EXHIBIT 99.7
 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM




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RECONCILIATION TO UNITED STATES GAAP




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Reconciliation to United States GAAP
  (a)
    
    Reconciliation of earnings under Canadian GAAP to earnings determined under US GAAP:
 2010
    
    
    2009Earnings from continuing operations under Canadian GAAP
    
    $
    514,749
    
    
    $
    716,997Add (deduct) adjustments for [d]:Pre-operating costs (i)
    
    
    1,512
    
    
    
    1,512Stock-based compensation (iii)
    
    
    (1,261
    )
    
    
    (3,044
    )In-process research and development (viii)
    
    
    11,363
    
    
    
    18,294Depreciation, depletion and reclamation (ix)
    
    
    1,359
    
    
    
    Income tax effect of adjustments
    
    
    (2,558
    )
    
    
    (2,881
    )Minority interest in loss under Canadian GAAP1
    
    
    (10,352
    )
    
    
    (3,035
    )Earnings from continuing operations under US GAAP
    
    
    514,812
    
    
    
    727,843Earnings from discontinued operations under Canadian GAAP
    
    
    
    
    
    
    382,425Add adjustment for:Earnings from discontinued operations [e]
    
    
    
    
    
    
    100,419Earnings from discontinued operations under US GAAP
    
    
    
    
    
    
    482,844Net earnings under US GAAP
    
    $
    514,812
    
    
    $
    1,210,687Less net loss attributable to non-controlling interests1Continuing operations
    
    
    10,352
    
    
    
    3,035Discontinued operations [e]
    
    
    
    
    
    
    (61,433
    )10,352
    
    
    
    (58,398
    )Net earnings attributable to common shareholders under US GAAP
    
    $
    525,164
    
    
    $
    1,152,289Other comprehensive income:Comprehensive income under Canadian GAAP
    
    $
    448,470
    
    
    $
    974,970Adjustments to net earnings attributable to common shareholders under US GAAP
    
    
    10,415
    
    
    
    52,867Add (deduct) adjustments for [d]:Unamortized actuarial gain (iv)
    
    
    (75,016
    )
    
    
    (37,006
    )Unamortized actuarial gain transferred to net earnings (iv)
    
    
    (29,905
    )
    
    
    (27,712
    )Foreign currency translation adjustments (viii)
    
    
    2,808
    
    
    
    4,412Comprehensive income under US GAAP
    
    $
    356,772
    
    
    $
    967,531Net earnings per share under US GAAPBasicContinuing operations
    
    $
    1.35
    
    
    $
    1.87Discontinued operations
    
    
    
    
    
    
    1.08$
    1.35
    
    
    $
    2.95DilutedContinuing operations
    
    $
    1.35
    
    
    $
    1.87Discontinued operations
    
    
    
    
    
    
    1.07$
    1.35
    
    
    $
    2.94
 1
    
    As required by US GAAP, the company has reclassified its non-controlling interests on
the statements of earnings and balance sheets.
 
 1




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(b)
    
    Comparison of balance sheet items determined in accordance with Canadian GAAP to balance sheet
items determined in accordance with US GAAP:
 (i)
    
    Balance Sheets
 2010
    
    2009Canadian
    
    US
    
    Canadian
    
    USGAAP
    
    GAAP
    
    GAAP
    
    GAAPCurrent assets [d(v)]
    
    $
    2,573,299
    
    
    $
    2,381,997
    
    
    $
    2,527,741
    
    
    $
    2,258,854Property, plant and equipment [d(v)]
    
    
    4,337,809
    
    
    
    3,822,298
    
    
    
    4,068,103
    
    
    
    3,531,905Intangible assets
    
    
    94,270
    
    
    
    94,270
    
    
    
    97,713
    
    
    
    97,713Long-term receivables, investments and other [d(v)(viii)]
    
    
    628,824
    
    
    
    486,545
    
    
    
    667,287
    
    
    
