Specified Procedures
    
    
    50,000
    
    
    
    $
    148,500
    
    
    $
    122,500Tax:Compliance
    
    $
    167,500
    
    
    $
    160,400Planning and advice
    
    
    51,700
    
    
    
    36,400$
    219,200
    
    
    $
    196,800All other fees:
    
    
    
    Total
    
    $
    2,096,900
    
    
    $
    1,383,100
 External Audit Pre-Approval Practices
  MATERIAL CONTRACTS
    115
    
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INTEREST OF EXPERTS
 Name of Experts
  Uranium Concentrates Business  Reserves and Resources
 Centerra
Gold Inc.  Reserves and Resources
 Interest of Experts
  ADDITIONAL INFORMATION
 www.sedar.com
 116
    
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Appendix A
 AUDIT COMMITTEE
OF THE BOARD OF DIRECTORS
 MANDATE
 PURPOSE
  
  
 COMPOSITION
    Financially literate
 Accounting or related financial expertise
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MEETINGS
     DUTIES AND RESPONSIBILITIES
  Financial Reporting Process
 1.
    
    Review with management and the external auditors any items of concern, any proposed changes
in the selection or application of major accounting policies and the reasons for the change,
any identified risks and uncertainties, and any issues requiring management judgement, to the
extent that the foregoing may be material to financial reporting.
 2.
    
    Consider any matter required to be communicated to the committee by the external auditors
under applicable generally accepted auditing standards, applicable law and listing standards,
including the external auditors report to the committee (and managements response thereto)
on: (a) all critical accounting policies and practices used by the corporation; (b) all
material alternative accounting treatments of financial information within generally accepted
accounting principles that have been discussed with management, including the ramifications of
the use of such alternative treatments and disclosures and the treatment preferred by the
external auditors; and (c) any other material written communications between the external
auditors and management.
 3.
    
    Require the external auditors to present and discuss with the committee their views about the
quality, not just the acceptability, of the implementation of generally accepted accounting
principles with particular focus on accounting estimates and judgements made by management and
their selection of accounting principles.
 4.
    
    Discuss with management and the external auditors (a) any accounting adjustments that were
noted or proposed (i.e. immaterial or otherwise) by the external auditors but were not
reflected in the financial statements, (b) any material correcting adjustments that were
identified by the external auditors in accordance with generally accepted accounting
principles or applicable law, (c) any communication reflecting a difference of opinion between
the audit team and the external auditors national office on material auditing or accounting
issues raised by the engagement, and (d) any management or internal control letter issued,
or proposed to be issued, by the external auditors to the corporation.
 5.
    
    Discuss with management and the external auditors any significant financial reporting issues
considered during the fiscal period and the method of resolution. Resolve disagreements
between management and the external auditors regarding financial reporting.
 6.
    
    Review with management and the external auditors (a) any off-balance sheet financing
mechanisms being used by the corporation and their effect on the corporations financial
statements and (b) the effect of regulatory and accounting initiatives on the corporations
financial statements, including the potential impact of proposed initiatives.
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7.
    
    Review with management and the external auditors and legal counsel, if necessary, any
litigation, claim or other contingency, including tax assessments, that could have a material
effect on the financial position or operating results of the corporation, and the manner in
which these matters have been disclosed or reflected in the financial statements.
 8.
    
    Review with the external auditors any audit problems or difficulties experienced by the
external auditors in performing the audit, including any restrictions or limitations imposed
by management, and managements response. Resolve any disagreements between management and the
external auditors regarding these matters.
 9.
    
    Review the results of the external auditors audit work including findings and
recommendations, managements response, and any resulting changes in accounting practices or
policies and the impact such changes may have on the financial statements.
 10.
    
