TORONTO, ONTARIO, Sep 18, 2008 (MARKET WIRE via COMTEX News Network) --
DenisonMines Corp. ("Denison" or the "Company")(TSX: DML)(AMEX: DNN) todayannounced the discovery of three new zones of mineralization at itsMutanga uranium project in Zambia. The new zones were discovered duringthe drilling of the first three targets of Denison's 2008 explorationprogram. The most significant hole (DMD77600-03) included 12.5 metresof 1,204 ppm eU3O8 at a depth of only 74 metres. The 2008 programincludes an airborne radiometric survey and a 26,000 metre drillprogram.
The three separate zones of mineralization werelocated by widely spaced (generally 400 metre centres) drilling. TheDibwe East Zone is located within three kilometres of the proposedMutanga pit boundary and is the most favorable of the three located todate. Initial testing has returned several intersections, the mostsignificant being hole DMD77600-03 with 80.3 metres of 351 ppm eU3O8from 18.0 metres depth, including 12.5 metres of 1,204 ppm eU3O8. HoleDMD78000-03, also at Dibwe East, intersected 24.2 metres of 314 ppmeU3O8 from 23.0 metres depth. For comparison purposes, the averagegrade contained in the original scoping study was 380 ppm, at a cut-offgrade of 200 ppm.
Following the cessation of the developmentdrill program in July, a total of 35 targets were selected for drilltesting on the basis of geology, structure, and radiometrics. A totalof 6,000 metres has been drilled to date in just over a month out of aprogram total of 26,000 metres. Work has been confined to the DibweMutanga corridor. Drilling to date has tested the Dibwe East zone withfive holes that define an area approximately 1,200 metres by 800metres. A second prospect along this trend, the Mutanga West Zone islocated approximately two kilometres southwest. It is currently definedby one drill hole that returned 29.7 metres of 532 ppm eU3O8, including11.8 metres of 1,049 ppm eU3O8. The following table details thesignificant intersections.
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Zone Hole Number Easting Northing From To Width eU3O8
(m) (m) (m) Grade(i)
(ppm)
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Dibwe
East DMD77600-03 8191180 660049 18.0 98.3 80.3 351
(Zone 1)
Including 74.4 86.9 12.5 1,204
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DMD77400-02 8191265 659681 49.1 74.0 24.9 377
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DMD77800-01 8191229 660251 62.0 74.7 12.7 608
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DMD78000-03 8191624 660280 23.0 47.2 24.2 314
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Dibwe
East DMC75600-03 8189459 658870 36.0 77.2 41.2 412
(Zone 2)
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Mutanga DMC75600-03 8193300 658580 12.5 42.2 29.7 532
West
Including 30.4 42.2 11.8 1,049
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(i)The grades reported herein are equivalent U3O8 (grades based on
down-hole radiometric probing at a cut-off grade of 100 ppm eU3O8;
geochemical corroborative assay results have not been received at this
time. All intersections and geological) interpretations are based on
vertical diamond drill core or reverse circulation drill chips only and
mineralized intervals may not represent true thickness.
Mineralizationat Dibwe East and Mutanga West is similar to that at the Mutangadeposit in that it is composed of coarse autunite in fracture zoneswithin an upper oxidized horizon overlying fine grained disseminatedmineralization within a pyritic reduced zone.
Work during thefirst seven months of the year concentrated on development drilling ofthe Mutanga and Dibwe deposits. Approximately 41,742 metres of diamondand reverse circulation drilling was completed in support of a 43-101resource estimation study, which is anticipated to be released in thefourth quarter.
A seven tonne bulk sample was collected andtransported to SGS Laboratories in Perth, Australia, where it iscurrently undergoing bench scale and pilot plant test programs todetermine the optimum mill process. In addition to the alkali leachcircuit proposed in the original scoping study, heap leach technologyis also being investigated. Results of this testwork are expected laterthis year.
Other work currently underway on the Mutanga projectincludes hydrogeological drilling to determine potential water sources,condemnation drilling, environmental baseline monitoring and road andpower supply studies. Engineering aspects of the detailed feasibilitystudy are ongoing with the anticipated delivery of the feasibilitystudy in the first quarter of 2009.
