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<SEC-DOCUMENT>0000945234-06-000886.txt : 20061025
<SEC-HEADER>0000945234-06-000886.hdr.sgml : 20061025
<ACCEPTANCE-DATETIME>20061025124959
ACCESSION NUMBER:		0000945234-06-000886
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20061024
FILED AS OF DATE:		20061025
DATE AS OF CHANGE:		20061025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INTERNATIONAL URANIUM CORP
		CENTRAL INDEX KEY:			0001063259
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS METAL ORES [1090]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24443
		FILM NUMBER:		061162177

	BUSINESS ADDRESS:	
		STREET 1:		1050 SEVENTEENTH STREET
		STREET 2:		SUITE 950
		CITY:			DENVER
		STATE:			CO
		ZIP:			80265
		BUSINESS PHONE:		3036287798

	MAIL ADDRESS:	
		STREET 1:		1050 SEVENTEENTH STREET
		STREET 2:		SUITE 950
		CITY:			DENVER
		STATE:			CO
		ZIP:			80265
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>o33165e6vk.htm
<DESCRIPTION>SPECIAL MEETING PROXY STATEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>Special Meeting Proxy Statement</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 6-K</B>
</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Report of Foreign Private Issuer<BR>
Pursuant to Rule&nbsp;13a-16 or 15d-16<BR>
of the <U>Securities Exchange Act of 1934</U></B>
</DIV>


<DIV align="left" style="font-size: 12pt; margin-top: 12pt">For October&nbsp;25, 2006
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>International Uranium Corporation</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Translation of registrant&#146;s name into English)</DIV>



<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Suite&nbsp;2101 &#150; 885 West Georgia Street, Vancouver, British Columbia, Canada V6C 3E8</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Address of principal executive offices)</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Indicate by check mark whether the registrant files or will file annual reports under cover
Form&nbsp;20-F or Form&nbsp;40-F.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="80%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form&nbsp;20-F&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#254;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Form&nbsp;40-F&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Indicate by check mark whether the registrant by furnishing the information contained in
this Form is also thereby furnishing the information to the Commission pursuant to <U>Rule
12g3-2(b)</U> under the Securities Exchange Act of 1934.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="80%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Yes&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">No&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection
with <U>Rule</U> <U>12g3-2(b)</U>: 82- _______________.
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Signatures
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the <U>Securities Exchange Act of 1934</U>, the registrant
has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><U>International Uranium Corporation</U><BR>
(Registrant)<BR>
<BR>
&nbsp;<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: October 25, 2006&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/  Ron F. Hochstein
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Ron F. Hochstein, President and CEO&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Exhibit&nbsp;Index</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="89%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Exhibit Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notice of Special Meeting of Shareholders, Management Information
Circular and Proxy Statement</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Proxy</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>



<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o33165o3316500.gif" alt="(IUC LOGO)">
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INTERNATIONAL URANIUM CORPORATION</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>NOTICE OF SPECIAL MEETING OF SHAREHOLDERS</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>MANAGEMENT INFORMATION CIRCULAR<BR>
AND PROXY STATEMENT</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CONCERNING THE PROPOSED BUSINESS COMBINATION OF<BR>
INTERNATIONAL URANIUM CORPORATION AND DENISON MINES INC.</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>OCTOBER 18, 2006</B>