    Review and discuss with management and the external auditors the audited annual financial
statements and related management discussion and analysis, make recommendations to the board
with respect to approval thereof, before being released to the public, and obtain an
explanation from management of all significant variances between comparable reporting periods.
Obtain confirmation from management and the external auditors that the reconciliation of the
audited financial statements to U.S. GAAP complies with the requirements of U.S. securities
laws.
 11.
    
    Review and discuss with management and the external auditors all interim unaudited financial
statements and quarterly reports and related interim management discussion and analysis and
make recommendations to the board with respect to the approval thereof, before being released
to the public.
 12.
    
    Obtain confirmation from the chief executive officer and the chief financial officer (and
considering the external auditors comments, if any, thereon) to their knowledge:
 (a)
    
    that the audited financial statements, together with any financial information included
in the annual MD&A and annual information form, fairly represent in all material respects
the corporations financial condition, cash flow and results of operation, as of the date
and for the periods presented in such filings; and(b)
    
    that the interim financial statements, together with any financial information included
in the interim MD&A, fairly represent in all material respects the corporations financial
condition, cash flow and results of operation, as of the date and for the periods presented
in such filings.
 13.
    
    Review earnings press releases, before being released to the public. Discuss the type and
presentation of information to be included in earnings press releases (paying particular
attention to any use of pro-forma or adjusted Non-GAAP, information).
 14.
    
    Review any news release, before being released to the public, containing earnings guidance or
financial information based upon the corporations financial statements prior to the release
of such statements.
 15.
    
    Review the appointment of the chief financial officer and have the chief financial officer
report to the committee on the qualifications of new key financial executives involved in the
financial reporting process.
 16.
    
    Consult with the human resources and compensation committee on the succession plan for the
chief financial officer and controller. Review the succession plans in respect of the chief
financial officer and controller.
 Internal Controls
 1.
    
    Receive from management a statement of the corporations system of internal controls over
accounting and financial reporting.
 2.
    
    Consider and review with management, the internal auditor and the external auditors, the
adequacy and effectiveness of internal controls over accounting and financial reporting within
the corporation and any proposed significant changes in them.
 119
    
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3.
    
    Consider and discuss the scope of the internal auditors and external auditors review of the
corporations internal controls, and obtain reports on significant findings and
recommendations, together with management responses.
 4.
    
    Discuss, as appropriate, with management, the external auditors and the internal auditor, any
major issues as to the adequacy of the corporations internal controls and any special audit
steps in light of material internal control deficiencies.
 5.
    
    Review annually the disclosure controls and procedures, including (a) the certification
timetable and related process and (b) the procedures that are in place for the review of
corporations disclosure of financial information extracted from corporations financial
statements and the adequacy of such procedures. Receive confirmation from the chief executive
officer and the chief financial officer of the effectiveness of disclosure controls and
procedures, and whether there are any significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely
to adversely affect the corporations ability to record, process, summarize and report
financial information or any fraud, whether or not material, that involves management or other
employees who have a significant role in the corporations internal control over financial
reporting. In addition, receive confirmation from the chief executive officer and the chief
financial officer that they are prepared to sign the annual and quarterly certificates
required by applicable securities law.
 6.
    
    Review managements annual report on the assessment of the effectiveness of the corporations
internal control over financial reporting and the external auditors report thereon.
 7.
    
    Receive a report, at least annually, from the reserves oversight committee of the board on
the corporations mineral reserves.
 External Auditors
 (i) External Auditors Qualifications and Selection
 1.
    
    Subject to the requirements of applicable law, be solely responsible to select, retain,
compensate, oversee, evaluate and, where appropriate, replace the external auditors, who must
be registered with agencies mandated by applicable law. The committee shall be entitled to
adequate funding from the corporation for the purpose of compensating the external auditors
for completing an audit and audit report.
 2.
    
    Instruct the external auditors that:
 (a)
    
    they are ultimately accountable to the board and the committee, as representatives of
shareholders; and(b)
    
    they must report directly to the committee.
 3.
    
