Form 6-K
FORM 6-K
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
Date:
March 9, 2007
Commission File Number: 000-24443
Denison Mines Corp.
(Translation of registrants name into English)
Atrium on Bay, 595 Bay Street, Suite 402, Toronto, Ontario M5G 2C2
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form
20-F or Form 40-F.
Form 20-F þ Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(1): ___
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Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K
if submitted solely to provide an attached annual report to security holders. |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7): ___
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Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K
if submitted to furnish a report or other document that the registrant foreign private
issuer must furnish and make public under the laws of the jurisdiction in which the
registrant is incorporated, domiciled or legally organized (the registrants home
country), or under the rules of the home country exchange on which the registrants
securities are traded, as long as the report or other document is not a press release, is
not required to be and has not been distributed to the registrants security holders, and,
if discussing a material event, has already been the subject of a Form 6-K submission or
other Commission filing on EDGAR. |
Indicate by check mark whether by furnishing the information contained in this Form, the
registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b)
under the Securities Exchange Act of 1934.
Yes o No þ
If Yes is marked, indicate below the file number assigned to the registrant in connection with
Rule 12g3-2(b): 82- ___
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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Denison Mines Corp.
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/s/ Sheila Colman
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Date: March 9, 2007 |
Sheila Colman |
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Canadian Counsel and Corporate Secretary |
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2
EXHIBIT INDEX
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Exhibit Number |
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Description |
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1
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Press Release dated February 23, 2007 |
2
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Press Release dated February 26, 2007 |
3
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Press Release dated February 27, 2007, along with map entitled Arizona Strip Mines and
Projects |
4
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Press Release dated February 28, 2007 |
3
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DENISONMINES |
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Denison Mines Corp.
Atrium on Bay, 595 Bay Street, Suite 402
Toronto, ON M5G 2C2
Ph. 416-979-1991 Fx. 416-979-5893 www.denisonmines.com
PRESS RELEASE
DENISON REPORTS MORE HIGH-GRADE URANIUM RESULTS AT MOORE LAKE
Toronto, ON February 23, 2007 Denison Mines Corp. (Denison) (TSX:DML) and JNR Resources
Inc. (JNR) (TSXV:JNN), jointly the Companies, are pleased to announce the results from the
2006 summer/fall diamond drilling program on the Moore Lake uranium project located in the
Athabasca Basin of northern Saskatchewan. The program consisted of 38 holes totalling 14,317
metres. The Moore Lake project is a joint venture between the two companies, with participating
interests of 25% (JNR) and 75% (Denison).
Summary of Results
The Companies are pleased with the results, which continue to outline uranium mineralization in the
Maverick Main zone and demonstrate the highly prospective nature of the 6.5-kilometre long Maverick
structural corridor, over 50% of which has yet to be drill tested, and the Avalon conductive zone.
Significant results are presented in the table below.
Infill drilling on the Maverick Main zone intersected uranium mineralization in all six holes, with
high-grade intersections in three of them. ML-140 returned 3.20% U3O8 over
6.5 metres including a 3.5-metre intercept of 5.25% U3O8, 2.1% nickel and
0.65% cobalt. ML-139 returned 1.23% U3O8 over 8.5 metres, including a
1.5-metre intercept of 4.20% U3O8. The mineralization in both of these holes
occurs at the unconformity and in the basal sandstone. Also at the Maverick Main zone, ML-133
intersected two zones of mineralization. A high-grade zone at the unconformity returned 2.72%
U3O8, 2.30% nickel and 0.905% cobalt over 5.0 metres, including a 2.0-metre
intercept of 4.25% U3O8. ML-133 also intersected mineralization in the
basement associated with clay-altered graphitic pelites, returning 0.611%
U3O8 over 3.5 metres.
Uranium mineralization was intersected in all three holes that tested the 527 area, with the best
result obtained from ML-136 returning 0.50% eU3O8 over 7.0 metres.
Significant results were obtained from several holes that tested the minimum 4.0 kilometre long
conductive zone on the Avalon grid. Of particular interest was ML-850, which represents the
first-pass drilling of a 1.0 kilometre segment of the zone. It intersected a broad 25-metre zone of
highly anomalous radioactivity located well beneath the unconformity.
Extensive structural disruption and/or anomalous geochemistry were intersected in the majority of
holes that tested other target areas (further details of the results from the various grids are
presented below). A full evaluation of all of these zones will be undertaken, and follow up
drilling is planned on a number of highly prospective targets.
