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2121 – 11^th Street West, Saskatoon, Saskatchewan, S7M 1J3 Canada

Tel: (306) 956-6200 Fax: (306) 956-6201

Cameco Announces Election of Directors

Saskatoon, Saskatchewan, Canada, May 11, 2016 . . . . . . . . . . . . .

Cameco (TSX: CCO; NYSE: CCJ) has announced the election of 10 board members at its annual meeting held on May 11, 2016.

Shareholders elected board members Ian Bruce, Daniel Camus, John Clappison, Donald Deranger, Catherine Gignac, Tim Gitzel, Jim Gowans, Don Kayne, Anne McLellan and Neil McMillan. (Voting results are available below)

Voting Results for Cameco Directors

Nominee	Votes For		% Votes For			Withheld		% Votes Withheld
Ian Bruce		138,042,854		90.29	%		14,847,596		9.71	%
Daniel Camus		137,771,360		90.11	%		15,119,090		9.89	%
John Clappison		150,423,913		98.39	%		2,466,537		1.61	%
Donald Deranger		150,576,852		98.49	%		2,313,598		1.51	%
Catherine Gignac		151,580,036		99.14	%		1,310,414		0.86	%
Tim Gitzel		151,323,845		98.98	%		1,566,606		1.02	%
Jim Gowans		146,191,565		95.62	%		6,697,961		4.38	%
Don Kayne		151,337,441		98.98	%		1,553,009		1.02	%
Anne McLellan		137,658,507		90.04	%		15,231,944		9.96	%
Neil McMillan		150,524,587		98.49	%		2,313,009		1.51	%

Profile

Cameco is one of the world’s largest uranium producers, a significant supplier of conversion services and one of two Candu fuel manufacturers in Canada. Our competitive position is based on our controlling ownership of the world’s largest high-grade reserves and low-cost operations. Our uranium products are used to generate clean electricity in nuclear power plants around the world. We also explore for uranium in the Americas, Australia and Asia. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan.

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Investor inquiries:	Rachelle Girard	(306) 956-6403
Media inquiries:	Rob Gereghty	(306) 956-6190