Denison Mines Corp 6-K, filed Jul 28, 2020
Denison Mines Corp. (DNN)
6-K
2020-07-28
For: 2020-07-28
View Original
Added on
April 07, 2026
About this 6-K
Denison Mines Corp filed this 6-K on July 28, 2020.
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
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Date: July 28, 2020
Commission File Number: 001-33414
Denison Mines Corp.
(Name of
registrant)
1100-40 University Avenue
Toronto Ontario
M5J 1T1 Canada
(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 ☒
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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/s/ Amanda Willett
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Date: July
28, 2020
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Amanda
Willett
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Vice
President Legal and Corporate Secretary
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FORM 6-K
EXHIBIT INDEX
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Exhibit Number
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Description
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99.1
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99.2
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Exhibit 99.1
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Denison Mines
Corp.
1100 – 40
University Ave
Toronto, ON M5J
1T1
www.denisonmines.com
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PRESS
RELEASE
DENISON ANNOUNCES RESUMPTION OF ISR FIELD TESTING
ACTIVITIES AT PHOENIX WITH COMMENCEMENT OF
2020 ISR FIELD PROGRAM
Toronto, ON – July 27,
2020. Denison Mines Corp. (“Denison” or the
“Company”) (DML: TSX, DNN: NYSE American) is pleased to
announce the successful resumption of In-Situ Recovery
(“ISR”) field testing activities focused on the
high-grade Phoenix uranium deposit (“Phoenix”), at the
Company’s 90% owned Wheeler River Uranium Project
(“Wheeler River”). The ISR field test work planned for 2020 (the
“2020 Field Test”) is intended to build additional
confidence in the results of an independent hydrogeologic model
developed for the deposit, and to support further field work
expected to be required for the completion of a future Feasibility
Study (“FS”). The hydrogeologic model developed for
Phoenix is based on actual field data collected during an extensive
field test program completed at Phoenix in 2019 (the “2019
Field Test”), with the model and associated simulations
having already demonstrated “proof-of-concept” for the
application of the ISR mining method at Phoenix, with respect to
potential operational extraction and injection rates (see press
release dated June 4, 2020).
In
order to ensure the Company’s operations comply with all
applicable health and safety guidelines associated with the
COVID-19 pandemic, all operating procedures at the Company’s
Wheeler River site have been reviewed and adapted to incorporate
physical distancing and enhanced hygiene protocols, as well as
special travel protocols designed by Denison for northern
Saskatchewan. Where applicable, the Company’s protocols have
incorporated feedback received from potentially impacted
communities in northern Saskatchewan to minimize any health and
safety risks associated with travel to and from site.
David Cates, Denison’s President & CEO,
commented, “Our team is excited to
be back at Phoenix to build on the great success of our 2019 ISR
Field Program – which culminated in the development of a
hydrogeologic model and simulation of an ISR wellfield for Phoenix,
by an independent technical specialist firm, which ultimately
demonstrated ‘proof of concept’ for the use of ISR
mining at Phoenix. Over the last several months we have developed
extensive health and safety protocols and procedures, in response
to the COVID-19 pandemic, to ensure that a return to work at the
Wheeler River site can be achieved safely for our staff and
contractors, as well as the northern communities that we travel
through to access the site. With the continuation of ISR field
testing at Phoenix in 2020 we hope to minimize the impact of
COVID-19 related disruptions to the overall project development
schedule and environmental assessment
process.”
2020 ISR Field Test
The
2020 Field Test is fully funded and is included in the
Company’s evaluation budget contained within the
Company’s current outlook and operating plan for 2020 (see
the Company’s Management Discussion and Analysis for the
period ended March 31, 2020). The purpose of the additional test
work is to further evaluate and de-risk the ISR mining conditions
present at Phoenix, by supplementing the extensive dataset acquired
as part of the 2019 Field Test. Hydrogeological data collected as
part of the 2020 Field Test is expected to build additional
confidence in the Company’s understanding of the fluid
pathways within Test Area 1 and Test Area 2, to further validate
the Company’s hydrogeologic model for Phoenix, and to prepare
for field tests in future years, which are expected to support a
future FS.