The 2007 winter exploration program is well underway. It will consist of a planned minimum of
10,000 metres of diamond drilling and 110 kilometres of linecutting and ground geophysics. A
property-wide airborne resistivity and magnetic survey will also be carried out. Two drills are
currently operating, and in light of the substantial freeze this winter, they will focus on muskeg
and lake covered targets in the West Venice, Venice, Volhoffer, Puka Puka and West Maverick areas.
The Companies have budgeted a total of $5.0 million for exploration in 2007.
It should be noted that depths to the unconformity along the Maverick structural corridor are
relatively shallow at 270 to 275 metres. In the Avalon area they are on the order of 320 to 330
metres. The shallowest unconformity depths on the property (~200 metres) are on the Rarotonga grid.
Moore Lake Drilling
Summer/Fall 2006 Program
Significant Results
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U/C |
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Hole |
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Elev. |
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Depth |
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Depth |
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From |
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To |
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Interval |
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% |
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% |
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% |
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% |
Grid |
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Hole # |
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Dip |
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UTM E |
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UTM N |
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(m) |
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(m) |
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(m) |
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(m) |
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(m) |
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(m) |
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eU3O8 |
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U3O8 |
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Ni |
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Co |
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Maverick Main |
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ML-133 |
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-90 |
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491943 |
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6363730 |
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503.0 |
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268.1 |
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353.0 |
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266.0 |
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271.0 |
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5.0 |
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2.72 |
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2.3 |
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0.905 |
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269.0 |
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271.0 |
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2.0 |
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4.25 |
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280.0 |
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283.5 |
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3.5 |
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0.611 |
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ML-135 |
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-90 |
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491952 |
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6363731 |
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503.0 |
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269.9 |
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347.0 |
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263.5 |
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267.5 |
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4.0 |
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0.822 |
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1.37 |
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0.68 |
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263.5 |
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265.0 |
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1.5 |
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1.3 |
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273.0 |
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275.5 |
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2.5 |
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0.217 |
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273.0 |
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273.5 |
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0.5 |
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0.625 |
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ML-137 |
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-90 |
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491962 |
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6363734 |
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503.0 |
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270.1 |
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347.0 |
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273.0 |
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275.0 |
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2.0 |
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0.086 |
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ML-139 |
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-90 |
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491992 |
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6363747 |
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503.0 |
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272.7 |
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372.0 |
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264.5 |
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273.0 |
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8.5 |
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1.23 |
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ML-139 |
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270.0 |
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271.5 |
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1.5 |
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4.2 |
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ML-140 |
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-90 |
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491977 |
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6363743 |
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502.0 |
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267.1 |
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349.1 |
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262.9 |
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269.4 |
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6.5 |
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3.2 |
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265.4 |
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268.9 |
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3.5 |
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5.25 |
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2.1 |
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0.65 |
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ML-141 |
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-90 |
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491945 |
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6363731 |
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503.0 |
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269.3 |
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351.0 |
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278.5 |
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280.0 |
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1.5 |
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0.671 |
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527 Zone |
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ML-132 |
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-90 |
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492436 |
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6363949 |
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510.0 |
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278.0 |
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325.3 |
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277.5 |
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279.7 |
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2.2 |
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0.156 |
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284.1 |
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286.4 |
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2.3 |
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0.37 |
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ML-134 |
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-90 |
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492416 |
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6363934 |
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510.0 |
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279.2 |
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329.0 |
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283.5 |
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288.0 |
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4.5 |
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0.106 |
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284.5 |
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285.0 |
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0.5 |
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0.551 |
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ML-136 |
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-90 |
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492434 |
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6363954 |
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510.0 |
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275.3 |
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326.0 |
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275.1 |
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282.1 |
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7.0 |
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0.5 |
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Maverick
NE |
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ML-124 |
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-90 |
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492604 |
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6364032 |
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512.0 |
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281.5 |
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339.5 |
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281.75 |
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286.4 |
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4.65 |
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0.033 |
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291.5 |
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292.0 |
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0.5 |
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0.411 |
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ML-128 |
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-90 |
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492520 |
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6363982 |
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512.0 |
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284.0 |
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358.0 |
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288.0 |
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290.5 |
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2.5 |
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0.109 |
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Avalon |
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ML-850 |
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-90 |
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495851 |
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6371093 |
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500.0 |
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313.6 |
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431.0 |
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351.0 |
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354.0 |
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3.0 |
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0.088 |
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371.0 |
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371.5 |
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0.5 |
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0.057 |
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380.5 |
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383.0 |
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2.5 |
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0.059 |
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Full Description 2006 Summer/Fall Drill Program
Maverick Main Zone
Six holes were drilled to complete sections and to fill in gaps on the Main lens of the Maverick
zone. All six holes intersected uranium mineralization with high-grade in three of them.