    Ensure that the external auditors have direct and open communication with the committee and
that the external auditors meet regularly with the committee without the presence of
management to discuss any matters that the committee or the external auditors believe should
be discussed privately.
 4.
    
    Evaluate the external auditors qualifications, performance, and independence. As part of
that evaluation:
 (a)
    
    at least annually, request and review a formal report by the external auditors
describing: the firms internal quality-control procedures; any material issues raised by
the most recent internal quality-control review, or peer review, of the firm, or by any
inquiry or investigation by governmental or professional authorities, within the preceding
five years, respecting one or more independent audits carried out by the firm, and any
steps taken to deal with any such issues; and (to assess the auditors independence) all
relationships between the external auditors and the corporation, including the amount of
fees received by the external auditors for the audit services and for various types of
non-audit services for the periods prescribed by applicable law; and(b)
    
    annually review and confirm with management and the external auditors the independence
of the external auditors, including the extent of non-audit services and fees, the extent
to which the compensation of the audit partners of the external auditors is based upon
selling non-audit services, the timing and process for
 120
    
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implementing the rotation of the lead audit partner, reviewing partner and other partners
providing audit services for the corporation, whether there should be a regular rotation of
the audit firm itself, and whether there has been a cooling off period of one year for any
former employees of the external auditors who are now employees with a financial oversight
role, in order to assure compliance with applicable law on such matters; and(c)
    
    annually review and evaluate senior members of the external audit team, including their
expertise and qualifications. In making this evaluation, the audit committee should
consider the opinions of management and the internal auditor.
  5.
    
    Review and approve the corporations policies for the corporations hiring of employees and
former employees of the external auditors. Such policies shall include, at minimum, a one-year
hiring cooling off period.
 (ii) Other Matters
 6.
    
    Meet with the external auditors to review and approve the annual audit plan of the
corporations financial statements prior to the annual audit being undertaken by the external
auditors, including reviewing the year-to-year co-ordination of the audit plan and the
planning, staffing and extent of the scope of the annual audit. This review should include an
explanation from the external auditors of the factors considered by the external auditors in
determining their audit scope, including major risk factors. The external auditors shall
report to the committee all significant changes to the approved audit plan.
 7.
    
    Review and approve the basis and amount of the external auditors fees with respect to the
annual audit in light of all relevant matters.
 8.
    
    Review and pre-approve all audit and non-audit service engagement fees and terms in
accordance with applicable law, including those provided to the subsidiaries of the
corporation by the external auditors or any other person in its capacity as external auditors
of such subsidiary. Between scheduled committee meetings, the chair of the committee, on
behalf of the committee, is authorised to pre-approve any audit or non-audit service
engagement fees and terms. At the next committee meeting, the chair shall report to the
committee any such pre-approval given. Establish and adopt procedures for such matters.
 Internal Auditor
  2.
    
    Review and discuss with the external auditors, management, and internal auditor the
responsibilities, budget and staffing of the corporations internal audit function.
 3.
    
    Review and approve the mandate for the internal auditor and the scope of annual work planned
by the internal auditor, to receive summary reports of internal audit findings, managements
response thereto, and reports on any subsequent follow-up to any identified weakness.
 4.
    
    Ensure that the internal auditor has direct and open communication with the committee and
that the internal auditor meets regularly with the committee without the presence of
management to discuss any matters that the committee or the internal auditor believe should be
discussed privately, such as problems or difficulties which were encountered in the course of
internal audit work, including restrictions on the scope of activities or access to required
information, and any disagreements with management.
 5.
    
    Review and discuss with the internal auditor and management the internal auditors ongoing
assessments of the corporations business processes and system of internal controls.
 6.
    
    Review the effectiveness of the internal audit function, including staffing, organizational
structure and qualifications of the internal auditor and staff.
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Compliance
 1.
    
    Monitor compliance by the corporation with all payments and remittances required to be made
in accordance with applicable law, where the failure to make such payments could render the
directors of the corporation personally liable.
 2.
    