Key
elements of the 2020 Field Test include:
●
Additional
pump/injection tests within Test Area 1 and Test Area 2 of the
Phoenix deposit;
●
Groundwater
sampling to characterize baseline hydrogeochemistry in the deposit
area to support the planning and permitting of a potential future
in-ground lixiviant test or ISR demonstration;
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Groundwater
sampling to support the development of reactive transport models to
determine the overall dissolution rate of the ore and flow of
lixiviant through the formation;
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Collection
and analysis of additional matrix permeability data from drill core
previously recovered from within Test Area 1 and Test Area 2, to
support further refinement of hydrogeological models with an
enhanced understanding of both large- and small-scale fluid flow
pathways.
●
Rock
mechanics tests to collect data to aid in evaluating the potential
utility of certain permeability enhancement
techniques.
COVID-19 Precautions
During
the month of June, the Company’s Occupational Health and
Safety Committee in Saskatoon developed a comprehensive guide for
the safe resumption of work at the Wheeler River site. The
protocols consider the unique health and safety risks associated
with operating a remote work camp amidst the ongoing COVID-19
pandemic. Public health guidelines and best practices have been
incorporated into the Company’s plans, which have been
reviewed by the Company’s Vice President Operations,
President & CEO, and the Environmental Health and Safety
Committee of the Board of Directors.
In
addition to an extensive review of work procedures on site, the
Company has designed special travel protocols to minimize any
health and safety risks associated with travel to and from site
through various communities in northern Saskatchewan. These
protocols were developed in consultation with community leaders so
as to be coordinated with any localized travel restrictions or
roadblocks implemented to minimize the risk of COVID-19
transmission in northern Saskatchewan.
The
Company is committed to ensuring that the Wheeler River site is a
safe operating environment for its staff and contractors and that
the Company’s field activities do not compromise the health
and safety of the residents of northern Saskatchewan. Despite the
Company’s current intentions, it is possible that the 2020
Field Test may be disrupted by the continuously evolving social
and/or economic disruptions associated with the COVID-19 pandemic,
which are outside of the control of the Company – for
example, the ability of Company or contractor staff to attend to
the site, Provincial or local travel restrictions, and changing
public health guidelines.
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 – including combined Indicated
Mineral Resources of 132.1 million pounds U3O8 (1,809,000 tonnes
at an average grade of 3.3% U3O8), plus combined
Inferred Mineral Resources of 3.0 million pounds U3O8 (82,000 tonnes at
an average grade of 1.7% U3O8). 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 (10%).
A PFS was completed for Wheeler River in late 2018, considering the
potential economic merit of developing the Phoenix deposit as an
ISR operation and the Gryphon deposit as a conventional underground
mining operation. Taken together, the project is estimated to have
mine production of 109.4 million pounds U3O8 over a 14-year
mine life, with a base case pre-tax NPV of $1.31 billion (8%
discount rate), Internal Rate of Return ("IRR") of 38.7%, and
initial pre-production capital expenditures of $322.5 million. The
Phoenix ISR operation is estimated to have a stand-alone base case
pre-tax NPV of $930.4 million (8% discount rate), IRR of 43.3%,
initial pre-production capital expenditures of $322.5 million, and
industry leading average operating costs of US$3.33/lb
U3O8.
The PFS is prepared on a project (100% ownership) and pre-tax
basis, as each of the partners to the Wheeler River Joint Venture
are subject to different tax and other obligations.
Further details regarding the PFS, including additional scientific
and technical information, as well as after-tax results
attributable to Denison's ownership interest, are described in
greater detail in the NI 43-101 Technical Report titled
"Pre-feasibility Study for the Wheeler River Uranium Project,
Saskatchewan, Canada" dated October 30, 2018 with an effective date
of September 24, 2018. A copy of this report is available on
Denison's website and under its profile on SEDAR at www.sedar.com
and on EDGAR at www.sec.gov/edgar.shtml.
About Denison
Denison is a uranium exploration and development company with
interests focused in the Athabasca Basin region of northern
Saskatchewan, Canada. In addition to the Wheeler River project,
Denison's Athabasca Basin exploration portfolio consists of
numerous projects covering over 250,000 hectares. Denison's
interests in the Athabasca Basin 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 contracted to process the ore from the Cigar Lake mine under a
toll milling agreement, plus a 25.17% interest in the Midwest and
Midwest A deposits, and a 66.71% interest in the J Zone and Huskie
deposits on the Waterbury Lake property. Each of Midwest, Midwest
A, J Zone and Huskie are located within 20 kilometres of the
McClean Lake mill.
Denison is engaged in mine decommissioning and environmental
services through its Closed Mines group (formerly Denison
Environmental Services), which manages Denison's Elliot Lake
reclamation projects and provides post-closure mine care and
maintenance services to a variety of industry and government
clients.
