Cameco Appoints Managing Director for Australia

Perth, West Australia, February 7, 2011

Cameco (TSX: CCO; NYSE: CCJ) today announced the appointment of Brian Reilly as managing director, Cameco Australia.

Reilly will continue to build Cameco's presence in Australia and strengthen relationships with key stakeholders including indigenous groups, governments and the mining and exploration industries.

"Cameco is committed to safe, sustainable development of Australia's uranium resources," Reilly said. "We have some exciting projects here with potential to generate significant employment and business opportunity while strengthening our business."

Reilly has more than 25 years of international experience with mining and mineral exploration, including 15 years in the uranium industry. He will be based at Cameco's Perth office. Reilly succeeds Ron Matthews who is retiring after serving more than 32 years with Cameco, including eight years in Australia.

Cameco has 13 active exploration projects in Australia covering more than one million hectares of quality land. This includes the Kintyre project, a joint venture uranium mining development between Cameco (70%) and Mitsubishi Development Pty Ltd (30%) located in the East Pilbara region of Western Australia. Work to confirm the Kintyre resource identified by previous operators is underway. Cameco is also engaged in discussions with the Martu, the indigenous traditional owner of the site, and is completing scientific studies and other work required for environmental assessment.

Cameco is one of the world's largest uranium producers. We are Canada's leading industrial employer of indigenous people and our operations are recognized around the world for best practices in occupational health and safety and environmental protection. Our uranium products are used to generate electricity in nuclear energy plants around the world, providing one of the cleanest sources of energy available today.