    718,079Deferred income taxes
    
    
    37,166
    
    
    
    37,166
    
    
    
    33,017
    
    
    
    33,017Total assets
    
    $
    7,671,368
    
    
    $
    6,822,276
    
    
    $
    7,393,861
    
    
    $
    6,639,568Current liabilities [d(v)]
    
    $
    604,709
    
    
    $
    502,460
    
    
    $
    763,057
    
    
    $
    657,266Long-term debt [d(v)]
    
    
    940,317
    
    
    
    794,483
    
    
    
    952,853
    
    
    
    793,842Provision for reclamation
    
    
    279,653
    
    
    
    279,653
    
    
    
    258,277
    
    
    
    258,277Other liabilities [d(v)]
    
    
    244,179
    
    
    
    128,264
    
    
    
    244,433
    
    
    
    117,908Deferred income taxes
    
    
    208,044
    
    
    
    83,887
    
    
    
    167,373
    
    
    
    74,9072,276,902
    
    
    
    1,788,747
    
    
    
    2,385,993
    
    
    
    1,902,200Minority interest
    
    
    178,139
    
    
    
    
    
    
    
    164,040
    
    
    
    Shareholders equityShare capital [d(vi)]
    
    
    1,535,857
    
    
    
    1,522,927
    
    
    
    1,512,461
    
    
    
    1,499,531Contributed surplus
    
    
    142,376
    
    
    
    136,183
    
    
    
    131,577
    
    
    
    124,123Non-controlling interest1
    
    
    
    
    
    
    178,139
    
    
    
    
    
    
    
    164,040Retained earnings
    
    
    3,563,089
    
    
    
    3,439,090
    
    
    
    3,158,506
    
    
    
    3,024,092Accumulated other comprehensive income- net actuarial loss [d(iv)]
    
    
    
    
    
    
    (10,142
    )
    
    
    
    
    
    
    (10,538
    )- equity investment net actuarial loss [d(iv)]
    
    
    
    
    
    
    (216,437
    )
    
    
    
    
    
    
    (110,785
    )- equity investment prior service cost [d(iv)]
    
    
    
    
    
    
    (1,435
    )
    
    
    
    
    
    
    (1,772
    )- cumulative translation account [d(ii)(viii)]
    
    
    (57,094
    )
    
    
    (46,895
    )
    
    
    (50,398
    )
    
    
    (43,005
    )- hedges and derivative instruments
    
    
    47,600
    
    
    
    47,600
    
    
    
    109,308
    
    
    
    109,308- available-for-sale securities
    
    
    (15,501
    )
    
    
    (15,501
    )
    
    
    (17,626
    )
    
    
    (17,626
    )Total accumulated other comprehensive income
    
    
    (24,995
    )
    
    
    (242,810
    )
    
    
    41,284
    
    
    
    (74,418
    )Total shareholders equity
    
    
    5,216,327
    
    
    
    5,033,529
    
    
    
    4,843,828
    
    
    
    4,737,368Total liabilities and shareholders equity
    
    $
    7,671,368
    
    
    $
    6,822,276
    
    
    $
    7,393,861
    
    
    $
    6,639,568
 1
    
    As required by US GAAP, the company has reclassified its non-controlling interests on
the statements of earnings and balance sheets.
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(ii)
    
    Components of
accounts payable
and accrued
liabilities are as
follows:
 Accounts payable
    
    $
    311,174
    
    
    $
    228,437
    
    
    $
    438,012
    
    
    $
    339,390Taxes and royalties payable
    
    
    46,059
    
    
    
    77,816
    
    
    
    50,386
    
    
    
    91,143Accrued liabilities
    
    
    76,844
    
    
    
    76,844
    
    
    
    46,266
    
    
    
    46,266Total accounts payable and accrued liabilities
    
    $
    434,077
    
    
    $
    383,097
    
    
    $
    534,664
    
    
    $
    476,799
 (c)
    
