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: April 29, 2015
Commission File Number: 001-33414
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 [ ] Form 40-F
[X]
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): [ ]
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): [ ]
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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|
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/s/
Sheila Colman |
Date: April 29, 2015 |
Sheila Colman |
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General Counsel and Corporate Secretary
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EXHIBIT INDEX
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 INTERSECTS NEW ZONE OF URANIUM MINERALIZATION AT
WHEELER RIVER
Toronto, ON March 30, 2015
Denison Mines Corp.
(Denison or the Company) (DML: TSX, DNN: NYSE MKT) is pleased to report the
discovery of a new zone of uranium mineralization at the Wheeler River project
in the eastern Athabasca Basin of northern Saskatchewan. Uranium in the new zone
occurs at the unconformity, 800 metres south of the Gryphon zone. Two drill
holes have intersected the zone to date, with the best result being 2.8%
eU3O8 over 4.0 metres. Wheeler River is a joint
venture (Denison 60% and the operator) with Cameco Corp (30%) and JCU (Canada)
Exploration Company, Limited (10%).
The winter 2015 drill program continues at Wheeler River with
three drills on site. The program is designed to both extend the Gryphon zone of
basement hosted uranium discovered in 2014 and explore for other zones of
mineralization in the area.
New Zone of Unconformity Mineralization
Ten drill holes have been completed to explore for additional
zones of mineralization along strike to the south of the Gryphon zone. The
highlight is drill hole WR-597, which intersected 2.8%
eU3O8 over 4.0 metres at the unconformity. WR-597
was following up drill hole WR-595 which intersected 0.9%
eU3O8 over 1.1 metres. Mineralization straddles the
unconformity, replacing the matrix of the basal sandstone or filling fractures
in the underlying pelitic strata. The mineralization is open along the section
and along strike to the south. This component of the winter drilling program,
south of the Gryphon zone, was designed to systematically evaluate the potential
for both basement and unconformity hosted mineralization. The area is
characterized by graphitic faults and a prospective alteration zone extending
from the south end of the Gryphon zone. Several of the drill holes have
intersected weak uranium mineralization in the basement, similar to historic
drill holes that led to the discovery of the Gryphon zone. Each of these
warrants eventual follow-up. Drill holes WR-595 and WR-597 are the southernmost
drill holes, completed on a section 800 metres south of the Gryphon zone, and
have intersected the first occurrence of unconformity hosted uranium in the area
and significant basement mineralization.
Gryphon Extension Drilling
Early results from this years program successfully extended
the Gryphon zone of uranium mineralization in both the up-plunge and down-plunge
directions. Since then, five additional drill holes have been completed in the
down-plunge direction, one of which (WR-583D2) was successful in extending the
zone at depth. Another two holes attempted to extend mineralization in the
up-plunge direction, but neither intersected significant mineralization. The
zone is still open in both plunge directions.
The drill results from the on-going winter program are
summarized in the table below. The attached figure shows the location of the
drill holes on an inclined longitudinal section.
Drilling will continue in the Gryphon area until mid-April,
with emphasis being placed on the new unconformity hosted zone. A 23,000 metre
summer drilling program is planned for the Wheeler River project, which is
anticipated to begin in June.