ML-140 returned 3.20% U3O8 over 6.5 metres, including a 3.5 metre intercept
of 5.25% U3O8, 2.1% nickel and 0.65% cobalt. ML-139 returned 1.23%
U3O8, over 8.5 metres, including a 1.5 metre intercept of 4.20%
U3O8. The mineralization in both of these holes occurs at the unconformity
and in the basal sandstone.
ML-133 intersected two zones of mineralization. A high-grade zone at the unconformity returned
2.72% U3O8, 2.30% nickel and 0.905% cobalt over 5.0 metres, including a
2.0-metre intercept of 4.25% U3O8. ML-133 also intersected mineralization in
the basement associated with clay-altered graphitic pelites, returning 0.611% U3O8
over 3.5 metres.
ML-135 intersected two zones of mineralization. A 4.0-metre interval in the basal sandstone assayed
0.822% U3O8, 1.37% nickel and 0.68% cobalt, including a 1.5-metre intercept
of 1.30% U3O8. A 2.5-metre interval associated with graphitic pelites just
below the unconformity assayed 0.217% U3O8 over 2.5 metres, including a
0.5-metre intercept of 0.625% U3O8.
Although ML-141 and -137 both deviated to the south of their intended pierce points, they did
intersect narrow zones of mineralization within basement graphitic pelites. ML-141 returned 0.671%
U3O8 over 1.5 metres while ML-137 returned 0.086% U3O8
over 2.0 metres.
527 Zone
Time constraints allowed for the drilling of only three holes on the 527 zone. ML-136 and -132
were drilled on section, testing for a northeast extension to the mineralization intersected in
discovery holes ML-527 and -101.
The better results were from the northernmost hole, ML-136, which returned 0.50%
eU3O8 over 7.0 metres. This intersection occurred in the basal sandstone and
underlying graphitic pelites. ML-132 intersected two low-grade zones of mineralization. A 2.2-metre
intercept straddling the unconformity returned 0.156% eU3O8, while a
2.3-metre intercept within the basement graphitic pelites returned 0.37%
eU3O8.
ML-134, which tested for a southwest extension to the mineralization intersected in ML-527 and
-101, returned 4.5 metres of 0.106% U3O8 associated with clay-altered
graphitic pelites. This included a 0.5-metre interval of 0.551% U3O8.
Maverick Northeast
Nine holes were drilled in this area as part of the ongoing systematic testing of the Maverick
structural corridor and follow-up to previously completed holes.
ML-138 and -128 were drilled on section and 100 metres to the northeast of the 527 zone. Both
holes were drilled in the hanging wall and intersected a structurally disrupted and strongly
altered basal sandstone column, overlying clay-altered and sheared basement containing multiple
zones of graphitic pelites. These graphitic rocks exhibit anomalous radioactivity and returned
significant enrichment in all of the pathfinder elements. The best result was from a 2.5-metre
interval in ML-128 that returned 0.109% U3O8. ML-127 which was collared a
further 50 metres to the northeast was also a hanging wall hole and was geologically and
geochemically analogous to ML-138 and -128.
ML-131 and -124 were drilled 50 metres to the northeast of ML-127 and on section with ML-40. ML-124
was drilled in the hanging wall and intersected a strongly altered basal sandstone column. The
initial several metres of basement rocks are anomalously radioactive and locally metal-enriched,
clay-altered granites, followed by sheared graphitic pelites. A 0.5-metre interval from the latter
returned 0.411% U3O8. ML-131 intersected a strongly altered basal sandstone
column and hematized granitic basement rocks.
ML-125 and -126 were progressive 50-metre step outs to the northeast of section ML-131, -124, -40.
Both holes intersected on the hanging wall side of the target in a strongly altered basal sandstone
column. The initial 60 to 70 metres of basement consisted of strongly clay-altered and structurally
disrupted granites and graphitic pelites, commonly enriched in the key pathfinder elements.
ML-130 and -129 were drilled on section with, and north and south, of ML-512 and -75 respectively.
Although both holes were geologically and geochemically anomalous, neither intersected significant
uranium mineralization.
Esker
The Esker grid covers an interpreted north-northwest trending shear zone that occurs at the
northeast end of the currently known limits of the Maverick structural corridor, some 3.0
kilometres to the northeast of the Maverick Main lens. Prior drilling in this area by previous
operators intersected geochemically anomalous and structurally disrupted sandstone and basement
rocks in a number of holes, as well as pitchblende mineralization (3070 ppm U/0.25 m) accompanied
by significant metal enrichment in the basement of MT-5. Three holes were drilled during the recent
program, all of which met with encouraging results.
