-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KWiomHRiGXLzxGBidLy7MkY5MivMPpb01/c25m8MH1wMdPfP41diWePetxTBzXWv WkRNTMNP+su3nIaAVb2GBQ== 0000945234-08-000111.txt : 20080313 0000945234-08-000111.hdr.sgml : 20080313 20080313134238 ACCESSION NUMBER: 0000945234-08-000111 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 20080311 FILED AS OF DATE: 20080313 DATE AS OF CHANGE: 20080313 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DENISON MINES CORP. CENTRAL INDEX KEY: 0001063259 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS METAL ORES [1090] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33414 FILM NUMBER: 08685707 BUSINESS ADDRESS: STREET 1: 1050 SEVENTEENTH STREET STREET 2: SUITE 950 CITY: DENVER STATE: CO ZIP: 80265 BUSINESS PHONE: 3036287798 MAIL ADDRESS: STREET 1: 1050 SEVENTEENTH STREET STREET 2: SUITE 950 CITY: DENVER STATE: CO ZIP: 80265 FORMER COMPANY: FORMER CONFORMED NAME: INTERNATIONAL URANIUM CORP DATE OF NAME CHANGE: 19980603 6-K 1 o39733e6vk.htm FORM 6-K Current Report dated 3/11/2008
 

 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
Date:  March 11, 2008
Commission File Number:  001-33414
Denison Mines Corp.
(Translation of registrant’s 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   o
  Form 40-F   þ
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):   o
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):   o
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 registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s 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 registrant’s 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.
         
   
Denison Mines Corp.

 
 
  /s/  Brenda Lazare    
  Brenda Lazare    
  Canadian Counsel and Corporate Secretary   
 
Date:  March 11, 2008

- 2 -


 

EXHIBIT INDEX
     
Exhibit Number   Description
 
1.
  Press release dated December 3, 2007
 
2.
  Press release dated January 10, 2008
 
3.
  Press release dated February 22, 2008
 
4.
  Press release dated February 25, 2008

- 3 -

EX-1 2 o39733exv1.htm EXHIBIT 1 PRESS RELEASE DATED 12/03/2007
 

EXHIBIT 1
(DENISON MINES LOGO)
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
JOINT VENTURE PARTNERS TO
PROCEED WITH MIDWEST URANIUM
PROJECT
December 3, 2007 Denison Mines Corp. (“Denison”) (TSX: DML; AMEX: DNN) is pleased to announce the formal decision of the joint venture partners in the Midwest uranium mine project to proceed with the development of the project. The partners in the joint venture comprise AREVA Resources Canada Inc. (“Areva”) (69.16%), Denison (25.17%) and OURD Canada Co. Ltd. (5.67%).
“This is a great project that will benefit the partners and provide positive economic and employment opportunities in northern Saskatchewan,” said Peter Farmer, Chief Executive Officer of Denison. “The infrastructure for the Midwest project — roads, power, water treatment and mill expansion — will also be beneficial for the development of the adjacent MAE Zone, which has significant expansion potential as was confirmed this summer by drilling that revealed a new high-grade structure.”
The Midwest Project, which is located 15 km west of the McClean Lake operation, involves draining part of the Mink Arm of the South McMahon Lake in Northern Saskatchewan to construct an open pit mine about 45 hectares in size (approximately 900 by 350 metres) and 215 metres deep. The ore will be trucked along a dedicated haul road to the McClean Lake mill for processing. The pit, as currently designed, will produce an estimated 36 million pounds of U3O8 (about 14,000 tonnes of uranium). Other deposits and extensions located to the north, south and in the basement could be developed once the pit is nearing completion. The total capital cost including mine development and the related McClean Lake mill expansion of about $100 million will be approximately $400 million.
Subject to regulatory approvals, site construction, including the haul road, water treatment and other facilities, could begin in mid-2009. Stripping of the rock over the ore would then commence in early 2010 with ore removal starting in mid-2011 and continuing through to 2013. It is anticipated that the project will employ approximately 150 people. The McClean Lake operation presently employs approximately 330 staff and 110 long term contractors.
About Denison
Denison Mines Corp. is a 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 conventional uranium mills operating in North America today. The Company also has a strong exploration portfolio with large land positions in the United States, Canada, Mongolia and Zambia. Correspondingly, the Company has one of the largest uranium exploration teams among intermediate uranium companies.