2015 Year to Date Drilling Results
Drill
Hole |
Location |
Basement/ |
Down-Hole
Total Gamma Probe |
|
|
Unconformity |
From (m) |
To (m) |
Length (m) |
eU3O8 (%)1 |
WR-577D12,4,5 |
Gryphon Up-Plunge |
Basement |
664.5 |
666.6 |
2.1 |
0.3 |
and |
|
Basement |
678.0 |
679.0 |
1.0 |
0.3 |
WR-5822,3 |
Gryphon Down-Plunge |
Basement |
764.2 |
766.6 |
2.4 |
2.9 |
WR-5832,3 |
Gryphon Down-Plunge |
Basement |
786.3 |
788.7 |
2.4 |
2.8 |
WR-584B2,3 |
Gryphon Up-Plunge |
Basement |
641.6 |
646.2 |
4.6 |
9.0 |
WR-583D1 |
Gryphon Down-Plunge |
|
No significant mineralization |
WR-583D23,5 |
Gryphon Down-Plunge |
Basement |
501.6 |
503.8 |
2.2 |
1.5 |
and |
|
Basement |
508.2 |
509.8 |
1.6 |
2.4 |
WR-585A |
Gryphon Up-Plunge |
|
No significant mineralization |
WR-586 |
Gryphon Down-Plunge |
|
No significant mineralization |
WR-586D1 |
Gryphon Down-Plunge |
|
No significant mineralization |
WR-587 |
Gryphon Up-Plunge |
|
No significant mineralization |
WR-588 |
South of Gryphon |
|
No significant mineralization |
WR-588D1 |
South of Gryphon |
|
No significant mineralization |
WR-5894 |
South of Gryphon |
Basement |
564.4 |
565.4 |
1.0 |
0.2 |
and |
|
Basement |
569.8 |
573.1 |
3.3 |
0.4 |
and |
|
Basement |
576.7 |
577.7 |
1.0 |
0.1 |
and |
|
Basement |
584.0 |
585.9 |
1.9 |
0.2 |
WR-5904 |
South of Gryphon |
Basement |
559.6 |
561.3 |
1.7 |
0.1 |
and |
|
Basement |
563.7 |
567.0 |
3.3 |
0.1 |
and |
|
Basement |
572.3 |
573.8 |
1.5 |
0.2 |
and |
|
Basement |
579.1 |
581.7 |
2.6 |
0.3 |
WR-5914 |
South of Gryphon |
Basement |
586.3 |
587.3 |
1.0 |
0.2 |
WR-5924 |
South of Gryphon |
Basement |
585.4 |
587.2 |
1.8 |
0.5 |
WR-5934 |
South of Gryphon |
Basement |
492.9 |
494.2 |
1.3 |
0.3 |
WR-594 |
South of Gryphon |
|
No significant mineralization |
WR-5954 |
South of Gryphon |
Unconformity |
525.0 |
526.2 |
1.2 |
1.0 |
and |
|
Basement |
565.8 |
571.6 |
5.8 |
0.2 |
and |
|
Basement |
583.7 |
585.5 |
1.8 |
0.3 |
WR-596 |
South of Gryphon |
|
No significant mineralization |
WR-5973 |
South of Gryphon |
Unconformity |
496.5 |
500.5 |
4.0 |
2.8 |
and |
|
Basement |
586.9 |
587.9 |
1.0
|
1.6
|
Notes: |
1. eU3O8 is radiometric
equivalent uranium from a total gamma down-hole probe |
|
2. Results were previously released |
|
3. Composited above a cutoff grade of 1.0%
eU3O8 |
|
4. Composited above a cutoff grade of 0.05%
eU3O8 |
|
5. Distances are measured from the wedge, not
from surface. |
As the drill holes are oriented steeply toward the northwest
and the basement mineralization dips moderately to the southeast, the true
thickness of the basement mineralization is expected to be approximately 75% of
the intersection lengths. As the unconformity mineralization is horizontal, the
true thickness of the unconformity mineralization is expected to be
approximately 90% of the intersection lengths.
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. For a description of the quality assurance program and quality control
measures applied by Denison, please see Denison's Annual Information Form dated
March 5, 2015 filed under the Company's profile on SEDAR at www.sedar.com.
- 2 -
About Denison
Denison is a uranium exploration and development company
with interests in exploration and development projects in Canada, Zambia, Mali,
Namibia and Mongolia. Including its 60% owned Wheeler project, which hosts the
high grade Phoenix uranium deposit, Denisons exploration project portfolio
consists of numerous projects covering over 467,000 hectares in the eastern
Athabasca Basin region of Saskatchewan. Denisons 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, which is
currently processing ore from the Cigar Lake mine under a toll milling
agreement, plus a 25.17% interest in the Midwest deposit and a 60% interest in
the J Zone deposit on the Waterbury Lake 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, 100% of the uranium/copper/silver Falea project in Mali, a
90% interest in the Dome project in Namibia, and an 85% interest in the in-situ
recovery projects held by the Gurvan Saihan joint venture (GSJV) in Mongolia.