ML-535 was lost in a major sandstone structure at 206 metres. The entire sandstone column was
strongly altered and structurally disrupted.
ML-536 was drilled in the hanging wall. It intersected a strongly altered basal sandstone column
with weak uranium enrichment. The basement rocks are largely orthogneiss and locally enriched in
uranium (up to 140 ppm/0.5 m). Of note is a 45-metre wide graphitic unit that was intersected some
90 metres below the unconformity.
ML-537 was also a hanging wall hole that intersected strong uranium enrichment and illite
alteration in the basal 50 metres of the sandstone column. This hole intersected a 35-metre wide
sheared graphitic pelite beginning some 20 metres into the basement, which was also enriched in
some of the key pathfinder elements.
West Maverick
Five holes (ML-118 to -121 and -534) were drilled on section with ML-05 and -10, some 250 metres to
the west of the Maverick Main lens. They were drilled at 10-metre step outs to test for both
western and northwestern extensions to the mineralizing and conductive system, and to provide
geological information in this crucial area.
All five intersected a structurally disrupted and strongly altered sandstone column that was
geochemically highly anomalous. Uranium and boron values are commonly well above background and the
clay type is a mix of illite and dravite. The anomalous system, particularly with respect to
uranium, increases in intensity to the south suggesting a possible source in this direction. The
sandstone column in the southernmost hole, ML-534, contains up to 7.5 ppm uranium.
The basement rocks in these holes are also altered and commonly structurally disrupted. They
contain multiple graphitic horizons that are enriched in uranium and a number of key pathfinder
elements including; nickel, cobalt, vanadium, boron, copper, lead and bismuth.
Avalon
Eight holes were drilled in this area testing a minimum 4.0-kilometre long, north-northeast
trending conductive zone that is transected by an east-west structural corridor in its central
portion. These holes represented both a first-pass test of large segments of the target and
follow-up to encouraging results from previous drilling.
The most encouraging results were from ML-850 and -853, which were drilled on section and collared
on a 1.0-kilometre long, previously untested segment of the conductive zone. ML-850 intersected a
broad zone of highly anomalous radioactivity associated with altered and sheared graphitic pelites
that occur from 35 to 60 metres below the unconformity. Individual mineralized zones assayed 0.088%
U3O8 over 3.0 metres, 0.057% U3O8 over 0.5 metres and
0.059% U3O8 over 2.5 metres. A number of additional samples returned on the
order of 100 to 300 ppm uranium over 0.5 metres. Associated with this mineralization is a
significant enrichment in all of the major pathfinder elements. Also of note is that pegmatites
intersected below the mineralized graphitic pelites are also enriched in uranium (up to 250
ppm/0.5m).
ML-853 intersected a 20-metre wide zone of anomalous radioactivity beginning some 35 metres below
the unconformity, and a 15-metre wide zone beginning some 75 metres into the basement. Both are
associated with brittlely-fractured and altered pegmatites. The upper zone returned up to 375 ppm
uranium over 0.5 metres, while the lower zone returned up to 105 ppm uranium over 0.5 metres.
ML-852 was collared 600 metres to the south of section ML-853 and -850. It was drilled in the
hanging wall and intersected an illitic basal sandstone column enriched in lead and graphitic
pelites in the basement , returning anomalous vanadium, nickel and zinc values and up to 150 ppm
uranium over 0.5 metres. ML-851, which was collared a further 400 metres to the south and on
section with ML-709, intersected basement graphitic pelites that returned anomalous copper and lead
values and up to 130 ppm uranium over 0.5 metres. Radioactive pegmatites that were intersected
beneath the pelitic rocks returned up to 350 ppm uranium over 0.5 metres.
ML-846 to -849 were follow-up holes drilled in the central portion of the conductive zone. ML-846,
-847 and -849 all exhibited similar geological and geochemical characteristics; a strongly altered
and commonly illitic basal sandstone column enriched in uranium, and a basement that contains
altered and sheared graphitic pelites locally enriched in uranium and pathfinder elements such as
cobalt, nickel, vanadium and boron. ML-848 intersected a strongly altered and illitic basal
sandstone column overlying a largely altered and sheared granitic basement. A 2.5-metre section of
this unit is enriched in uranium (up to 100 ppm/0.5 m), vanadium, boron and lead.
Miscellaneous
ML-122 and -123 tested interpreted seismic structures on the West Maverick and Maverick grids,
respectively. Both intersected well-defined basement structures but no significant mineralization.
ML-123 did intersect altered graphitic pelites some 65 metres below the unconformity that were
enriched in boron, vanadium and nickel.
