July 8, 2005


Via facsimile and U.S. Mail

Cameco Corporation
Kim Goheen
Senior Vice-President, and
Chief Financial Officer
2121 - 11th Street West
Saskatoon, Saskatchewan, S7M 1J3
Canada

            RE:        Cameco Corporation
                          Form 40-F filed on March 15, 2005
                           File number 001-14228

Dear Mr. Goheen:

      We have reviewed your response letter dated June 28, 2005
have
the following comment.  Our review has been limited to those
matters
specifically addressed in this letter. Where indicated, we think
you
should revise your document in response to these comments.  If you
disagree, we will consider your explanation as to why our comments
are
inapplicable or a revision is unnecessary.  Please be as detailed
as
necessary in your explanation.  In some of our comments, we may
ask
you to provide us with supplemental information so we may better
understand your disclosure.  After reviewing this information, we
may
or may not raise additional comments.

	Form 40-F filed on March 15, 2005

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.

Closing Comments

      As appropriate, please amend your filing and respond to
these
comments within 10 business days or tell us when you will provide
us
with a response.  You may wish to provide us with marked copies of
the
amendment to expedite our review.  Please furnish a cover letter
with
your amendment that keys your responses to our comments and
provides
any requested supplemental information.  Detailed cover letters
greatly facilitate our review.  Please understand that we may have
additional comments after reviewing your amendment and responses
to
our comments.

	You may contact Yong Choi, Staff Accountant at (202) 824-5682
or
Jill Davis, Branch Chief at (202) 942-1996 if you have questions
regarding comments on the financial statements and related
matters.
Direct any other questions to the undersigned at (202) 942-1870.


Sincerely,




H. Roger Schwall

Assistant Director
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Cameco Corporation
July 8, 2005
Page 2




UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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