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 362 |
President and Chief Executive Officer |
|
|
|
Sophia Shane |
(604) 689-7842 |
Investor Relations |
|
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
Certain information contained in this press release constitutes
forward-looking information", within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and similar Canadian legislation
concerning the business, operations and financial performance and condition of
Denison.
Generally, these forward-looking statements can be identified
by the use of forward-looking terminology such as "plans", "expects" or "does
not expect", "is expected", "budget", "scheduled", "estimates", forecasts",
"intends", "anticipates" or "does not anticipate", or "believes", or variations
of such words and phrases or state that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "occur", "be achieved" or
has the potential to.
Forward looking statements are based on the opinions and
estimates of management as of the date such statements are made, and they are
subject to known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or achievements of
Denison to be materially different from those expressed or implied by such
forward-looking statements. Denison believes that the expectations reflected in
this forward-looking information are reasonable but no assurance can be given
that these expectations will prove to be correct and such forward-looking
information included in this press release should not be unduly relied upon.
This information speaks only as of the date of this press release. In
particular, this press release may contain forward-looking information
pertaining to the following: the likelihood of completing and benefits to be
derived from corporate transactions; the estimates of Denison's mineral reserves
and mineral resources; expectations regarding the toll milling of Cigar Lake
ores; capital expenditure programs, estimated exploration and development
expenditures and reclamation costs; expectations of market prices and costs;
supply and demand for uranium (U3O8); possible
impacts of litigation and regulatory actions on Denison; exploration,
development and expansion plans and objectives; expectations regarding
adding to its mineral reserves and resources through acquisitions and
exploration; and receipt of regulatory approvals, permits and licences under
governmental regulatory regimes.
There can be no assurance that such statements will prove to be
accurate, as Denison's actual results and future events could differ materially
from those anticipated in this forward-looking information as a result of the
factors discussed under the heading "Risk Factors" in Denisons Annual
Information Form dated March 5, 2015 available at www.sedar.com, and in its Form
40-F available at www.sec.gov/edgar.shtml.
Accordingly, readers should not place undue reliance on
forward-looking statements. These factors are not, and should not be construed
as being, exhaustive. Statements relating to "mineral reserves" or "mineral
resources" are deemed to be forward-looking information, as they involve the
implied assessment, based on certain estimates and assumptions that the mineral
reserves and mineral resources described can be profitably produced in the
future. The forward-looking information contained in this press release is
expressly qualified by this cautionary statement. Denison does not undertake any
obligation to publicly update or revise any forward-looking information after
the date of this press release to conform such information to actual results or
to changes in Denison's expectations except as otherwise required by applicable
legislation.
Cautionary Note to United States Investors Concerning
Estimates of Measured, Indicated and Inferred Mineral Resources: This press
release may use the terms measured, indicated and inferred mineral
resources. United States investors are advised that while such terms are
recognized and required by Canadian regulations, the United States Securities
and Exchange Commission does not recognize them. Inferred mineral resources
have a great amount of uncertainty as to their existence, and as to their
economic and legal feasibility. It cannot be assumed that all or any part of an
inferred mineral resource will ever be upgraded to a higher category. Under
Canadian rules, estimates of inferred mineral resources may not form the basis
of feasibility or other economic studies. United States investors are
cautioned not to assume that all or any part of measured or indicated mineral
resources will ever be converted into mineral reserves. United States investors
are also cautioned not to assume that all or any part of an inferred mineral
resource exists, or is economically or legally mineable.
- 3 -
- 4 -
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 COMPLETES SUCCESSFUL WINTER DRILLING
SEASON
Toronto, ON April 15, 2015
Denison Mines Corp.
