Denison Options Jasper Lake Uranium Property to Strateco
TORONTO, ONTARIO--(Marketwired - Dec 17, 2013) - Denison Mines
Corp. ("Denison" or the "Company") (TSX:DML)(NYSEMKT:DNN) is
pleased to announce that it has signed an option agreement with
Strateco Resources Inc. ("Strateco"), whereby Denison has granted
Strateco the option to earn up to a 60% interest in Denison's
Jasper Lake property in the eastern Athabasca Basin of
Saskatchewan.
Jasper Lake
Jasper Lake consists of 18 mineral claims totalling 45,271
hectares along the eastern margin of the Athabasca Basin and is an
amalgamation of four Denison properties formerly known as Jasper
Lake, Minor Bay, Ahenakew Lake and North Wedge. The center of the
property is located approximately 40 kilometres east of the Cigar
Lake mine, and much of the property is easily accessible from
Highway 905.
Agreement Terms
According to its agreement with Denison, Strateco may earn an
initial 49% interest in the property by incurring exploration
expenditures of CAD$4,000,000 and paying CAD$1,000,000 to Denison
by December 31, 2016. Subsequently, Strateco may earn an additional
11% interest in the property by incurring additional exploration
expenditures of CAD$8,000,000 and paying an additional
CAD$2,000,000 to Denison by December 31, 2019. Strateco will be the
operator while earning in.
Ron Hochstein, President and CEO of Denison, commented: "We're
very pleased to be partnering with Strateco on exploration at the
Jasper Lake property. With Strateco's solid track record of uranium
exploration and development success and strong management and
technical teams, Denison expects this partnership to advance Jasper
Lake's potential for the benefit of both companies".
About Denison
Denison is a uranium exploration and development company
with interests in exploration and development projects in Canada,
Zambia, Namibia, and Mongolia. Including the high grade Phoenix
deposits, located on its 60% owned Wheeler project, Denison's
exploration project portfolio includes 45 projects and totals
approximately 597,000 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, plus a 25.17% interest in the Midwest deposit and a 60%
interest in the J-Zone deposit on the Waterbury property. Both the
Midwest and J-Zone deposits are located within 20 kilometres of the
McClean Lake mill. Internationally, Denison owns 100% of the
conventional heap leach Mutanga project in Zambia, an approximate
77% interest in the Dome project in Namibia, and an 85% interest in
the in-situ recovery projects held by the Gurvan Saihan joint
venture ("GSJV") in Mongolia. In addition, Denison owns 89% of
Rockgate Capital Corp. which is the sole owner of the conventional
uranium/copper/silver Falea project in Mali.
Denison is engaged in mine decommissioning and environmental
services through its DES division and is the manager of UPC, a
publicly traded company which invests in uranium oxide and uranium
hexafluoride.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING 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 likelihood of completing and benefits to be derived from
corporate transactions; the estimates of Denison's mineral reserves
and mineral resources; expectations regarding the toll milling of
Cigar Lake ores; capital expenditure programs, estimated
exploration and development expenditures and reclamation costs;
expectations of market prices and costs; supply and demand for
uranium ("U3O8"); possible impacts of litigation and regulatory
actions on Denison; exploration, development and expansion plans
and objectives; expectations regarding adding to its mineral
reserves and resources through acquisitions and exploration; and
receipt of regulatory approvals, permits and licenses 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 the factors discussed in or referred to
under the heading "Risk Factors" in Denison's Annual Information
Form dated March 13, 2013 available at http://www.sedar.com, and in
its Form 40-F available at http://www.sec.gov/edgar.shtml.
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 Mineral Resources: This press
release may use the terms "measured", "indicated" and "inferred"
mineral 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.
Denison Mines Corp.Ron HochsteinPresident and Chief Executive
Officer(416) 979-1991 ext 232(416) 979-5893Denison Mines
Corp.Sophia ShaneInvestor Relations(604)
689-7842www.denisonmines.com
Denison Mines (TSX:DML)
Historical Stock Chart
From Aug 2024 to Sep 2024
Denison Mines (TSX:DML)
Historical Stock Chart
From Sep 2023 to Sep 2024