Cameco Plans To Buy Back Common Stock

Uranium producer Cameco has announced that it will repurchase up to 5% of the company's common shares. This represents an investment of roughly $750 million based on today's trading price.

"Cameco's strong financial position provides us with the opportunity to invest further in the nuclear industry," said Jerry Grandey, Cameco's president and CEO. "We are committed to strengthening our core asset base for the long term. And, in the near term, as attractive assets have not been available at reasonable valuations, the best investment today is repurchasing our own shares."

Cameco plans to use cash on hand to finance the stock repurchase and will purchase the shares on the open market between September 11 2007 and September 10 2008.