(Denison or the Company) (DML: TSX, DNN: NYSE MKT) is pleased to report the
completion of winter exploration drilling in the Athabasca Basin. Highlights
from winter drilling include the expansion of the Gryphon zone of basement
hosted uranium at Wheeler River, a new discovery of unconformity hosted uranium
south of Gryphon, and the expansion of a zone of unconformity hosted uranium at
Mann Lake. A total of 30,400 metres was completed in 61 drill holes on seven
Denison operated projects. An additional 12,700 metres was completed in 32 holes
on projects operated by Denisons joint venture partners. Geophysical surveys
are still underway on several properties as work continues on the development of
an approximately 34,000 metre summer exploration program.
David Cates, President and CEO of Denison, stated Our winter
drilling was successful on several properties. Were particularly pleased with
the results at Wheeler River where we accomplished both of our two main goals:
expanding the Gryphon zone and locating other mineralization in the area. With a
steady stream of encouraging results from Gryphon, we expect to update the
mineral resource estimate for Wheeler River later this year, and are looking
forward to an aggressive summer exploration season that will follow up on
several new high priority targets identified near the Gryphon zone during the
winter program.
Wheeler River
Twenty six drill holes totaling 17,700 metres were completed
during the winter drilling program at Wheeler River. All of the drilling was
located in the K North area, host of the Gryphon zone, which is located roughly
3 kilometres northwest of the high-grade Phoenix deposit. Seven of the 12 drill
holes targeting extensions of the Gryphon zone intersected significant uranium
mineralization. The zone was extended up-plunge, down-plunge, and up-dip on two
sections. The best result was in drill hole WR-584B, which intersected 9.0%
eU3O8 over 4.6 metres in the up-plunge direction.
Additionally, 14 drill holes were completed to explore for
additional zones of mineralization along strike to the south of Gryphon. The
area is characterized by graphitic faults and a prospective alteration zone that
extends from the south end of the Gryphon zone. The highlight was drill hole
WR-597, which intersected 2.8% eU3O8 over 4.0
metres at the unconformity, roughly 800 metres to the south of the Gryphon zone.
WR-597 was following up drill hole WR-595 which intersected 1.0%
eU3O8 over 1.2 metres. Mineralization in this
area straddles the unconformity, replacing the matrix of the basal sandstone or
filling fractures in the underlying pelitic strata. Two additional drill holes
completed on the section lacked significant mineralization. The new zone,
however, is open along strike to the south and will be followed up in the
summer. Additionally, there were several drill holes to the south of the Gryphon
zone, which intersected weak uranium mineralization in the basement. As weak
uranium mineralization in the basement near the unconformity could represent the
upper edge of additional Gryphon-like zones, these results will also be followed
up as part of the summer drilling program.
The drill results from the Wheeler River winter program are
summarized in the table below. The attached figure shows the location of the
drill holes on an inclined longitudinal section. Wheeler River is located
between the McArthur River Mine and Key Lake mill complex in the Athabasca Basin
in northern Saskatchewan. Denison is the operator and holds a 60% interest in
the project. Cameco Corporation holds a 30% interest and JCU (Canada)
Exploration Company, Limited holds the remaining 10% interest.