    The effects of these adjustments would result in the consolidated statements of cash flows
reporting the following under US GAAP:
 2010
    
    
    2009Cash provided by operations
    
    $
    464,628
    
    
    $
    660,757Cash (used in) provided by investing
    
    
    (1,107,501
    )
    
    
    255,837Cash (used in) provided by financing
    
    
    (76,316
    )
    
    
    127,795
 Included within the cash (used in) provided by investing activities for 2010 is $nil (2009 -
$871,300,000) related to the disposition of the interest in Centerra Gold Inc. (Centerra). There
are no cash flows from discontinued operations contained within cash provided by operations or
financing activities.
 (d)
    
    A description of certain significant differences between Canadian GAAP and US GAAP follows:
 (i)
    
    Pre-Operating CostsUnder Canadian GAAP, pre-operating costs incurred during the commissioning phase of a new
project are deferred until commercial production levels are achieved, subject to time
limitations. Under US GAAP, such costs are expensed as incurred. McArthur River
commercial production commenced March 1, 2000 for US GAAP and November 1, 2000 for
Canadian GAAP. Differences in capitalized costs are amortized over the estimated lives of
the assets to which they relate.(ii)
    
    Cumulative Translation AccountPrior to 2007, under US GAAP, exchange gains and losses of any foreign currency debt
designated as hedges of net investments in subsidiaries were included in comprehensive
income. Cumulative amounts were included in accumulated other comprehensive income on the
balance sheet. Adjustments from prior years related to this difference amount to
$12,639,000.(iii)
    
    Stock-Based CompensationIn 2007, Cameco amended its stock option program, introducing a cash settlement feature
for the exercise of employee stock options. Under Canadian GAAP, options that include a
cash settlement feature are classified as liabilities and carried at their intrinsic
value. The intrinsic value is marked to market each period with an offsetting adjustment
to expense. Under US GAAP, the liabilities are required to be measured at their fair
value each period with an offsetting adjustment to expense. For US GAAP purposes, the
fair value of the options was determined using the Black-Scholes option-pricing model. As
a result of the difference, compensation expense for US GAAP purposes for 2007 was
reduced by $76,126,000.In November 2008, Cameco amended its stock option program, removing the cash settlement feature for
the exercise of employee stock options. Under both Canadian and US GAAP, options that do not
include a cash settlement feature are classified as equity and measured at their grant date fair
value. The Black-Scholes option-pricing model was used to determine the fair value of the options
as at the date of amendment. It was determined that compensation expense previously recorded under
Canadian GAAP was in excess of the fair value of the outstanding options. Thus, no charges or
recoveries were recorded under Canadian GAAP as a result of this amendment. The expense recorded
under US GAAP, while the cash settlement option was in effect, was lower than the grant date fair
value of the outstanding options. The reversal of the recovery of stock compensation costs as a
result of the use of the intrinsic value model under Canadian GAAP at a time when Camecos share
price was declining results in an increase expense for US GAAP purposes of $1,261,000 in 2010 (2009
- $3,044,000). The cumulative Canadian-US GAAP difference for stock-based compensation expense is
$7,454,000, of which
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$2,202,000 is a permanent difference. The remaining $5,252,000 is a temporary difference and future
expenses under US GAAP will be increased by that amount.As of December 31, 2010, Cameco had stock-based compensation costs relating to unvested stock
option awards that have not yet been recognized in the amount of $3,898,000 (2009  $3,186,000),
net of estimated forfeitures. The compensation cost will be recognized on a straight-line basis
over the remaining vesting periods of the awards.(iv)
    
