Denison Mines Corp. Updates Sales and Issues 2009 Production Guidance
October 30 2008 - 4:11PM
Marketwired
Denison Mines Corp. (TSX: DML)(AMEX: DNN) ("Denison" or the
"Company") Uranium sales in the third quarter 2008 were
approximately 517,000 pounds at an average price of approximately
US$64.75 per pound. Uranium sales in the fourth quarter 2008 have
been committed and will aggregate about 575,000 pounds. The
realized price in the fourth quarter is partially dependent upon
the spot price for uranium but is expected to approximate US$59.00
per pound based upon the current spot price.
Denison's uranium production in 2009 is estimated to increase by
approximately between 25% and 50% from 2008 to between 2,115,000
pounds and 2,585,000 pounds. Canadian production will be
approximately 750,000 pounds in 2009 and in the United States,
uranium production will range from 1,365,000 pounds to 1,835,000
pounds. Vanadium production in the United States will be between
2,625,000 pounds to 3,235,000 pounds.
The range of United States production is a result of
uncertainties associated with regulatory approvals including the
ability to obtain an air quality permit for the Arizona 1 Mine,
possible variance of the output from the United States mines and
the commissioning of a new alternate feed circuit by midyear.
Denison is continuing to project uranium production of 1.7
million pounds in 2008. Vanadium production is now estimated at 1.5
to 2.0 million pounds in 2008.
Denison's third quarter results will be issued on November 12th,
with the conference call scheduled for November 13th at 10:00 am
(Toronto time).
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
and development portfolio with large land positions in the United
States, Canada, Mongolia and Zambia.
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.
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 28, 2008 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 year
ended December 31, 2007 and other continuous disclosure documents
filed since December 31, 2007 available at www.sedar.com, for
further information relating to their mineral resources and mineral
reserves.
Contacts: Denison Mines Corp. E. Peter Farmer (416) 979-1991
ext. 231 (416) 979-5893 (FAX) Denison Mines Corp. Ron Hochstein
(604) 689-7842 Denison Mines Corp. James Anderson (416) 979-1991
ext. 372 (416) 979-5893 (FAX) Website: www.denisonmines.com
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