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>



<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><IMG src="o33165o3316500.gif" alt="(IUC LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">INTERNATIONAL URANIUM CORPORATION</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">October&nbsp;18, 2006
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To Our Shareholders,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On September&nbsp;18, 2006 International Uranium Corporation (&#147;IUC&#148;) announced its intention to enter
into a merger pursuant to a plan of arrangement with Denison Mines Inc. (&#147;Denison&#148;). The merger
of IUC and Denison will create a growth oriented and diversified uranium producer with estimated
combined annual production of approximately 5&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> by 2010
and a strong financial position with approximately Cdn$130&nbsp;million in working capital.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of June&nbsp;30, 2006, the combined company&#146;s pro forma financial highlights include:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cash and short-term investments of approximately Cdn$120&nbsp;million</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No long-term debt</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The strength of the pro forma balance sheet will allow the combined company to pursue a
development growth strategy and fund an aggressive exploration program.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The combined company will be positioned as the premier North American uranium intermediate
producer, with mining assets in the Athabasca Basin Region of Saskatchewan, Canada and the
southwest United States including Colorado, Utah, and Arizona. Further, the combined company will
have ownership interests in two of the four operating uranium mills in North America today. The
combination of a diversified mining asset base with parallel ownership of milling infrastructure
in highly politically stable jurisdictions will uniquely position the combined company for growth
and development into the future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The combined company will also have a strong exploration position with large land positions in the
United States, Canada and Mongolia. Correspondingly, the combined company will have one of the
largest uranium exploration teams among intermediate uranium companies. In addition, the combined
company will have further exposure to exploration through equity investments in JNR Resources
Inc., Energy Metals Limited in Australia and several other exploration companies. The combined
company will continue to be the manager of Uranium Participation Corporation, a company created to
buy, hold and sell uranium.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">E. Peter Farmer will become the Chief Executive Officer of the combined company and I will become
the President and Chief Operating Officer. James R. Anderson will be the Chief Financial Officer.
Both Denison and IUC will be equally represented on the board of directors of the combined
company, with Lukas H. Lundin acting as Chairman of the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the closing of the plan of arrangement, Denison will amalgamate with a wholly owned subsidiary
of IUC and holders of Denison common shares will exchange each one of their Denison common shares
for 2.88 IUC common shares. IUC shareholders will continue to hold their existing common shares.
The combined company will be renamed Denison Mines Ltd. and will retain a primary listing on the
Toronto Stock Exchange. Under the terms of the arrangement, Denison&#146;s outstanding stock options
will vest and will, as a result of the Arrangement, represent the right to receive shares of the
combined company, with appropriate adjustments to reflect the exchange ratio between the Denison
common shares and the IUC common shares, including any necessary
adjustments to the exercise price of the</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- 2 -
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">options. Under the terms of Denison&#146;s two outstanding series of warrants, upon the completion of
the arrangement, upon the exercise of such warrants, holders of Denison warrants will be entitled
to receive 2.88 IUC common shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Existing IUC and Denison shareholders will each own approximately 50% of the combined company.
The combined company will have approximately 176&nbsp;million common shares outstanding at the
completion of the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The board of directors of each of Denison and IUC have received fairness opinions from their
respective financial advisors with respect to the transaction consideration. Both boards are
unanimously recommending approval of the transaction by their respective shareholders and/or
securityholders, as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The transaction between IUC and Denison is conditional upon the approval of a majority of IUC&#146;s
shareholders who vote with respect to the issuance of IUC common shares to former shareholders of
Denison and upon the approval of 66 2/3% of IUC&#146;s shareholders who vote with respect to the change
of IUC&#146;s name to Denison Mines Ltd. The transaction is also conditional upon the approval of 66
2/3% of Denison&#146;s securityholders who vote with respect to the arrangement between IUC and
Denison. Special shareholders&#146; meetings will be held by Denison and IUC on November&nbsp;20, 2006. The
transaction is currently expected to close by December&nbsp;1, 2006, subject to receipt of all
requisite approvals. Further details about the merger can be found in the accompanying management
information circular and proxy statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The IUC board of directors unanimously recommends that shareholders vote in favour of the matters
to be placed before them in connection with the arrangement transaction. The directors and senior
officers of each company have entered into agreements to vote their respective shareholdings in
support of the transaction and to refrain from disposing of their shares prior to the applicable
shareholders&#146; or securityholders&#146; meeting. The Lundin family interests, being the holders of
approximately 14.7% in total of IUC, have also pledged their support of the transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I am very enthusiastic about the future of the combined company and look forward to continue to
develop the combined company together with our new colleagues at Denison. We believe the combined
operating, development and exploration expertise of the two companies will create a strong
foundation for continued growth. The combined company will have ownership interests in two of the