    Pension and Other Post-Retirement BenefitsUnder US GAAP, an entity is required to recognize the funded status of a benefit plan in the
balance sheet and to recognize the existing unrecognized net gains and losses, unrecognized
prior service costs, and unrecognized net transition assets in other comprehensive income.
There is no similar requirement under Canadian GAAP.For the Cameco benefit plan, a gain of $396,000 was included in other comprehensive income (2009 
a loss of $4,635,000). For the BPLP benefit plan, a loss of $105,575,000 was included in other
comprehensive income (2009  a loss of $50,624,000).The rate used to discount pension and other post-retirement benefit plan obligations was based on
the AA high quality Canadian corporate bond yield curve at December 31, 2010, as developed by third
party actuaries. The estimated future cash flows for the pension and other post-retirement
obligations were matched to the corresponding spot rates on this yield curve to derive a
representative single discount rate.In 2009, the Ontario provincial government enacted amendments that provided for a reduction in the
general corporate income tax rate for business operating in the province of Ontario. The cumulative
effect on the income tax liability related to the 2009 adjustments to other comprehensive income
for pension and other post-retirement benefits was an increase of $9,460,000.(v)
    
    Investment in Bruce Power L.P. (BPLP)Under Canadian GAAP, Cameco accounts for its interest in BPLP by the proportionate
consolidation method. Under US GAAP, Cameco is required to equity account for its investment
and record in earnings its proportionate share of their net earnings measured in accordance
with US GAAP.(vi)
    
    Convertible DebenturesUnder US GAAP, convertible debentures are to be classified entirely as debt rather than
equity. Due to the difference, accretion related to the equity component of convertible
debentures for Canadian GAAP has been reversed for US GAAP purposes. Since all interest
related to the debentures was being capitalized under both US and Canadian GAAP, the
adjustments affected only the balance sheet. The convertible debentures were converted to
common shares in October 2008. In comparison to Canadian GAAP, the cumulative differences on
the US GAAP balance sheet were to decrease share capital by $12,930,000 and property, plant
and equipment by $12,930,000.(vii)
    
    Income TaxesA reconciliation of the beginning and ending amounts of unrecognized tax benefits is as
follows:
 2010
    
    
    2009Balance, beginning of year
    
    $
    43,087
    
    
    $
    34,487Additions based on tax positions related to the current year
    
    
    2,600
    
    
    
    3,369Additions for tax positions of prior years
    
    
    5,000
    
    
    
    10,295Reductions for tax positions of prior years
    
    
    (8,086
    )
    
    
    (5,064
    )Balance, end of year
    
    $
    42,601
    
    
    $
    43,087
 All of the tax benefits included in the table would, if recognized, impact the effective income tax
rate. It is Camecos policy to classify interest and penalties associated with unrecognized tax
benefits, if any, in income tax expense. For the years ended December 31, 2009 and 2010, there were
no amounts accrued for penalties or interest expense.Cameco and its subsidiaries file tax returns in several jurisdictions. At December 31, 2010, the
significant jurisdictions and the tax years subject to examination by tax authorities were as
follows:
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YearsCanada
    
    2006 - presentUnited States
    
    2007 - presentKazakhstan
    
    2008 - presentSwitzerland
    
    2009 - presentBarbados
    
    2002 - present
 (viii)
    
    Investment in GE-Hitachi Global Laser Enrichment LLC (GLE)Effective June 19, 2008, Cameco acquired a 24% interest in GLE. In total, $94,727,000 of the
purchase price has been allocated to in-process research and development (IPR&D). Under
Canadian GAAP, IPR&D is capitalized and amortized over the period until the project commences
commercial production. Under Canadian GAAP, these expenditures are being amortized over a
period of 8.5 years, with all amounts amortized by December 31, 2016. Under US GAAP, any
portion of the purchase price allocated to research and development activities for which
there is no alternative future use must be expensed on the acquisition date. Under US GAAP,
the expense for 2010 has been decreased by $11,363,000 (2009  $18,294,000). As a result, the
carrying value of the investment is lower under US GAAP which causes a foreign currency
translation difference in the amount of $2,439,000 (2009  $5,245,000), which has been
recorded in the cumulative translation account.(ix)
    
