Denison Mines Corp. ("Denison" or the "Company") (TSX:DML)(NYSE
MKT:DNN) today reported its results for the three months and year
ended December 31, 2012. All amounts in this release are in U.S.
dollars unless otherwise stated.
2012 Highlights
-- Completed the sale of the Company's subsidiaries holding all of its
mining assets and operations located in the United States (the "U.S.
Mining Division") to Energy Fuels Inc. ("EFR"). In exchange,
consideration equal to 425.4 million common shares of EFR was received
and distributed to Denison shareholders.
-- Completed a new mineral resource estimate, in accordance with National
Instrument 43-101 ("NI 43-101"), for the Company's Phoenix A and B
deposits. The result is a 47% increase in indicated pounds of U3O8 and a
100% increase in inferred pounds of U3O8 over the previous mineral
resource estimate from 2010.
-- Obtained approval for amendments to the operating licence for the
McClean Lake mill, permitting an increase in the annual production from
8.0 million pounds U3O8 to 13.0 million pounds U3O8. Approval was also
obtained for the Environmental Assessment prepared by the Midwest joint
venture.
-- Completed a new mineral resource estimate, in accordance with NI 43-101,
for the Company's Mutanga project in Zambia. The result is the addition
of inferred resources, from the Dibwe East deposit, estimated to be 28.2
million pounds U3O8, from 39.8 million tonnes grading 322 parts per
million ("ppm") eU3O8, at a cut-off grade of 100 ppm eU3O8.
-- Entered into an agreement to acquire all the outstanding common shares
of JNR Resources Inc. ("JNR") in exchange for common shares of the
Company at an exchange ratio of 0.073. This transaction was completed on
January 31, 2013.
-- Acquired 3.6 million common shares and 1.8 million common share purchase
warrants of International Enexco Ltd. ("Enexco"), in support of Enexco's
exploration activities on the Mann Lake project in Saskatchewan.
-- Completed a CAD$7.0 million offering of flow-through common shares at a
price of CAD$1.69 per share.
Financial Results
The Company recorded a net loss from continuing operations of
$4,601,000 ($0.01 per share) and $25,455,000 ($0.07 per share) for
the three months and year ended December 31, 2012 compared with a
net loss of $16,039,000 ($0.04 per share) and $24,552,000 ($0.07
per share) for the three months and year ended December 31, 2011.
The net loss from discontinued operations was $92,493,000 ($0.24
per share) for the year ended December 31, 2012 compared to a net
loss of $46,317,000 ($0.12 per share) for the year ended December
31, 2011.
The results of the discontinued operations include a charge of
$97,944,000 for the year ended December 31, 2012 related to an
impairment of the U.S. Mining Division. The impairment was recorded
as a result of the transaction with EFR, which closed on June 29,
2012.
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Three Months Three Months
(in thousands, Ended Ended Year Ended Year Ended
except per share December 31, December 31, December 31, December 31,
amounts) 2012 2011 2012 2011
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Results of
Operations:
Total revenues $ 2,596 $ 4,432 $ 11,127 $ 25,796
Net income (loss)
from continuing
operations (4,601) (16,039) (25,455) (24,552)
Net income (loss)
from discontinued
operations 155 (49,498) (92,493) (46,317)
Basic and diluted
earnings (loss)
per share from
continuing
operations (0.01) (0.04) (0.07) (0.07)
Basic and diluted
earnings (loss)
per share from
discontinued
operations - (0.13) (0.24) (0.12)
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As at As at
December 31, December 31,
(in thousands) 2012 2011
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Financial Position:
Cash and cash
equivalents $ 38,188 $ 53,515
Working capital 35,298 93,516
Long-term
investments 2,843 522
Property, plant
and equipment 247,888 367,370
Total assets 300,356 504,486
Total long-term
liabilities $ 28,824 $ 38,391
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Revenue
There were no uranium sales in 2012 from the Company's
continuing operations. In 2011, the Company sold 117,000 pounds of
U3O8 for total sales revenue of $7,693,000 in the Canadian mining
segment. There were no uranium sales in the fourth quarter of 2012
or 2011.
Revenue from the environmental services division ("DES") for the
three months and year ended December 31, 2012 was $2,211,000 and
$9,456,000 compared to $3,995,000 and $16,190,000 in the same
periods in 2011. Revenue decreased in 2012 due to the expiry of the
care and maintenance agreement for the Faro mine complex in March
2012.
