TORONTO, Sept. 17, 2021 /PRNewswire/ - Denison
Mines Corp. ("Denison" or the "Company") (TSX: DML) (NYSE
American: DNN) is pleased to announce that UEX Corporation ("UEX")
has repaid the interest-free 90-day term loan provided to UEX by
Denison in connection with UEX's purchase of JCU (Canada) Exploration Company, Limited ("JCU")
(the "Term Loan", see Denison news release from August 3, 2021). On the transfer of 50% of the
shares in JCU from UEX to Denison, completed on August 3, 2021, $20.5
million of the amount drawn under the Term Loan was deemed
repaid by UEX. The balance of the Term Loan, of $20.45 million, was repaid in cash by UEX today.
View PDF version.
David Cates, President and CEO of
Denison, commented, "Denison congratulates UEX on their
recent financing and repayment of the Term Loan. We are
looking forward to working with UEX on Denison's flagship Wheeler
River project and the various other projects that make up JCU's
unique and valuable portfolio of strategic Canadian uranium
In connection with the repayment, Denison has agreed to release
its security for the Term Loan, including the pledge of all of the
shares of JCU owned by UEX.
Denison is a uranium exploration and development company with
interests focused in the Athabasca
Basin region of northern Saskatchewan,
Canada. The Company has an effective 95% interest in its
flagship Wheeler River Uranium Project, which is the largest
undeveloped uranium project in the infrastructure rich eastern
portion of the Athabasca Basin
region of northern Saskatchewan.
Denison's interests in Saskatchewan 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 that is
contracted to process the ore from the Cigar Lake mine under a toll
milling agreement, plus a 25.17% interest in the Midwest Main and
Midwest A deposits, and a 66.90% interest in the Tthe Heldeth Túé
("THT," formerly J Zone) and Huskie deposits on the Waterbury Lake
property. Each of Midwest Main, Midwest A, THT and Huskie are
located within 20 kilometres of the McClean Lake mill.
Through its 50% ownership of JCU, Denison also holds
interests in various uranium project joint ventures in Canada, including the Millennium project (JCU
30.099%), the Kiggavik project (JCU 33.8123%) and Christie Lake (JCU 34.4508%).
Denison is also engaged in mine decommissioning and
environmental services through its Closed Mines group (formerly
Denison Environmental Services), which manages Denison's
Elliot Lake reclamation projects
and provides post-closure mine care and maintenance services to a
variety of industry and government clients.
Follow Denison on
Cautionary Statement Regarding Forward-Looking
Certain information contained in this news release
constitutes 'forward-looking information', within the meaning of
the applicable United States and
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 news
release contains forward-looking information pertaining to
Denison's expectations regarding its joint venture ownership
interests and the continuity of its agreements with its
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, level of activity,
performance or achievements of Denison to be materially different
from those expressed or implied by such forward-looking statements.
Denison believes that the expectations reflected in this
forward-looking information are reasonable and no assurance can be
given that these expectations will prove to be accurate and results
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 the Annual Information
Form dated March 26, 2021 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 news 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 news release. Denison does not undertake any obligation to
publicly update or revise any forward-looking information after the
date of this news release to conform such information to actual
results or to changes in Denison's expectations except as otherwise
required by applicable legislation.
View original content to download
SOURCE Denison Mines Corp.