TORONTO, Aug. 9, 2018 /PRNewswire/ - Denison Mines
Corp. ("Denison" or the "Company") (DML: TSX, DNN: NYSE MKT)
today filed its Consolidated Financial Statements and Management's
Discussion & Analysis ("MD&A") for the quarter ended
June 30, 2018. Both documents
can be found on the Company's website at
www.denisonmines.com or on SEDAR (at www.sedar.com) and EDGAR
(at www.sec.gov/edgar.shtml). The highlights provided below
are derived from these documents and should be read in conjunction
with them. All amounts in this release are in Canadian dollars
unless otherwise stated. View PDF Version.
David Cates, President and CEO of
Denison commented, "The recently announced indefinite
suspension of operations at Cameco's McArthur River mine and Key Lake mill complex
remind us of just how challenging the current uranium market is for
producers. Denison made a strategic decision in 2012 to divest from
its former producing assets in the United
States and reduce staff levels, and has spent the last
several years positioning our business for the future with a focus
on minimizing dilution to shareholders. Our strategy is ambitious
and involves the advancement of our flagship Wheeler River project
towards development and production – intending to claim the "pole
position" as the next new uranium mine to be built in Canada. The project is already the largest
undeveloped uranium project in the infrastructure rich Eastern
portion of the Athabasca Basin,
and we are nearing the completion of a Pre-Feasibility Study
following over two years of both exploration and project
development successes.
Our exploration team delivered with an 88% increase in
estimated indicated mineral resources for Wheeler River earlier
this year, and our project development team has been diligently
working away at optimizing operating costs, capital costs, and
timelines to production, from our previously released Preliminary
Economic Assessment. A new mining method has been selected for the
Phoenix deposit, intending to
unlock the value of what is the world's highest grade undeveloped
uranium deposit, and additional mineral resources are being
incorporated into our plans for the Gryphon deposit.
With the market beginning to recognize that current uranium
prices are both cyclically and irrationally low, we are delighted
with the prospect of being able to showcase the economic potential
of the Wheeler River project with the planned release of the PFS in
September."
PERFORMANCE HIGHLIGHTS
- Wheeler River Pre-Feasibility Study ('PFS') remains on track
for completion during the third quarter of 2018
Engineering designs, laboratory analyses, cost estimation
and economic modelling, environmental baseline data collection and
modelling, as well as community consultation relating to the
Wheeler River project PFS are continuing on schedule. The Company
has completed an extensive analysis of different mining methods for
the Phoenix deposit, including the
completion of a trade-off study of the final two options, and has
selected the mining method to be included in the PFS. It is
expected that the PFS will be completed in the third quarter of
2018.
- Wheeler River assay results from winter 2018 exploration
confirms the potential for further resource growth
Assay results received during the second quarter of 2018 returned
high-grade uranium intercepts from reconnaissance drill holes
completed to the northeast of the Gryphon deposit, and on 50 to 100
metre step outs from the currently defined boundaries of the
Gryphon deposit.
Results from reconnaissance drill holes targeting the
sub-Athabasca unconformity to the
northeast of Gryphon, along the K-North trend, were highlighted by
assays from drill hole WR-704, which included 1.4%
U3O8 over 5.5 metres, located 600 metres
northeast of Gryphon and drill hole WR-710D1, which included 1.1%
U3O8 over 3.0 metres, located 1 kilometre
northeast of Gryphon. The results confirm the continuation of the
Gryphon mineralizing system to the northeast, and highlight the
potential for the discovery of an additional high-grade uranium
deposit within the basement, or at the unconformity, along strike
of Gryphon.
Results from step-out drilling on 50 to 100 metre centres,
immediately along strike to the northeast of the Gryphon deposit,
were highlighted by assays from drill holes WR-696 (2.9%
U3O8 over 1.5 metres) and WR-709 (1.2%
U3O8 over 1.5 metres). These results occur in
the upper basement and are interpreted to extend the mineralization
from the E series lenses to the northeast. Additionally, drill hole
WR-698 successfully intercepted high-grade mineralization (0.85%
U3O8 over 5.0 metres, including 2.6%
U3O8 over 1.0 metre) to the northeast of the
previous down-plunge extent of A series mineralization of the
Gryphon deposit. The results confirm the potential for further
expansion of the estimated mineral resources for the Gryphon
deposit.