Revenue from the management contract with Uranium Participation
Corporation ("UPC") for the three months and year ended December
31, 2012 was $385,000 and $1,671,000 compared to $437,000 and
$1,913,000 in the same periods in 2011.
Operating Expenses
Since there were no uranium sales in 2012, mineral concentrates
cost of goods sold was nil for 2012 compared with $6,659,000 for
2011. The McClean Lake mill remained on stand-by for the entire
year in 2012. The Cigar Lake Joint Venture continues to pay nearly
all of the stand-by expenses under the terms of the toll milling
agreement. Operating costs for the three months and year ended
December 31, 2012 totaled $1,194,000 and $3,359,000 compared to
$290,000 and $804,000 for the three months and year ended December
31, 2011. Operating costs increased in 2012 due to increased
funding of the Surface Access Borehole Resource Extraction
("SABRE") program, which is not part of stand-by costs.
Operating expenses also include costs relating to DES amounting
to $2,165,000 for the three months and $9,243,000 for the year
ended December 31, 2012 compared to $3,682,000 and $15,342,000
respectively for the same periods in 2011. DES costs decreased in
2012 due to the expiry of the Faro contract in March 2012.
Mineral Property Exploration
Denison is engaged in uranium exploration, as both operator and
non-operator of joint ventures and as operator of its own
properties in Canada, Mongolia and Zambia. Exploration expenditures
for the three months ended and year ended December 31, 2012 were
$1,823,000 and $12,508,000 compared to $1,164,000 and $13,150,000
for the three months and year ended December 31, 2011.
In the Athabasca Basin region of northern Saskatchewan, Denison
is engaged in uranium exploration as part of the AREVA Resources
Canada Inc. ("ARC") operated McClean and Midwest joint ventures, as
well as on 24 other exploration projects including the Company's
60% owned Wheeler River project, for the year ended December 31,
2012. Denison's share of exploration spending on its Canadian
properties totaled $701,000 and $5,725,000 for the three months and
year ended December 31, 2012. A total of 34,900 metres of diamond
drilling was completed on four properties in 2012. By comparison,
Canadian exploration spending totaled $519,000 and $6,783,000 for
the three months and year ended December 31, 2011.
The 2012 drill program on the Wheeler River project involved
mainly definition drilling at the Phoenix A and B deposits. A total
of 27,263 metres was drilled in 58 holes, which expanded the
Phoenix deposits and resulted in the following mineral resource
estimate:
2012 Phoenix Mineral Resource Estimate Summary
(Effective Date December 31, 2012)
Tonnes Grade Million lbs U3O8 Million lbs U3O8
Category Deposit (100% Basis) (%U3O8) (100% Basis) (Denison Share)
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Indicated A Deposit 133,500 15.8 46.5 27.9
Indicated B Deposit 19,000 14.1 5.9 3.5
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Total
Indicated 152,400 15.6 52.3 31.4
Inferred A Deposit 6,300 51.7 7.2 4.3
Inferred B Deposit 5,300 3.5 0.4 0.3
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Total
Inferred 11,600 29.8 7.6 4.6
Mineral resources are not mineral reserves and do not have demonstrated
economic viability. Mineral resources are reported above a cut-off grade of
0.8% U3O8.
Drilling continues on the Wheeler River project in 2013, with a
25,000 metre winter and summer drill program planned along with
geophysical surveys at a total cost of CAD$6,800,000 (Denison's
share CAD$4,100,000). The 2013 programs will have a greater
emphasis on exploration compared to the past several years, both
proximal to Phoenix and at other target areas. A small component of
in-fill drilling is also planned to further expand and upgrade the
Phoenix mineral resource estimates.
For the entire Athabasca property portfolio, a total of 44,100
metres of diamond drilling is planned on eight different properties
in 2013. This work will be complemented by numerous ground and
airborne geophysical programs, resulting in exploration activity on
a total of 11 different properties during the year.
In Zambia, exploration expenditures of $1,097,000 and $3,627,000
for the three months and year ended December 31, 2012 were incurred
on the Company's Mutanga project compared to $445,000 and
$2,396,000 for the three months and year ended December 31, 2011.