2015 Year to Date Drilling Results
Drill Hole |
Location |
Basement/Unconformity |
Down-Hole Total Gamma Probe |
|
|
|
From (m) |
To (m) |
Length (m) |
eU3O8 (%)1 |
WR-571D23,5 |
Gryphon Up-Dip |
Basement |
512.6 |
517.9 |
5.3 |
3.2 |
and |
|
Basement |
544.8 |
546.0 |
1.2 |
1.8 |
WR-574D13,5 |
Gryphon Up-Dip |
Basement |
473.0 |
479.0 |
2.0 |
1.3 |
and |
|
Basement |
510.4 |
511.4 |
1.0 |
7.5 |
and |
|
Basement |
519.6 |
520.6 |
1.0 |
1.1 |
WR-577D12,4,5 |
Gryphon Up-Plunge |
Basement |
664.5 |
666.6 |
2.1 |
0.3 |
and |
|
Basement |
678.0 |
679.0 |
1.0 |
0.3 |
WR-5822,3 |
Gryphon Down-Plunge |
Basement |
764.2 |
766.6 |
2.4 |
2.9 |
WR-5832,3 |
Gryphon Down-Plunge |
Basement |
786.3 |
788.7 |
2.4 |
2.8 |
WR-584B2,3 |
Gryphon Up-Plunge |
Basement |
641.6 |
646.2 |
4.6 |
9.0 |
WR-583D12 |
Gryphon Down-Plunge |
|
No significant
mineralization |
|
WR-583D22,3,5 |
Gryphon Down-Plunge |
Basement |
501.6 |
503.8 |
2.2 |
1.5 |
and |
|
Basement |
508.2 |
509.8 |
1.6 |
2.4 |
WR-585A2 |
Gryphon Up-Plunge |
|
No significant
mineralization |
|
WR-5862 |
Gryphon Down-Plunge |
|
No significant
mineralization |
|
WR-586D12 |
Gryphon Down-Plunge |
|
No significant
mineralization |
|
WR-5872 |
Gryphon Up-Plunge |
|
No significant
mineralization |
|
WR-5882 |
South of Gryphon |
|
No significant
mineralization |
|
WR-588D12 |
South of Gryphon |
|
No significant
mineralization |
|
WR-5892,4 |
South of Gryphon |
Basement |
564.4 |
565.4 |
1.0 |
0.2 |
and |
|
Basement |
569.8 |
573.1 |
3.3 |
0.4 |
and |
|
Basement |
576.7 |
577.7 |
1.0 |
0.1 |
and |
|
Basement |
584.0 |
585.9 |
1.9 |
0.2 |
WR-5902,4 |
South of Gryphon |
Basement |
559.6 |
561.3 |
1.7 |
0.1 |
and |
|
Basement |
563.7 |
567.0 |
3.3 |
0.1 |
and |
|
Basement |
572.3 |
573.8 |
1.5 |
0.2 |
and |
|
Basement |
579.1 |
581.7 |
2.6 |
0.3 |
WR-5912,4 |
South of Gryphon |
Basement |
586.3 |
587.3 |
1.0 |
0.2 |
WR-5922,4 |
South of Gryphon |
Basement |
585.4 |
587.2 |
1.8 |
0.5 |
WR-5932,4 |
South of Gryphon |
Basement |
492.9 |
494.2 |
1.3 |
0.3 |
WR-5942 |
South of Gryphon |
|
No significant
mineralization |
|
WR-5952,4 |
South of Gryphon |
Unconformity |
525.0 |
526.2 |
1.2 |
1.0 |
and |
|
Basement |
565.8 |
571.6 |
5.8 |
0.2 |
and |
|
Basement |
583.7 |
585.5 |
1.8 |
0.3 |
WR-5962 |
South of Gryphon |
|
No significant
mineralization |
|
WR-5972,3 |
South of Gryphon |
Unconformity |
496.5 |
500.5 |
4.0 |
2.8 |
and |
|
Basement |
586.9 |
587.9 |
1.0 |
1.6 |
WR-597D1 |
South of Gryphon |
|
No significant
mineralization |
|
WR-5984 |
South of Gryphon |
Basement |
583.3 |
584.3 |
1.0 |
0.4 |
WR-5994 |
South of Gryphon |
Basement |
593.1 |
594.1 |
1.0 |
0.2 |
Notes: |
1. eU3O8 is radiometric
equivalent uranium from a total gamma down-hole probe |
|
2. Results were previously released |
|
3. Composited above a cutoff grade of 1.0%
eU3O8 |
|
4. Composited above a cutoff grade of 0.05%
eU3O8 |
|
5. Distances are measured from the wedge, not
from surface. |
As the drill holes are oriented steeply toward the northwest
and the basement mineralization dips moderately to the southeast, the true
thickness of the basement mineralization is expected to be approximately 75% of
the intersection lengths. As the unconformity mineralization is horizontal, the
true thickness of the unconformity mineralization is expected to be
approximately 90% of the intersection lengths.