    The receipt of regular updates from management regarding compliance with laws and regulations
and the process in place to monitor such compliance, excluding, however, legal compliance
matters subject to the oversight of the safety, health and environmental committee of the
board. Review the findings of any examination by regulatory authorities and any external
auditors observations relating to such matters.
 3.
    
    Establish and oversee the procedures in the code of conduct and ethics policy to address:
 (a)
    
    the receipt, retention and treatment of complaints received by the corporation
regarding accounting, internal accounting or auditing matters; and(b)
    
    confidential, anonymous submissions by employees of concerns regarding questionable
accounting and auditing matters.
 Receive periodically a summary report from the senior vice-president law, regulatory affairs and
corporate secretary on such matters as required by the code of conduct and ethics policy.
 4.
    
    Monitor managements implementation of the code of conduct and ethics policy and the
international business conduct policy and review compliance therewith by, among other things,
obtaining an annual report summarising statements of compliance by employees pursuant to such
policies and reviewing the findings of any investigations of non-compliance. Periodically
review the adequacy and appropriateness of such policies and make recommendations to the board
thereon.
 5.
    
    Monitor managements implementation of the anti-fraud policy; and review compliance therewith
by, among other things, receiving reports from management on:
 (a)
    
    any investigations of fraudulent activity;(b)
    
    monitoring activities in relation to fraud risks and controls; and(c)
    
    assessments of fraud risk.
 Periodically review the adequacy and appropriateness of the anti-fraud policy and make
recommendations to the board thereon.
 6.
    
    Review all proposed related party transactions and situations involving a directors, senior
officers or an affiliates potential or actual conflict of interest that are not required to
be dealt with by an independent committee pursuant to securities law rules, other than
routine transactions and situations arising in the ordinary course of business, consistent
with past practice. Between scheduled committee meetings, the chair of the committee, on
behalf of the committee, is authorised to review all such transactions and situations. At the
next committee meeting, the chair shall report to the results of such review. Ensure that
political and charitable donations conform with policies and budgets approved by the board.
 7.
    
    Monitor management of hedging, debt and credit, make recommendations to the board respecting
policies for management of such risks, and review the corporations compliance therewith.
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ORGANIZATIONAL MATTERS
 1.
    
    The procedures governing the committee shall, except as otherwise provided for herein, be
those applicable to the board as set forth in Part 7 of the General Bylaws of the corporation.
 2.
    
    The members and the chair of the committee shall be entitled to receive remuneration for
acting in such capacity as the board may from time to time determine.
 3.
    
    The committee shall have the resources and authority appropriate to discharge its duties and
responsibilities, including the authority to:
 (a)
    
    to select, retain, terminate, set and approve the fees and other retention terms of
special or independent counsel, accountants or other experts, as it deems appropriate; and(b)
    
    to obtain appropriate funding to pay, or approve the payment of, such approved fees;
 without seeking approval of the board or management
 4.
    
    Any member of the committee may be removed or replaced at any time by the board and shall
cease to be a member of the committee upon ceasing to be a director. The board may fill
vacancies on the committee by appointment from among its members. If and whenever
 a vacancy shall exist on the committee, the remaining members may exercise all its powers so
long as a quorum remains in office. Subject to the foregoing, each member of the committee
shall remain as such until the next annual meeting of shareholders after that members election.
 5.
    
    The committee shall annually review and assess the adequacy of its mandate and recommend any
proposed changes to the nominating, corporate governance and risk committee for recommendation
to the board for approval.
 6.
    
    The committee shall participate in an annual performance evaluation by the nominating,
corporate governance and risk committee, the results of which will be reviewed by the board.
 7.
    
    The committee shall perform any other activities consistent with this mandate, the
corporations governing laws and the regulations of stock exchanges, as the committee or the
board deems necessary or appropriate.
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    2006 Cameco Annual Information Form