Denison is also the manager of Uranium Participation Corp., a
publicly traded company which invests in uranium oxide and uranium
hexafluoride.
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David
Cates
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(416) 979-1991
ext 362
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President and
Chief Executive Officer
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Sophia
Shane
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(604)
689-7842
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Investor
Relations
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Follow Denison on
Twitter
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@DenisonMinesCo
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Qualified Persons
The technical information contained in this release has been
reviewed and approved by Mr. David Bronkhorst, P.Eng, Denison's
Vice President, Operations, who is a Qualified Person in accordance
with the requirements of NI 43-101.
Cautionary Statement Regarding Forward-Looking
Statements
Certain information contained in this news 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 ‘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’, ‘be
achieved’ or ‘has the potential to’.
In particular, this news release contains forward-looking
information pertaining to the following: the results of the 2019
Field Test; the hydrogeologic model and its underlying assumptions;
the 2020 Field Test, including its intended scope and timing,
objectives and evaluation interpretations; the duration and scope
of impacts of the COVID-19 pandemic and affiliated operational
adjustments; the current and continued use and availability of
third party technologies for testing; the results of the PFS and
expectations with respect thereto; development and expansion plans
and objectives, including plans for a feasibility study; and
expectations regarding its joint venture ownership interests and
the continuity of its agreements with its partners.
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. For
example, the results of the 2019 Field Test, hydrogeologic model
and/or 2020 Field Test discussed herein may not be maintained after
further testing or be representative of actual conditions within
the Phoenix deposit. In addition, Denison may decide or otherwise
be required to discontinue the 2020 Field Test or other testing,
evaluation and development work at Wheeler River if it is unable to
maintain or otherwise secure the necessary resources (such as
testing facilities, capital funding, regulatory approvals, etc.) or
operations are otherwise affected by COVID-19 and its potentially
far-reaching impacts. 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 13, 2020 or subsequent
quarterly financial reports 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. The forward-looking information
contained in this news 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 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 and Probable Mineral Reserves: This press
release may use the terms 'measured', 'indicated' and 'inferred'
mineral resources. United States investors are advised that while
such terms have been prepared in accordance with the definition
standards on mineral reserves of the Canadian Institute of Mining,
Metallurgy and Petroleum referred to in Canadian National
Instrument 43-101 Mineral Disclosure Standards ('NI 43-101') and
are recognized and required by Canadian regulations, these terms
are not defined under Industry Guide 7 under the United States
Securities Act and, until recently, have not been permitted to be
used in reports and registration statements filed with the United
States Securities and Exchange Commission ('SEC'). '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. In addition, the terms
"mineral reserve", "proven mineral reserve" and "probable mineral
reserve" for the purposes of NI 43-101 differ from the definitions
and allowable usage in Industry Guide 7. Effective February 2019,
the SEC adopted amendments to its disclosure rules to modernize the
mineral property disclosure requirements for issuers whose
securities are registered with the SEC under the Exchange Act and
as a result, the SEC now recognizes estimates of "measured mineral
resources", "indicated mineral resources" and "inferred mineral
resources". In addition, the SEC has amended its definitions of
"proven mineral reserves" and "probable mineral reserves" to be
"substantially similar" to the corresponding definitions under the
CIM Standards, as required under NI 43-101. However, information
regarding mineral resources or mineral reserves in Denison's
disclosure may not be comparable to similar information made public
by United States companies.
Exhibit 99.2
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Denison Mines
Corp.
1100 – 40
University Ave
Toronto, ON M5J
1T1
www.denisonmines.com
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PRESS
RELEASE
DENISON ANNOUNCES COMPLETION OF CONCEPTUAL MINING
STUDY
EVALUATING ISR MINING METHOD FOR J ZONE AND DECISION
TO
INITIATE PRELIMINARY ECONOMIC ASSESSMENT
Toronto, ON – July 28,
2020. Denison Mines Corp. (“Denison” or the
“Company”) (DML: TSX, DNN: NYSE American) is pleased to
announce the successful completion of an internal conceptual mining
study (the “Concept Study”) examining the potential
future development of the J Zone uranium deposit (“J
Zone”) using the In-Situ Recovery (“ISR”) mining
method. Based on the results from the Concept Study, the Company
has decided to initiate the preparation of a Preliminary Economic
Assessment (“PEA”), which is expected to be completed
during the second half of 2020.