In early 2012, the Company estimated an inferred mineral resource
for the newly discovered Dibwe East deposit, in accordance with NI
43-101, consisting of 28,246,000 pounds U3O8 contained in
39,800,000 tonnes grading 322 ppm U3O8 (above a cutoff grade of 100
ppm U3O8). A total of 18,160 metres of exploration drilling was
completed in 137 drill holes in 2012. Drilling in 2012 targeted
several areas, including Mutanga East, Dibwe North and the
Dibwe-Mutanga corridor, plus deeper targets beneath known
mineralization at the Dibwe and Mutanga deposits. Promising
intersections were obtained at Mutanga East and along the
Dibwe-Mutanga corridor, demonstrating the potential of these
areas.
In Mongolia, exploration expenditures on the Company's Gurvan
Saihan Joint Venture ("GSJV") properties totaled $25,000 and
$3,156,000 for the three months and year ended December 31, 2012,
compared to $200,000 and $3,971,000 for the three months and year
ended December 31, 2011. A 29,700 metre drill program was completed
on the Urt Tsav and Ulziit properties in 2012 with the drilling on
Ulziit approximately doubling the defined extent of the mineralized
system.
The Company currently has an 85% interest in the GSJV in
Mongolia. The other party to the joint venture is the Mongolian
government with a 15% interest. In March 2012, the Company acquired
the 15% interest in the GSJV held by Geologorazvedka, a Russian
entity, in exchange for cash consideration of $742,000 and the
release of Geologorazvedka's share of unfunded joint venture
obligations. Under the Nuclear Energy Law of Mongolia, the
Mongolian participant in the GSJV is entitled to hold a 34% to 51%
interest in the GSJV, depending on the amount of historic
exploration that was funded by the Government of Mongolia, to be
acquired at no cost to the Mongolian participant. This interest
would be held by Mon-Atom LLC, the Mongolian state-owned uranium
company. The Company and Mon-Atom are proceeding with restructuring
the GSJV to meet the requirements of the Nuclear Energy law,
pending receipt of mining licences and government reviews and
authorizations. The final restructuring of the GSJV is expected to
result in the Company having its interest reduced to 66%.
Discussions are on-going and the timing for completion of the
restructuring is uncertain at this time.
Discontinued Operations
On June 29, 2012, the Company and EFR completed a transaction
(the "EFR Transaction") whereby EFR acquired the U.S. Mining
Division from Denison in exchange for consideration equal to
425,440,872 common shares of EFR (the "EFR Share Consideration").
Immediately following the closing of the sale transaction, Denison
completed the remaining steps in the Plan of Arrangement (the
"Denison Arrangement") to reorganize its capital and distribute the
EFR Share Consideration to Denison shareholders on a pro rata basis
as a return of capital. Upon completion of the Denison Arrangement,
Denison shareholders of record on June 29, 2012 received
approximately 1.106 common shares of EFR for each common share of
the Company they owned while retaining their Denison shares.
Immediately prior to the sale, the Company tested the U.S.
Mining Division for impairment using the fair value of the EFR
Share Consideration as the recoverable amount. The Company
determined that the recoverable amount of the U.S. Mining Division
was lower than its carrying value. As a result, the Company
recognized an impairment charge of $97,944,000 in the year ended
December 31, 2012.
As a result of the EFR Transaction, Denison has accounted for
its U.S. Mining Division as a discontinued operation.
Liquidity & Capital Resources
Cash and cash equivalents were $38,188,000 at December 31, 2012
compared with $53,515,000 at December 31, 2011. The decrease of
$15,327,000 was due primarily to cash used in operations of
$6,769,000, and expenditures on property, plant and equipment
totaling $13,122,000, offset by cash generated from financing
activities totaling $6,560,000.
Net cash used in operating activities of $6,769,000, during the
year ended December 31, 2012, is comprised of net loss for the
period adjusted for non-cash items and for changes in working
capital items. Significant changes in working capital items during
the period include an increase of $14,025,000 in inventories, prior
to the disposal of the U.S. Mining Division, and a decrease of
$9,449,000 in trade and other receivables.
Net cash used in investing activities was $16,043,000 consisting
primarily of expenditures on property, plant and equipment of
$13,122,000 and investment purchases of $1,816,000.
Net cash provided by financing activities of $6,560,000 relates
primarily to the issuance of flow-through common shares for
proceeds, net of issuance costs, of $6,556,000.
In total, these sources and uses of cash resulted in a net cash
outflow after the effect of foreign exchange of $15,327,000 in the
year.
The Company has in place a revolving credit facility for up to
$15,000,000. The facility expires on June 28, 2013. Bank
indebtedness under the facility at December 31, 2012 was nil;
however, $9,748,000 of the line is used as collateral for certain
letters of credit. As part of the credit facility, the Company has
provided an unlimited full recourse guarantee and a pledge of all
of the shares of Denison Mines Inc.