 


 

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
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; the development potential of Denison’s properties, including those of its joint ventures; 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; actual results of current exploration 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 under the heading “Risk Factors” in Denison’s Annual Information Form dated March 27, 2007 available at www.sedar.com and its Form 40-F available at www.sec.gov. 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 Annual Information Form and the Form 40-F of the Company for the fifteen month period ended December 31, 2006 and other continuous disclosure documents filed since December 31, 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.

2

EX-2 3 o39733exv2.htm EXHIBIT 2 PRESS RELEASE DATED 01/10/2008
 

EXHIBIT 2
(DENISON MINES LETTERHEAD)
PRESS RELEASE
DENISON ANNOUNCES NEW SALES & MINING EXECUTIVES
Toronto, ON – January 10, 2008... Denison Mines Corp. (“Denison” or the “Company”) (DML:TSX, DNN: AMEX) today announced two new executive appointments to support its expanding production portfolio. Curt D. Steel has joined Denison as Vice President, Marketing & Sales effective immediately and Philip Buck will be joining Denison as Vice President, Mining as of January 28, 2008. Mr. Steel will be based in New Milford, Connecticut while Mr. Buck will be based in Denison’s Denver office.
Mr. Steel comes to Denison from NUKEM, Inc. where he had been Senior Trader since 1998. Prior to that, he worked in various capacities including brokerage, consulting and information services at The Uranium Exchange Co.
Mr. Buck is an industry veteran with more than 25 years of underground mining experience in the United States, Canada and South America. Most recently, he was General Manager, Canada for the Mining Services Division of Dynatec Corporation.
“The appointment of these talented and experienced individuals to our team is the first of many 2008 initiatives at Denison,” said E. Peter Farmer, CEO of Denison. “We are planning an active year with extensive exploration, expanded mine development, increased production and record sales revenue.”
Denison Mines Corp. is a 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. The Company has ownership interests in two of the four conventional uranium mills operating in North America today. The Company also has one of the largest uranium exploration programs among intermediate uranium companies with large land positions in the United States, Canada, Zambia and Mongolia. Development work is currently underway in Zambia, Mongolia and at the Midwest deposit in Saskatchewan. The combination of a diversified mining asset base with parallel ownership of milling infrastructure has uniquely positioned the Company for growth and development in the future.
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

 


 

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; the expected effects of possible corporate transactions, the development potential of Denison’s 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; actual results of current exploration 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 under the heading “Risk Factors” in Denison’s Annual Information Form dated March 27, 2007 available at www.sedar.com and its Form 40-F available at www.sec.gov. 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 Annual Information Form and the Form 40-F of the Company for the fifteen month period ended December 31, 2006 and other continuous disclosure documents filed since December 31, 2006 available at www.sedar.com and www.sec.gov, 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.
(DENISON MINES LETTERFOOT)