four active uranium mills in North America and IUC&#146;s U.S. mine development programs will add to
Denison&#146;s ongoing McClean Lake production. The combined company will also have substantial
mineral reserves and resources and an exploration program to provide for future growth.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please read the attached management information circular and proxy statement carefully and vote
your IUC shares in favour of the matters set forth in the management information circular and
proxy statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yours sincerely
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>&#147;Ronald F. Hochstein&#148;</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ronald F. Hochstein<BR>
Chief Executive Officer and President
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NOTICE OF SPECIAL MEETING OF SHAREHOLDERS<BR>
OF INTERNATIONAL URANIUM CORPORATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">NOTICE IS HEREBY GIVEN that the special meeting (the &#147;IUC Meeting&#148;) of the shareholders (the &#147;IUC
Shareholders&#148;) of International Uranium Corporation (&#147;IUC&#148; or the &#147;Corporation&#148;) will be held at
the Design Exchange, 234 Bay Street, Toronto Dominion Centre, Toronto, Ontario, M5K 1B2 on Monday,
November&nbsp;20, 2006 at 10:30&nbsp;a.m. (Toronto time) for the following purposes:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to consider and, if deemed appropriate, to pass, with or without variation, a
resolution (the &#147;Share Issue Resolution&#148;), the full text of which is reproduced at Schedule&nbsp;A
to the accompanying management information circular (the &#147;Circular&#148;), authorizing the issue of
up to a maximum of 102,000,000 IUC common shares in connection with the proposed arrangement
including the business combination (the &#147;Arrangement&#148;) pursuant to the <I>Business Corporations
Act </I>(Ontario), of IUC and Denison Mines Inc. (&#147;Denison&#148;), including IUC common shares issuable
upon the exercise of outstanding options and warrants of Denison, as more particularly
described in the Circular;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to consider and, if deemed appropriate, to pass, with or without variation, a
resolution (the &#147;IUC New Board Resolution&#148;), the full text of which is reproduced at Schedule
B to the Circular, appointing three additional directors to the IUC Board of Directors;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to consider and, if deemed appropriate, to pass, with or without variation,
conditional upon completion of the Arrangement, a resolution (the &#147;IUC SOP Amendment
Resolution&#148;), the full text of which is reproduced at Schedule&nbsp;C to the Circular, authorizing
and approving amendments to the IUC incentive stock option plan;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to consider and, if deemed appropriate, to pass, with or without variation,
conditional upon completion of the Arrangement, a special resolution (the &#147;Name Change
Resolution&#148;), the full text of which is reproduced at Schedule&nbsp;D to the Circular, authorizing
the change of name of IUC to &#147;Denison Mines Ltd.&#148; or such other name containing the name
&#147;Denison&#148; as shall be authorized by the IUC Board of Directors and Denison; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to transact such other business as may properly come before the IUC Meeting or any
adjournment or postponement thereof.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Specific details of the matters proposed to be put before the IUC Meeting are set forth in the
Circular.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Arrangement will be completed pursuant to the arrangement agreement (the &#147;Arrangement
Agreement&#148;) and the Plan of Arrangement thereunder dated September&nbsp;18, 2006, as amended and
restated on October&nbsp;16, 2006 with effect as and from September&nbsp;18, 2006 among IUC, 2113537 Ontario
Inc. and Denison, a copy of which is attached as Schedule&nbsp;E to the Circular. A description of the
Arrangement and the other matters to be dealt with at the IUC Meeting is included in the Circular.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Only IUC Shareholders of record at the close of business on October&nbsp;16, 2006 are entitled to
receive notice of the IUC Meeting and any adjournment or postponement thereof.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- 2 -
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>IUC Shareholders who are unable to be present in person at the IUC Meeting are requested to
complete, date, sign and return, in the envelope provided for that purpose, the enclosed form of
proxy. In order to be voted, proxies must be received by International Uranium Corporation, c/o its
registrar and transfer agent, Computershare Investor Services Inc., 100 University Avenue,
9</B><SUP style="font-size: 85%; vertical-align: text-top"><B>th</b></SUP> <b>Floor, Toronto, Ontario, M5J 2Y1, Attention: Proxy Department, by no later than
10:30&nbsp;a.m. (Toronto time) on November&nbsp;16, 2006 or, in the case of any adjournment or postponement
of the IUC Meeting, by no later than 48 hours (excluding Saturdays, Sundays and holidays) before
the time for the adjourned or postponed IUC Meeting.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">DATED at Vancouver this 18th day of October, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BY ORDER OF THE BOARD
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>&#147;Ronald F. Hochstein&#148;</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">RONALD F. HOCHSTEIN<BR>
Chief Executive Officer and President
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#101">INFORMATION CIRCULAR</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#102">Introduction</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#103">Documents Incorporated by Reference</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#104">Forward Looking Statements</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#105">Exchange Rate Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#106">SUMMARY INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#107">The IUC Meeting</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#108">Denison Mines Inc.