news just out09:00 EST Tuesday, Mar 06, 2007
--------------------------------------------------------------------------------
Advertisement
Show advertisement
--------------------------------------------------------------------------------
TORONTO, ONTARIO--(CCNMatthews - March 6, 2007) - Denison Mines Corp. ("Denison") (TSX:DML) is pleased to announce that it has received a new estimate of the Indicated and Inferred Resources at the McClean North uranium deposit on its 22.5% owned McClean Lake property in the Athabasca Basin in northern Saskatchewan. The estimate was prepared by Scott Wilson Roscoe Postle Associates Inc. ("Scott Wilson RPA") in accordance with the requirements of National Instrument 43-101 ("NI 43-101").
The Report entitled "Technical Report on the Mineral Resource Estimate for the McClean North Uranium Deposits" (the "Report"), dated January 31, 2007, identified the following Mineral Resources.
------------------------------------------------------------
McClean North Deposit Indicated Resource Estimate
------------------------------------------------------------
Contained U3O8 Denison's Share
Deposit Tonnes Grade U3O8 (000's Pounds) (000's Pounds)
------------------------------------------------------------
Pod 1 115,898 2.85% 7,290 1,640
------------------------------------------------------------
Pod 2 43,983 2.59% 2,510 565
------------------------------------------------------------
Pod 5 26,233 2.91% 1,680 378
------------------------------------------------------------
Total 186,114 2.80% 11,480 2,583
------------------------------------------------------------
------------------------------------------------------------
McClean North Deposit Inferred Resource Estimate
------------------------------------------------------------
Contained U3O8 Denison's Share
Deposit Tonnes Grade U3O8 (000's Pounds) (000's Pounds)
------------------------------------------------------------
Pod 1 3,064 0.77% 52.1 11.7
------------------------------------------------------------
Pod 5 197 0.33% 1.4 0.3
------------------------------------------------------------
Total 3,261 0.74% 53.5 12.0
------------------------------------------------------------
Notes: The cut-off grade is 0.1% U3O8.
The McClean North deposit is presently the focus of the Mining Equipment Development (MED) blindshaft boring test. This MED test in late 2006 was successful in proving the extraction technology of high grade uraniferous material from depth. While the McLean Lake Joint Venture is pleased with the successful deployment of this mining tool, in light of the current short term forecasted uranium price, the Joint Venture retained Scott Wilson RPA to construct a block model assuming an open pit mining method. The Report will be used as a basis for reserve estimation and mining optimization work in subsequent studies, including the evaluation of underground mining.
The McClean Lake Joint Venture holds mineral claims and leases covering areas that host a number of uranium deposits including the mined out JEB, Sue C, and Sue A deposits, the currently producing Sue E mine, and the planned Sue B, Sue D, McClean North and Caribou deposits.
Scott Wilson RPA was retained to independently review and audit the mineral resources at McClean North. Richard E. Routledge, M.Sc., P. Geol. of Scott Wilson RPA is the Qualified Person pursuant to NI 43-101, who has verified the data disclosed and was responsible for the Report. Mr. Routledge has reviewed the technical contents related to the resource estimates of the McClean North deposit contained in this release. A copy of the report will be available on Sedar (www.sedar.com