Denison Mines Corp. (“Denison” or the “Company”) (TSX:DML) (NYSE
MKT:DNN) (NYSE American:DNN) is pleased to announce an increase in
the mineral resources estimated for the Midwest Project, located in
the eastern Athabasca Basin, northern Saskatchewan, Canada. The
Project is host to the high-grade Midwest Main and Midwest A
uranium deposits which lie along strike and within six kilometres
of the J Zone deposit and Huskie discovery on Denison’s 64.22%
Waterbury Lake project. Collectively, the Midwest and Waterbury
deposits occur within close proximity to existing uranium mining
and milling infrastructure – including provincial highways and
powerlines, as well as Denison’s 22.5% owned McClean Lake mill (see
Figure 1).
The Midwest Project is a joint venture owned
25.17% by Denison; 69.16% by Orano Canada Inc., formerly AREVA
Canada Resources Inc. (“Orano”); and 5.67% by OURD (Canada) Ltd.
(“OURD”). Orano is the project operator.
Highlights for the Updated Mineral
Resource Estimates include:
- Inferred Mineral Resources for the Midwest Project
increased by 13.50
M lbs
U3O8
- The Midwest Project is now estimated to contain total Inferred
Mineral Resources of 18.2 M lbs U3O8 (846,000 tonnes at 1.0% U3O8)
above a cut-off grade of 0.1% U3O8.
- At Midwest Main, Inferred Mineral Resources increased by 11.08
M lbs U3O8 compared to the previous estimate in
2006. The increase can largely be attributed to
incorporation of additional zones of mineralization, a
re-interpreted mineralization model, and additional new equivalent
uranium (“eU”) grade data from downhole radiometric probe
surveys.
- At Midwest A, Inferred Mineral Resources increased by 2.42 M
lbs U3O8, owing largely to re-estimation of the High Grade Zone
using more appropriate resource modelling methods and the
availability of measured density data.
- Denison’s attributable share of the increase in estimated
Inferred Mineral Resources is approximately 3.40 M lbs
U3O8.
- Indicated Mineral Resources for the
Midwest Project increased by
2.08 M lbs
U3O8
- The Midwest Project is now estimated to contain total Indicated
Mineral Resources of 50.78 M lbs U3O8 (1,019,000 tonnes at 2.3%
U3O8) above a cut-off grade of 0.1% U3O8.
- At Midwest A, Indicated Mineral Resources increased by 5.04 M
lbs U3O8 compared to the previous estimate in 2008. The increase
can largely be attributed to inclusion of an additional 40 drill
holes from 2007 and 2008 and new density measurements in 2009 (341
samples) and 2017 (24 samples).
- At Midwest Main, however, Indicated Mineral Resources decreased
by 2.96 M lbs U3O8, owing largely to the use of high-grade
restrictions in the Unconformity Zone to avoid ‘smearing’ and
overestimation of resources.
- Denison’s attributable share of the increase in estimated
Indicated Mineral Resources is approximately 0.52 M lbs U3O8.
Dale Verran, Vice President Exploration,
commented, "This updated and independently
audited mineral resource estimate
for Midwest is supported by an
upgraded project database, vastly
improved 3D
models and industry
best-practice estimation procedures for high-grade Athabasca
uranium deposits. With the application of
more rigorous and robust estimation
procedures, in accordance with
NI 43-101, we are
pleased to see a significant
increase in overall project
resources, without additional
recent drilling. These resources
add to Denison’s growing inventory of
high-grade uranium resources concentrated in the
infrastructure rich eastern portion of the Athabasca
Basin. We would like to compliment Orano on the
work done to start readying the project
resources for future
development.”
The updated mineral resource estimate, as
audited by SRK Consulting (Canada) Inc. (“SRK”), is disclosed in
the NI 43-101 report entitled “Technical Report with an updated
Mineral Resource Estimate for the Midwest Property, Northern
Saskatchewan, Canada” dated March 26, 2018 (the “Midwest Technical
Report”), a copy of which is being made available on Denison’s
website and under its profile on the SEDAR website at
www.sedar.com, concurrently with the dissemination of this press
release. The audited mineral resource statement for the Midwest
Project, with an effective date of March 9, 2018 is provided in
Table 1.