The technical informationcontained in this press release relating to the above describedexploration activities is reported and verified by William C. Kerr,Denison's Vice-President, Exploration, who is a "qualified person" asdefined in National Instrument 43-101. For a description of the qualityassurance program and quality control measures applied by Denisonduring the above described work, please see Denison's AnnualInformation Form filed under the Company's profile on March 28, 2008 onthe SEDAR website at www.sedar.com.
About Denison
DenisonMines Corp. is a premier intermediate uranium producer in NorthAmerica, with mining assets in the Athabasca Basin region ofSaskatchewan, Canada and the southwest United States includingColorado, Utah, and Arizona. Further, the Company has ownershipinterests in two of the four conventional uranium mills operating inNorth America today. The Company also has a strong exploration anddevelopment portfolio with large land positions in the United States,Canada, Zambia and Mongolia.
Cautionary Statements
This news releasecontains ''forward-looking statements", within the meaning of theUnited States Private Securities Litigation Reform Act of 1995 andsimilar Canadian legislation concerning the business, operations andfinancial performance and condition of Denison.
Forward lookingstatements include, but are not limited to, statements with respect toestimated production; the development potential of Denison'sproperties, including those of its joint ventures; the future price ofuranium; the estimation of mineral reserves and resources; therealization of mineral reserve estimates; the timing and amount ofestimated future production; costs of production; capital expenditures;success of exploration activities; permitting time lines andpermitting, mining or processing issues; currency exchangerate fluctuations; government regulation of mining operations;environmental risks; unanticipated reclamation expenses; title disputesor claims; and limitations on insurance coverage. Generally, theseforward-looking statements can be identified by the use offorward-looking terminology such as "plans", "expects" or "does notexpect', "is expected", "budget', "scheduled", "estimates", forecasts","intends", "anticipates" or "does not anticipate", or "believes", orvariations 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 basedon the opinions and estimates of management as of the date suchstatements 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 bematerially different from those expressed or implied by suchforward-looking statements, including but not limited to risks relatedto: unexpected events during construction, expansion and start-up;variations in ore grade, tonnes mined, crushed or milled; delay orfailure to receive board or government approvals; timing andavailability of external financing on acceptable terms; actual resultsof current exploration activities;; conclusions of economicevaluations; changes in project parameters as plans continue to berefined; future prices of uranium and vanadium; possible variations inore reserves, grade or recovery rates; failure of plant, equipment orprocesses to operate as anticipated; accidents, labour disputes andother risks of the mining industry; delays in the completion ofdevelopment or construction activities, as well as those factorsdiscussed in or referred to under the heading "Risk Factors" inDenison's Annual Information Form dated March 28, 2008 available atwww.sedar.com and its Form 40-F available at www.sec.gov. Althoughmanagement of Denison has attempted to identify important factors thatcould cause actual results to differ materially from those contained inforward-looking statements, there may be other factors that causeresults not to be as anticipated, estimated or intended.
Therecan be no assurance that such statements will prove to be accurate, asactual results and future events could differ materially from thoseanticipated in such statements. Accordingly, readers should not placeundue reliance on forward-looking statements. Denison does notundertake to update any forward-looking statements that areincorporated by reference herein, except in accordance with applicablesecurities laws. Mineral resources, which are not mineral reserves, donot have demonstrated economic viability. Readers should refer to theAnnual Information Form and the Form 40-F of the Company for the yearended December 31, 2007 and other continuous disclosure documents filedsince December 31, 2007 available at www.sedar.com for furtherinformation relating to their mineral resources and mineral reserves.
Contacts:
Denison Mines Corp.
E. Peter Farmer
Chief Executive Officer
(416) 979-1991 Extension 231
Denison Mines Corp.
Ron Hochstein
President and Chief Operating Officer
(604) 689-7842
Denison Mines Corp.
James R. Anderson
Executive Vice President and Chief Financial Officer
(416) 979-1991 Extension 372
(416) 979-5893 (FAX)
Website: www.denisonmines.com
SOURCE: Denison Mines Corp.
https://www.denisonmines.com
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