Denison Mines Corp. (TSX:DML)(NYSE MKT:DNN) ("Denison" or the
"Company") is pleased to announce additional high grade
intersections in three more drill holes (WR-533, 534 and 535) at
the Phoenix A deposit from the recently completed summer drilling
program at the Wheeler River property. Also, chemical assays have
confirmed the very high grades reported previously for drill hole
WR-525 along the western margin of the Phoenix A deposit. From
chemical assays, the intersection in WR-525 is 12.0 metres of 43.8%
U3O8, which confirms it as the highest grade x thickness product
(GT) of any drill hole on the Wheeler River property at 525.6
%metres.
Wheeler River
A total of 11,074 metres was completed in 23 drill holes during
the summer drilling program at Wheeler River, which is now
complete. The inset in the attached figure shows the location of
the drilling areas relative to the Phoenix deposits. The highlights
of the program are summarized in the table and discussed in more
detail below. The table also provides assay updates for previously
reported down hole probe results.
Wheeler River Summer 2013 Drilling Highlights and Assay Updates
----------------------------------------------------------------------------
Down Hole Radiometric Probe Assay
-------------------------------------------------------------
eU3O8
From To Length (%) From To Length U3O8
Hole-ID Area (m) (m) (m) (1) (m) (m) (m) (%)
----------------------------------------------------------------------------
WR- PHX A 410.4 413.9 3.5 36.3 407.5 415.5 8.0 20.0
496(i)
WR- PHX A 405.4 408.5 3.1 24.1 404.1 412.6 8.5 10.9
498(i)
WR- PHX A 407.5 410.1 2.6 14.8 405.5 413.5 8.0 7.3
499(i)
WR- PHX A 406.0 409.0 3.0 13.5 Core Recovery
501(i) less than 80%,
Probe Results Retained
and PHX A 411.0 412.0 1.0 3.0 Core Recovery
less than 80%,
Probe Results Retained
and PHX A Below 1% 424.0 429.0 5.0 0.5
WR- 489 411.1 414.3 3.2 0.3 411.0 414.0 3.0 0.4
518(i) Zone
WR-523 PHX A 405.2 406.2 1.0 0.1 Core Recovery
less than 80%,
Probe Results Retained
and PHX A 412.6 414.6 2.0 0.1 412.0 415.0 3.0 0.1
WR-525 PHX A 401.6 411.9 10.3 43.2 400.5 412.5 12.0 43.8
WR-527 PHX A 403.5 405.2 1.7 16.4 Core Recovery
less than 80%,
Probe Results Retained
WR-528 PHX A 403.7 406.8 3.1 13.0 Core Recovery
less than 80%,
Probe Results Retained
WR-533 PHX A 407.1 411.6 4.5 1.5 Pending
WR-534 PHX A 407.7 410.8 3.1 10.3 Pending
WR-535 PHX A 404.9 407.4 2.5 19.0 Pending
and PHX A 408.1 409.1 1.0 1.4 Pending
----------------------------------------------------------------------------
(1) - eU3O8 is radiometric equivalent uranium oxide calculated from a total
gamma down-hole probe
(i) - Probe results previously reported
At the Phoenix A deposit eight drill holes were completed to
evaluate the potential for extensions of higher grade
mineralization beyond the limits of the higher grade domain
established for the January 2013 mineral resource estimate. Five of
these drill holes encountered higher grade mineralization, with
drill hole WR-525 being particularly significant. The results
suggest that further efforts to extend higher grade mineralization
are warranted in the next drill program. Areas to be targeted
include both the western and eastern margins of Phoenix A and the
western margin of Phoenix B.
Ten of the 23 summer program drill holes were completed on wide
spaced (300 metre) fences at the 489 Zone. Only drill hole WR-518
returned significant mineralization. However, the alteration system
and structural package in the basement continues beyond the area
drilled and will be followed up in future drill programs.
Additionally, four drill holes were completed in the Phoenix
North area and one was completed at the REa area. No significant
mineralization was encountered in these drill holes. Faulted
graphitic pelitic rocks with significant sandstone alteration and
anomalous geochemistry continue to be observed in the Phoenix North
area, and drill targets remain there.
As mineralization in the Phoenix deposit is sub-horizontal and
the drill holes in the table are vertical, the true thickness is
expected to be approximately equal to the intersection length. The
Wheeler River property lies 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.
Other Activities
Denison is also completing exploration programs at seven other
Athabasca Basin properties this summer; Waterbury Lake (60%
Denison, 40% KEPCO), Packrat (100% Denison), South Dufferin (100%
Denison), Johnston Lake (100% Denison) and Moon Lake (55% Denison,
45% Uranium One).