</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#109">International Uranium Corporation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#110">IUC Subco</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#111">The Arrangement Agreement</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#112">The Arrangement</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#113">Benefits of the Arrangement</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#114">Recommendation of the IUC Board of Directors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#115">Court Approval and Completion of the Arrangement</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#116">Timing</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#117">IUC Following the Arrangement</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#118">Stock Exchange Listings</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#119">Exchange of Certificates Pursuant to the Arrangement</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#120">GENERAL PROXY INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#121">Solicitation of Proxies</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#122">Appointment of Proxyholder</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#123">Voting of Proxies</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#124">Exercise of Discretion</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#125">Voting By Beneficial Shareholders</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#126">Revocation of Proxy</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#127">INFORMATION CONCERNING THE IUC MEETING</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#128">Time, Date and Place</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#129">Record Date and Shares Entitled to Vote</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#130">Matters to be Considered</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#131">Principal Shareholders</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#132">Quorum and Votes Required for Certain Matters</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#133">Interests of Certain Persons in the Arrangement</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#134">Interests of Directors and Officers of IUC in the Arrangement</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#135">Executive Compensation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#136">Material Contracts</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#137">THE ARRANGEMENT</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#138">Summary of Terms of the Arrangement</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#139">Background</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#140">Benefits of the Arrangement</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#141">Recommendation of the IUC Board of Directors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#142">Fairness Opinion</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#143">Court Approval and Completion of the Arrangement</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#144">Distribution of IUC Shares</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#145">Description of Plan of Arrangement</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#146">Effect of the Arrangement</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#147">THE ARRANGEMENT AGREEMENT</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#148">General</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#149">Treatment of Denison Options and Denison Warrants</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="5" align="center">- 2 -<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#150">Representations and Warranties</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#151">Covenants</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#152">Conditions to the Arrangement</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#153">Amendment and Waiver</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#154">Non-Solicitation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#155">Superior Proposals</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#156">Termination and Break Fees</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#157">Expenses of the Arrangement</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#158">LOCK-UP AGREEMENTS AND INTENTION OF CERTAIN SECURITYHOLDERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#159">INTERESTS OF EXPERTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#160">REGULATORY MATTERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#161">Issue and Resale of IUC Shares</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#162">INFORMATION CONCERNING DENISON MINES INC.</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#163">INFORMATION CONCERNING INTERNATIONAL URANIUM CORPORATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#164">NEW INTERNATIONAL URANIUM CORPORATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#165">SPECIAL BUSINESS TO BE CONSIDERED BY IUC SHAREHOLDERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#166">Share Issue Resolution</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#167">IUC New Board Resolution</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#168">IUC SOP Amendment Resolution</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#169">Name Change Resolution</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#170">IUC DIRECTORS&#146; APPROVAL</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#171">CONSENT OF PRICEWATERHOUSECOOPERS FOR INTERNATIONAL URANIUM CORPORATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#172">CONSENT OF PRICEWATERHOUSECOOPERS FOR DENISON MINES INC.</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#173">GLOSSARY</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#174">SCHEDULE A &#151; SHARE ISSUE RESOLUTION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">A-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#175">SCHEDULE B &#151; IUC NEW BOARD RESOLUTION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">B-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#176">SCHEDULE C &#151; IUC SOP AMENDMENT RESOLUTION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">C-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#177">SCHEDULE D &#151; NAME CHANGE RESOLUTION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">D-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#178">SCHEDULE E &#151; ARRANGEMENT AGREEMENT</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">E-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#179">SCHEDULE F &#151; PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">F-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#180">SCHEDULE G &#151; ADDITIONAL DISCLOSURE REGARDING INTERNATIONAL URANIUM CORPORATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">G-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#181">SCHEDULE H &#151; FAIRNESS OPINION OF DUNDEE SECURITIES CORPORATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">H-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#182">SCHEDULE I &#151; ADDITIONAL DISCLOSURE REGARDING DENISON MINES INC.</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">I-1</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="101"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INFORMATION CIRCULAR</B>
</DIV>

