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EXHIBIT 99.1

I, Gerald W. Grandey, certify that:



|1. |  | I have reviewed this annual report on Form 40-F of Cameco Corporation;                                                                                                                                                                                                                                                  
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|2. |  | Based on my knowledge, this annual report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this annual report;
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|3. |  | Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all material
respects the financial condition, results of operations and cash flows of
the registrant as of, and for, the periods presented in this annual
report;                   
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|4. |  | The registrants other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant
and we have:                                                                                         



| | a) |  | designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to
us by others within those entities, particularly during the period in
which this annual report is being prepared;
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| | b) |  | evaluated the effectiveness of the registrants disclosure
controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as
of the end of the period covered by this annual report based on such
evaluation; and                                                                                           
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| | c) |  | disclosed in this report any change in the registrants
internal control over financial reporting that occurred during the
period covered by the annual report that has materially affected, or
is reasonably likely to materially affect, the registrants internal
control over financial reporting.                                                                               



|5. |  | The registrants other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrants auditors and the audit
committee of registrants board of directors (or persons performing the
equivalent function):
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| | a) |  | all significant deficiencies in the design or operation of
internal controls which could adversely affect the registrants
ability to record, process, summarize and report financial data and
have identified for the registrants auditors any material weaknesses
in internal controls; and
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| | b) |  | any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrants
internal controls.                                                                                                                                            

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|Date: March 19, 2004 |  |                                                                                                         
|                    
|                     |  | /s/ Gerald W. GrandeyGerald W. Grandey
President & Chief Executive Officer
(Principal Executive Officer)