Subsequent Events
On January 16, 2013, Denison announced the signing of a Binding
Letter of Intent to acquire a portfolio of assets from Fission
Energy Corp. ("Fission") which include its 60% interest in the
Waterbury Lake uranium project, its interests in all other
properties in the eastern part of the Athabasca Basin, Quebec and
Nunavut and its interests in two joint ventures in Namibia
(collectively, the "Assets"). Denison entered into an arrangement
agreement with Fission on March 7, 2013 (the "Fission
Arrangement"). Under the terms of the Fission Arrangement, Denison
will offer shareholders of Fission 0.355 of a share of Denison for
each Fission share held. The completion of the transaction is
conditional upon, among other things, certain assets of Fission
being spun out to a new company. Denison expects to issue
approximately 49,200,000 common shares to complete the acquisition,
which values the Assets at approximately CAD$62,500,000 based on
Denison's closing share price of CAD$1.27 per share on March 6,
2013.
On January 31, 2013, Denison closed its previously announced
plan of arrangement (the "JNR Arrangement") to acquire all of the
outstanding common shares of JNR. Pursuant to the JNR Arrangement,
the former shareholders of JNR received, for each JNR common share
held, 0.073 of a Denison common share (the "Exchange Ratio"). All
of the outstanding options and common share purchase warrants of
JNR were exchanged for options and warrants to purchase common
shares of Denison with a number and exercise price determined by
reference to the Exchange Ratio. On closing, Denison issued
7,975,479 common shares with a value of approximately
CAD$10,900,000.
On March 7, 2013, Denison's Board of Directors approved an
amendment to the Company's by-laws which is subject to shareholder
confirmation at the Company's annual and special meeting of
shareholders on May 9, 2013. The amendment sets a deadline by which
shareholders must submit a notice of director nominations to the
Company prior to any annual or special meeting of shareholders
where directors are to be elected and also sets out information
which a shareholder must include in that notice. In the case of an
annual meeting of shareholders, notice to the Company must be
provided not less than 30 days prior to the date of the meeting.
For this year's meeting, any notice of director nominations must be
delivered to the Company prior to the close of business on Tuesday,
April 9, 2013. The amended by-laws are available on the Company's
profile on SEDAR at www.sedar.com and will be described in detail
in the Company's management information circular to be mailed to
shareholders in early April.
Outlook for 2013
Canada
Exploration
Denison will manage or participate in 11 exploration programs,
of which Wheeler River will continue to be the primary focus. In
addition to the Wheeler River project (25,000 metres), winter drill
programs are also planned for Moore Lake (6,400 metres), Hatchet
Lake (1,940 metres), Wolly (2,500 metres) and McClean Lake (4,000
metres). Wolly and McClean Lake are operated by ARC and Denison's
interest is 22.5% in each of those projects. Exploration work
including drilling or geophysical programs will also be carried out
on the Crawford, Bachman, Russell Lake, Stevenson River, Perpete
Lake and Bell Lake properties. The total budget for these programs
is CAD$14,600,000, of which Denison's share is CAD$9,900,000.
Development / Operations
Denison and its partners have budgeted CAD$3,500,000 (Denison's
share CAD$814,000) to be spent on the SABRE program as well as the
Midwest and McClean Underground development stage projects in 2013.
The majority of the expenditures are planned for the evaluation of
the results of the SABRE two hole test program, completed in 2012,
and the preliminary evaluation of the SABRE mining method for the
Caribou and Midwest deposits. The McClean Underground project
Feasibility Study was completed in the fourth quarter of 2012, and
it was agreed to postpone a production decision due to the poor
condition of the uranium market. A production decision will be
revisited in 2013. Very little work is currently planned on the
Midwest project.
The McClean Lake mill continues to be on stand-by, but activity
at the mill has begun to ramp up in preparation for processing of
Cigar Lake ore anticipated to begin later in 2013. Construction on
the McClean Lake mill expansion, which is 100% funded by the Cigar
Lake Joint Venture, began last summer and will increase annual
production capacity to 24 million pounds U3O8. Denison's share of
operating and capital expenditures in 2013 is estimated at
CAD$1,800,000. Denison expenditures are expected to be offset by
revenue projected at CAD$1,500,000 from toll milling revenues and
the proceeds from the sale of approximately 25,000 pounds U3O8
recovered from McClean Lake ores processed as part of the Cigar
Lake commissioning efforts.