ML-844 and -845 tested conductive targets in the Nutana and West Venice areas respectively. Both
were drilled in the hanging wall, intersecting fractured and altered graphitic pelites enriched in
uranium (up to 150 ppm), nickel, copper and vanadium, well below the unconformity.
For a description of the quality assurance program and the quality control measures applied by JNR
during the above described work, please see the Material Change Report filed on December 2, 2004 by
JNR on the SEDAR website at www.sedar.com. Details of the QAQC program may also be viewed on JNRs
website at: www.jnrresources.com/i/pdf/JNR-QAQC.pdf. A glossary of the technical terms included in
this release can be found on JNRs website at: www.jnrresources.com/s/Glossary.asp.
Paul Ogryzlo, P.Geo., a Qualified Person pursuant to NI 43-101, has reviewed the contents and
technical information contained in this news release. Mr. Ogryzlo is Director, Exploration for
Denison. Samples were analysed at the Saskatchewan Research Council Laboratory in Saskatoon.
Denison Mines Corp. is the premier intermediate uranium producer in North America, with mining
assets in the Athabasca Basin Region of Saskatchewan, Canada and the southwest United States
including Colorado, Utah, and Arizona. Further, the Company has ownership interests in two of the
four uranium mills operating in North America today. The combination of a diversified mining asset
base with parallel ownership of milling infrastructure in highly politically stable jurisdictions
has uniquely positioned the Company for growth and development into the future. The Company also
has a strong exploration portfolio with large land positions in the United States, Canada and
Mongolia. Correspondingly, the Company has one of the largest uranium exploration teams among
intermediate uranium companies.
Cautionary Statements
This news release contains forward-looking statements, 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 Mines Corp. (Denison).
Forward looking statements include, but are not limited to, statements with respect to estimated
production, synergies and financial impact of the proposed transaction; the benefits of the
proposed transaction and the development potential of Denisons properties; the future price of
uranium; the estimation of mineral reserves and resources; the realization of mineral reserve
estimates; the timing and amount of estimated future production; costs of production; capital
expenditures; success of exploration activities; permitting time lines and permitting, mining or
processing issues; currency exchange rate fluctuations; government regulation of mining operations;
environmental risks; unanticipated reclamation expenses; title disputes or claims; and limitations
on insurance coverage. 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 or be achieved.
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, including but not limited to risks related to: unexpected events during construction,
expansion and start-up; variations in ore grade, tonnes mined, crushed or milled; delay or failure
to receive board or government approvals; timing and availability of external financing on
acceptable terms; risks related to international operations; actual results of current exploration
activities; actual results of current reclamation activities; conclusions of economic evaluations;
changes in project parameters as plans continue to be refined; future prices of uranium and
vanadium; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment
or processes to operate as anticipated; accidents, labour disputes and other risks of the mining
industry; delays in the completion of development or construction activities, as well as those
factors discussed in or referred to in the current annual Managements Discussion and Analysis of
each of Denison Mines Inc. (DMI) and International Uranium Corporation (IUC), the current
Annual Information Form of DMI filed with the securities regulatory authorities in Canada and
available at www.sedar.com and IUCs Annual Report on Form 20-F filed with the securities
regulatory authorities in Canada and available at www.sedar.com. Although management of Denison
has attempted to identify important factors that could cause actual results to differ materially
from those contained in forward-looking statements, there may be other factors that cause results
not to be as anticipated, estimated or intended.
There can be no assurance that such statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking statements. Denison does not undertake
to update any forward-looking statements that are incorporated by reference herein, except in
accordance with applicable securities laws. Mineral resources, which are not mineral reserves, do
not have demonstrated economic viability. Readers should refer to the respective Annual
Information Forms of DMI and, IUC, each for the year ended December 31, 2005, and other continuous
disclosure documents filed by each of them since January 1, 2006 available at
www.sedar.com, for further information relating to their mineral resources and mineral
reserves.
Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred
Resources: This news release uses 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.
For further information, please contact:
|
|
|
E. Peter Farmer
|
|
(416) 979-1991 ext. 231 |
Ron Hochstein
|
|
(604) 689-7842 |
James Anderson
|
|
(416) 979-1991 ext. 372 |
|
|
|
DENISONMINES |
|
|
Denison Mines Corp.
Atrium on Bay, 595 Bay Street, Suite 402
Toronto, ON M5G 2C2
Ph. 416-979-1991 Fx. 416-979-5893 www.denisonmines.com
PRESS RELEASE
DENISON APPLIES FOR LISTING ON AMEX
Toronto, ON February 26, 2007... Denison Mines Corp. (Denison or the Company) (DML:TSX) is
pleased to announce that it has applied for a listing of its common shares on the American Stock
Exchange (AMEX) as part of a corporate initiative to increase distribution depth and liquidity for
shareholders. The process is expected to be completed by early April.