The
Concept Study was prepared by Denison’s in-house project
development team under the oversight of David Bronkhorst, P.Eng.,
the Company’s Vice President, Operations, and was reviewed
and approved by the Technical Committee of the Company’s
Board of Directors.
The
J Zone deposit is located on the Company’s Waterbury Lake
property (“Waterbury”), which is owned by Denison
(66.71%) and Korea Waterbury Lake Uranium Limited Partnership
(“KWULP”) (33.29%), which is comprised of a consortium
of investors, in which Korea Hydro & Nuclear Power
(“KHNP”) holds a majority position. KHNP is also a
significant shareholder in Denison.
David Cates, Denison’s President & CEO,
commented, “We are encouraged by
the results of the J Zone Concept Study, and we are pleased to
advance to a PEA. The ability to complete the J Zone Concept Study
with our internal project development team showcases the depth of
talent that Denison has recruited since the completion of the
Wheeler River Pre-Feasibility Study in 2018 – which study was
highlighted by the selection of the ISR mining method for the
Phoenix deposit. While investing in advancing our understanding of
the potential applicability of the ISR mining method at Phoenix, we
also invested in our team – bringing on key project
development staff with expertise in hydrogeology, mine engineering,
environmental permitting, and corporate social responsibility. This
approach allows us to internalize critical technical project
knowledge related to Phoenix, and facilitates opportunities to
apply this knowledge to the Company’s other potentially ISR
amenable uranium deposits – like J Zone. Having the benefit
of completing a first-of-its-kind ISR field test at Phoenix in
2019, our team was well positioned to carry out the J Zone Concept
Study and is expected to play an important role in facilitating
future studies.”
Property Location
Waterbury
Lake is located within the eastern portion of the Athabasca Basin
in northern Saskatchewan. The property can be accessed year-round
by provincial highway or by air to Points North Landing, a
privately owned service centre with accommodations and airfield,
which is located near the eastern edge of the property. The J Zone
deposit is located on the eastern portion of the property
approximately 15 km from Denison’s 22.5% owned McClean Lake
uranium mill (See Figure 1).
Estimated Mineral Resources
J Zone is estimated to contain Indicated mineral
resources totaling 12,810,000 lbs U3O8,
based on 291,000 tonnes at an average grade of 2.00%
U3O8.
The deposit is defined by 268 drill holes intersecting uranium
mineralization over a combined east-west strike length of up to 700
metres and a maximum north-south lateral width of 70 metres.
Uranium mineralization is generally found within several metres of
the unconformity at depth ranges of 195 to 230 metres below
surface, with vertical thicknesses ranging from tens of centimeters
to over 19.5 metres.
The
mineral resource estimate for the J Zone deposit (and the technical
information described herein) is described in an independent
technical report, prepared in accordance with NI 43-101, titled
“Technical Report with an Updated Mineral Resource Estimate
for the Waterbury Lake Property, Northern Saskatchewan,
Canada”, dated December 21, 2018, by SRK Consulting.
..
Concept Study
The
Concept Study evaluated the potential use of the ISR mining method
for the J Zone deposit. In an ISR uranium mining operation, a
mining solution (lixiviant) is injected into the ore zone through a
series of drill holes known as injection wells. The lixiviant
leaches the uranium as it travels through the ore zone and is then
recovered as a uranium bearing solution ("UBS"), which is pumped
back to surface via a series of recovery wells. Once on surface,
the UBS is sent to a surface processing plant for the chemical
separation of the uranium. Following the uranium removal, the
lixiviant is reconditioned and returned to the wellfield for
further production. The ISR mining method accounts for a
significant portion of uranium mine production globally and is
generally considered the lowest cost uranium mining method in the
world – owing to the fact that the method eliminates the
surface disturbances and costs associated with physically removing
ore and waste from the ground, as well as the tailings treatment
and storage, that are normally associated with underground or open
pit mining operations.
J
Zone shares many geological characteristics with the high-grade
Phoenix deposit, which is part of the Company’s 90% owned
Wheeler River Uranium Project (“Wheeler River”). J Zone
is situated at the unconformity contact, between the overlying
sandstone and underlying basement rocks, the mineralization is
characterized as variably fractured, broken and desilicified with
zones of strong clay and high-grade uranium metals. For these
reasons, the mineralization is largely believed to be highly
permeable with the ability to increase areas of lower permeability
with the use of permeability enhancement techniques. Additionally,
J Zone is similar to Phoenix in that it is underlain by relatively
impermeable basement rocks providing the natural underlying
aquitard necessary for the containment of lixiviant within the
overlying sandstone units.