International
On its wholly owned Mutanga project in Zambia, the Company plans
to carry out extensive programs of geological mapping and
geochemical and geophysical surveying to increase the confidence in
existing drill targets and identify new targets. At this point no
exploration drilling is planned for 2013. The Zambian program will
total an estimated $3,500,000.
In Mongolia, mining licence applications for its four license
areas were submitted in 2011 and the Company is continuing to work
to restructure the GSJV to meet the requirements of the Mongolian
Nuclear Energy Law. In 2013, the Mongolian program is estimated at
$1,700,000. The focus in 2013 will be on the ongoing restructuring
efforts and the work necessary to obtain the mining licenses.
Qualified Person
The disclosure of scientific and technical information regarding
Denison's properties in this press release was prepared by or
reviewed by Steve Blower, P. Geo., the Company's Vice President,
Exploration, and Terry Wetz, P.E., the Company's Vice President,
Project Development, who are Qualified Persons in accordance with
the requirements of NI 43-101.
Additional Information
Denison's consolidated financial statements for the year ended
December 31, 2012 and related management's discussion and analysis
are available on Denison's website at www.denisonmines.com or under
its profile on SEDAR at www.sedar.com and on EDGAR at
www.sec.gov/edgar.shtml.
About Denison
Denison Mines Corp. is a uranium exploration and development
company with interests in exploration and development projects in
Canada, Zambia and Mongolia. Including the world class Phoenix
deposits, located on its 60% owned Wheeler River project, Denison's
exploration project portfolio includes 32 projects and totals over
530,000 hectares in the Eastern Athabasca Basin region of
Saskatchewan. Denison's interests in Saskatchewan also include a
22.5% ownership interest in the McClean Lake Joint Venture, which
includes several uranium deposits and the McClean Lake uranium
mill, one of the world's largest uranium processing facilities, and
a 25.17% interest in the Midwest deposit, which is located 15
kilometres from the McClean Lake mill. Internationally, Denison
owns 100% of the conventional heap leach Mutanga project, in
Zambia, and an 85% interest in the in-situ recovery projects held
by the Gurvan Saihan Joint Venture, in Mongolia.
Denison is engaged in mine decommissioning and environmental
services through its Denison Environmental Services (DES) division
and is the manager of Uranium Participation Corporation (TSX:U), a
publicly traded company which invests in uranium oxide in
concentrates and uranium hexafluoride.
Cautionary Statements
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 resources; capital
expenditure programs; expectations regarding the toll milling of
Cigar Lake ores; exploration and development expenditures and
reclamation costs; expectations of market prices and costs; supply
and demand for uranium; possible impacts of litigation and
regulatory actions on Denison; exploration, development and
expansion plans and objectives; future royalty and tax payments and
rates; Denison's expectations regarding raising capital and adding
to its mineral reserves and resources through acquisitions and
exploration; and receipt of regulatory approvals, permits and
licences 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 Management
Discussion and Analysis for the year ended December 31, 2012,
available at http://www.sedar.com, as well as the following: global
financial conditions; the ability of Denison to meet its
obligations to its creditors and the uncertainty of funding;
volatility in the market price of the Company's shares and the risk
of dilution from future equity financings; the impact of volatility
in uranium prices on the valuation of Denison's mineral reserves
and resources and the market price of its shares; public acceptance
of nuclear energy and competition from other energy sources;
failure to realize benefits from transactions; competition for
properties; the imprecision of mineral reserves and resources
estimation; Denison's ability to expand and replace its mineral
reserves and resources; uncertainty as to reclamation and
decommissioning liabilities; reliance on other operators; technical
innovation rendering Denison's products and services obsolete;
property title risk; liabilities inherent in mining operations and
the adequacy of insurance coverage; delays in obtaining permits and
licences for development properties; the speculative nature of
exploration and development projects; difficulty complying with
changing government regulations and policy, including without
limitation, compliance with environment, health and safety
regulations; uncertainty surrounding Denison's operations in
foreign jurisdictions; potential claims of Canada's first nations
people; dependence on key personnel; the potential influence of
Denison's largest Shareholder, Korea Electric Power Corporation;
potential conflicts of interest for the Company's directors who are
engaged in similar businesses; and limitations of disclosure and
internal controls.
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 ext 232 (416) - 979 - 5893 (FAX)
www.denisonmines.com Denison Mines Corp. Sophia Shane Investor
Relations (604) 689 - 7842
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