Bright circular object in August evening sky in Alberta 1992.

Mid August of 1992, I was visiting my uncle who lives on a farm about 8 miles north of a town called Newbrook, Alberta.  One evening we were in his van in a field waiting to see any wildlife come out of the trees.  The van was facing east.  Sometime after 20:00 we noticed an object in the sky to the very far east.  It was a small, circular in nature, shining very brightly, and did not move.  It was a reasonably clear evening and we kept an eye on it for at least 30 minutes.  The entire time it did not move.
As the sun started setting, the object became less bright.  I ran back to the house to get my aunt to show her while my uncle stayed behind to keep an eye on it.  I showed it to my aunt.  My uncle got back to the yard and we all observed it slowly go out of sight.  The duration of this time would have been approximately 60 minutes.
Later that night on the CITV Edmonton late night news cast, they reported a "UFO" close to the Cold Lake area.  They claimed it to be a weather balloon.  Cold Lake is about 125 miles from our location and does have a Canadian Air Forces base close by (CFB Cold Lake).
The reason I am submitting this is because I have always wondered about that evening.  I would really like to and appreciate knowing if you folks believe this was a simple weather balloon or was this a UFO?