Denison Mines Corp.

Denison Mines Corp.

March 26, 2007 13:23 ET

Denison Increases its Bid and Files Final Offer to Acquire OmegaCorp Limited

TORONTO, ONTARIO--(CCNMatthews - March 26, 2007) - Denison Mines Corp. ("Denison" or the "Company") (TSX:DML) reports that the Company has elected to increase its bid to acquire any or all of the issued and outstanding shares of OmegaCorp Limited ("OmegaCorp") (ASX:OMC) originally announced on December 5, 2006, and that formally commenced on February 1, 2007. The bid has been increased by 4.5% to AU$1.15 for a total consideration of AU$177.6 million (CDN$166 million) and has been stipulated as Denison's final offer. As a result of increasing the bid, the offer period is extended and will now close at 5:00 pm (South Australian Time) on April 13, 2007.

As a final offer, the offer cannot (as a matter of law) be increased, in the absence of an alternative proposal from a third party.

The directors of OmegaCorp stated in an announcement on the Australian Stock Exchange on December 6, 2006 that they unanimously recommend that OmegaCorp shareholders accept the Company's offer, and the directors have tendered their shares in favour of the offer.

Denison's currently holds approximately 31.5% of the common shares of OmegaCorp. The shareholders who have already tendered will receive the benefit of the increased bid. Denison encourages all OmegaCorp shareholders who have not yet accepted the Company's offer to do so as soon as possible.

A copy of the Bidder's Statement and First Supplementary Bidder's Statement are available on

Denison Mines Corp. is the premier intermediate uranium producer in North America, with mining assets in the Athabasca Basin Region of Saskatchewan, Canada and the southwest United States including Colorado, Utah, and Arizona. Further, the Company has ownership interests in two of the four uranium mills operating in North America today. The combination of a diversified mining asset base with parallel ownership of milling infrastructure in highly politically stable jurisdictions has uniquely positioned the Company for growth and development into the future. The Company also has a strong exploration portfolio with large land positions in the United States, Canada and Mongolia. Correspondingly, the Company has one of the largest uranium exploration teams among intermediate uranium companies.

Cautionary Statements

This news release contains "forward-looking statements", 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 Mines Corp. ("Denison").

Forward looking statements include, but are not limited to, statements with respect to estimated production, the expected effects of possible corporate transactions and the development potential of Denison's properties; the future price of uranium and vanadium; the estimation of mineral reserves and resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; capital expenditures; success of exploration activities; permitting time lines and permitting, mining or processing issues; currency exchange rate fluctuations; government regulation of mining operations; environmental risks; unanticipated reclamation expenses; title disputes or claims; and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", forecasts", "intends", "anticipates" or "does not anticipate", or "believes", 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".

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, including but not limited to risks related to: unexpected events during construction, expansion and start-up; variations in ore grade, tonnes mined, crushed or milled; delay or failure to receive board or government approvals; timing and availability of external financing on acceptable terms; risks related to international operations; actual results of current exploration activities; actual results of current reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of uranium and vanadium; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in the completion of development or construction activities, as well as those factors discussed in or referred to in the Management's Discussion and Analysis of the Company filed with the securities regulatory authorities in Canada and available at Although management of Denison has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.

There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Denison does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws. Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. Readers should refer to the Annual Information Form of Denison Mines Inc. for the year ended December 31, 2006 and the Form 20F of International Uranium Corporation for the year ended September 30, 2005 and other continuous disclosure documents filed by each of them since those dates available at, for further information relating to their mineral resources and mineral reserves.

Contact Information

  • Denison Mines Corp.
    E. Peter Farmer
    (416) 979-1991 ext. 231
    (416) 979-5893 (FAX)
    Denison Mines Corp.
    Ron Hochstein
    (604) 689-7842
    Denison Mines Corp.
    James Anderson
    (416) 979-1991 ext. 372
    (416) 979-5893 (FAX)