White Canyon Uranium Limited
TSX VENTURE : WU
ASX : WCU

White Canyon Uranium Limited

May 04, 2011 12:05 ET

Update to Takeover Offer by Denison Mines for White Canyon Uranium

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 4, 2011) - White Canyon Uranium Limited (TSX VENTURE:WU)(ASX:WCU) ("White Canyon") announces that as at May 3, 2011, Denison Mines Corp ("Denison") had received acceptances in respect of 134,667,667 shares in White Canyon Uranium Limited White Canyon shares, equating to approximately 58% of White Canyon's shares on issue under its off-market takeover (the "Offer") and indicating strong support by White Canyon's shareholders for the Offer.

Acceptances by substantial shareholders

Included in the acceptances received by Denison to date are those from both of White Canyon's substantial shareholders, Mr. Michael Shumway, the Operations Manager of White Canyon with a 20% holding, and Ms. Lulu Yu, with a 27% holding, with respect to their entire shareholdings.

Acceptances by Directors

Having unanimously recommended that all White Canyon shareholders accept the offer, in the absence of a superior proposal or an Independent Expert opining that the offer was neither fair nor reasonable, all of the White Canyon Directors (the "Directors") have informed the company that they have now accepted the Offer for all of their shares.

The Directors continue to believe that the Offer delivers compelling value to White Canyon shareholders and recommend that White Canyon shareholders who have not already accepted Denison's Offer do so without delay. Although the Offer remains subject certain defeating conditions, including a 90% minimum acceptance condition, the Directors encourage shareholders to consider the implications of being a minority White Canyon shareholder (as set out in section 1 of the Target's Statement dated 8 April 2011) when considering whether to accept the Offer.

Timeline

The Offer period is scheduled to close at 5.00pm (Perth, Western Australia time) on 20 May 2011 (unless extended).

Any White Canyon shareholder who is unsure how to accept the Offer or has any questions about the Offer should call the shareholder information line on 1800 785 131 (for callers within Australia) or +61 2 8256 3250 (for callers outside of Australia).

About White Canyon

White Canyon Uranium Ltd is a Perth, Western Australia-based company focused on acquisition, exploration, and development of uranium producing properties. The company's U.S. operations are headquartered in Moab, Utah and comprise multiple mining tenements covering approximately 15,500 acres in Southern Utah.

About Denison

Denison Mines Corp. is an 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. The company has ownership interests in two conventional uranium mills in North America. Denison also has a strong exploration and development portfolio including the Phoenix discovery in the Athabasca Basin as well as large land positions in the United States, Canada, Mongolia and Zambia.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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