Crown Investments Corporation of Saskatchewan has sold its remaining Cameco shares for $226.4 million.

The transaction was completed late yesterday. CIC sold its 5.4 million shares for $41.75 per share, realizing a gain of $111.5 million on a book value of $114.9 million.

"CIC has made a sound decision to sell the remaining Cameco shares," CIC Senior Vice President Mike Shaw said. "CIC divests of its holdings when we believe the time is right and we have the opportunity to make a good deal."

CIC will retain a portion of the net proceeds to help maintain the holding company's financial position and continue to meet its dividend targets to the province's General Revenue Fund (GRF). The remaining portion will be paid to the GRF.

Cameco was formed in 1988 through the merger of the Saskatchewan Mining Development Corporation (SMDC) and the federally owned Eldorado Nuclear. When SMDC was wound down, its 20 million shares and 38.8 per cent interest in Cameco were transferred to CIC.

CIC sold blocks of Cameco shares in 1994 and 1996, realizing net gains of $12 million and $516 million respectively. The last 5.4 million shares which have just been sold represented a 9.7 per cent equity interest in the company.

For more information, contact:

Ted Boyle
Crown Investments Corporation
Regina
Phone: (306) 787-9039