- New target areas developed on exploration pipeline
properties
At Hook-Carter, Denison completed its summer 2018 drilling
program in late June 2018. The
inaugural 2018 drilling programs at Hook-Carter, which included a
winter program (four holes) and summer program (five holes), were
designed to test an initial set of geophysical targets on a
regional scale along 7.5 kilometres of the 15 kilometres of
Patterson Corridor strike length at Hook-Carter. The nine
reconnaissance holes completed to date have successfully identified
multiple prospective trends with geological features commonly
associated with Athabasca Basin
uranium deposits, including hydrothermal alteration in both the
sandstone and the basement lithologies associated with graphitic
basement structures. The drill holes completed to date are
widely-spaced and future drilling will likely include follow-up in
areas of hydrothermal alteration and/or geochemical anomalism, as
well as the testing of additional high-priority geophysical
targets.
At Waterbury Lake, results from the winter 2018 drilling program at
the Huskie zone suggest the high-grade basement-hosted
mineralization is controlled by northeast striking faults, which
are interpreted to be part of the regional Midwest structure. The
summer 2018 drilling program, which commenced in late July 2018, will focus on additional step-out
drilling at the Huskie zone, and testing of high-priority targets,
approximately 2.5 kilometres to the northeast, where the regionally
interpreted Midwest structure is projected to intersect the
geologically favourable Oban trend. The Oban trend has produced
previous drill intercepts of uranium mineralization, but has not
previously been tested at the interpreted intersection of the
Midwest regional structure. The summer program is expected to
include approximately 3,400 metres of diamond drilling in 7
holes.
CHANGE IN PRESENTATION CURRENCY
Effective January 1, 2018, Denison
changed its presentation currency to Canadian dollars ('CAD') from
US dollars ('USD'). This change in presentation currency was made
to better reflect the Company's business activities, which,
following the divestiture of the Mongolian and African mining
divisions in 2015 and 2016, are now solely focused in Canada, with the majority of the Company's
entities, including all of its operating entities, having the
Canadian dollar as their functional currency. The consolidated
financial statements, for all periods presented, are shown in the
new presentation currency.
SELECTED QUARTERLY FINANCIAL INFORMATION
|
|
|
|
|
(in thousands, except
for per share amounts)
|
|
Q2
2018
|
|
Q2
2017
|
|
|
|
|
|
Total
revenues
|
$
|
4,104
|
$
|
4,043
|
Net loss
|
$
|
(5,583)
|
$
|
(8,870)
|
Basic and diluted
loss per share
|
$
|
(0.01)
|
$
|
(0.02)
|
|
|
|
|
|
|
|
|
|
|
(in
thousands)
|
|
As
at
June
30,
2018
|
|
As
at
December
31,
2017
|
|
|
|
|
|
Financial
Position:
|
|
|
|
|
Cash and cash
equivalents
|
$
|
29,539
|
$
|
3,636
|
Investments in debt
instruments (GICs)
|
$
|
-
|
$
|
37,807
|
Cash, cash
equivalents and GIC's
|
$
|
29,539
|
$
|
41,443
|
|
|
|
|
|
Working
capital
|
$
|
27,731
|
$
|
38,065
|
Property, plant and
equipment
|
$
|
247,828
|
$
|
249,002
|
Total
assets
|
$
|
309,120
|
$
|
326,300
|
Total long-term
liabilities(1)
|
$
|
81,757
|
$
|
84,252
|
|
|
(1)
|
Predominantly
comprised of the non-current portion of deferred revenue,
non-current reclamation obligations, and deferred income
taxes.
|
RESULTS OF CONTINUING OPERATIONS
Revenues
On February 13, 2017, Denison
closed an arrangement with Anglo Pacific Group PLC and one of its
wholly owned subsidiaries (the 'APG Transaction') under which
Denison received an upfront payment of $43,500,000 in exchange for its right to receive
future toll milling cash receipts from the MLJV under the current
toll milling agreement with the Cigar Lake Joint Venture ('CLJV')
from July 1, 2016 onwards. The APG
Transaction represents a contractual obligation of Denison to
forward to APG any cash proceeds of toll milling revenue earned by
the Company, after July 1, 2016,
related to the processing of specified Cigar Lake ore through the
McClean Lake mill, and as such, the upfront payment has been
accounted for as deferred revenue.