|
Table 1: Audited Mineral Resource Statement,
Midwest Project, Saskatchewan, |
SRK Consulting (Canada) Inc., March 9,
2018 |
|
Deposit |
Category |
Zone |
Tonnage |
Grade |
Contained Metal |
Denison Share** |
(kt) |
(% U3O8) |
(Mlb U3O8) |
(Mlb U3O8) |
Midwest Main |
Indicated |
Unconformity |
453 |
4.00 |
39.94 |
10.05 |
Inferred |
Unconformity |
257 |
1.36 |
7.71 |
1.94 |
Perched |
513 |
0.32 |
3.59 |
0.90 |
Basement |
23 |
0.38 |
0.18 |
0.05 |
Midwest A |
Indicated |
Low
Grade |
566 |
0.87 |
10.84 |
2.73 |
Inferred |
Low Grade |
43 |
0.40 |
0.38 |
0.09 |
High
Grade |
10 |
28.76 |
6.35 |
1.60 |
|
Total Indicated |
1,019 |
2.26 |
50.78 |
12.78 |
|
Total Inferred |
845 |
0.98 |
18.21 |
4.58 |
*
Mineral resources are not mineral reserves and have not
demonstrated economic viability. All figures have been rounded to
reflect the relative accuracy of the estimates. Reported at open
pit resource cut-off grade of 0.1% U3O8 (0.085% U) and at a uranium
price of US$45 per pound. ** Denison’s share of the project
on an equity basis is 25.17%. |
|
Details of the
Updated Mineral Resource
Estimate for the Midwest
Project
Updated Mineral Resource Estimate
In November 2017, Orano completed an updated
mineral resource estimate for the Midwest Main and Midwest A
deposits in accordance with NI 43-101, which was subsequently
reviewed and audited by SRK on behalf of Denison. Prior to
completing the mineral resource estimate, Orano completed an
extensive amount of work to improve the drill hole datasets and the
geological and mineralization models for both deposits – with the
objective of bringing the dataset and mineral resource estimates up
to a more current and rigorous standard. This work included, but
was not limited to; verification of grade data against historical
records (Midwest Main and Midwest A), digitization of historical
downhole gamma probe paper logs (Midwest Main), depth correction of
downhole gamma probe data (Midwest Main and Midwest A), creation of
new probe to grade correlations (Midwest Main and Midwest A),
collection and analysis of samples for dry bulk density and
derivation of a new grade to density regression formula (Midwest
A), revised geological modelling based on the digitization and
generalization of drill log descriptions and re-interpretation of
geophysical surveys (Midwest Main and Midwest A), and incorporation
of drill holes completed between September 2007 and December 2009
(Midwest A).
Geology and Mineralization
The Midwest deposits are classified as
‘unconformity-type’ uranium deposits, and occur approximately 200
metres below surface straddling the unconformable contact between
overlying Athabasca Group sandstones and the underlying
Paleoproterozoic and Archean basement rocks belonging to the
Wollaston-Mudjatik Transition Zone. The north-northeast Midwest
structural trend that controls the Midwest Main and Midwest A
uranium deposits follows a steeply-dipping, graphitic pelitic
gneiss, basement unit that is bounded by granitic gneisses or
granite to both the east and west. The sub-Athabasca unconformity
surface is relatively flat on a regional scale, however there is a
slight uplift along the north-northeast Midwest trend and a
generally higher elevation to the east. Fault zones in the basement
are often characterized by brecciation and strong hydrothermal
alteration with clay mineral development. These fault zones
generally extend into the overlying Athabasca Group
sandstone.
The Midwest Main deposit is lens to cigar
shaped, 600 meters long, 10 to over 100 metres wide, with
thicknesses ranging from five metres to 10 metres. The deposit
consists of a near-massive, high-grade mineralized core that
straddles the unconformity approximately 210 meters below surface.
The high-grade core is surrounded by lower-grade, more dispersed,
mineralization in both sandstone and, in minor amounts, in basement
rocks. The high-grade mineralization forms a roughly flat-lying
lensoid concentration, with a root extending down into the basement
rocks along a steeply-dipping fault.
The Midwest A deposit is approximately 450
metres long, 10 to 60 metres wide, ranges up to 70 metres in
thickness and occurs between 150 and 235 metres below surface.
Mineralization straddles the unconformity contact with minor
amounts hosted within basement structures immediately below the
unconformity. Thicker zones of mineralization above the
unconformity are concentrated in conglomerate units at the base of
the Athabasca sandstone. Similar to Midwest Main, a
high-grade core of mineralization is surrounded by lower-grade,
more dispersed mineralization.