    Inkai Pre-Bankable FeasibilityUnder Canadian GAAP, costs incurred prior to the completion of a bankable feasibility
study were deferred until commercial production levels are achieved. Under US GAAP, such
costs are expensed as incurred. Differences in capitalized costs are amortized over the
estimated lives of the assets to which they relate.
 (e)
    
    Sale of Centerra Gold Inc. (Centerra)On December 30, 2009, Cameco completed a public offering of 88,618,472 common shares of
Centerra for net proceeds of approximately $871,000,000 and, for Canadian GAAP purposes,
recorded a net gain
of $374,000,000. Concurrent with this offering, Cameco transferred an additional 25,300,000
common shares of Centerra to Kyrgyzaltyn pursuant to the agreement that Cameco entered into
with the Government of the Kyrgyz Republic on April 24, 2009. As a result of the closing of the
public offering, and the transfer of the Centerra common shares to Kyrgyzaltyn, Cameco has
disposed of its entire interest in Centerra. For US GAAP purposes, Cameco recorded an
incremental gain on disposition of $30,816,000 which represents the remaining book value of
Centerras net assets under US GAAP.The assets and liabilities related to the discontinued operations have been reclassified as assets
or liabilities of discontinued operations on the consolidated balance sheets. Operating results
related to the discontinued operations have been included in earnings from discontinued operations
on the consolidated statements of earnings. Comparative period balances have been restated.Financial Results of Discontinued OperationsThe results of the operations of Centerra are presented under discontinued operations on the
consolidated statements of earnings. The following table presents the components of the US GAAP
adjustments related to the discontinued operations amounts:
 2010
    
    
    2009Sale of Centerra
    
    $
    
    
    
    $
    30,816Operating earnings
    
    
    
    
    
    
    69,603Earnings from discontinued operations
    
    $
    
    
    
    $
    100,419
 The incremental gain of $30,816,000 was comprised of amounts related to unamortized stripping costs
($12,819,000), previously unvalued gold ore stockpiles ($8,787,000), future income tax assets
acquired on acquisition of Centerra ($1,964,000), and previously recognized differences in the
cumulative translation account ($7,246,000). Cameco has made an immaterial adjustment to the 2009
US GAAP reconciliation to reflect the realization of the cumulative translation account related to
the gain on sale of Centerra. As a result, earnings from discontinued operations and net earnings
attributable to common shareholders under US GAAP have increased by $7,246,000 for 2009.
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The following table presents the components of the US GAAP adjustments related to the operating
results of Centerra:
 2010
    
    
    2009Stripping costs
    
    $
    
    
    
    $
    18,929Income tax (expense) recovery
    
    
    
    
    
    
    (3,426
    )Reclassification of non-controlling interest
    
    
    
    
    
    
    54,100Operating earnings
    
    $
    
    
    
    $
    69,603
 Under Canadian GAAP, stripping costs incurred during the production phase by mining companies to
remove overburden and other mine waste materials in order to access mineral deposits, can be either
expensed or capitalized given the specifics of the situation. Under US GAAP, stripping costs are
deemed to be variable production costs that should be included in the costs of the inventory
produced during the period that the stripping costs are incurred. No stripping costs were incurred
in 2009 and capitalized at Centerras mines under Canadian GAAP. Under US GAAP, adjustments were
made to expense these amounts. Differences in capitalized costs are amortized over the estimated
lives of the assets to which they relate. In 2009, an adjustment was made to reduce the amount of
depreciation charged to earnings by $18,929,000. A charge for non-controlling interest in the
amount of $7,333,000 is included in the net loss attributable to non-controlling interests.As required by US GAAP, the company has reclassified its non-controlling interests on the
statements of earnings and balance sheets. Accordingly, minority interest of $54,100,000 included
in discontinued operations under Canadian GAAP has been reclassified as net loss attributable to
non-controlling interest.
 6