Denison Mines Corp. (TSX:DML)(NYSE Amex:DNN) ("Denison" or the
"Company") is pleased to announce that it has recently completed a
mineral resources estimate on its 100% owned Mutanga Project based
on the results of its 2011 drill program, and this new estimate
significantly expands the mineral resources at the Mutanga
Project.
The new Dibwe East Inferred resource, located between the main
Mutanga and Dibwe deposits was estimated as of February 24, 2012,
in accordance with National Instrument 43-101 ("NI 43-101"), to be
39.8 million tonnes grading 322 ppm eU3O8, containing 28.2 million
lbs. The Inferred resource is in accordance with CIM Definition
Standards and is based on a cut-off grade of 100 ppm eU3O8.
Ron Hochstein, President and C.E.O. of Denison commented,
"Several targets are yet to be tested to potentially further
increase the resources. The 2012 drill program will focus on a
number of these targets."
The resource estimated at the Dibwe East deposit represents a
significant discovery of continuous uranium mineralization
associated with known ore-bearing geologic sediments. The Dibwe
East deposit consists of strata bound sedimentary uranium
mineralization located in three stacked mineralized horizons
extending from near-surface to depths of 130 meters.
In 2009, the Company filed a technical report for mineral
resource estimates for the Mutanga Project. The following table
provides a consolidated summary of the Measured, Indicated and
Inferred mineral resource estimates for the Mutanga Project,
including the Mutanga, Dibwe, Dibwe East, Mutanga Ext, Mutanga East
and Mutanga West deposits.
Consolidated Mutanga Project Mineral Resource Estimates
----------------------------------------------------------------
Tonnes Lbs.
Deposit (millions) eU3O8(ppm) U3O8 (millions)
----------------------------------------------------------------
Measured 1.9 481 2.0
Indicated 8.4 314 5.8
------------------------------------------
Measured & Indicated 10.3 345 7.8
Inferred 68.5 279 42.1
----------------------------------------------------------------
-- The resources have been estimated in accordance with CIM Definition
Standards.
-- Based on a cut-off grade of 100 ppm eU3O8.
The Dibwe East resource estimate has been prepared by Denison
Mines (USA) Corp., a wholly owned subsidiary of Denison. Roscoe
Postle Associates, Inc. ("RPA") was retained by the Company to
independently review and verify the Dibwe East mineral resource
estimate. The resource estimate is based on 237 holes totaling
21,729 meters of reverse circulation and diamond drilling carried
out by Denison from 2008 through 2011 on roughly a 100 metres x 200
metres grid with 100 metre drill hole spacing along profiles.
Equivalent % U3O8 ("e%U3O8") is based on radiometric gamma probing
and not chemical assays. Radiometric assays have been corrected for
disequilibrium based on comparison with chemical assays in core
holes. The Technical Report presenting these mineral resource
estimates will be filed on SEDAR (www.sedar.com) within 45 days of
this release.
Qualified Person
The technical information contained in this press release
regarding the Dibwe East deposit has been prepared and verified by
Mr. Mark Mathisen, P.G., Senior Project Geologist at Denison Mines
(USA) Corp, who is a "Qualified Person" as defined in NI 43-101,
and has been reviewed by William E. Roscoe, Ph.D. P.Eng. of RPA,
who is an independent "Qualified Person" as defined in NI
43-101.
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.
Cautionary Note to United States Investors Concerning Estimates
of Measured, Indicated and Inferred Resources: This press release
may use the terms "Measured", "Indicated" and "Inferred" Resources.
United States investors are advised that while such terms are
recognized and required by Canadian regulations, the United States
Securities and Exchange Commission does not recognize them.
"Inferred Mineral Resources" have a great amount of uncertainty as
to their existence, and as to their economic and legal feasibility.
It cannot be assumed that all or any part of an Inferred Mineral
Resource will ever be upgraded to a higher category. Under Canadian
rules, estimates of Inferred Mineral Resources may not form the
basis of feasibility or other economic studies. United States
investors are cautioned not to assume that all or any part of
Measured or Indicated Mineral Resources will ever be converted into
Mineral Reserves. United States investors are also cautioned not to
assume that all or any part of an Inferred Mineral Resource exists,
or is economically or legally mineable.
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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