E. Peter Farmer, CEO of Denison, commented, The AMEX listing will significantly increase our
profile in the U.S. where we already have a strong shareholder base and facilitate interest from
investors who would otherwise be restricted from purchasing our shares. Broadening our investor
base and liquidity will be beneficial to all of our shareholders.
Denison Mines Corp. is the premier intermediate uranium producer in North America, with mining
assets in the Athabasca Basin Region of Saskatchewan, Canada and the southwest United States
including Colorado, Utah, and Arizona. Further, the Company has ownership interests in two of the
four uranium mills operating in North America today. The combination of a diversified mining asset
base with parallel ownership of milling infrastructure in highly politically stable jurisdictions
has uniquely positioned the Company for growth and development into the future. The Company also
has a strong exploration portfolio with large land positions in the United States, Canada and
Mongolia. Correspondingly, the Company has one of the largest uranium exploration teams among
intermediate uranium companies.
Cautionary Statements
This news release contains forward-looking statements, 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 Mines Corp. (Denison).
Forward looking statements include, but are not limited to, statements with respect to estimated
production, synergies and financial impact of the proposed transaction; the benefits of the
proposed transaction and the development potential of Denisons properties; the future price of
uranium; the estimation of mineral reserves and resources; the realization of mineral reserve
estimates; the timing and amount of estimated future production; costs of production; capital
expenditures; success of exploration activities; permitting time lines and permitting, mining or
processing issues; currency exchange rate fluctuations; government regulation of mining operations;
environmental risks; unanticipated reclamation expenses; title disputes or claims; and limitations
on insurance coverage. 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 or be achieved.
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, including but not limited to risks related to: unexpected events during construction,
expansion and start-up; variations in ore grade, tonnes mined, crushed or milled; delay or failure
to receive board or government approvals; timing and availability of external financing on
acceptable terms; risks related to international operations; actual results of current exploration
activities; actual results of current reclamation activities; conclusions of economic evaluations;
changes in project parameters as plans continue to be refined; future prices of uranium and
vanadium; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment
or processes to operate as anticipated; accidents, labour disputes and other risks of the mining
industry; delays in the completion of development or construction activities, as well as those
factors discussed in or referred to in the current annual Managements Discussion and Analysis of
each of Denison Mines Inc. (DMI) and International Uranium Corporation (IUC), the current
Annual Information Form of DMI filed with the securities regulatory authorities in Canada and
available at www.sedar.com and IUCs Annual Report on Form 20-F filed with the securities
regulatory authorities in Canada and available at www.sedar.com. Although management of Denison
has attempted to identify important factors that could cause actual results to differ materially
from
those contained in forward-looking statements, there may be other factors that cause results not to
be as anticipated, estimated or intended.
There can be no assurance that such statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking statements.
Denison does not undertake to update any forward-looking statements that are incorporated by
reference herein, except in accordance with applicable securities laws. Mineral resources, which
are not mineral reserves, do not have demonstrated economic viability. Readers should refer to
the respective Annual Information Forms of DMI and, IUC, each for the year ended December 31, 2005,
and other continuous disclosure documents filed by each of them since January 1, 2006 available at
www.sedar.com, for further information relating to their mineral resources and mineral
reserves.
Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred
Resources: This news release uses 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.
For further information, please contact:
|
|
|
E. Peter Farmer
|
|
(416) 979-1991 ext. 231 |
Ron Hochstein
|
|
(604) 689-7842 |
James Anderson
|
|
(416) 979-1991 ext. 372 |
2
|
|
|
DENISONMINES
|
|
|
Denison Mines Corp.
Atrium on Bay, 595 Bay Street, Suite 402
Toronto, ON M5G 2C2
Ph. 416-979-1991 Fx. 416-979-5893 www.denisonmines.com
PRESS RELEASE
DENISON TO ACQUIRE U.S. URANIUM DEPOSITS
AND SIGN URANIUM SALES CONTRACT
Toronto, ON February 27, 2007... Denison Mines Corp. (Denison or the Company) (DML:TSX) is
pleased to announce that it has signed an agreement with Pathfinder Mines Corporation
(Pathfinder), a subsidiary of the AREVA Group, to acquire 5 uranium deposits located in the
Arizona Strip district in northeastern Arizona for a cash consideration of US$5.5 million plus a 1%
royalty.
In aggregate, the historical resource estimates at the Pathfinder deposits are 1.3 million tons at
an average grade of 0.28% U3O8, containing an estimated 7.1 million lbs of
U3O8. The deposits are located within hauling distance of Denisons White
Mesa Mill and near its Arizona Strip mines providing a synergistic opportunity to significantly
increase production in the near term from this mining district (please see attached map).
