Denison Mines Corp.
TSX : DML
AMEX : DNN

Denison Mines Corp.

September 10, 2007 08:23 ET

Denison Receives Permits for Tony M Mine in U.S.

TORONTO, ONTARIO--(Marketwire - Sept. 10, 2007) - Denison Mines Corp. ("Denison" or the "Company") (TSX:DML)(AMEX:DNN) is pleased to announce that it has received all of the necessary operating permits from the U.S. Bureau of Land Management and the State of Utah for the Company's Tony M mine located within the Henry Mountains Complex west of the Company's White Mesa conventional uranium mill.

Rehabilitation of the mine has been underway under an exploration permit since May of this year. These efforts have enabled the Company to begin mining upon receipt of the operating permits. Contract mining of the deposit has been awarded to Dynatec Corporation of Salt Lake City, Utah.

Henry Mountains is one of several uranium mining properties the Company holds in the U.S. This long life mining operation comprises the Tony M and Bullfrog deposits. The Tony M deposit area with its full mine infrastructure will facilitate access to the nearby undeveloped Bullfrog resources. The Tony M deposit has historical indicated ore resources of 1.28 million tons grading 0.21% eU3O8 totaling 5.3 million lbs U3O8 (see Press Release dated October 16, 2006 at www.sedar.com). Ore produced from the Henry Mountains Complex will be processed at the Company's 100% owned White Mesa Mill.

Upon reaching full production by mid-2008, the Tony M mine is anticipated to produce 18,000 tons of ore per month. Mining is also underway at four of the Company's uranium mines in the Colorado Plateau District producing over 10,000 tons of ore per month. Currently, the ore is being stockpiled at the White Mesa Mill. Processing is scheduled to commence in early 2008.

In addition to ore production from the Henry Mountains and Colorado Plateau districts, Denison is anticipating ore production from its Arizona 1 mine on the Arizona Strip in north-eastern Arizona to begin in mid-2008.

Annual production from Denison's U.S. operations is expected to be approximately 2.9 million lbs U3O8 and 4.0 million lbs of vanadium in 2008. Total production from the Company's U.S. and Canadian operations are anticipated to exceed 5.0 million lbs. by 2011.

Denison Mines Corp. is a 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 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, the development potential of Denison's properties; the future price of uranium; 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; actual results of current exploration 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 under the heading "Risk Factors" in Denison's Annual Information Form dated March 27, 2007 available at www.sedar.com and its Form 40-F available at www.sec.gov. 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 and the Form 40-F of the Company for the fifteen month period ended December 31, 2006 and other continuous disclosure documents filed since December 31, 2006 available at www.sedar.com, for further information relating to their mineral resources and mineral reserves.

Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources: This news release uses the terms "Measured", "Indicated" and "Inferred" Resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. "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.

Contact Information

  • Denison Mines Corp.
    E. Peter Farmer
    (416) 979-1991 ext. 231
    or
    Denison Mines Corp.
    Ron Hochstein
    (604) 689-7842
    or
    Denison Mines Corp.
    James Anderson
    (416) 979-1991 ext. 372
    Website: www.denisonmines.com