TORONTO, May 10, 2023
/CNW/ - Denison Mines Corp. ('Denison' or the
'Company') (TSX: DML) (NYSE American: DNN) today filed its
Condensed Consolidated Financial Statements and Management's
Discussion & Analysis ('MD&A') for the quarter ended
March 31, 2023. Both documents will
be available on the Company's website at
www.denisonmines.com, SEDAR (at www.sedar.com) and EDGAR (at
www.sec.gov/edgar.shtml). The highlights provided below are derived
from these documents and should be read in conjunction with them.
All amounts in this release are in Canadian dollars unless
otherwise stated. View PDF version
David Cates, President and CEO of
Denison commented, "Our Q1'2023 operational highlights
showcase the multiple facets that make up our dynamic
company. During the quarter at our flagship Wheeler River
project ('Wheeler River'), we progressed our efforts on the
Phoenix deposit ('Phoenix') Feasibility Study ('FS'),
incorporating results from the highly successful leaching and
neutralization phases of the Feasibility Field Test ('FFT')
completed in late 2022. With the FS nearing completion, and
the environmental assessment for Phoenix progressing in parallel to our
technical de-risking efforts over the last several years,
Phoenix remains squarely
positioned to become the next new uranium mine in the eastern
portion of the Athabasca Basin
region.
We also reported notable news from other assets in our vast
project portfolio – including the discovery of high-grade uranium
mineralization at the Moon Lake South exploration project and
positive results from the completion of an internal concept study
('Concept Study') for the use of the in-situ recovery ('ISR')
mining method at Denison's 25.17% owned Midwest development project
('Midwest'). The discovery at Moon Lake South is in the very
early stages and illustrates the untapped potential of our large
exploration property portfolio. Moon Lake South is a
particularly exciting property, given that it is nearly surrounded
by Denison controlled exploration properties and is adjacent to our
flagship Wheeler River property. At Midwest, we are
collaborating with our long-time joint venture partner Orano Canada
Inc., to take steps that could see Midwest emerge as another
meaningful source of low-cost future production for Denison.
Based on the positive results of the Concept Study, the Midwest
joint venture has approved a program and budget for 2023 that will
support the further de-risking of the application of the ISR mining
method at Midwest, and which may result in the completion of a
Preliminary Economic Assessment ('PEA').
With truly meaningful developments ahead on multiple Denison
projects and the uranium market benefiting from a sustained stream
of positive developments increasing projections of global demand
for nuclear power, Denison is well positioned to offer investors
unique leverage to the uranium market from our multi-stage /
multi-asset portfolio of high-grade Athabasca Basin projects."
Highlights
- Completed an internal Concept Study examining the
application of the ISR mining method at Midwest
The Company completed a Concept Study examining the potential
application of the ISR mining method at Midwest. The Concept Study
was prepared by Denison during 2022 and formally issued to the
Midwest Joint Venture ('MWJV') in early 2023. Based on the positive
results of the Concept Study, the MWJV has provided Denison with
approval to complete additional ISR-related work for Midwest in
2023.
Evaluation activities planned for Midwest during 2023 include
the collection of deposit-specific information and the completion
of select preliminary engineering studies to support the further
evaluation and de-risking of the key criteria required to further
assess the potential application of the ISR mining method, which
may result in the preparation of a PEA to support the development,
if warranted, of future field tests.
- Discovered high-grade uranium mineralization at Moon Lake
South
In April 2023, Denison reported
that drill hole MS-23-10A intersected 1.38%
eU3O8 over 8.7 metres (0.05%
eU3O8 cut-off), including a sub-interval
grading 2.88% eU3O8 over 3.1 metres,
intersected approximately 30 metres above the unconformity in the
Athabasca sandstone, as part of
the recently completed winter exploration program at the Moon Lake
South property. Uranium mineralization was encountered in four of
the six drill holes completed during the 2023
winter exploration program, which was designed to evaluate the
strike length of low-grade mineralized occurrences identified in
the 2021 and 2016 drill programs.
