Denison Mines Corp. (TSX:DML)(NYSE Amex:DNN) ("Denison" or the
"Company") is pleased to report results from the first 11 drill
holes of the 2012 winter drill program on its 60% owned Wheeler
River property in Saskatchewan. Significant results included drill
hole WR-435 which returned 25.8% eU3O8 over 4.9 metres and WR-437
which intersected 3.7 metres grading 27.0% eU3O8, both of which
were in Zone A of the Phoenix Deposits.
Phoenix Zone A
As follow-up to mineralized holes WR-401 (38.5% eU3O8 over 8.4
metres) and WR-404 (3.5 metres grading 4.17% U3O8) from Denison's
2011 summer drilling program, drilling this winter has successfully
delineated an east-west mineralized extension diverging from the
regional northeasterly strike of Phoenix Zone A.
Drill holes WR-435 and WR-437 tested the continuity along strike
of the high grade intersections in WR-401 and WR-404 and were
drilled approximately 15 and 30 metres respectively to the
northeast of WR-404. WR-433 was drilled approximately 30 metres to
the southwest and deviated from its proposed target, and
consequently did not encounter any significant mineralization.
Further drilling will be conducted in this area to test the strike
extension to the southwest and for width to the northwest. This
also opens more potential target areas along the western flank of
Zone A.
The results from the first 11 holes of the 2012 winter program
are shown below:
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Interval GT
Depth From Depth To Thickness Grade Grade X
Hole Number Zone (m) (m) (m) (%eU3O8) Thickness
----------------------------------------------------------------------------
----------------------------------------------------------------------------
WR-432 A NO SIGNIFICANT RESULTS
----------------------------------------------------------------------------
----------------------------------------------------------------------------
WR-433 A NO SIGNIFICANT RESULTS
----------------------------------------------------------------------------
----------------------------------------------------------------------------
WR-434 A NO SIGNIFICANT RESULTS
----------------------------------------------------------------------------
----------------------------------------------------------------------------
WR-435(i) A 410.1 415.0 4.9 25.8 126.3
----------------------------------------------------------------------------
----------------------------------------------------------------------------
WR-436 A NO SIGNIFICANT RESULTS
----------------------------------------------------------------------------
----------------------------------------------------------------------------
WR-437(i) A 409.2 412.9 3.7 27.0 100.0
----------------------------------------------------------------------------
----------------------------------------------------------------------------
WR-438(i) A 407.9 408.9 1.0 4.2 4.2
----------------------------------------------------------------------------
----------------------------------------------------------------------------
WR-439 A NO SIGNIFICANT RESULTS
----------------------------------------------------------------------------
----------------------------------------------------------------------------
WR-440 A NO SIGNIFICANT RESULTS
----------------------------------------------------------------------------
----------------------------------------------------------------------------
WR-441 A NO SIGNIFICANT RESULTS
----------------------------------------------------------------------------
----------------------------------------------------------------------------
WR-442 A NO SIGNIFICANT RESULTS
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(i) 1.0% eU3O8 cut-off grade
The foregoing drill results are calculated using down hole
geophysical probes which measure natural gamma radiation, from
which an indirect estimate of uranium content can be made. The
result is referred to as "eU3O8" for "equivalent U3O8".
Drill hole WR-438 was drilled to test for an extension of
mineralization to the northeast of WR-249 (1.72% U3O8 over 1.4
metres). The mineralization is similar in thickness and magnitude
to those holes that initially tested and eventually led to the
discovery of the Zone A Extension. Further drilling is planned to
fully understand the significance of this mineralization.
Drill holes WR-432 and WR-439 were drilled 15.0 and 25.0 meters
respectively to the south of the Zone A Extension. Although the
geology and structure continue, further drilling is required to
define the limits of mineralization.
Drill holes WR-434, WR-436 and WR-441 were all drilled along the
eastern margin of Zone A, which have similar geochemical and
structural signatures to that of Zone A Extension. Although
inferred cross structures were encountered, no significant
mineralization was intersected in these holes.
Drill hole WR-440 was a re-drill of drill hole WR-190A which was
drilled in 2003 to test the WS conductive trend. WR-190A was lost
prior to reaching the unconformity due to bad ground conditions.
Based on projected structural information and the initial EM
signature, it was thought a possible parallel conductor to the
Phoenix (WS) conductor may lie in this area. Although no
mineralization or parallel conductor was intersected in WR-440,
significant sandstone alteration and structures indicate that
another conductor may lie further to the east requiring future
follow up.
Drilling with two drills is continuing with a plan to drill an
additional 6,000 to 8,000 metres during this 2012 winter
program.
The Phoenix deposits are located on the Wheeler River property
which lies between the McArthur River Mine and Key Lake mill
complex in the Athabasca Basin in Saskatchewan. Denison is the
operator and holds a 60% interest in the Wheeler River property.
Cameco Corporation holds a 30% interest and JCU (Canada)
Exploration Company, Limited holds the remaining 10% interest. All
previous and current drill results from Phoenix have been tabulated
and are presented on our website at www.denisonmines.com.
The technical information contained in this press release
related to the above described exploration activities has been
prepared 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 the map associated with this press release, please visit
the following link:
http://media3.marketwire.com/docs/769482_map.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
Denison Mines (TSX:DML)
Historical Stock Chart
From Sep 2024 to Oct 2024
Denison Mines (TSX:DML)
Historical Stock Chart
From Oct 2023 to Oct 2024