- 2 -
Mann Lake
Drilling at Mann Lake in 2015 was designed to explore for
extensions of uranium mineralization intersected in drill holes MN-060
(2.94% U3O8 over 4.8 metres) and MN-065
(4.8% U3O8 over 1.0 metres) in 2014. Uranium in
these drill holes is located along the sub-Athabasca unconformity at its
intersection with a fault zone that marks a contact between granite gneiss and
graphitic pelitic gneiss. A total of 7,570 metres in 11 drill holes was
completed in the winter program. The highlight was drill hole MN-066-01, which
intersected 9.8% eU3O8 over 3.5 metres at the
unconformity. The drill hole is located 300 metres along strike to the south of
MN-060. The final drill hole of the season was stopped short of the target depth
due to spring break-up. Cameco Corp (the operator) plans to complete the drill
hole in June. As the drill holes are oriented steeply, and the mineralization is
approximately horizontal, the true thickness is expected to be at least 80% of
the intersection lengths. Mann Lake is located 20 kilometres southwest of the
McArthur River mine and five kilometres north of Wheeler River and is a joint
venture (Denison 30%) with Cameco Corp (52.5% and operator) and AREVA Resources
Canada (17.5%) .
Other Properties
Denison participated in drilling programs on seven other
properties during the winter six were operated by the Company, and one was
operated by AREVA Resources Canada. The Denison operated programs were completed
at Moore Lake, Lynx Lake, Crawford Lake, Hatchet Lake, Turkey Lake and Waterbury
Lake. AREVA operated the exploration program on the Wolly property. Encouraging
results at Hatchet Lake and Crawford Lake highlighted the exploration work
carried out on these other properties.
At Hatchet Lake, a total of 2,547 metres of drilling was
completed in nine drill holes at the Tuning Fork grid area. A zone of intense
basement clay alteration with elevated uranium values was extended by drill hole
TF-15-01. The alteration is coincident with a strong fault zone within graphitic
pelitic gneiss. The highest uranium value obtained in TF-15-01 was 491 ppm U,
and was accompanied by impressive trace element results that include elevated
copper (up to 2.4%), nickel (up to 0.1%) and cobalt (up to 0.29%) . The
intensity of the alteration and geochemical results, combined with the presence
of structurally prepared graphitic basement suggests that the area is highly
prospective for high grade basement hosted mineralization and further drilling
is required. Hatchet Lake is a joint venture with Anthem Resources Inc. owning
41.9% and Denison as operator holding 58.1% .
At the 100% owned Crawford Lake project, a total of 4,135
metres of drilling was completed in eight drill holes on the CR-5 conductor.
This work followed up on drilling in 2014 which encountered a large volume of
intense sandstone alteration in very wide spaced holes over a 2,400 metre length
of the conductor. The 2015 drilling confirmed the presence of the alteration
zone along the entire 2,400 metre strike length and identified a zone of
faulting in graphitic pelites that is likely the core of the hydrothermal
system. Geochemical results from drill core samples are still pending. The
volume of alteration associated with the structured graphitic basement is
encouraging and additional drilling is planned along the CR-5 conductor during
the summer exploration program.
Summer Exploration Plans
Denison will continue its 2015 exploration program with an
aggressive summer campaign that is expected to include drilling on eight Denison
operated properties: Wheeler River, Bell Lake, Murphy Lake, Waterbury Lake,
Jasper Lake, Stevenson River, Crawford Lake and Bachman Lake. Wheeler River will
be the primary focus of the summer program, with 36 drill holes planned,
totaling approximately 24,000 metres. Priorities at Wheeler River continue to be
the expansion of mineralization at and near the Gryphon zone, the discovery of
additional zones of mineralization in the vicinity of the Gryphon zone, and the
evaluation of other prospective target areas on the property. The additional
drilling planned for the Gryphon zone should be sufficient to support the
preparation of an initial estimate of mineral resources at Gryphon before the
end of the year.