Comparison with Previous Mineral Resource
Estimates
The Midwest Main and Midwest A deposits have
seen several mineral resource estimates since their discoveries in
1977 and 2005 respectively. In 2005, Denison retained Scott Wilson
RPA to provide an independent mineral resource estimate review for
the Midwest Main deposit, the results of which are contained within
the NI 43-101 report entitled "Technical Report on the Midwest
Uranium Deposit Mineral Resource and Mineral Reserve Estimates,
Saskatchewan, Canada" (the "Midwest Main Technical Report"), dated
June 1, 2005 and revised on February 14, 2006. In 2007, Geostat was
retained by Denison to complete an independent mineral resource
estimate review of the Midwest A uranium deposit, the results of
which are contained in the NI 43-101 report entitled “Technical
Report on the Midwest A Uranium Deposit of Saskatchewan, Canada”
(the “Midwest A Technical Report”), dated January 31, 2008. Copies
of these reports are available on Denison’s profile on the SEDAR
website at www.sedar.com.
Midwest Main
Table 2 provides a comparison of the current
audited mineral resource statement to the previous mineral resource
estimate contained in the Midwest Main Technical Report (2006).
Overall, Inferred Mineral Resources increased by 11.08 million lbs
of U3O8 and Indicated Mineral Resources have decreased by 2.96
million lbs of U3O8.
|
|
|
|
|
Table 2: Comparison
of Previous Resource Estimate |
to the Current Mineral Resource
Estimate for Midwest Main |
|
|
|
|
|
Category |
Zone |
Midwest MainTechnical Report
(2006) |
Current Audited
MineralResource Statement (2018) |
Change |
Tonnage |
Grade |
Contained Metal |
Tonnage |
Grade |
Contained Metal |
Contained Metal |
Denison Share |
(kt) |
(% U3O8) |
(Mlb U3O8) |
(kt) |
(% U3O8) |
(Mlb U3O8) |
(Mlb U3O8) |
(Mlb U3O8) |
Indicated |
Unconformity |
354 |
5.50 |
42.90 |
453 |
4.00 |
39.94 |
-2.96 |
-0.75 |
Inferred |
Unconformity |
25 |
0.80 |
0.40 |
257 |
1.36 |
7.71 |
7.31 |
1.84 |
Perched |
- |
- |
- |
513 |
0.32 |
3.59 |
3.59 |
0.90 |
Basement |
- |
- |
- |
23 |
0.38 |
0.18 |
0.18 |
0.05 |
Total Indicated |
354 |
5.50 |
42.90 |
453 |
4.00 |
39.94 |
-2.96 |
-0.75 |
Total Inferred |
25 |
0.80 |
0.40 |
793 |
0.66 |
11.48 |
11.08 |
2.79 |
Notes:
- Previous 2006 mineral resource estimate is reported using a
0.3% U3O8 (0.25% U) cut-off
- Current 2018 mineral resource estimate is reported using a
cut-off grade of 0.1% U3O8 (0.085% U) cut-off.
- Totals may not add up due to rounding.
- Denison’s share of the project on an equity basis is
25.17%.
The changes since the previous (2006) estimate
were largely influenced by:
- Use of high-grade restrictions in the Unconformity Zone to
avoid ‘smearing’ and overestimation of resources. This accounts for
the relatively small decrease in Indicated Resources.
- Inclusion of resources along strike in the Unconformity
Zone.
- Addition and expansion of the Basement and Perched Zones
interpretation to resources.
- Use of new radiometric equivalent uranium values (“eU”),
derived from a calibrated downhole gamma probe, allowed for the
filling of gaps present in the assay dataset and in areas of poor
core recovery.
- Reported at different cut-off grade. Although the cut-off grade
was revised downward from 0.3% U3O8 to 0.1% U3O8, the contained
metal is rather insensitive up to a cut-off grade of 0.3% U3O8. The
0.1% U3O8 cut-off grade is based on Orano’s mining experience and
feasibility work at the nearby McClean Lake property, where the
depths of mineralization, distance to the mill, and host rock
formations are similar to the Midwest Project.
Midwest A
Table 3 provides a comparison of the current
audited mineral resource statement to the previous mineral resource
estimate contained in the Midwest A Technical Report (2008).