The
internal studies undertaken by the Company on J Zone are
preliminary in nature and there is significant uncertainty with
respect to the potential for, and the economic and technical risks
associated with, advancing to a PEA for J Zone, and such further
studies may not be undertaken or completed if the preliminary
results of internal studies are not maintained after further
testing and/or analysis.
About Denison
Denison is a uranium exploration and development company with
interests focused in the Athabasca Basin region of northern
Saskatchewan, Canada. The Company's flagship project is the 90%
owned Wheeler River Uranium Project, which is the largest
undeveloped uranium project in the infrastructure rich eastern
portion of the Athabasca Basin region of northern Saskatchewan.
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 contracted to process the ore from the Cigar Lake mine under a
toll milling agreement, plus a 25.17% interest in the Midwest
deposits and a 66.71% interest in the J Zone and Huskie deposits on
the Waterbury Lake property. The Midwest, J Zone and Huskie
deposits are located within 20 kilometres of the McClean Lake mill.
In addition, Denison has an extensive portfolio of exploration
projects in the Athabasca Basin region.
Denison is engaged in mine decommissioning and environmental
services through its Closed Mines group, which manages Denison's
Elliot Lake reclamation projects and provides post-closure mine and
maintenance services to industry and government
clients.
Denison is also the manager of Uranium Participation Corporation, a
publicly traded company listed on the TSX under the symbol 'U',
which invests in uranium oxide in concentrates and uranium
hexafluoride.
For more information, please contact
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David
Cates
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(416) 979-1991
ext 362
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President and
Chief Executive Officer
|
|
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|
|
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Sophia
Shane
|
(604)
689-7842
|
|
Investor
Relations
|
|
|
|
|
|
Follow Denison on
Twitter
|
@DenisonMinesCo
|
The technical information contained in this release has been
reviewed and approved by Mr. David Bronkhorst, P.Eng, Denison's
Vice President, Operations, who is a Qualified Person in accordance
with the requirements of NI 43-101.
Cautionary Statement Regarding Forward-Looking
Statements
Certain information contained in this news 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 ‘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’, ‘be
achieved’ or ‘has the potential to’. In
particular, this news release contains forward-looking information
pertaining to the following: the mineral resource estimate for J
Zone and Concept Study as well as their underlying assumptions and
interpretations; the expectations for further evaluation activities
including a PEA; and expectations regarding its joint venture
ownership interests and the continuity of its agreements with its
partners.
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. For
example, further studies, including a PEA, may not be undertaken if
the results of the Concept Study are not maintained after further
testing; Denison may decide or otherwise be required to discontinue
the related work if it is unable to maintain or otherwise secure
the necessary resources (such as testing facilities, capital
funding, regulatory approvals, etc.) or operations are otherwise
affected by COVID-19 and its potentially far-reaching impacts.
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 13, 2020 or subsequent quarterly
financial reports 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. The forward-looking information
contained in this news 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 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 and Probable Mineral Reserves: This press
release may use the terms 'measured', 'indicated' and 'inferred'
mineral resources. United States investors are advised that while
such terms have been prepared in accordance with the definition
standards on mineral reserves of the Canadian Institute of Mining,
Metallurgy and Petroleum referred to in Canadian National
Instrument 43-101 Mineral Disclosure Standards ('NI 43-101') and
are recognized and required by Canadian regulations, these terms
are not defined under Industry Guide 7 under the United States
Securities Act and, until recently, have not been permitted to be
used in reports and registration statements filed with the United
States Securities and Exchange Commission ('SEC'). '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. In addition, the terms
"mineral reserve", "proven mineral reserve" and "probable mineral
reserve" for the purposes of NI 43-101 differ from the definitions
and allowable usage in Industry Guide 7. Effective February 2019,
the SEC adopted amendments to its disclosure rules to modernize the
mineral property disclosure requirements for issuers whose
securities are registered with the SEC under the Exchange Act and
as a result, the SEC now recognizes estimates of "measured mineral
resources", "indicated mineral resources" and "inferred mineral
resources". In addition, the SEC has amended its definitions of
"proven mineral reserves" and "probable mineral reserves" to be
"substantially similar" to the corresponding definitions under the
CIM Standards, as required under NI 43-101. However, information
regarding mineral resources or mineral reserves in Denison's
disclosure may not be comparable to similar information made public
by United States companies.