Waterbury Lake
Linecutting and geophysical (DC-resistivity) surveying was
completed along trend northwest of the J-Zone uranium deposit at
Waterbury Lake during August. An initial interpretation suggests
that the area has geophysical features that are analogous to the
J-Zone and Midwest deposits. A six hole diamond drilling program
has begun to follow up on the results.
Packrat
A six hole diamond drilling program on structural/geophysical
targets at the Packrat property was completed in early August.
Weakly elevated radioactivity was encountered in basement rocks
associated with alteration and faulting in two of the drill holes.
Geochemical analyses are pending. If the geochemistry is
sufficiently encouraging, follow up drilling will be required in
2014.
South Dufferin
At South Dufferin, ten short diamond drill holes were completed
on geophysical targets at this property located along the south rim
of the Athabasca basin. No significant mineralization was
intersected, although several shear zones in the basement rocks
were encountered that confirm the presence of the Dufferin Lake
fault system through the property. Geochemical analyses are
pending.
Bachman Lake, Crawford Lake and Moon Lake
Drilling of six holes at Bachman Lake, Crawford Lake and Moon
Lake is currently underway and is being conducted as a combined
program due to their close proximity. International Enexco Limited
is funding the Bachman Lake drilling to earn a 20% interest in that
property.
Johnston Lake
DC-resistivity geophysical surveying is underway at Johnston
Lake and will be followed by a six hole drilling campaign in
September.
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 13, 2013 filed under the Company's profile on SEDAR at
www.sedar.com.
About Denison
Denison is a uranium exploration and development company with
interests in exploration and development projects in Canada,
Zambia, Namibia, and Mongolia. Including the high grade Phoenix
deposits, located on its 60% owned Wheeler project, Denison's
exploration project portfolio includes 49 projects and totals
approximately 603,000 hectares in the Eastern Athabasca Basin
region of Saskatchewan. Denison's interests in Saskatchewan also
include a 22.5% ownership interest in the McClean Lake joint
venture, which includes several uranium deposits and the McClean
Lake uranium mill, one of the world's largest uranium processing
facilities, plus a 25.17% interest in the Midwest deposit and a 60%
interest in the J-Zone deposit on the Waterbury property. Both the
Midwest and J-Zone deposits are located within 20 kilometres of the
McClean Lake mill. Internationally, Denison owns 100% of the
conventional heap leach Mutanga project in Zambia, a 75% interest
in the newly acquired Dome project in Namibia, and an 85% interest
in the in-situ recovery projects held by the Gurvan Saihan joint
venture in Mongolia.
Denison is engaged in mine decommissioning and environmental
services through its Denison Environmental Services division and is
the manager of Uranium Participation Corporation, a publicly traded
company which invests in uranium oxide and uranium
hexafluoride.
To view the map accompanying this press release, click on the
following link: http://media3.marketwire.com/docs/d910m.pdf
Cautionary Statements
Certain information contained in this press release constitutes
"forward-looking information", within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and similar
Canadian legislation concerning the business, operations and
financial performance and condition of Denison.
Generally, these forward-looking statements can be identified by
the use of forward-looking terminology such as "plans", "expects"
or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases
or state that certain actions, events or results "may", "could",
"would", "might" or "will be taken", "occur", "be achieved" or "has
the potential to".
Forward looking statements are based on the opinions and
estimates of management as of the date such statements are made,
and they are subject to known and unknown risks, uncertainties and
other factors that may cause the actual results, level of activity,
performance or achievements of Denison to be materially different
from those expressed or implied by such forward-looking statements.
Denison believes that the expectations reflected in this
forward-looking information are reasonable but no assurance can be
given that these expectations will prove to be correct and such
forward-looking information included in this press release should
not be unduly relied upon. This information speaks only as of the
date of this press release. In particular, this press release may
contain forward-looking information pertaining to the following:
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 licenses 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 in or referred to
under the heading "Risk Factors" in Denison's Annual Information
Form dated March 13, 2013 available at http://www.sedar.com, and in
its Form 40-F available at http://www.sec.gov/edgar.shtml.
Accordingly, readers should not place undue reliance on
forward-looking statements. These factors are not, and should not
be construed as being, exhaustive. Statements relating to "mineral
reserves" or "mineral resources" are deemed to be forward-looking
information, as they involve the implied assessment, based on
certain estimates and assumptions that the mineral reserves and
mineral resources described 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.
Contacts: Denison Mines Corp. Ron Hochstein President and Chief
Executive Officer (604) 689-7842 Denison Mines Corp. Steve Blower
Vice-President, Exploration (604) 689-7842 www.denisonmines.com
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