Overall, Indicated Mineral Resources have increased by 5.04 million
lbs of U3O8, while Inferred Mineral Resources increased by 2.42
million lbs of U3O8.
|
Table 3: Comparison of Previous Resource
Estimate |
to the Current Mineral Resource Estimate for
Midwest A |
|
Category |
Zone |
Midwest
ATechnical Report
(2008) |
Current Audited
MineralResource Statement (2018) |
Change |
Tonnage |
Grade |
Contained Metal |
Tonnage |
Grade |
Contained Metal |
Contained Metal |
Denison Equity |
(kt) |
(% U3O8) |
(Mlb U3O8) |
(kt) |
(% U3O8) |
(Mlb U3O8) |
(Mlb U3O8) |
(Mlb U3O8) |
Indicated |
Low
Grade |
464 |
0.57 |
5.80 |
566 |
0.87 |
10.84 |
5.04 |
1.27 |
Inferred |
Low Grade |
|
|
|
43 |
0.40 |
0.38 |
0.38 |
0.09 |
High
Grade |
9 |
21.23 |
4.30 |
10 |
28.76 |
6.35 |
2.05 |
0.52 |
Total Indicated |
464 |
0.57 |
5.80 |
566 |
0.87 |
10.84 |
5.04 |
1.27 |
Total Inferred |
9 |
21.23 |
4.30 |
53 |
5.81 |
6.72 |
2.42 |
0.61 |
Notes:
- Previous 2008 mineral resource estimate is reported using a
0.06% U3O8 (0.05% U) cut-off.
- Current 2018 mineral resource estimate is reported using a
cut-off grade of 0.1% U3O8 (0.085% U) cut-off.
- Totals may not add up due to rounding.
- Denison’s share of the project on an equity basis is
25.17%.
The changes since the previous (2008) mineral
resource statement were largely influenced by:
- Inclusion of an additional 40 drill holes completed from
September 2007 to July 2008. These drill results had never been
included in a publicly reported mineral resource statement and
represent approximately 30% of the current resource database.
- Re-interpretation of the mineralization model using the
additional drill hole data and reprocessed probe data resulting in
a volumetric increase of approximately 40%. The main
interpretational change is the combination of previous South and
North pods to form the Low Grade Zone and a general extension of
the mineralization along strike and at depth into the
basement.
- Addition of 341 density measurements that were collected in
2009 and a further 24 density measurements that were collected in
2017. The addition of density measurements and the use of a
grade-density correlation contributes to an overall increase in
density in both the Low Grade and High Grade Zones, which
contributes directly to an increase in tonnage.
- Re-estimation of the High Grade Zone using appropriate resource
modelling methods and parameters, including better constrained
density values from the updated density correlation as well as the
use of eU probe data. In 2008, an average grade and density was
applied to the entire Zone.
- Reported at different cut-off grade. The cut-off grade was
revised upward from 0.06% U3O8 to 0.1% U3O8. Sensitivity plots show
this change in cut-off grade does not have a material impact on
contained metal. The 0.1% U3O8 cut-off grade is based on Orano’s
mining experience and feasibility work at the nearby McClean Lake
property, where the depths of mineralization, distance to the mill,
and host rock formations are similar to the Midwest Project.
Drilling, Sampling, Assay Procedures and Data
Verification
The audited updated mineral resource estimate
for the Midwest Main and Midwest A deposit, reported herein, is
based on a total of 305 and 69 drill holes that intersect the
mineralized zones, respectively. Drill hole collars prior to
2006 were located by conventional grid survey and the locations
were then later updated using a differential base station GPS
system. After 2006, drill hole collar locations were first measured
with a Leica GS20 differential GPS unit, and since 2009 with a
Trimble R6 differential GPS unit. Post-1977, but prior to 2005,
drill hole deviation was measured every 30 to 50 metres using acid
tests and with Tropari and Sperry Sun single-shot cameras (in 1981)
during normal drilling operations. Since 2006, drill hole deviation
has been measured immediately below the drill casing and
subsequently every 30 or 50 metres with a Ranger Survey or a Reflex
EZ-single-shot probe during normal drilling operations. All of the
drill hole surveys have been updated for variation in magnetic
declination.