<DIV align="left">
<A name="102"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Introduction</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>This Circular is furnished in connection with the solicitation of proxies by and on behalf of
management of IUC for use at the IUC Meeting and any adjournments thereof. No person has been
authorized to give any information or make any representation in connection with the Arrangement or
any other matters to be considered at the IUC Meeting other than those contained in this Circular
and, if given or made, any such information or representation must not be relied upon as having
been authorized.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All summaries of, and references to, the Arrangement in this Circular are qualified in their
entirety by reference to the complete text of the Plan of Arrangement, a copy of which is attached
as Schedule&nbsp;A to the Arrangement Agreement which is attached as Schedule&nbsp;E to this Circular. <B>You
are urged to carefully read the full text of the Plan of Arrangement.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All capitalized terms used in this Circular but not otherwise defined herein have the meanings set
forth under &#147;Glossary&#148;. Information contained in this Circular is given as of October&nbsp;18, 2006
unless otherwise specifically stated.
</DIV>

<DIV align="left">
<A name="103"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Documents Incorporated by Reference</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Information has been incorporated by reference in this Circular from documents filed by each of IUC
and Denison with securities commissions or similar authorities in Canada. Documents incorporated
by reference are also available, under the respective profiles of IUC and Denison, on the SEDAR
website at www.sedar.com.
</DIV>

<DIV align="left">
<A name="104"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Forward Looking Statements</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Circular contains forward-looking statements within the meaning of Section&nbsp;21E of the 1934 Act
and applicable Canadian securities laws. All statements other than statements of historical fact
contained in this Circular are forward-looking statements, including without limitation, statements
regarding the future benefits of the proposed combination of IUC and Denison, financial position,
business strategy, proposed acquisitions, exploration activities, budgets, litigation, projected
costs and plans and objectives of or involving IUC or Denison. IUC Shareholders can identify many
of these statements by looking for words such as &#147;believes&#148;, &#147;expects&#148;, &#147;will&#148;, &#147;intends&#148;,
&#147;projects&#148;, &#147;anticipates&#148;, &#147;estimates&#148;, &#147;continues&#148; or similar words or the negative thereof.
These forward-looking statements include statements with respect to: fluctuation of mineral prices,
foreign currency fluctuations, 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, costs and timing of the development of new deposits, success of
exploration activities, permitting time lines, requirements for additional capital, political
risks, statutory and regulatory compliance, changes to laws, regulations and permits governing
operations and activities of mining companies, industrial accidents, labour disputes, environmental
risks, unanticipated reclamation expenses, title disputes or claims, limitations on insurance
coverage, repatriation of earnings to Canada from other jurisdictions, dependence on contractors,
key management employees, conflicts of interest, significant and increasing competition in the
mining industry stock price and volume volatility, approval of the Arrangement by the required
securityholders of IUC and Denison and the timing of the Final Order and the Effective Date of the
Arrangement as well as the stock exchange listing of securities issued under the Arrangement.
There can be no assurance that the plan, intentions or expectations
upon </DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- 2 -
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">which these forward-looking statements are based will occur. Forward-looking statements are subject to risks, uncertainties
and assumptions, including those discussed elsewhere in this Circular. Although IUC believes that
the expectations represented in such forward-looking statements are reasonable, there can be no
assurance that such expectations will prove to be correct. Please refer to &#147;Risk Factors&#148; in this
Circular. Readers should not place undue reliance on forward-looking statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mineral resource figures disclosed in, or incorporated by reference into, this Circular are
estimates and no assurances can be given that the indicated levels will be produced. Such
estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling
results and industry practices. Valid estimates made at a given time may significantly change when
new information becomes available. While IUC believes that the resource estimates disclosed in
this Circular are well established, by their nature resource estimates are imprecise and depend, to
a certain extent, upon statistical inferences which may ultimately prove unreliable. If such
estimates are inaccurate or are reduced in the future, this could have a material adverse impact on
IUC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mineral resources are not mineral reserves and do not have demonstrated economic viability.
Measured and indicated mineral resources are sufficiently well defined to allow geological and
grade continuity to be reasonably assumed and permit the application of technical and economic
parameters in assessing the economic viability of the resource. Inferred mineral resources are
estimated on limited information not sufficient to verify geological and grade continuity or to
allow technical and economic parameters to be applied. Inferred mineral resources are too
speculative geologically to have economic considerations applied to them to enable them to be
categorized as mineral reserves. There is no certainty that mineral resources can be upgraded to
mineral reserves through continued exploration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC Shareholders in the United States are advised that the definitions of the terms &#147;mineral
reserve,&#148; &#147;proven mineral reserve&#148; and &#147;probable mineral reserve&#148; under CIM Standards are different
than the definitions adopted by the SEC and applicable to U.S. companies filing reports with the
SEC pursuant to Guide 7. It is the view of the SEC&#146;s staff that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a feasibility study is required to meet the requirements to designate reserves under
Guide 7;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a historic three-year average price is to be used in any reserve or cash flow
analysis to designate reserves; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to meet the &#147;legal&#148; part of the reserve definition, the primary environmental
analysis or document should have been submitted to governmental authorities.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, while the terms &#147;mineral resource,&#148; &#147;measured mineral resource,&#148; &#147;indicated mineral
resource,&#148; and &#147;inferred mineral resource&#148; are recognized and required to be reported by Canadian
regulations, the SEC does not recognize them. As such, information contained herein or incorporated
by reference herein concerning descriptions of mineralization, resources and reserves under
Canadian standards may not be comparable to similar information made public by U.S. companies
subject to the reporting and disclosure requirements of the SEC. &#147;Indicated mineral resource&#148; and
&#147;inferred mineral resource&#148; have a great amount of uncertainty as to their existence and a great
uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part
of an &#147;indicated mineral resource&#148; or &#147;inferred mineral resource&#148; will ever be upgraded to a higher
category. U.S. investors are cautioned not to assume that any part or all of an inferred resource
exists, or is economically or legally mineable.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- 3 -
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The forward-looking statements contained herein or incorporated by reference are expressly
qualified in their entirety by this cautionary statement. The forward-looking statements included
in this Circular are made as of the date of this Circular and, except as required under applicable
securities laws, IUC undertakes no obligation to publicly update such forward-looking statements to
reflect new information, subsequent events or otherwise.
</DIV>

