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Correspondence

    O. KIM GOHEEN

    July 25, 2005

    Senior Vice-President,

    and Chief Financial Officer

    VIA FACSIMILE & COURIER (202) 772-9220

    CAMECO  CORPORATION

    Mr. H. Roger Schwall

    Corporate Office

    Assistant Director

    2121 – 11th Street West

    United States Securities and Exchange Commission

    Saskatoon, Saskatchewan

    Division of Corporation Finance

    Canada  S7M 1J3

    Mail Stop 70-10

    100 “F” Street, NE.

    Washington, DC 20549

    Tel: 306.956.6256

    Fax: 206.956.6312

    Dear Mr. Schwall:

    www.cameco.com

Cameco Corporation

Form 40-F for the Year Ended December 31, 2004

File number 001-14228

Supplemental Response dated May 27, 2005

I am writing to respond to your July 8, 2005 letter, where you provided a request relating to
accounting change. Our response was prepared in consultation with KPMG LLP, Cameco’s external
auditors.

2004 Management’s Discussion and Analysis

Accounting Change, Page 55

    1.

    We have reviewed your response to prior comment number 6. Please support your
conclusion that this represents an accounting change rather than a correction of an error
under Canadian GAAP. Specifically address CICA 1506 in your response,

Cameco Response

    Canadian accounting standards deal collectively with accounting changes in CICA 1506,
Accounting Changes. As noted in paragraph .01, situations that are considered to be an
“accounting change” include the accounting treatment of (a) a

    change in an accounting policy, (b) a change in an accounting estimate, and (c) a correction
of an error relating to prior period financial statements. CICA 1506 does not require that
the type of accounting change be disclosed.

Yours truly,

“O. Kim Goheen”

O. Kim Goheen

    c:

    Jill Davis, Securities and Exchange Commission

    Yong Choi, Securities and Exchange Commission

    Gerald W. Grandey, President and Chief Executive Officer, Cameco

    KPMG LLP