TORONTO, Nov. 25,
2024 /CNW/ - Denison Mines
Corp. ("Denison" or the "Company") (TSX:
DML) (NYSE American: DNN) is pleased to announce that it has filed
a final Environmental Impact Statement ("EIS") for the
Wheeler River Uranium Project ("Wheeler River" or the
"Project") with the Canadian Nuclear Safety Commission
("CNSC"), after successfully completing the rigorous
technical review phase of the federal Environmental Assessment
("EA") approval process. The final EIS reflects many years
of considerable effort following the initiation of the EA process
in 2019 and proactively incorporates feedback received from
multiple interested parties, including Indigenous nations and the
CNSC's Federal Indigenous Review Team. View PDF Version
David Cates, President and CEO of
Denison, commented, "The completion of the federal
technical review and submission of the final EIS represents a
notable milestone for Denison in our efforts to obtain regulatory
approval for Wheeler River. Owing, in large part, to
the use of the In-Situ Recovery ("ISR") mining method, the
EIS evidences that the Project can be
constructed, operated, and decommissioned while achieving a
superior standard of environmental sustainability when compared to
conventional uranium mining operations. I applaud our environment,
regulatory, sustainability and technical teams for their passion in
advancing this unique project and coordinating their efforts to
expertly navigate the federal technical review process. This
accomplishment has brought us an
important step closer to building Canada's next new uranium mine and first ISR
uranium mining project."
Public Review & Indigenous Consent
The public review of the draft EIS, facilitated by the CNSC from
November 2022 to March 2023, has enhanced the transparency and
comprehensiveness of the EA process. Denison received and responded
to more than 500 public comments on the draft EIS, which has
resulted in a final version of the EIS that reflects the feedback
of numerous Indigenous communities and organizations. This public
review process was just one element of Denison's active engagement
with Indigenous and non-Indigenous interested parties, which
Denison will continue to undertake throughout the next phase of the
approval processes.
The finalization of the EIS was also supported by letters of
consent and support from each of (a) English River First Nation,
(b) Kineepik Métis Local #9, and (c) the municipalities of the
Northern Village of Pinehouse Lake, the Northern Village of
Beauval, the Northern Village of Île-à-la Crosse, the Northern
Hamlet of Jans Bay, and the Northern Hamlet of Cole Bay,
representing significant First Nation and Métis Rights interests in
relation to the Project and in the broader region in which the
Project is located. Obtaining this level of support and consent
demonstrates our deep respect for Indigenous rights and northern
communities, as well as the thriving cultures and deep-rooted
traditions of northern Saskatchewan communities and their
aspirations of achieving economic growth and prosperity.
Remaining Regulatory Process
The CNSC makes decisions on the licensing of proposed uranium
mining projects through a public hearing process. The CNSC staff
will now review Denison's final EIS submission for acceptance and
will prepare their recommendations to the Commission members who
will sit on the panel for the Project's public hearing. The hearing
provides Denison with the opportunity to demonstrate the Project's
alignment with regulatory requirements and community expectations.
A date for the hearing has not yet been set by the CNSC; however,
it is expected to be determined following the acceptance of the
final EIS submission.
In parallel with the EIS technical review, Denison was recently
notified that it has successfully completed the requirements of the
CNSC application to obtain a licence to prepare and construct a
uranium mine and mill, which allows for the CNSC to make a
licensing decision concurrently with the EA approval
process.
Provincial EA Process
In October 2024, Denison submitted
a final EIS to the Saskatchewan Ministry of Environment ("MOE"), in
substantially the same form as the EIS that has been submitted to
the CNSC. Although the technical review comment period was deemed
complete by the MOE in late 2023, Denison opted to delay
finalization of the provincial EA approval in order to incorporate
the significant majority of modifications resulting from the
Federal technical review process. With this approach, we
expect that the Provincial EA will be subject to a single
Ministerial decision following a public review period, which
commenced in November 2024 and is
expected to conclude in December
2024.
