Exhibit 1

  May 17, 2012   Canadian Securities Administrators GARY M. S. CHAD, Q.C.
Senior Vice-President, Governance, Law and Corporate Secretary   CAMECO CORPORATION Corporate Office 2121 - 11th Street West Saskatoon, Saskatchewan Canada S7M 1J3   Tel 306.956.6303 Fax 306.956.6312 www.cameco.com

Cameco Corporation

Annual Meeting May 15, 2012

Report of Voting Results

Under National Instrument 51-102

In accordance with Section 11.3 of National Instrument 51-102—Continuous Disclosure Obligations, we hereby advise of the results of the voting on the matters submitted to the annual meeting (the “Meeting”) of the shareholders (the “Shareholders”) of Cameco Corporation (the “Corporation”) held on May 15, 2012. Each of the matters set forth below is described in greater detail in the Notice for the Meeting and Management Proxy Circular mailed to Shareholders prior to the Meeting.

The matters voted upon at the Meeting and the results of the voting were as follows:

Item 1: Election of Directors

The following directors were elected to hold office for the ensuing year or until their successors are elected or appointed:

Ian Bruce	James Gowans
Daniel Camus	Nancy Hopkins
John Clappison	Oyvind Hushovd
Joe Colvin	Anne McLellan
James Curtiss	Neil McMillan
Donald Deranger	Victor Zaleschuk
Timothy Gitzel

If a ballot vote had been taken, based upon proxy votes by Shareholders received by the Corporation, the voting results for the election of directors, both before and after giving effect to the twenty-five (25%) percent non-resident Shareholder voting restriction, would have been:

NUCLEAR. The Clean Air Energy.

May 17, 2012

Page 2

Vote Results Before Reduction of Non-resident Vote:

Nominee	Votes For		% Votes For			Withheld		% Votes Withheld
Ian Bruce		233,649,888		97.15	%		6,846,147		2.85	%
Daniel Camus		232,990,705		96.88	%		7,505,330		3.12	%
John Clappison		226,889,266		94.34	%		13,606,769		5.66	%
Joe Colvin		234,520,006		97.52	%		5,976,029		2.48	%
James Curtiss		226,641,225		94.24	%		13,854,810		5.76	%
Donald Deranger		216,885,695		90.18	%		23,610,340		9.82	%
Timothy Gitzel		234,745,188		97.61	%		5,750,847		2.39	%
James Gowans		234,816,970		97.64	%		5,679,065		2.36	%
Nancy Hopkins		234,513,965		97.51	%		5,982,070		2.49	%
Oyvind Hushovd		225,347,766		93.70	%		15,148,269		6.30	%
Anne McLellan		225,514,239		93.77	%		14,981,796		6.23	%
Neil McMillan		229,857,757		95.58	%		10,638,278		4.42	%
Victor Zaleschuk		234,452,336		97.49	%		6,043,699		2.51	%

Vote Results After Reduction of Non-resident Vote to 25%:

Nominee	Votes For		% Votes For			Withheld		% Votes Withheld
Ian Bruce		167,808,469		96.55	%		6,004,730		3.45	%
Daniel Camus		167,389,781		96.30	%		6,423,418		3.70	%
John Clappison		160,483,501		92.33	%		13,329,698		7.67	%
Joe Colvin		168,107,360		96.72	%		5,705,839		3.28	%
James Curtiss		160,223,891		92.18	%		13,589,308		7.82	%
Donald Deranger		153,978,999		88.59	%		19,834,200		11.41	%
Timothy Gitzel		168,311,997		96.83	%		5,501,202		3.17	%
James Gowans		168,394,986		96.88	%		5,418,213		3.12	%
Nancy Hopkins		168,124,217		96.73	%		5,688,982		3.27	%
Oyvind Hushovd		159,687,183		91.87	%		14,126,016		8.13	%
Anne McLellan		159,689,545		91.87	%		14,123,654		8.13	%
Neil McMillan		164,072,870		94.40	%		9,740,329		5.60	%
Victor Zaleschuk		168,044,620		96.68	%		5,768,579		3.32	%

Item 2: Appointment of Auditors

By a vote by way of show of hands, KPMG LLP was appointed auditors of the Corporation to hold office until the next annual meeting of Shareholders, or until their successors are appointed.

If a ballot vote had been taken, based upon proxy votes by Shareholders received by the Corporation, the voting results for appointment of auditors, both before and after giving effect to the twenty-five (25%) percent non-resident Shareholder voting restriction, would have been:

May 17, 2012

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Vote Results Before Reduction of Non-resident Vote:

Votes For	% Votes For	Votes Withheld	% Votes Withheld
257,271,723	97.90%	5,516,781	2.10%

Vote Results After Reduction of Non-resident Vote to 25%:

Votes For	% Votes For	Votes Withheld	% Votes Withheld
168,983,828	97.22%	4,829,371	2.78%

Item 3: Executive Compensation

On a vote by ballot, an advisory resolution was passed accepting the approach to executive compensation disclosed in Cameco’s Management Proxy Circular delivered in advance of this meeting.

The outcome of the ballot vote, both before and after giving effect to the twenty-five (25%) percent non-resident voting restriction, was as follows:

Vote Results Before Reduction of Non-resident Vote:

Votes For	% Votes For	Votes Against	% Votes Against
218,507,718	90.85%	21,997,084	9.15%

Vote Results After Reduction of Non-resident Vote to 25%:

Votes For	% Votes For	Votes Against	% Votes Against
153,238,555	88.16%	20,586,877	11.84%

Cameco Corporation
By:	“Gary M.S. Chad”
	Gary M. S. Chad
	Senior Vice-President, Governance,
	Law and Corporate Secretary