Effective January 1, 2018, upon
adoption of IFRS 15, the accounting policy applicable to the toll
milling deferred revenue arrangement has changed and the
comparative period has been restated to reflect this change. Refer
to the Company's unaudited interim consolidated financial
statements and related notes for more details on the accounting for
the APG Transaction related revenue.
During Q2 2018, the McClean Lake mill processed 5.8 million
pounds U3O8 for the CLJV. The Company
recorded toll milling revenue of $1,465,000 and related accretion expense of
$828,000.
Revenue from the Company's DES division was $2,140,000 and revenue from the Company's
management contract with UPC was $499,000 during Q2 2018.
Operating expenses
Operating expenses in the Canadian mining segment include
depreciation, mining and other development costs, as well as
adjustments, where applicable, to the estimates of future
reclamation costs in relation to the companies mining
properties. Operating expenses during Q2 2018 were
$1,989,000, including $1,027,000 of depreciation from the McClean Lake
mill, which is associated with the processing and packaging of
U3O8 for the CLJV.
Operating expenses at DES during Q2 2018 totaled $1,896,000 and relate primarily to care and
maintenance, and environmental consulting services provided to
clients, and includes labour and other costs.
Exploration and evaluation
During Q2 2018, the Company continued to focus on its highest
priority projects in the Athabasca
Basin region in Saskatchewan. Denison's share of exploration
and evaluation expenditures in the quarter was $3,870,000. The Company's Athabasca land package increased during the
first quarter from 353,007 hectares (270 claims) to 356,713
hectares (305 claims) owing to selective staking contiguous with
Denison's Hook-Carter claims.
Wheeler River
Project Highlights:
- Updated resource estimate confirms Wheeler River as the
largest undeveloped high-grade uranium project in the eastern
Athabasca
On January 31, 2018, Denison
announced an updated mineral resource estimate for the Gryphon
deposit following drilling results from a further 144 drill holes
completed during 2016 and 2017. The updated mineral resource
estimate for Gryphon, above a cut-off grade of 0.2%
U3O8, includes 61.9 million pounds of
U3O8 (1,643,000 tonnes at 1.71%
U3O8) in Indicated Mineral Resources, and 1.9
million pounds of U3O8 (73,000 tonnes at
1.18% U3O8) in Inferred Mineral
Resources.
The Phoenix deposit, located
approximately three kilometres southeast of Gryphon, is estimated
to include Indicated Mineral Resources of 70.2 million pounds of
U3O8 above a cut-off grade of 0.8%
U3O8 (166,000 tonnes at 19.1%
U3O8). The mineral resource estimates are, as
disclosed in the Technical Report with an Updated Mineral Resource
Estimate for the Wheeler River Property, Northern Saskatchewan, Canada with an
effective date of March 9, 2018 and
prepared by Mark Mathisen, C.P.G. of
Rosco Postle Associates Inc. and Ken
Reipas, P.Eng of SRK Consulting (Canada) Inc. ('SRK Consulting') (the 'Wheeler
Technical Report').
With the update to the Gryphon deposit resource estimate, the
combined Indicated Mineral Resources estimated for Wheeler River
have increased by 88% to 132.1 million pounds
U3O8.
- PFS in progress with expected completion in September 2018
The project team is progressing with the PFS, which will
include the updated resource estimates for the Gryphon deposit and
the incorporation of an alternative mining method for the
Phoenix deposit.
In Q2 2018, engineering designs, laboratory analysis, trade off
studies, cost estimation and economic modelling, and environmental
baseline data collection and modelling as well as community
consultation activities continued to progress the PFS, which is
expected to be finalized in September
2018.
- Proximal to existing uranium mining and milling
infrastructure
The property is located in the infrastructure rich eastern
portion of the Athabasca Basin,
which is host to existing uranium mining and milling
infrastructure, including the 22.5% Denison owned McClean Lake
mill. The Wheeler River property lies alongside provincial highway
914 and a provincial powerline.