<DIV align="left">
<A name="105"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Exchange Rate Information</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All dollar amounts set forth in this Circular are in U.S. dollars, except where otherwise
indicated. All references to &#147;Canadian dollars&#148; or to &#147;Cdn$&#148; are to Canadian dollars. The
following table sets forth the rate of exchange for the U.S. dollar, expressed in Canadian dollars
in effect at the end of the periods indicated, the average of exchange rates in effect during such
periods and the high and low exchange rates during such periods based on the noon rate of exchange
as reported by the Bank of Canada for conversion of Canadian dollars into United States dollars.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>6 Months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>9 Months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>ended June</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>ended September</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>June 30, 2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>30, 2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Year ended December 31,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rate at end of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.8969</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.8968</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.8579</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.8310</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.7738</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average rate during period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.8787</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.8831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.8276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.7719</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.7205</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">High for period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.9100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.9100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.8690</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.8493</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.7739</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Low for period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.8528</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.8528</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.7872</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.7158</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.6350</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The noon buying rate on October&nbsp;18, 2006 as reported by the Bank of Canada for the conversion
of Canadian dollars into United States dollars was Cdn$1.00 equals US$0.8788.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<P>
<DIV style="width: 100%; border: 1px solid black; padding: 1px;">



<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- 4 -
</DIV>

<DIV align="left">
<A name="106"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SUMMARY INFORMATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The following is a summary of the principal features of the Arrangement and certain other matters
and should be read together with the more detailed information and financial data and statements
contained elsewhere in this Circular including the Schedules hereto. Capitalized terms not
otherwise defined in this Summary are defined in the Glossary or elsewhere in the Circular
including the Schedules hereto. This Summary is qualified in its entirety by the more detailed
information appearing or referred to elsewhere herein.</B>
</DIV>

<DIV align="left">
<A name="107"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>The IUC Meeting</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Date, Time and Place</I></B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The IUC Meeting will be held at the Design Exchange, 234 Bay Street, Toronto Dominion Centre,
Toronto, Ontario, M5K 1B2 on Monday, November&nbsp;20, 2006 at 10:30&nbsp;a.m. (Toronto time) for the
purposes set forth in the accompanying Notice of Special Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Record Date</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Record Date for determining the registered IUC Shareholders for the IUC Meeting is October&nbsp;16,
2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Purpose of the IUC Meeting</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the IUC Meeting, IUC Shareholders will be asked to approve resolutions: (i)&nbsp;authorizing the
issuance of up to a maximum of 102,000,000 IUC Shares including approximately 13,907,517 IUC Shares
that may be issued upon the exercise of Denison Options and Denison Warrants, in connection with
the Arrangement (the &#147;Share Issue Resolution&#148;); (ii)&nbsp;appointing three directors to the IUC Board of
Directors (the &#147;IUC New Board Resolution&#148;); (iii)&nbsp;amending the IUC incentive stock option plan; (1)
to provide that options may be granted that equal up to 10% of the issued and outstanding common
shares of IUC from time to time, up to a maximum of 20,000,000 options; (2)&nbsp;to remove the
&#147;reloading&#148; feature of options that have been exercised such that the number of exercised options
is not added to the pool of options available for future issuance; and (3)&nbsp;to provide that on a
change of control, unvested options may be exercised not only before the close of any such change
of control transaction, but up to 60&nbsp;days following the close of any such transaction (the &#147;IUC SOP
Amendment Resolution&#148;); and (iv)&nbsp;authorizing the change of name of IUC to &#147;Denison Mines Ltd.&#148; or
such other name containing the word &#147;Denison&#148; as may be approved by the IUC Board of Directors and
the board of directors of Denison (the &#147;Name Change Resolution&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The vote required to approve all of the above resolutions, other than the Name Change Resolution,
requires the approval of not less than 50% of the votes cast by IUC Shareholders, either in person
or by proxy, at the IUC Meeting. The vote required to approve the Name Change Resolution requires
the approval of not less than 66 2/3% of the votes cast by IUC Shareholders, either in person or by
proxy, at the IUC Meeting.
</DIV>