- 3 -
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. For a description of the quality assurance program and quality control
measures applied by Denison, please see Denison's Annual Information Form dated
March 5, 2015 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, Mali,
Namibia and Mongolia. Including its 60% owned Wheeler project, which hosts the
high grade Phoenix uranium deposit, Denisons exploration project portfolio
consists of numerous projects covering over 467,000 hectares in the eastern
Athabasca Basin region of Saskatchewan. Denisons 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, which is
currently processing ore from the Cigar Lake mine under a toll milling
agreement, plus a 25.17% interest in the Midwest deposit and a 60% interest in
the J Zone deposit on the Waterbury Lake 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, 100% of the uranium/copper/silver Falea project in Mali, a
90% interest in the Dome project in Namibia, and an 85% interest in the in-situ
recovery projects held by the Gurvan Saihan joint venture (GSJV) in Mongolia.
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 362 |
President and Chief Executive Officer |
|
|
|
Sophia Shane |
(604) 689-7842 |
Investor Relations |
|
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
Certain information contained in this press release constitutes
forward-looking information", within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and similar Canadian legislation
concerning the business, operations and financial performance and condition of
Denison.
Generally, these forward-looking statements can be identified
by the use of forward-looking terminology such as "plans", "expects" or "does
not expect", "is expected", "budget", "scheduled", "estimates", forecasts",
"intends", "anticipates" or "does not anticipate", or "believes", or variations
of such words and phrases or state that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "occur", "be achieved" or
has the potential to.
Forward looking statements are based on the opinions and
estimates of management as of the date such statements are made, and they are
subject to known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or achievements of
Denison to be materially different from those expressed or implied by such
forward-looking statements. Denison believes that the expectations reflected in
this forward-looking information are reasonable but no assurance can be given
that these expectations will prove to be correct and such forward-looking
information included in this press release should not be unduly relied upon.
This information speaks only as of the date of this press release. In
particular, this press release may contain forward-looking information
pertaining to the following: the likelihood of completing and benefits to be
derived from corporate transactions; the estimates of Denison's mineral reserves
and mineral resources; expectations regarding the toll milling of Cigar Lake
ores; capital expenditure programs, estimated exploration and development
expenditures and reclamation costs; expectations of market prices and costs;
supply and demand for uranium (U3O8); possible
impacts of litigation and regulatory actions on Denison; exploration,
development and expansion plans and objectives; expectations regarding
adding to its mineral reserves and resources through acquisitions and
exploration; and receipt of regulatory approvals, permits and licences under
governmental regulatory regimes.
There can be no assurance that such statements will prove to be
accurate, as Denison's actual results and future events could differ materially
from those anticipated in this forward-looking information as a result of the
factors discussed under the heading "Risk Factors" in Denisons Annual
Information Form dated March 5, 2015 available at www.sedar.com, and in its Form
40-F available at www.sec.gov/edgar.shtml.
Accordingly, readers should not place undue reliance on
forward-looking statements. These factors are not, and should not be construed
as being, exhaustive. Statements relating to "mineral reserves" or "mineral
resources" are deemed to be forward-looking information, as they involve the
implied assessment, based on certain estimates and assumptions that the mineral
reserves and mineral resources described can be profitably produced in the
future. The forward-looking information contained in this press release is expressly qualified by this cautionary statement. Denison does
not undertake any obligation to publicly update or revise any forward-looking
information after the date of this press release to conform such information to
actual results or to changes in Denison's expectations except as otherwise
required by applicable legislation.
- 4 -
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.
- 5 -
- 6 -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE
SERVICES OR FOR |
DISSEMINATION IN THE UNITED STATES |
|
Denison Mines Announces $15 Million Bought Deal
Offering of Flow-Through |
Common Shares |
|
April 29, 2015
Denison Mines Corp. ("Denison" or the "Company")
(DML-T;DNN-A) is pleased to announce that it has entered into an agreement
with a syndicate of underwriters (together, the
"Underwriters") under which the Underwriters have agreed to purchase, on a
"bought deal" private placement basis, 12,000,000 flow-through common shares of
the Company (the "Flow-Through Shares") at a price of C$1.25 per Flow-Through
Share for total gross proceeds of C$15,000,000 (the "Offering"). The
Underwriters will seek to arrange for substituted purchasers for the
Flow-Through Shares in one or more provinces of Canada.