- Increasing Denison ownership
As previously announced on January
10, 2017, Denison entered into an agreement with its Wheeler
River Joint Venture partners, Cameco Corp ('Cameco') and JCU
(Canada) Exploration Company,
Limited ('JCU'), to fund 75% of Joint Venture expenses in 2017 and
2018 (ordinarily 60%) in exchange for an increase in Denison's
interest in the project up to approximately 66%. Under the terms of
the agreement, Cameco is funding 50% of its ordinary 30% share in
2017 and 2018, and JCU continues to fund based on its 10% interest
in the project. On January 31, 2018,
Denison announced it had increased its interest in the Wheeler
River project during 2017 from 60% to 63.3%, in accordance with
this agreement.
- Significant potential for resource growth
The Gryphon deposit is a growing, high-grade uranium
deposit that belongs to a select group of large basement-hosted
uranium deposits in the eastern Athabasca Basin, which includes Cameco's Eagle
Point mine and Millennium deposit, and Rio Tinto's Roughrider
deposit. The Gryphon deposit remains open in numerous areas with
significant potential for future resource growth. Priority target
areas include down plunge of the A and B series lenses, and within
the currently defined D series lenses, where additional high-grade
shoots may exist.
In addition, very little regional exploration has taken place on
the property in recent years, with drilling efforts focussed on
Phoenix and Gryphon, which were
discovered in 2008 and 2014 respectively. The property is host to
numerous uranium-bearing lithostructural corridors, which are
under- or unexplored and have the potential for additional large,
high-grade unconformity or basement hosted deposits. Exploration
drilling is warranted along these corridors to follow-up on
previous mineralized drill results, or to test geophysical targets
identified from past surveys.
Evaluation Program:
During Q2 2018, Denison's share of evaluation costs at Wheeler
River amounted to $943,000, which
related to work on PFS engineering and environmental
activities.
PFS activities include:
- The advancement of engineering activities, including:
design of Wheeler surface facilities; Phoenix mine design; Gryphon mine design;
radiological assessments; water treatment plant design; and
metallurgical analysis and milling capacity assessment.
- The continuation of environmental and sustainability
activities: including the community consultation and engagement
process; data collection and assessment of aquatic environment,
terrestrial environment and atmospheric environment; and waste rock
geochemical testing.
Exploration Program:
Denison's share of exploration costs at Wheeler River amounted
to $1,434,000 during Q2 2018. The
summer 2018 diamond drilling program for Wheeler River commenced in
early June 2018 and is expected to
include approximately 20,500 metres in 28 drill holes.
The 2018 summer drilling program is planned to focus on the
following target areas:
- K-North: follow-up of high-grade uranium mineralization
discovered during the winter 2018 drilling program at 600 metres
and 1 kilometre to the northeast of the Gryphon uranium
deposit;
- High-priority regional targets: testing of high-priority
targets along known fertile trends (Q Central, K-West) and
reconnaissance exploration of high-priority targets generated from
previous ground geophysical surveys (K-South and Q South); and
- Gryphon unconformity: testing of targets immediately
along strike of the Gryphon deposit at the sub-Athabasca unconformity, including extensions
of the E series lenses to the northeast and the up-plunge extents
of the D series lenses to the southwest.
During the second quarter of 2018, chemical assay
('U3O8') results were received for the
Wheeler River winter 2018 drilling program, which included 21,153
metres of drilling in 29 diamond drill holes. The program was
focused on step-out drilling from the Gryphon deposit and regional
exploration along the K-North and K-West trend. Highlights from the
winter 2018 drilling program were reported in Denison's press
release dated June 6, 2018
Exploration Pipeline Properties
While spending on exploration pipeline projects has been reduced
from prior year levels, exploration activities continue to deliver
encouraging results generally warranting follow-up.
At Hook Carter (Denison 80% interest and operator), the summer
2018 program consisted of 3,898 metres of diamond drilling in five
completed holes, for a cumulative 2018 total of 6,960 metres in
nine holes. The summer drilling program was a continuation of the
Company's winter 2018 drilling program, and focused on continued
testing of high-priority geophysical targets identified from the
resistivity and moving loop EM surveys carried out in 2017. The
nine reconnaissance holes completed to date have successfully
identified multiple prospective trends with geological features
commonly associated with Athabasca
Basin uranium deposits, including hydrothermal alteration in both
the sandstone and the basement lithologies associated with
graphitic basement structures. Drill data collected from the
2018 drilling programs will be used to refine geological
interpretation and to establish any geochemical and hydrothermal
alteration vectors toward mineralization.