<DIV align="left">
<A name="108"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Denison Mines Inc.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Denison was incorporated on September&nbsp;25, 2003 under the OBCA and commenced operations on March&nbsp;8,
2004 when it acquired the uranium mining and environmental services businesses from Denison Energy
Inc. in connection with the reorganization of Denison Energy Inc.
</DIV>

</DIV>



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<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- 5 -
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Denison is primarily a uranium exploration, development and production company. Denison&#146;s
principal assets are its interests in the McClean Lake uranium facility and the Midwest Uranium
Project, both of which are located in Northern Saskatchewan and operated by AREVA Resources Canada
Inc. (&#147;AREVA&#148;). Denison&#146;s mineral exploration activities during 2005 concentrated on uranium
through the Wheeler River, Wolly and Waterfound River joint ventures in Northern Saskatchewan and
through its Mongolia joint venture, together with ongoing exploration of targets on the McClean
Lake and Midwest properties. Denison is also the manager of Uranium Participation Corporation
(&#147;UPC&#148;) and operates an environmental and mine reclamation business through its Denison
Environmental Services division. Denison also has an interest in a uranium joint venture in
Mongolia with an affiliate of AREVA and participates in uranium exploration in Australia through
its 12% equity interest in Energy Metals Limited.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Denison owns 30% of the outstanding common shares of McClean Uranium Limited (&#147;MUL&#148;). The balance
of the common shares of MUL are held by AREVA. AREVA and Denison jointly market their respective
shares of production from the McClean Lake uranium project to electrical utilities around the world
(directly and through uranium traders) through MUL. There is no Subsidiary of Denison whose total
assets or whose total revenue constituted more than 10% of the consolidated assets or consolidated
revenue of Denison for the most recent fiscal year end. Subsidiaries, if considered in the
aggregate, represent less than 10% of the total consolidated assets or total consolidated revenue
of Denison.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Denison Shares trade on the TSX under the symbol &#147;DEN&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">See Schedule&nbsp;I &#150; <I>Additional Disclosure Regarding Denison Mines Inc. </I>&#150; for more information
regarding Denison.
</DIV>

<DIV align="left">
<A name="109"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>International Uranium Corporation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC was incorporated on October&nbsp;3, 1996 under the laws of the Province of Ontario pursuant to the
OBCA. Thornbury Capital Corporation was incorporated under the laws of the Province of Ontario by
Letters Patent on September&nbsp;29, 1950. On May&nbsp;9, 1997 these two companies amalgamated to form
&#147;International Uranium Corporation&#148;. IUC is governed by the OBCA. The IUC Shares trade on the TSX
under the symbol &#147;IUC&#148;. The common shares of IUC are registered under the 1934 Act. However, the
IUC Shares to be issued to holders of Denison Shares under the Arrangement are not required to be,
and will not be, registered under the 1933 Act. See, &#147;<I>Regulatory Matters &#150; Issue and Resale of IUC
Shares &#150; United States</I>&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC is engaged in uranium exploration, mining and milling, including the business of recycling
uranium-bearing waste products at its White Mesa uranium mill as an alternative to the direct
disposal of these waste products. In addition, IUC sells uranium recovered from these operations,
IUC also sells vanadium and other metals that can be produced as a co-product with uranium. IUC
has uranium exploration programs in Mongolia and in the Athabasca Basin Region of Saskatchewan,
Canada. IUC owns several uranium and uranium/vanadium mines in the United States. Some of these
mines have recommenced, operations, while the others remain on standby. In addition, IUC owns
approximately a 41.6% equity interest in Fortress, which is engaged in precious and base metal
exploration in Russia, Mongolia and Nicaragua.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>United States Assets</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC&#146;s principal assets in the United States are:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#150;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the White Mesa Mill, a 2,000 ton per day uranium and vanadium processing plant located near Blanding, Utah.</TD>
</TR>

</TABLE>
</DIV>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<P>
<DIV style="width: 100%; border: 1px solid black; padding: 1px;">