The closing of the Offering is expected to occur on or about
May 26, 2015 and is subject to the completion of formal documentation and
receipt of regulatory approvals, including the approval of the Toronto Stock
Exchange and the NYSE MKT LLC. The Flow-Through Shares issued in connection with
the Offering will be subject to a statutory hold period in accordance with
applicable securities legislation.
The Company intends to use the gross proceeds of the Offering
for "Canadian exploration expenses" (within the meaning of the Income Tax
Act (Canada)) related to the Company's Canadian uranium mining exploration
projects. The Company has also agreed to renounce such Canadian exploration
expenses with an effective date of no later than December 31, 2015.
About Denison
Denison is a uranium exploration and development company with
interests in exploration and development projects in Canada, Zambia, Mali,
Namibia and Mongolia. Including its 60% owned Wheeler project, which hosts the
high grade Phoenix uranium deposit, Denison's exploration project portfolio
consists of numerous projects covering over 400,000 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, which is
currently processing ore from the Cigar Lake mine under a toll milling
agreement, plus a 25.17% interest in the Midwest deposit and a 60% interest in
the J Zone deposit on the Waterbury Lake 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, 100% of the uranium/copper/silver Falea project in Mali, a
90% interest in the 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 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.
Cautionary Statement Regarding Forward-looking Statements
Certain information contained in this press release constitutes
"forward-looking statements" and "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 (collectively referred to as
"forward-looking statements"). Generally, these forward-looking statements can
be identified by the use of forward-looking terminology such as "is expected",
"will", "intends", or variations of such words and phrases. In particular, this
press release contains forward-looking information pertaining to the expected
closing date of the Offering, the Company's intended use of
proceeds and renunciation of Canadian exploration expenses, and that the
Underwriters will seek to arrange for substituted purchasers.
The forward-looking statements contained in this press release
are based on certain assumptions and estimates of management as of the date
hereof. Such assumptions and estimates include, among other things, those
assumptions and estimates inherent in such forward-looking statements as well as
assumptions and estimates respecting: the timely receipt of all regulatory and
third party approvals for the Offering, including those of the Toronto Stock
Exchange and the NYSE MKT LLC; that Denison will continue to conduct its
business and operational activities in a manner consistent with its current
business and operations plans; and current and future industry and market
conditions, including with respect to commodity prices and currency, exchange
and interest rate fluctuations. Denison believes that the assumptions and
expectations reflected in this forward-looking information are reasonable but no
assurance can be given that these assumptions and expectations will prove to be
correct.
Forward-looking statements 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. These risks,
uncertainties and factors include, among other things: that the Offering may not
close within the timeline anticipated or at all or may not close on the terms
and conditions currently anticipated by the Company for a number of reasons
including, without limitation, as a result of issues arising which are subject
to certain termination provisions agreed to with the Underwriters; the Company
may be unable to obtain all necessary third-party and regulatory approvals
within the timeline and terms anticipated which may result in a delay or
termination of the Offering or in the closing of the Offering on terms not
currently anticipated by Denison; and the risks, uncertainties and factors
discussed under the heading "Risk Factors" in Denison's Annual Information Form
dated March 5, 2015 available at www.sedar.com http://www.sedar.com/, and in its
Form 40-F available at www.sec.gov/edgar.shtml http://www.sec.gov/edgar.shtml.
The forward-looking statements contained in this press release
speak only as of the date of this press release and readers should not place
undue reliance on such forward-looking statements. The forward-looking
statements contained in this press release are expressly qualified by this
cautionary statement. Denison does not undertake any obligation to publicly
update or revise any forward-looking statements after the date of this press
release to conform such statements to actual results or to changes in Denison's
expectations except as otherwise required by applicable legislation.
Denison Mines Corp. |
David Cates |
President and Chief Executive Officer |
(416) 979-1991 ext 362 |
|
Denison Mines Corp. |
Sophia Shane |
Investor Relations |
(604) 689-7842 |
This news release does not constitute an offer to sell or a
solicitation of an offer to buy the securities described herein in the United
States. The securities described herein have not been and will not be registered
under the United States Securities Act of 1933, as amended, and may not be
offered, sold or resold in the United States.
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