SASKATOON, SASKATCHEWAN--(MARKET WIRE)--Nov 4, 2008 -- ALL AMOUNTS ARE STATED IN CDN $ (UNLESS NOTED)

Cameco Corporation (Toronto:CCO.TO - News) (NYSE:CCJ - News) reported today a modest increase in water inflow to a development area of the McArthur River uranium mine. Production areas were not impacted.

"The inflow is only about 10% of our total capacity to pump water out of the mine," said Tim Gitzel, Cameco's chief operating officer. "We have prepared for just such events and it is being well managed. To prevent rumours, we decided to advise our stakeholders."

There were no injuries and the mine is safe. The environment was not impacted.

Qualified Person

The disclosure of scientific and technical information regarding McArthur River in this news release was prepared by or under the supervision of David Bronkhorst, general manager, McArthur River operation, a qualified person for the purpose of National Instrument 43-101.

Profile

Cameco, with its head office in Saskatoon, Saskatchewan, is one of the world's largest uranium producers. The company's uranium products are used to generate electricity in nuclear energy plants around the world, providing one of the cleanest sources of energy available today. Cameco's shares trade on the Toronto and New York stock exchanges.

     Contacts:
     Cameco Corporation
     Investor inquiries:
     Rachelle Girard
     (306) 956-6403
      
     Media inquiries:
     Lyle Krahn
     (306) 956-6316
     Website: http://www.cameco.com