Denison Mines Corp. (TSX:DML)(NYSE MKT:DNN)(NYSE Amex:DNN)
("Denison" or the "Company") is pleased to provide an update on
uranium exploration activities at several properties in the
Athabasca Basin in northern Saskatchewan. Highlights of the program
include new mineralization intersected north of the Phoenix
deposits at Wheeler River and high grade mineralization intersected
in infill drill holes.
Wheeler River
A program of both infill and exploration drilling is well
underway with two drills at Wheeler River. Eighteen of 28 planned
drill holes have been completed. One of the first exploration drill
holes of the program, drill hole WR-489, located approximately 2.1
kilometres northeast of the Phoenix deposits intersected uranium
mineralization in faulted graphitic pelitic gneiss immediately
below the sub-Athabasca unconformity at a vertical depth of 380
meters below surface. From down-hole total gamma probe results, the
mineralization averages 0.13% eU3O8 over 4.6 meters. True thickness
is not known. Intense clay and hematite alteration surrounding the
mineralization is similar to that found proximal to the Phoenix
deposits. Follow up drilling is underway.
Additionally, four infill drill holes have been completed in the
Phoenix A deposit. The drill holes are designed to increase the
confidence in two portions of the deposit that were classified as
inferred during the recently completed mineral resource update. All
four drill holes intersected high grade uranium mineralization.
Intersections in the four holes are listed in the table below.
Phoenix A Deposit Infill Drilling Results
Hole-ID From (m) To (m) Length (m) eU3O8(1)(%)
------------------------------------------------------------
WR-496 410.4 413.9 3.5 36.3
WR-498 405.4 408.5 3.1 24.1
WR-499 407.5 410.1 2.6 14.8
WR-501 406.0 409.0 3.0 13.5
and 411.0 412.0 1.0 3.0
------------------------------------------------------------
Notes: 1. eU3O8 is radiometric equivalent uranium from a total
gamma down-hole probe
2. Intersection intervals are composited above a cut-off
grade of 1% eU3O8
As mineralization in the Phoenix deposit is sub-horizontal and
the drill holes in Table 1 are vertical, the true thickness is
expected to be approximately equal to the intersection length. The
Wheeler River property lies between the McArthur River mine and Key
Lake mill complex in the Athabasca Basin in northern Saskatchewan.
Denison is the operator and holds a 60% interest in the project.
Cameco Corporation holds a 30% interest and JCU (Canada)
Exploration Company, Limited holds the remaining 10% interest.
Hatchet Lake
A 2,370 metre drilling program has been completed on the Hatchet
Lake property in the northern part of the eastern Athabasca Basin.
Hatchet Lake is 50% owned and operated by Denison and 50% owned by
Anthem Resources Inc. A total of 13 drill holes, including one
re-start, were completed during the program - two more than
originally planned due to the intersection of uranium
mineralization at the unconformity in two drill holes on the
Crooked-Richardson Lakes trend. The best result was in drill hole
RL-13-16, which intersected 0.20% eU3O8 over 1.9 metres beginning
at 124.5 metres down the drill hole.
Other Activities
Drilling is also underway at a third Denison operated property,
Moore Lake (100% Denison), where a total of 12 holes have been
completed on two target areas. While no significant mineralization
has been intersected to date, several target areas require further
exploration and Moore Lake remains a high priority property.
Additionally, drilling programs are being completed this winter on
two Denison joint venture properties operated by AREVA Resources
Canada Inc. (ARC) at Wolly and McLean Lake. No significant
mineralization has been intersected on these properties to date.
The Wolly project is owned and operated 62.9% by ARC, 22.5% Denison
and 14.6% by JCU (Canada) Exploration Company Limited. The McClean
Lake project is owned and operated 70% by ARC, 22.5% Denison and
7.5% OURD Canada, Ltd. Linecutting and ground geophysical surveying
is also underway on a total of five properties.
Qualified Person
The disclosure of a scientific or technical nature contained in
this news release was prepared by Steve Blower P.Geo., Denison's
Vice President, Exploration, who is a Qualified Person in
accordance with the requirements of 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, 2012 filed under the Company's profile on SEDAR at
www.sedar.com.
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 Denison Mines Corp. Steve
Blower Vice President, Exploration (604) 689-7842
www.denisonmines.com
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