Various chemical assay methods have been
employed at the Midwest Project prior to Orano assuming
operatorship in 2004. The methods described herein pertain to
the program from 2004 onwards. Drill core with anomalous total
gamma radioactivity (>200 counts per second utilizing a SPP2 or
SPPγ scintillometer) was sampled over 0.5 metre intervals. Sampling
is undertaken on site by splitting the core in half, with one half
submitted for analysis and the other half retained in the core box
for future reference. Uranium chemical assays are performed by the
Saskatchewan Research Council (“SRC”) Geoanalytical Laboratories
located in Saskatoon. Sample preparation involves crushing and
pulverizing core samples to 90% passing -106 microns. Splits of the
resultant pulps are initially submitted for multi-element ICP-MS
analysis following partial (HNO3:HCl) and total (HF:HNO3:HClO4)
digestions. Samples with ≥ 1,000 ppm U (partial digest) are
re-assayed for U3O8 using an ISO/IEC 17025:2005 accredited method
for the determination of U3O8 weight %. Pulp splits are digested
using aqua-regia and the solution analyzed for U3O8 weight % using
ICP-OES. In addition to internal checks by SRC, Orano has rigorous
quality assurance and quality control ("QAQC") procedures including
the insertion of standard reference materials, blanks and field
duplicates. The assay data is subject to verification procedures by
qualified persons employed by Orano.
For mineral resource estimation purposes,
wherever core recovery was less than 75%, the radiometric
equivalent uranium values (“eU”) derived from a calibrated downhole
gamma probe are substituted for chemical assays where possible.
Core recovery at Midwest Main is typically good with poorer
recovery observed at Midwest A. For the Midwest A and Midwest
Main updated mineral resource estimates reported herein, 64% and
16% of the assay intervals relied on eU grades, respectively.
Orano has performed detailed QAQC and data
verification, where possible, of all datasets, which in Denison’s
opinion are in accordance with industry best practice. Denison has
performed additional QAQC and data verification of the drilling
database including review of the QAQC methods and results,
verification of assay certificates against the database assay
table, review of downhole probe and eU calculation procedures,
standard database validation checks and two site visits to the
Midwest Project in early 2018. Denison has reviewed Orano’s
procedures and protocols and considers them to be reasonable and
acceptable for mineral resource estimation.
Estimation Methodology
Orano provided Denison with a comprehensive
project database – consisting of drill hole data, mineralized
wireframes and block models for both the Midwest Main and Midwest A
deposits. The database was sent to SRK to conduct review and audit
of the updated mineral resource estimate completed by Orano.
Details of the audited estimation methodology for Midwest Main and
Midwest A are described below.
Midwest A
The Midwest A block model consists of two main
mineralized domains: Low Grade and High Grade Zones constructed
using a 0.05% U cut-off with minimum thickness of two meters, and
10.0% U cut-off with minimum thickness of one meter, respectively.
A Perched Zone was identified, but was not considered for resource
estimation. The Midwest A deposit consists of data from 113
boreholes of which 69 boreholes intersect the mineralization
itself. Grades are comprised of 64% eU data, derived from a
calibrated downhole gamma probe, and 36% chemical assay data.
Sample data were composited to one metre in length. An
accumulation-like approach was used, wherein density multiplied by
grade (DG, where grade is in percent uranium) and density were
estimated into a three-dimensional block model, constrained by
wireframes in two passes using ordinary kriging. The grade was then
calculated into each block by dividing the estimated DG by the
estimated density. A block size of 5 by 5 by 2 metres was selected.
Search radii were based on variogram analyses with a relatively
flat ellipsoid aligned roughly to the unconformity surface.
Grade capping was not performed, however, the
treatment of high grades was considered during estimation by
limiting the influence of DG composites greater than 20 and density
composites greater than 3, to a neighbourhood of 7.5 cubic metres
within the Low Grade Zone. Within the High Grade Zone, SRK applied
a high grade limited radial influence within a 7.5 metre cubic
volume for DG composites greater than 200. Classification is based
on drill hole spacing, with blocks classified as Indicated only
found in the sandstone and upper basement portion of the Low Grade
Zone with drill hole spacing of 30 metres or less. The lower
basement and all other sandstone blocks are classified as
Inferred.
Midwest Main
The Midwest Main block model considered three
main mineralized domains: one Unconformity Zone, 19 Perched Zones
and a Basement Zone, each of which were constructed using a 0.05% U
cut-off with minimum thickness of two meters. The Midwest Main
deposit consists of data from 305 boreholes that intersected the
mineralization. New downhole gamma probe eU data has been used for
unsampled locations or in areas of poor core recovery (less than
75% core recovery). Grades are comprised of 16% eU data, derived
from a calibrated downhole gamma probe, and 84% chemical assay
data. Sample data were composited to one metre length.
