Mineral Reserves

As at December 31, 2013 (100% basis – only the second last column shows our share)

Proven and probable

(tonnes in thousands; pounds in millions)
		Proven			Probable			Total mineral reserves
Property	Mining method	Tonnes	Grade % U₃O₈	Content (lbs U₃O₈)	Tonnes	Grade % U₃O₈	Content (lbs U₃O₈)	Tonnes	Grade % U₃O₈	Content (lbs U₃O₈)	Cameco’s share of content (lbs U₃O₈)	Metallurgical recovery (%)
Notes UG – underground OP – open pit ISR – in situ recovery Estimates in the above table: use an average uranium price of $63.75 (US)/lb U₃O₈ are based on an average exchange rate of $1.00 US=$1.05 Cdn Totals may not add up due to rounding.
McArthur River	UG	465.2	21.42	219.7	572.2	11.17	140.8	1,037.4	15.76	360.5	251.6	98.7
Cigar Lake	UG	233.6	22.31	114.9	303.5	15.22	101.8	537.1	18.30	216.7	108.4	98.5
Rabbit Lake	UG	43.0	0.29	0.3	1,599.1	0.57	20.0	1,642.1	0.56	20.3	20.3	97
Key Lake	OP	67.5	0.50	0.7				67.5	0.50	0.7	0.6	98.7
Inkai	ISR	1,947.1	0.08	3.6	57,742.6	0.07	84.0	59,689.7	0.07	87.6	50.4	85
Smith Ranch-Highland	ISR	1,100.8	0.10	2.5	1,498.3	0.08	2.7	2,599.1	0.09	5.2	5.2	80
North Butte-Brown Ranch	ISR	925.1	0.09	1.8	1,361.9	0.07	2.0	2,287.0	0.08	3.8	3.8	80
Crow Butte	ISR	928.6	0.11	2.3				928.6	0.11	2.3	2.3	85
Total		5,710.8	–	345.7	63,077.6	–	351.5	68,788.5	–	697.2	442.7

We do not expect these mineral reserve estimates to be materially affected by metallurgical, environmental, permitting, legal, taxation, socio-economic, political, marketing or other relevant issues.

Metallurgical recovery

We report mineral reserves as the quantity of contained ore supporting our mining plans, and include an estimate of the metallurgical recovery for each uranium property. The estimate of the amount of valuable product that can be physically recovered by the metallurgical extraction process is obtained by multiplying quantity of contained metal (content) by the planned metallurgical recovery percentage. Our share of uranium in the table above is before accounting for estimated metallurgical recovery.