Revised release - replaces previous release issued earlier this
afternoon. Corrections made to resource table.
Denison Mines Corp. (TSX:DML)(NYSE MKT:DNN) ("Denison" or the
"Company") announces that, as a result of a review by the Ontario
Securities Commission (the "OSC"), the Company is issuing the
following news release regarding its disclosure on the Mutanga
Uranium Project. Denison has filed with the Canadian Securities
regulators an updated National Instrument 43-101 ("NI 43-101")
compliant technical report with respect to its Mutanga Property,
entitled "Mineral Resource Estimates for the Mutanga Uranium
Project, Denison Mines Corp., Zambia, Africa", having an effective
date of September 12, 2013 (the "New Mutanga Report"). The New
Mutanga Report is available on SEDAR (www.sedar.com) under the
Company's profile.
In the course of the OSC's review, OSC staff advised the Company
that the technical report filed by the Company on March 28, 2012
entitled "The Dibwe East Project, Southern Province, Republic of
Zambia" prepared by the Company and audited by RPA Inc. with
respect to mineral resources estimated for the Dibwe East project
in Zambia (the "Dibwe East Report") does not comply with NI 43-101
since the Dibwe East Report did not include all of the current
mineral resource estimates and material information relevant to the
Mutanga Property as a whole.
To address the OSC's comments regarding the Dibwe East Report,
the Company engaged Malcolm Titley, B.Sc. (Geology and Chemistry),
MAIG of CSA Global (UK) Ltd. (CSA), who is an independent
"Qualified Person" for the purposes of NI 43-101, to prepare the
New Mutanga Report with respect to the Mutanga Project as a whole.
The New Mutanga Report addresses the mineral resources covered by
the Dibwe East Report together with the mineral resources covered
by the Company's technical report filed on March 20, 2009 entitled
"NI 43-101 Technical Report Mutanga Uranium Project, Zambia" with
respect to the Company's deposits on the Mutanga Property (the
"Mutanga and Dibwe Report"). As a result, the New Mutanga Report
supersedes and replaces the Dibwe East Report and the Mutanga and
Dibwe Report.
The New Mutanga Report contains the mineral resource estimates
shown in the following tables for the Mutanga Property:
Mutanga Mineral Resource Estimates as of September 12, 2013
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Tonnes Grade U3O8
Deposit Classification (000s) (%U3O8) (000 lbs.)
----------------------------------------------------------------------------
Dibwe East(i) Inferred 39,800 0.032 28,200
----------------------------------------------------------------------------
Mutanga(i) Measured 1,880 0.048 2,000
Indicated 8,400 0.031 5,800
Inferred 7,200 0.021 3,300
----------------------------------------------------------------------------
Dibwe(i) Inferred 17,000 0.023 9,000
----------------------------------------------------------------------------
Mutanga Ext.(ii) Inferred 500 0.034 400
----------------------------------------------------------------------------
Mutanga East(ii) Inferred 200 0.032 100
----------------------------------------------------------------------------
Mutanga West(ii) Inferred 500 0.034 400
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Tonnes Grade U3O8
Classification (000s) (%U3O8) (000 lbs.)
----------------------------------------------------------------------------
Measured 1,880 0.048 2,000
Indicated 8,400 0.031 5,800
----------------------------------------------------------------------------
subtotal M&I 10,280 0.034 7,800
----------------------------------------------------------------------------
Inferred 65,200 0.029 41,400
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(i) Reported above a cutoff grade of 0.01% U3O8
(ii) Reported above a cutoff grade of 0.02% U3O8
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, based on the New
Mutanga Report, and has been approved by Malcolm Titley, B.Sc.,
MAIG, who is a Qualified Person in accordance with the requirements
of NI 43-101 and who prepared the New Mutanga Report. For a
description of Denison's quality assurance program and quality
control measures, please see Denison's Annual Information Form
dated March 13, 2013 filed under the Company's profile on SEDAR at
www.sedar.com.
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 49 projects and totals
approximately 603,000 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, a 75% interest
in the newly acquired Dome project in Namibia, 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 division and is
the manager of Uranium Participation Corporation, a publicly traded
company which invests in uranium oxide 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
contains forward-looking information pertaining to the estimates of
Denison's mineral reserves and mineral resources..
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 have reasonable prospects for economic
extraction. 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.
Contacts: Denison Mines Corp. Ron Hochstein President and Chief
Executive Officer (604) 689-7842 Denison Mines Corp. Steve Blower
Vice President, Exploration (604) 689-7842 www.denisonmines.com
Denison Mines (AMEX:DNN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Denison Mines (AMEX:DNN)
Historical Stock Chart
From Jul 2023 to Jul 2024