Denison intends to initiate the necessary permitting required to develop these deposits in parallel
with the ramping up of the Companys existing operations in the Arizona Strip.
Four of the mineral deposits (EZ 1, EZ 2, WHAT and DB 1) are breccia pipe type deposits. In the
1980s, Denisons predecessor company, Energy Fuels Nuclear Inc., mined over 18 million pounds of
U3O8 from breccia pipes exhibiting similar tons and grade. Mining from these
deposits, if feasible, would be by underground mining methods. The fifth deposit, Moonshine
Springs, is sandstone hosted with uranium mineralization in reduced zones along oxidation-reduction
fronts occurring at surface and gradually becoming deeper towards the north. It is contemplated
that this deposit would initially be developed as a small open-pit to supplement the higher grade
breccia pipe production. Potential exists to expand the Moonshine Springs deposit at depth.
The breccia pipe deposits are held by mining claims and Moonshine Springs is held by a mining lease
with a third party.
Historical resource estimates of the deposits, as presented by Pathfinder to Denison and estimated
in 1996, are shown below. No cutoff grades have been reported for the breccia pipe deposits, while
a 0.05% U3O8 cutoff has been used for Moonshine Springs. Pathfinder used a
25 foot radius of influence of each drill hole when assigning grades to the breccia pipe deposits,
while that of the Moonshine Springs deposit was a minimum of approximately 141 feet. The average
grade of the pipes was based on the following numbers of drill holes: 35 drill holes at EZ 1, 44
drill holes at EZ 2, 19 drill holes at DB 1, 18 holes at WHAT, and 298 holes at Moonshine Spring.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lbs U3O8 |
Deposit |
|
Tons |
|
% U3O8 |
|
(Millions) |
|
EZ1 |
|
|
106,250 |
|
|
|
0.66 |
% |
|
|
1.4 |
|
EZ2 |
|
|
216,480 |
|
|
|
0.44 |
% |
|
|
1.9 |
|
DB1 |
|
|
103,550 |
|
|
|
0.44 |
% |
|
|
0.9 |
|
WHAT |
|
|
89,800 |
|
|
|
0.25 |
% |
|
|
0.4 |
|
Moonshine Springs |
|
|
775,000 |
|
|
|
0.16 |
% |
|
|
2.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
|
1,291,080 |
|
|
|
0.28 |
% |
|
|
7.1 |
|
|
All resource estimates quoted herein are based on data, reports and documentation obtained
from and prepared by previous operators, including AREVA. Denison has not completed the work
necessary to independently verify the classification of the mineral resource estimates and is not
treating the historical
mineral resource estimate as National Instrument 43-101 defined resources verified by a qualified
person. The historical estimates should not be relied upon. The properties will require
considerable further evaluation which Denisons management and consultants intend to carry out in
due course.
In conjunction with the closing of the property acquisition, Denison will also commit to sell to
the AREVA Group up to 6.5 million pounds of production from the Companys White Mesa Mill. The
sales agreement will provide for a price equal to 95% of the month end long-term prices for
U3O8 published the month prior to delivery with a floor price of US$ 45.00
per pound. Both parties will have the option to suspend deliveries under certain conditions.
The foregoing transaction is subject to all requisite regulatory approvals. Dundee Securities
Corporation assisted Denison with the transaction. Denison expects to close the transaction within
the next 7 to 10 days.
Mr. William C. Kerr, P.Geo., a Qualified Person pursuant to NI 43-101, has reviewed the contents
and technical information contained in this news release. Mr. Kerr is Vice President, Exploration
and Development for Denison.
Denison Mines Corp. is the premier intermediate uranium producer in North America, with mining
assets in the Athabasca Basin Region of Saskatchewan, Canada and the southwest United States
including Colorado, Utah, and Arizona. Further, the Company has ownership interests in two of the
four uranium mills operating in North America today. The combination of a diversified mining asset
base with parallel ownership of milling infrastructure in highly politically stable jurisdictions
has uniquely positioned the Company for growth and development into the future. The Company also
has a strong exploration portfolio with large land positions in the United States, Canada and
Mongolia. Correspondingly, the Company has one of the largest uranium exploration teams among
intermediate uranium companies.
Cautionary Statements
This news release contains forward-looking statements, 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 Mines Corp. (Denison).