About Wheeler River
Wheeler River is the largest undeveloped uranium project in
the infrastructure-rich eastern portion of the Athabasca Basin region, in northern
Saskatchewan. The project is host
to the high-grade Phoenix and
Gryphon uranium deposits, discovered by Denison in 2008 and 2014,
respectively, and is a joint venture between Denison (90% and
operator) and JCU (Canada)
Exploration Company Limited ("JCU",
10%). In August 2023, Denison filed a
technical report summarizing the results of (i) the feasibility
study completed for ISR mining of the high-grade Phoenix uranium deposit and (ii) a cost update
to the 2018 Pre-Feasibility Study for conventional underground
mining of the basement-hosted Gryphon uranium deposit.
More information on the studies is
available in the technical report titled "NI 43-101
Technical Report on the Wheeler River Project Athabasca Basin,
Saskatchewan,
Canada" dated August 8, 2023 with an effective date of
June 23, 2023, a copy of which is
available on Denison's website and under its profile
on SEDAR+ at www.sedarplus.ca and on EDGAR at
www.sec.gov/edgar.shtml.
Based on the respective studies, both deposits have the
potential to be competitive with the lowest cost uranium mining
operations in the world. Permitting efforts for the planned
Phoenix ISR operation commenced in 2019 and have advanced
significantly to support the 2024 submission of required licensing
documents and the proposed final version of the provincial and
federal EIS.
About Denison
Denison is a uranium mining, exploration and development
company with interests focused in the Athabasca Basin region of northern
Saskatchewan, Canada. In addition
to Denison's effective 95% interest in its flagship Wheeler River
Project, Denison's interests in Saskatchewan also include a 22.5% ownership
interest in the McClean Lake Joint Venture ("MLJV"), which includes
unmined uranium deposits (planned for extraction via the MLJV's
SABRE mining method starting in 2025) and the McClean Lake uranium
mill (currently utilizing a portion of its licensed capacity to
process the ore from the Cigar Lake mine under a toll milling
agreement), plus a 25.17% interest in the Midwest Joint Venture's
Midwest Main and Midwest A deposits, and a 69.44% interest in the
Tthe Heldeth Túé ("THT") and Huskie deposits on the Waterbury Lake
Property. The Midwest Main, Midwest A, THT and Huskie deposits are
located within 20 kilometres of the McClean Lake mill. Taken
together, Denison has direct ownership interests in properties
covering ~384,000 hectares in the Athabasca Basin region.
Additionally, through its 50% ownership of JCU (Canada) Exploration Company, Limited ("JCU"),
Denison holds additional interests in various uranium project joint
ventures in Canada, including the
Millennium project (JCU, 30.099%), the Kiggavik project (JCU,
33.8118%), and Christie Lake (JCU,
34.4508%).
In 2024, Denison is celebrating its 70th year in uranium
mining, exploration, and development, which began in 1954 with
Denison's first acquisition of mining claims in the Elliot Lake region of northern Ontario.
Cautionary Statement Regarding Forward-Looking
Statements
Certain information contained in this
press release constitutes 'forward-looking
information' within the meaning of the applicable United States and 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
'potential', 'plans', 'expects', 'budget', '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' or 'be achieved'.
In particular, this press release contains
forward-looking information pertaining to the following:
expectations with respect to the EA process, including
the filing of the final EIS and the results
and objectives thereof; expectations regarding licensing
efforts and regulatory reviews and processes,
including hearings with the CNSC Commission; and
expectations regarding its joint venture ownership
interests, including plans for mining and the use of SABRE
by the MLVJ, and the continuity of its agreements with its
partners and third parties.
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 results
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
28, 2024 under the heading
'Risk Factors' or in subsequent
quarterly financial reports. These factors are not, and should not
be construed as being, exhaustive.
Accordingly, readers should not place undue reliance on
forward-looking statements. The forward-looking information
contained in this press release is expressly
qualified by this cautionary statement. Any forward-looking
information and the assumptions made with respect thereto speaks
only as of the date of this press release.
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.
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SOURCE Denison Mines Corp.
