TORONTO, Aug. 9, 2018 /CNW/ - Denison Mines Corp.
("Denison" or the "Company") (TSX: DML) (NYSE MKT: DNN) (NYSE
American: DNN) is pleased to announce that David Cates, Jack
Lundin, Moo Hwan Seo, and Patricia
Volker have been appointed to the Board of Directors of the
Company. In connection with, and in order to facilitate, the
appointment of the new Directors, the Company has accepted the
resignation of Kwang-Hee Jeong and
Lukas Lundin. View PDF
Version.
Lukas Lundin, the Company's
outgoing Executive Chairman, commented "I am pleased to
welcome several new Directors to the Company's Board, including
Denison's President and CEO, David
Cates. Under David's leadership, the Company has
executed on its strategic plan to divest its non-core international
assets and position itself as the leading junior developer in the
eastern Athabasca Basin. Denison
is the Lundin Group of Companies' flagship uranium investment, and
we are expecting tremendous growth ahead in this sector –
especially now that we are seeing significant supply cuts from the
largest uranium producers, which should fundamentally improve the
oversupply situation that has plagued the commodity for the last
several years.
With that view in mind, as I step down from my formal
duties as Chairman, I am delighted that one of my sons,
Jack Lundin, will be joining the
Company at such an exciting time – serving as a Director and
representing the Lundin family interest at the Board level.
Jack brings significant technical and project development
experience to the Company and will be a great asset to Denison as
the Company moves towards the development of its high-grade Wheeler
River project."
In addition to the changes in the members of the Company's Board
of Directors, Catherine J.G. Stefan,
previously serving as the Company's Lead Independent Director, has
been appointed non-executive Chair of the Board of Directors.
Newly Appointed Directors
Mr. David Cates
Mr. Cates was appointed President & CEO of Denison in 2015
and has served as both Vice President Finance, Tax & Chief
Financial Officer, and Director, Taxation during his tenure with
the Company, which began in 2008. Mr. Cates is a Chartered
Professional Accountant (CPA, CA) and holds Master of Accounting
(MAcc) and Honours Bachelor of Arts (BA) degrees from the
University of Waterloo. Mr. Cates also sits on the board of
directors of GoviEx Uranium Inc. (TSX-V: GXU), Skyharbour Resources
Ltd. (TSX-V: SYH), and the Canadian Nuclear Association
(www.cna.ca).
Mr. Jack Lundin
Mr. Lundin has been involved in the natural resource industry
his entire life through exposure to the various Lundin Group
companies and mentorship under Messrs. Lukas, Ian and the late
Adolf Lundin. He began his career in
the sector working prospecting jobs and as a field technician on
projects around the world. Since 2016, Mr. Lundin has been
employed with Lundin Gold Inc. (TSX: LUG), and currently holds the
position of Senior Mine Project Engineer, working on the
construction of the Fruta del Norte gold project in Ecuador.
Mr. Lundin received a Bachelor of Science degree in Business
Administration from Chapman University,
and a Master of Engineering degree in Mineral Resource Engineering
from the University of Arizona. Mr. Lundin also sits on the
board of directors of NGEx Resources Inc. (TSX: NGQ).
Mr. Moo Hwan Seo
Based in South Korea, Mr. Seo
is currently General Manager of the Global Business Division in the
Global Nuclear Business Department at Korea Hydro Nuclear Power
("KHNP"), a subsidiary of the Korea Electric Power Corporation
("KEPCO"), with responsibility for coordinating KHNP's overseas
nuclear power plant business. Mr. Seo started his career with
KEPCO in 1992, and has held a variety of senior positions involved
in the commissioning of the Hanul and Shin-Hanul nuclear power
plants and both the Overseas Nuclear Business Team and
International Cooperation Team. Mr. Seo has a Bachelor of
Metallurgical Engineering from Young Nam University. Under
the terms of the amended and restated strategic relationship
agreement between Denison and KHNP, Mr. Seo has replaced Mr. Jeong
as the KHNP nominee to sit on the Board of Directors of the
Company.