At South Dufferin, a summer 2018 diamond drilling program was
completed in mid-July 2018, which
included 1,331 metres of diamond drilling in nine holes. The
reconnaissance program was designed to test targets developed
across the property from recent soil geochemical and ground
electromagnetic surveys. The drill holes successfully intersected
graphitic rocks, often associated with faulting, however no
radioactivity was encountered and only minor hydrothermal
alteration was noted in two of the holes.
At Waterbury Lake (Denison 65.45% interest and operator), the
summer drilling program is in progress and is expected to include
approximately 3,400 metres of diamond drilling in 7 holes, and
commenced in late July 2018.
At McClean Lake, operated by Orano Canada (22.5% Denison), a
DCIP resistivity survey is expected to be completed by mid-August.
The survey, comprising six lines (30 kilometres), is designed to
define basement targets primarily along the Tent-Seal Fault which
is known to host uranium mineralization. A diamond drilling
program, comprised of approximately 2,650 metres in six to eight
holes, is planned as follow-up to the resistivity survey with a
tentative start date in mid-September
2018.
General and administrative expenses
Total general and administrative expenses were $1,889,000 during Q2 2018. These costs are
mainly comprised of head office salaries and benefits, office costs
in multiple regions, audit and regulatory costs, legal fees,
investor relations expenses, project costs, and all other costs
related to operating a public company with listings in Canada and the
United States, as well as non-recurring project or legal
costs.
Other income and expenses
During Q2 2018, the Company recognized a gain of $138,000 in other income. The gain is
predominantly due to net gains on investments carried at fair
value.
Equity share of income from associates
During Q2 2018, the Company recognized a gain of $433,000 from its 16.84% equity share of its
associate GoviEx Uranium Inc. ("GoviEx"), owing largely to a
dilution gain recognized following a recent equity financing by
GoviEx in which the Company did not participate.
Liquidity and capital resources
Cash and cash equivalents were $29,539,000 at June 30,
2018.
Outlook for 2018
Refer to the Company's annual MD&A for the year ended
December 31, 2017 for a detailed
discussion of the previously disclosed 2018 budget.
During the current quarter, the Company has decreased its 2018
outlook for mineral property exploration and evaluation expense by
$560,000, primarily because of a
reduction in the summer exploration drilling program at the South
Dufferin project as well as the cancellation of the summer
exploration program at the Hatchet
Lake project. The Company increased its 2018 outlook for
management services fees from UPC by $460,000 in order to reflect increased
commissions earned as well as to reflect increased variable fees
due to increased uranium spot prices. Finally, the Company has
reduced the net cost of corporate administration and other, in its
2018 outlook, by $350,000. The change
to the outlook for corporate administration and other is due an
increase in expected interest income earned on cash and cash
equivalents, offset by an increase in legal fees related to ongoing
disputes.
|
|
|
|
(in
thousands)
|
2018
Budget
|
CURRENT 2018
OUTLOOK
|
Actual
to
June 30,
2018(2)
|
Canada
|
|
|
|
Development &
Operations
|
(5,230)
|
(5,230)
|
(1,988)
|
Mineral Property
Exploration & Evaluation
|
(16,760)
|
(16,200)
|
(10,841)
|
|
(21,990)
|
(21,430)
|
(12,829)
|
Other
|
|
|
|
UPC Management
Services
|
1,230
|
1,690
|
757
|
DES Environmental
Services
|
1,330
|
1,330
|
688
|
Corporate
Administration & Other
|
(4,760)
|
(4,410)
|
(2,351)
|
|
(2,220)
|
(1,390)
|
(906)
|
Total(1)
|
$
|
(24,190)
|
$
|
(22,820)
|
$
|
(13,735)
|
(1)
|
Only material
operations shown.
|
(2)
|
The Company budgets
on a cash basis and as a result, actual amounts represent a
non-GAAP measure. Compared to segment loss as presented in the
Company's unaudited interim consolidated financial statements for
the three and six months ended June 30, 2018, actual amounts
reported above includes $953,000 in capital additions and excludes
and excludes $883,000 net impact of non-cash items and other
adjustments.
|
ABOUT DENISON
Denison was formed under the laws of Ontario and is a reporting issuer in all
Canadian provinces. Denison's common shares are listed on the
Toronto Stock Exchange (the 'TSX') under the symbol 'DML' and on
the NYSE American exchange (formerly 'NYSE MKT') under the symbol
'DNN'.