- Feasibility Study for Wheeler River Phoenix deposit on track
for completion by mid-2023
Feasibility level engineering design, well field production
modelling and cost estimation for the application of ISR mining for
the high-grade Phoenix uranium
deposit at Wheeler River progressed during the first quarter of
2023, and is currently on track to support the announcement of the
results from the FS by mid-2023.
- Released 2022 ESG report, highlighting progress on
environmental, social and governance initiatives
In April 2023, Denison released
its 2022 ESG Report, which provides information on the Company's
environmental, social and governance ('ESG') initiatives and
demonstrates its ongoing commitment to sustainability and
transparency. Denison's 2022 ESG Report focuses on key ESG topics
including the Company's objective to maintain excellence in
corporate governance practices, "best in class" engagement with
communities potentially impacted by its activities, diversity in
the Company's workforce, and robust assessments of the environment
and biodiversity in the regions within which it operates.
About Denison
Denison Mines Corp. was formed under the laws of Ontario and is a reporting issuer in all
Canadian provinces and territories. Denison's common shares are
listed on the Toronto Stock Exchange under the symbol 'DML' and on
the NYSE American exchange under the symbol 'DNN'.
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. A Pre-Feasibility
Study ('PFS') was completed for Wheeler River in late 2018,
considering the potential economic merit of developing Phoenix as an ISR operation and the Gryphon
deposit as a conventional underground mining operation.
Denison's interests in Saskatchewan also include a 22.5% ownership
interest in the MLJV, which includes several uranium deposits and
the McClean Lake uranium mill, which 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
67.41% interest in the Tthe Heldeth Túé ('THT',
formerly J Zone) and Huskie deposits on the Waterbury Lake
property. The Midwest Main, Midwest A, THT and Huskie deposits are
located within 20 kilometres of the McClean Lake
mill.
Through its 50% ownership of JCU, Denison holds additional
interests in various uranium project joint ventures in Canada, including the Millennium project (JCU,
30.099%), the Kiggavik project (JCU, 33.8118%) and Christie Lake (JCU, 34.4508%).
Denison's exploration portfolio includes further interests in
properties covering approximately 300,000 hectares in
the Athabasca Basin
region.
Denison is also engaged in post-closure mine care and
maintenance services through its Closed Mines group, which manages
Denison's reclaimed mine sites in the Elliot Lake region and provides related
services to certain third-party projects.
Technical Disclosure and Qualified Person
The technical information contained in this press release has
been reviewed and approved by Chad
Sorba, P.Geo., Denison's Director, Technical Services, and
Andy Yackulic, P.Geo., Denison's
Director, Exploration, who are both Qualified Persons in accordance
with the requirements of NI 43-101.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
Certain information contained in this press 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 press release contains forward-looking
information pertaining to the following: projections with respect
to exploration, development and expansion plans and objectives,
including the scope, objectives and interpretations of the
technical de-risking process for the proposed ISR operation for the
Phoenix deposit, including the FFT
and metallurgical testing programs described herein and the
interpretation of the results therefrom; expectations with respect
to a FS for Phoenix; expectations
regarding regulatory applications and approvals and the elements
thereof, including the EIS; objectives and interpretations of the
Midwest Concept Study and any potential for further studies and/or
an EA; the Company's ESG objectives; expectations regarding the
performance of the uranium market and global sentiment regarding
nuclear energy; expectations regarding Denison's joint venture
ownership interests; and expectations regarding the continuity of
its agreements with third parties. Statements relating to 'mineral
reserves' or 'mineral resources' are deemed to be forward-looking
information, as they involve the implied assessment, based on
certain estimates and assumptions that the mineral reserves and
mineral resources described can be profitably produced in the
future.
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.
For example, the results and underlying assumptions and
interpretations of the PFS as well as de-risking efforts such as
the ISR field programs discussed herein may not be maintained after
further testing or be representative of actual conditions within
the applicable deposits. In addition, Denison may decide or
otherwise be required to extend its evaluation activities and/or
the FS and/or otherwise discontinue testing, evaluation and
development work if it is unable to maintain or otherwise secure
the necessary approvals or resources (such as testing facilities,
capital funding, etc.). 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 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 Company's Annual Information Form dated
March 27, 2023 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.