Forward looking statements include, but are not limited to, statements with respect to estimated
production, synergies and financial impact of the proposed transaction; the benefits of the
proposed transaction and the development potential of Denisons properties; the future price of
uranium; the estimation of mineral reserves and resources; the realization of mineral reserve
estimates; the timing and amount of estimated future production; costs of production; capital
expenditures; success of exploration activities; permitting time lines and permitting, mining or
processing issues; currency exchange rate fluctuations; government regulation of mining operations;
environmental risks; unanticipated reclamation expenses; title disputes or claims; and limitations
on insurance coverage. 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 or be achieved.
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, including but not limited to risks related to: unexpected events during construction,
expansion and start-up; variations in ore grade, tonnes mined, crushed or milled; delay or failure
to receive board or government approvals; timing and availability of external financing on
acceptable terms; risks related to international operations; actual results of current exploration
activities; actual results of current reclamation activities; conclusions of economic evaluations;
changes in project parameters as plans continue to be refined; future prices of uranium and
vanadium; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment
or processes to operate as anticipated; accidents, labour disputes and other risks of the mining
industry; delays in the completion of development or construction activities, as well as those
factors discussed in or referred to in the current annual Managements Discussion and Analysis of
each of Denison Mines Inc. (DMI) and International Uranium Corporation (IUC), the current
Annual Information Form of DMI filed with the securities regulatory authorities in Canada and
available at www.sedar.com and IUCs Annual Report on Form 20-F filed with the securities
regulatory authorities in Canada and available at www.sedar.com. Although management of Denison
has attempted to identify important factors that could cause actual results to differ materially
from those contained in forward-looking statements, there may be other factors that cause results
not to be as anticipated, estimated or intended.
2
There can be no assurance that such statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking statements. Denison does not undertake
to update any forward-looking statements that are incorporated by reference herein, except in
accordance with applicable securities laws. Mineral resources, which are not mineral reserves, do
not have demonstrated economic viability. Readers should refer to the respective Annual
Information Forms of DMI and, IUC, each for the year ended December 31, 2005, and other continuous
disclosure documents filed by each of them since January 1, 2006 available at
www.sedar.com, for further information relating to their mineral resources and mineral
reserves.
Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred
Resources: This news release uses 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.
For further information, please contact:
|
|
|
E. Peter Farmer
|
|
(416) 979-1991 ext. 231 |
Ron Hochstein
|
|
(604) 689-7842 |
James Anderson
|
|
(416) 979-1991 ext. 372 |
3
|
|
|
DENISONMINES
|
|
|
Denison Mines Corp.
Atrium on Bay, 595 Bay Street, Suite 402
Toronto, ON M5G 2C2
Ph. 416-979-1991 Fx. 416-979-5893 www.denisonmines.com
|
|
|
DENISONMINES
|
|
|
Denison Mines Corp.
Atrium on Bay, 595 Bay Street, Suite 402
Toronto, ON M5G 2C2
Ph. 416-979-1991 Fx. 416-979-5893 www.denisonmines.com
PRESS RELEASE
DENISON EXTENDS OFFER PERIOD
TO ACQUIRE OMEGACORP LIMITED
Toronto, ON February 28, 2007... Denison Mines Corp. (Denison or the Company) (DML:TSX)
reports that the Company has elected to extend the offer period pursuant to the Companys bid to
acquire any or all of the issued and outstanding shares of OmegaCorp Limited (OmegaCorp)
(OMC:ASX) previously announced on December 5, 2006. The offer will now close at 5:00 pm (Central
Australian Time) on March 9, 2007.
The directors of OmegaCorp stated in an announcement on the Australian Stock Exchange on December
6, 2006 that they unanimously recommend that OmegaCorp shareholders accept the Companys offer, and
the directors have tendered their shares in favour of the offer.
Denisons currently holds approximately 28% of the common shares of OmegaCorp. Denison encourages
all OmegaCorp shareholders who have not yet accepted the Companys offer to do so as soon as
possible.
A copy of the Bidders Statement is available on www.sedar.com.
Denison Mines Corp. is the premier intermediate uranium producer in North America, with mining
assets in the Athabasca Basin Region of Saskatchewan, Canada and the southwest United States
including Colorado, Utah, and Arizona. Further, the Company has ownership interests in two of the
four uranium mills operating in North America today. The combination of a diversified mining asset
base with parallel ownership of milling infrastructure in highly politically stable jurisdictions
has uniquely positioned the Company for growth and development into the future. The Company also
has a strong exploration portfolio with large land positions in the United States, Canada and
Mongolia. Correspondingly, the Company has one of the largest uranium exploration teams among
intermediate uranium companies.
For further information, please contact:
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E. Peter Farmer
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(416) 979-1991 ext. 231 |
Ron Hochstein
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(604) 689-7842 |
James Anderson
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(416) 979-1991 ext. 372 |