Denison is a uranium exploration and development company with
interests focused in the Athabasca
Basin region of northern Saskatchewan,
Canada. In addition to its 63.3% owned Wheeler River
project, which hosts the high grade Phoenix and Gryphon uranium deposits,
Denison's exploration portfolio consists of numerous projects
covering approximately 357,000 hectares in the Athabasca Basin region, including 332,000
hectares in the infrastructure rich eastern portion of the
Athabasca Basin.
Denison's interests in Saskatchewan also include a 22.5% ownership
interest in the McClean Lake joint venture ('MLJV'), which includes
several uranium deposits and the McClean Lake uranium mill, which
is currently processing ore from the Cigar Lake mine under a toll
milling agreement, plus a 25.17% interest in the Midwest deposit
and a 65.45% interest in the J Zone deposit and newly discovered
Huskie zone on the Waterbury Lake property. Both the Midwest and J
Zone deposits, as well as the Huskie zone, are located within 20
kilometres of the McClean Lake mill.
Denison is engaged in mine decommissioning and environmental
services through its Denison Environmental Services ('DES')
division, which manages Denison's Elliot
Lake reclamation projects and provides post-closure mine
care and maintenance services as well as environmental consulting
services to a variety of industry and government clients.
Denison is also the manager of Uranium Participation Corporation
('UPC'), a publicly traded company listed on the TSX under the
symbol 'U', which invests in uranium oxide in concentrates
('U3O8') and uranium hexafluoride
('UF6').
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
Certain information contained in this news 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',
'budget', 'target', 'scheduled', 'estimates', 'forecasts',
'intends', 'anticipates', or 'believes', or the negatives and/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'.
In particular, this news release contains forward-looking
information pertaining to the following: exploration, development
and expansion plans and objectives, including the results of the
PEA, the work being performed in connection with, and the
completion of the PFS, and the anticipated results and conclusions
therefrom; the estimates of Denison's mineral reserves and mineral
resources; statements regarding anticipated budgets, fees and
expenditures; capital expenditure programs and reclamation costs
and Denison's share of same; expectations regarding Denison's joint
venture ownership and other contractual interests in its properties
and projects and the continuity of its agreements with its partners
and other counterparties; expectations regarding adding to its
mineral reserves and resources through acquisitions and
exploration; expectations regarding the toll milling of Cigar Lake
ores; expectations regarding revenues and expenditures from
operations at DES; expectations regarding revenues from the UPC
management contract; expectations regarding the uranium market and
the actions of other market participants; and expectations of the
impacts of changes in accounting policies. Statements relating to
'mineral reserves' or 'mineral resources' are deemed to be
forward-looking information, as they involve the implied
assessment, based on certain estimates and assumptions that the
mineral reserves and mineral resources described can be profitably
produced in the future.
Forward looking statements are based on the opinions and
estimates of management as of the date such statements are made,
and they are subject to known and unknown risks, uncertainties and
other factors that may cause the actual results, 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 accurate and may
differ materially from those anticipated in this forward looking
information. For a discussion in respect of risks and other factors
that could influence forward-looking events, please refer to the
factors discussed in Denison's Annual Information Form dated
March 27, 2018 under the heading
'Risk Factors'. These factors are not, and should not be construed
as being exhaustive.
Accordingly, readers should not place undue reliance on
forward-looking statements. This cautionary statement expressly
qualifies the forward-looking information contained in this news
release. Any forward-looking information and the assumptions made
with respect thereto speaks only as of the date of this news
release. Denison does not undertake any obligation to publicly
update or revise any forward-looking information after the date of
this news 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 news 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.
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SOURCE Denison Mines Corp.