Similar to Midwest A, two attributes, density
and density multiplied by grade (DG), were calculated into each
block using ordinary kriging, and the uranium grade was then
calculated by dividing the estimated DG by the estimated density. A
block size of 5 by 5 by 2 metres was selected. Search radii were
based on variogram analyses with a relatively flat ellipsoid used
aligned roughly to the unconformity surface.
Capping was not performed, however, higher grade
composites were limited to a local 5 to 10 metre neighbourhood of
influence depending on the zone, with high grade thresholds varying
by zone. Classification is based on estimation passes, with blocks
classified as Indicated only in the Unconformity Zone and in
regions of tight borehole spacing up to a nominal spacing of 17.5
meters. All other blocks are classified as Inferred.
Updated
Midwest Technical Report
SRK, an independent technical consulting firm,
was retained by Denison to conduct a mineral resource audit of
updated mineral resource models generated by Orano for the Midwest
A and Midwest Main deposits. The Technical Report, incorporating
the results of the mineral resource audit for the Midwest project
by SRK, including both the Midwest Main and Midwest A deposits, has
been prepared and filed by Denison concurrently with this press
release.
Qualified
Persons
The mineral resource estimate was audited and
approved by Dr. Oy Leuangthong, P Eng., Principal Consultant
(Geostatistics) at SRK and Mr. G. David Keller, P. Geo., Principal
Consultant (Resource Geology) at SRK. Both are independent
Qualified Persons in accordance with the requirements of NI
43-101.
The technical information contained in this
release has been reviewed and approved by Dr. Leuangthong, Mr.
Keller and Mr. Dale Verran, MSc, P.Geo, Pr.Sci.Nat., Denison's Vice
President, Exploration, who is also a Qualified Person in
accordance with the requirements of NI 43-101.
About Denison
Denison is a uranium exploration and development
company with interests focused in the Athabasca Basin region of
northern Saskatchewan, Canada. In addition to its 63.3% owned
Wheeler River project, which hosts the high-grade Phoenix and
Gryphon uranium deposits, Denison's exploration portfolio consists
of numerous projects covering approximately 351,000 hectares in the
Athabasca Basin region, including approximately 316,000 hectares in
the infrastructure rich eastern portion of the Athabasca Basin.
Denison's interests in Saskatchewan also include a 22.5% ownership
interest in the McClean Lake joint venture (“MLJV”), which includes
several uranium deposits and the McClean Lake uranium mill, which
is currently processing ore from the Cigar Lake mine under a toll
milling agreement, plus a 25.17% interest in the Midwest and
Midwest A deposits, and a 64.22% interest in the J Zone deposit and
Huskie discovery on the Waterbury Lake property. Each of Midwest,
Midwest A, J Zone and Huskie are located within 20 kilometres of
the McClean Lake mill.
Denison is also engaged in mine decommissioning
and environmental services through its Denison Environmental
Services division and is the manager of Uranium Participation
Corp., a publicly traded company which invests in uranium oxide and
uranium hexafluoride.
For more information, please contact
David Cates (416) 979-1991 ext. 362President and Chief Executive
Officer
Sophia Shane (604) 689-7842Investor Relations
Follow Denison on Twitter @DenisonMinesCo
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
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negatives and/or variations of such words and phrases, or state
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"might" or "will be taken", "occur", "be achieved" or "has the
potential to". In particular, this press release contains
forward-looking information pertaining to the estimates of
Denison's mineral resources and the results of the Technical
Report. 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.
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,
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plans and achievements. Denison believes that the
expectations reflected in this forward-looking information are
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anticipated in this forward looking information. For a discussion
in respect of risks and other factors that could influence
forward-looking events, please refer to the factors discussed in
Denison's Annual Information Form dated March 23, 2017 under the
heading "Risk Factors". These factors are not, and should not be
construed as being exhaustive. Accordingly, readers should not
place undue reliance on forward-looking statements.
The forward-looking information contained in
this press release is expressly qualified by this cautionary
statement. Any forward-looking information and the assumptions made
with respect thereto speaks only as of the date of this press
release. 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.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/501a7e96-013b-41db-84ad-4fb899f40b98
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