Ms. Patricia M. Volker
Ms. Volker's experience is highlighted by over ten years of
experience with the Chartered Professional Accountants of
Ontario, the self-regulating body
for Ontario's Chartered
Professional Accountants, including the role of Director of
Standards Enforcement and the role of Director, Public Accounting,
which she held until her retirement on December 31, 2015. Ms. Volker served in
various capacities in the accounting profession during her 30+ year
career, and brings a wealth of advisory, public accounting,
banking, and regulatory expertise to the Denison Board. Ms.
Volker also sits on the board and chairs the audit committee of
Labrador Iron Ore Royalty Corporation (TSX: LIF), as well as serves
on the boards of other private company and organization boards,
including the volunteer board of directors of Ornge. Ms. Volker is
a Chartered Professional Accountant (CPA, CA, CMA) and holds a
B.Sc. from the
University of Toronto.
About Denison
Denison is a uranium exploration and development company with
interests focused in the Athabasca
Basin region of northern Saskatchewan,
Canada. In addition to its 63.3% owned Wheeler River
project, which ranks as the largest undeveloped high-grade uranium
project in the infrastructure rich eastern portion of the
Athabasca Basin region, Denison's
Athabasca Basin exploration
portfolio consists of numerous projects covering approximately
357,000 hectares. Denison's interests in Athabasca Basin also include a 22.5% ownership
interest in the McClean Lake joint venture ("MLJV"), which includes
several uranium deposits and the McClean Lake uranium mill, which
is currently processing ore from the Cigar Lake mine under a toll
milling agreement, plus a 25.17% interest in the Midwest and
Midwest A deposits, and a 65.45% interest in the J Zone deposit and
Huskie discovery on the Waterbury Lake property. Each of Midwest,
Midwest A, J Zone and Huskie are located within 20 kilometres of
the McClean Lake mill.
Denison is also engaged in mine decommissioning and
environmental services through its Denison Environmental Services
division and is the manager of Uranium Participation Corp., a
publicly traded company which invests in uranium oxide and uranium
hexafluoride.
Cautionary Statement Regarding Forward-Looking Statements
Certain information contained in this press release
constitutes "forward-looking information", within the meaning of
the United States Private Securities Litigation Reform Act of 1995
and similar Canadian legislation concerning the business,
operations and financial performance and condition of Denison.
Generally, these forward-looking statements can be identified by
the use of forward-looking terminology such as "plans", "expects",
"budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates", or "believes", or the negatives and/or variations of
such words and phrases, or state that certain actions, events or
results "may", "could", "would", "might" or "will be taken",
"occur", "be achieved" or "has the potential to". In particular,
this press release contains forward-looking information pertaining
to the following: the Company's expectations regarding the uranium
industry and the actions of other developers and producers in the
sector and other market participants; plans and objectives for the
Company's projects, including development of the Wheeler River
Project; Denison's percentage interest in its properties and its
plans and agreements with its joint venture partners, as
applicable; and the directors' role on and contribution to the
board and other board appointments, including Mr. Cates' role on
the CNA Board and Executive Committee and expectations with respect
to the membership thereof.
Forward looking statements are based on the opinions and
estimates of management as of the date such statements are made,
and they are subject to known and unknown risks, uncertainties and
other factors that may cause the actual results, performance or
achievements of Denison to be materially different from those
expressed or implied by forward-looking statements. Denison
believes that the expectations reflected in this forward-looking
information are reasonable but no assurance can be given that these
expectations will prove to be accurate and may differ materially
from those anticipated in this forward looking information. For a
discussion in respect of risks and other factors that could
influence forward-looking events, please refer to the factors
discussed in Denison's Annual Information Form dated March 27, 2018 under the heading "Risk Factors".
These factors are not, and should not be construed as being
exhaustive. Accordingly, readers should not place undue reliance on
forward-looking statements.
The forward-looking information contained in this press
release is expressly qualified by this cautionary statement. Any
forward-looking information and the assumptions made with respect
thereto speaks only as of the date of this press release. Denison
does not undertake any obligation to publicly update or revise any
forward-looking information after the date of this press release to
conform such information to actual results or to changes in
Denison's expectations except as otherwise required by applicable
legislation.
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SOURCE Denison Mines Corp.