Denison Mines Corp. (TSX:DML)(NYSE Amex:DNN) ("Denison" or the
"Company") is pleased to announce that the 2012 winter drill
program has begun at its 60% owned Wheeler River project located in
the Athabasca Basin region of Northern Saskatchewan. This program
is one of six drill programs Denison has planned this winter in the
Athabasca Basin.
Wheeler River
The Wheeler River Joint Venture has approved a Cdn$6.8 million
budget for 2012 that will include 28,000 metres of drilling in
approximately 60 holes. The program has begun with two drills
currently active on site. The focus of the program will be:
definition drilling in Zone A, in particular the Zone A Extension;
definition drilling in Zone B; as well as, testing various regional
targets identified based on historic drilling and geophysics.
The 2011 summer drill program focused primarily on Zone A and
was very successful in expanding the potential estimated resources
of the Phoenix deposit with the discovery of the "Zone A
Extension". This extension is in essence an increase in width of
the mineralization at the north end of Zone A and is interpreted as
a thickening or "stacking" of fault slices in an east-southeast
direction. The mineralization is also observed to have moved into
the basement stratigraphy along these stacked thrusts.
Wheeler River is a 60% owned and operated Denison project, and
its partners are Cameco Corporation (30%) and JCU (Canada)
Exploration Company, Limited (10%).
Summer 2011 Assay Results
The last of the 2011 drill assay results have been recently
received and again confirm the previously reported initial probe
results. The results are listed on the table below and shown in the
attached map.
Phoenix Deposit Summer Drill Results
----------------------------------------------------------------------------
From To Interval Grade GT
Zone Hole # (m) (m) (m) (%U3O8) grade x thickness
----------------------------------------------------------------------------
A WR-408 392.0 396.0 4.0 1.56 6.24
and 408.5 410.0 1.5 3.71 5.57
A WR-409 405.0 414.0 9.0 8.31 74.79
A WR-411(i) 396.0 399.0 3.0 0.34 1.02
A WR-413 400.0 406.5 6.5 5.71 37.12
A WR-415 394.0 398.0 4.0 0.59 2.36
and 399.5 402.5 3.0 0.86 2.58
A WR-417(i) 389.5 406.0 16.5 2.05 33.83
A WR-419 392.5 398.5 6.0 14.10 84.60
and 407.5 409.5 2.0 3.10 6.20
B WR-421 391.5 396.0 4.5 12.59 56.66
A WR-422(i) 393.0 396.5 3.5 0.29 1.02
B WR-431 385.5 387.5 2.0 0.73 1.45
----------------------------------------------------------------------------
(i) Multiple intersections, only highest listed.
Chemical analyses were completed by SRC Geoanalytical
Laboratories of Saskatoon, Saskatchewan and were a combination of
geochemical and assay methods. The grades are reported at a 0.05%
U3O8 cutoff. All drill results for the Phoenix deposit have been
tabulated and are presented on the Company's website at
www.denisonmines.com.
Athabasca Basin Drill Programs
In addition to the Wheeler River drill program, Denison and its
partners are also planning to complete drill programs this winter
on its 22.5% owned McClean Lake project (5,000 metres), its 75%
owned Moore Lake project (3,200 metres), its 50% owned Hatchet Lake
project (2,000 metres), its 60% owned Bell Lake project (2,025
metres), and its 100% owned Ahenakew Lake project (1,200
metres).
The other participants in the McClean Lake Joint Venture are
AREVA Resources Canada Inc (70% and operator) and OURD (Canada)
Co., Ltd. (7.5%). The other participants in the Moore Lake and Bell
Lake Joint Ventures are JNR Resources Inc. owning 25% and 40%,
respectively. The other participants in the Hatchet Lake Joint
Venture are Virginia Energy Resources Inc. (50%).
The technical information contained in this press release
related to the above described exploration activities is reported
and verified by Lawson Forand P. Geo., Denison's Exploration
Manager, Saskatchewan who is a qualified person as defined by NI
43-101. For a description of the quality assurance program and
quality control measures applied by Denison, please see Denison's
Annual Information Form dated March 28, 2011 filed under the
Company's profile on the SEDAR website.
About Denison
Denison Mines Corp. is an intermediate uranium producer with
production in the U.S., combined with a diversified development
portfolio of projects in the U.S., Canada, Zambia and Mongolia.
Denison's assets include its 100% ownership of the White Mesa mill
in Utah and its 22.5% ownership of the McClean Lake mill in
Saskatchewan. The Company also produces vanadium as a co-product
from some of its mines in Colorado and Utah. Denison owns interests
in world-class exploration projects in the Athabasca Basin in
Saskatchewan, including its flagship project at Wheeler River, and
in the southwestern United States, Mongolia and Zambia. Denison is
the manager of Uranium Participation Corporation (TSX:U), a
publicly traded company which invests in uranium in concentrates
and uranium hexafluoride.
Cautionary Statements Regarding Forward Looking Information
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"
or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not
anticipate", or "believes", 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".
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 but no assurance can be
given that these expectations will prove to be correct and such
forward-looking information included in this press release should
not be unduly relied upon. This information speaks only as of the
date of this press release. In particular, this press release may
contain forward-looking information pertaining to the following:
the estimates of Denison's mineral reserves and mineral resources;
estimates regarding Denison's uranium and vanadium production
levels and sales volumes; capital expenditure programs, estimated
production costs, exploration and development expenditures and
reclamation costs; expectations of market prices and costs; supply
and demand for uranium and vanadium; possible impacts of litigation
and regulatory actions on Denison; exploration, development and
expansion plans and objectives; Denison's expectations regarding
raising capital and adding to its mineral reserves and resources
through acquisitions and development; and receipt of regulatory
approvals, permits and licences and treatment under governmental
regulatory regimes.
There can be no assurance that such statements will prove to be
accurate, as Denison's actual results and future events could
differ materially from those anticipated in this forward-looking
information as a result of those factors discussed in or referred
to under the heading "Risk Factors" in Denison's Annual Information
Form dated March 28, 2011, available at http://www.sedar.com, and
in its Form 40-F available at http://www.sec.gov, as well as the
following: global financial conditions, the market price of
Denison's securities, volatility in market prices for uranium and
vanadium; ability to access capital, changes in foreign currency
exchange rates and interest rates; liabilities inherent in mining
operations; uncertainties associated with estimating mineral
reserves and resources and production; uncertainty as to
reclamation and decommissioning liabilities; failure to obtain
industry partner and other third party consents and approvals, when
required; delays in obtaining permits and licenses for development
properties; competition for, among other things, capital,
acquisitions of mineral reserves, undeveloped lands and skilled
personnel; public resistance to the expansion of nuclear energy and
uranium mining; uranium industry competition and international
trade restrictions; incorrect assessments of the value of
acquisitions; geological, technical and processing problems; the
ability of Denison to meet its obligations to its creditors;
actions taken by regulatory authorities with respect to mining
activities; the potential influence of or reliance upon its
business partners, and the adequacy of insurance coverage.
Accordingly, readers should not place undue reliance on
forward-looking statements. These factors are not, and should not
be construed as being, exhaustive. 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. The forward-looking information contained in this press
release is expressly qualified by this cautionary statement.
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.
To view accompanying map, visit the following link:
http://media3.marketwire.com/docs/PhoenixU3O8Deposit.pdf
Contacts: Denison Mines Corp. Ron Hochstein President and Chief
Executive Officer (416) 979-1991 Extension 232 Denison Mines Corp.
Jim Anderson Executive Vice President and CFO (416) 979-1991
Extension 372 (416) 979-5893 (FAX) www.denisonmines.com
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