2

EX-3 4 o39733exv3.htm EXHIBIT 3 PRESS RELEASE DATED 02/22/2008
 

EXHIBIT 3
(DENISON MINES LETTERHEAD)
PRESS RELEASE
DENISON ANNOUNCES NI 43-101 RESOURCE ESTIMATES ON
MIDWEST A DEPOSIT
Toronto, ON – February 22, 2008... Denison Mines Corp. (“Denison” or the “Company”) (DML:TSX, DNN:AMEX) is pleased to announce that it has received an independent resource estimate on the Midwest A deposit (formerly called the Mae Zone) on the Midwest property in the Athabasca Basin of Northern Saskatchewan. Denison maintains a 25.17% interest in the Midwest Project, along with joint venture partners AREVA Resources Canada Inc. (“ARC”) (69.16%), and OURD Canada Co. Ltd. (“OURD”) (5.67%) (the “ Midwest Joint Venture”). The resource estimate was prepared by Geostat Systems International Inc. (“Geostat”) in accordance with the requirements of National Instrument 43-101 (“NI 43-101”).
The Midwest A deposit is located approximately three kilometers to the northeast from the main Midwest deposit. As announced on December 3, 2007, Midwest will be the first deposit to be mined by the Midwest Joint Venture. A diamond drill hole intersected mineralization in the late 1970’s during widely spaced reconnaissance drilling of the Midwest conductor. Exploration at the Midwest property was reactivated by the Midwest Joint Venture in 2004, as a result of rising uranium prices and to test the area around the historic hole MW-338, which had returned an intersection of 6.9% U3O8 over 3.8 metres at the unconformity.
In the report entitled “Technical Report on the Midwest A Uranium Deposit Saskatchewan, Canada” dated January 31, 2008 (the “Report”), Geostat has estimated the mineral resource for the Midwest A deposit as detailed below using a cut-off grade of 0.05% eU. The mineralization reported herein is based on equivalent U grades from down hole radiometric probing (about 60% of data) and chemical grades (about 40% of data).
MINERAL RESOURCE ESTIMATE MIDWEST A DEPOSIT
Geostat Systems International Inc.
                                 
            Grade             Lbs U3O8  
Category   Tonnes     % U     Tonnes U     (000's)  
Indicated     464,000       0.48       2,200       5,800  
Inferred     9,200       18.0       1,700       4,300  
The Midwest A deposit is located at a depth of between 175 and 210 metres below the surface. It consists of several sub-parallel high-grade mineralized zones. These structures are surrounded by low-grade remobilized and clay-rich mineralization that has formed in the typical ‘pancake’ morphology. This occurs on several layers, with the most pronounced being located in the sandstone just under the contact with the chlorite zone, immediately under a conglomerate marker horizon located at about 175 meters below surface. This conglomerate layer has been somewhat disturbed and locally destroyed by the quartz dissolution associated with the mineralization. Another layer, more poorly defined, occurs just above the unconformity. The mineralized structures also exhibit structurally controlled roots that go well down into the basement (as far as 70 metres beneath the unconformity).

 


 

The Midwest Joint Venture plans to drill an additional 11,600 metres exploration drilling in 2008.
Geostat was retained by ARC to independently review and audit the mineral resource at the Midwest A deposit. Mr Michel Dagbert is the Qualified Person pursuant to National Instrument 43-101 who has verified the data disclosed and was responsible for the Report. Mr. Dagbert has reviewed the technical contents related to the resource estimate contained in this release.
Readers are advised to refer to the Report for more detailed information, which is available on SEDAR (www.sedar.com) under Denison’s profile.
Denison Mines Corp. is a 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. The Company has ownership interests in two of the four conventional uranium mills operating in North America today. The Company also has one of the largest uranium exploration programs among intermediate uranium companies with large land positions in the United States, Canada, Mongolia and Zambia. Development work is currently underway in Zambia, Mongolia and at the Midwest deposit in Saskatchewan. The combination of a diversified mining asset base with parallel ownership of milling infrastructure has uniquely positioned the Company for growth and development in the future.
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; the development potential of Denison’s 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; actual results of current exploration 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 under the heading “Risk Factors” in Denison’s Annual Information Form dated March 27, 2007 available at www.sedar.com and its Form 40-F available at www.sec.gov. 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 Annual Information Form and the Form 40-F of the Company for the fifteen month period ended December 31, 2006 and other continuous disclosure documents filed since December 31, 2006 available at www.sedar.com, for further information relating to their mineral resources and mineral reserves.
(DENISON MINES LETTERFOOT)

2


 

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
(DENISON MINES LETTERFOOT)

3

EX-4 5 o39733exv4.htm EXHIBIT 4 PRESS RELEASE DATED 02/25/2008
 

EXHIBIT 4
(DENISON MINES LETTERHEAD)
PRESS RELEASE
DENISON PROVIDES UPDATE ON MIDWEST URANIUM PROJECT
February 25, 2008, Denison Mines Corp. (“Denison”) (TSX: DML; AMEX: DNN) is pleased to provide the following information with regard to the Midwest uranium mine project. The partners in the joint venture comprise AREVA Resources Canada Inc. (“Areva”) (69.16%), Denison (25.17%) and OURD (Canada) Co., Ltd. (5.67%). AREVA is the operator of the project.
The Midwest Project, which is located 15 kilometres west of the McClean Lake operation, involves construction of an open pit mine. The pit, as currently designed, will produce an estimated 36 million pounds of U3O8 (about 14,000 tonnes of uranium). Other deposits and extensions located to the north, south and in the basement could be developed once the pit is nearing completion. Ore will be trucked along a dedicated haul road to the McClean Lake mill for processing.
The key aspects of the project are as follows:
    Development of the Midwest open pit, construction of site facilities, and waste rock management at the Midwest site
 
    Increasing the production capacity of the McClean Lake mill to accommodate an increased rate of milling of the Midwest ore
 
    Management of waste water generated at Midwest by installing a water treatment plant at Midwest and piping the treated effluent for discharge to Sink Vulture near the McClean Lake mill
 
    Construction of a dedicated haul road between the Midwest and McClean sites
Capital costs for the project in 2007 Canadian dollars are estimated to be approximately $435 million consisting of the following: $75 million for the water treatment plant, $115 million for de-watering wells, $100 million for infrastructure, $35 million for mine equipment, $100 million for modification to the mill, and $10 million in miscellaneous capital. Approximately $50 million of these costs are expected to be incurred in 2008 with the balance spent in 2009 and 2010.
The regulatory approval process is underway. The environmental assessment submission was made on October 19, 2007. It is anticipated that a decision on the environmental assessment will be given in the first half of 2009 and approval of the preparatory construction license would be received in the first half of 2009.
Subject to regulatory approvals, the site construction, including the haul road, water treatment and other facilities, is expected to begin in mid-2009. Stripping of the rock over the ore would then commence in early 2010 with ore removal starting by September 2011 and continuing through to 2013. It is expected that ore will be processed at the McClean Lake mill commencing in late 2011 and will produce at a rate of about 8 million pounds of U3O8 per year until fully processed by 2016 or 2017. Decommissioning and reclamation costs are estimated at $55 million. However, a majority of the facilities would be used if other areas on the Midwest lease are developed.
The Midwest deposit has a total of about 41.7 million pounds U3O8 and about 33 million pounds of nickel and 2.5 million pounds of cobalt associated with the uranium. (Reference is made to the “Technical Report on the Midwest Mineral Resource and Mineral Reserve Estimates, Saskatchewan, Canada” dated June 1, 2005, revised on February 14 2006 (the “Report”), prepared by Roscoe Postle Associates (now Scott Wilson RPA) which is available on SEDAR at www.sedar.com). Messrs James Hendry, Richard Routledge and Luke Evans were the Qualified Persons pursuant to National Instrument 43-101 who were responsible for the Report. The economic and technical feasibility of producing the nickel and cobalt is still being developed.

 


 

About Denison
Denison Mines Corp. is a 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 conventional uranium mills operating in North America today. The Company also has a strong exploration portfolio with large land positions in the United States, Canada, Mongolia and Zambia. Correspondingly, the Company has one of the largest uranium exploration teams among intermediate uranium companies.
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
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; the development potential of Denison’s properties, including those of its joint ventures; 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; actual results of current exploration 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 under the heading “Risk Factors” in Denison’s Annual Information Form dated March 27, 2007 available at www.sedar.com and its Form 40-F available at www.sec.gov. 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 Annual Information Form and the Form 40-F of the Company for the fifteen month period ended December 31, 2006 and other continuous disclosure documents filed since December 31, 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.

2

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