<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- 6 -
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#150;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Arizona Strip uranium properties, in north central Arizona.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#150;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Colorado Plateau uranium/vanadium properties, straddling the southwestern Colorado and Utah border.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#150;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Henry Mountains complex uranium properties, in south central Utah.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#150;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>various uranium alternate feed processing contracts and joint venture contracts.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Canadian Assets</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In Canada, IUC has the following uranium exploration assets located in the Athabasca Basin,
Saskatchewan:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#150;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a 75% interest in the Moore Lake property.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#150;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a 60% interest in the Bell Lake property.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#150;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an option to earn a 75% interest in the Park Creek property.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#150;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an option to earn a 51% interest in the Huard-Kirsch property.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#150;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an option to earn a 75% interest in the Lazy Edward Bay property.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#150;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an option to earn a 75% interest in the Crawford Lake and Brown Lake projects, subject to signing of formal agreements.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#150;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an option to earn a 75% interest in the Kelic Lake, South Dufferin, Pendelton Lake and Cigar South properties and an option
to earn a 51% interest in the North Wedge property.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#150;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a 50/50 joint venture in the Hatchet Lake project, subject to signing a formal agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#150;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a 100% interest in the Key Lake South, Perpete Lake, Ford Lake and Johnstone Lake properties.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#150;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>additional staked exploration ground in the Athabasca Basin.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, IUC has an option to earn a 75% interest in the Simms Lake uranium exploration
property in western Labrador.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Mongolian Assets</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC has the following assets in Mongolia:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#150;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a 70% interest in the Gurvan-Saihan Joint Venture. The other parties
to this joint venture include the Mongolian Government as to 15% and
Geologorazvedka, a Russian government entity, as to the remaining 15%.
As of October&nbsp;18, 2006, the Gurvan-Saihan Joint Venture holds 1.8
million hectares of uranium exploration properties.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#150;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>nine exploration licenses, totalling 539,000 hectares as of October
18, 2006, which are wholly owned by IUC through its Subsidiary, International Uranium Mongolia, XXK.</TD>
</TR>

</TABLE>
</DIV>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<P>
<DIV style="width: 100%; border: 1px solid black; padding: 1px;">



<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- 7 -
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#150;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an option to earn a 65% interest in two uranium exploration licenses
totalling approximately 1.2&nbsp;million hectares.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Fortress Properties</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC has a 41.6% equity interest in Fortress and Fortress has the following assets
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#150;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>gold and base metals exploration properties in Mongolia, totalling 2.3
million hectares, as of October&nbsp;18, 2006.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#150;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an option to earn an 80% interest in the Svetloye gold project in eastern Russia.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#150;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>exploration concessions totalling 109,482 hectares in Nicaragua.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fortress is a Canadian corporation whose shares are listed on the TSX Venture Exchange (ticker
symbol: FST), and have traded in the range of Cdn$0.78 to Cdn$1.71 per share between January&nbsp;3,
2006 and October&nbsp;18, 2006, with the total volume of shares traded during that period being
30,876,895 shares. The closing price of the Fortress shares as of October&nbsp;18, 2006 was Cdn$0.90.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">See Schedule&nbsp;G &#150; <I>Additional Disclosure Regarding International Uranium Corporation </I>&#150; for more
information regarding IUC.
</DIV>

<DIV align="left">
<A name="110"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>IUC Subco</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC Subco was incorporated on September&nbsp;18, 2006 under the OBCA. All of the outstanding common
shares of IUC Subco are owned by IUC. To date, IUC Subco has not entered into any agreements or
conducted any business except for entering into the Arrangement Agreement.
</DIV>

<DIV align="left">
<A name="111"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>The Arrangement Agreement</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Arrangement Agreement provides for the implementation of the Plan of Arrangement pursuant to
which, on the Effective Date, Denison will amalgamate with IUC Subco and each one issued and
outstanding Denison Share (other than those held by Denison Dissenting Shareholders) shall be
deemed to be transferred to IUC in exchange for 2.88 IUC Shares. For other terms and conditions of
the Arrangement, see <I>&#147;The Arrangement Agreement&#148; </I>and see <I>&#147;The Arrangement &#151; Effect of the
Arrangement &#147; </I>for a discussion of the treatment of the Denison Options and the Denison Warrants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Conditions to the Arrangement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The respective obligations of Denison and IUC to complete the transactions contemplated by the
Arrangement are subject to a number of conditions that must be satisfied in order for the
Arrangement to become effective. A copy of the Arrangement Agreement is attached to this Circular
as Schedule&nbsp;E. Upon all of the conditions being fulfilled or waived, the Arrangement Agreement
requires Denison to file a copy of the Final Order and the Articles of Arrangement with the
Director in order to give effect to the Arrangement. A summary of the conditions is provided in the
main body of this Circular under the heading <I>&#147;The Arrangement Agreement &#150; Conditions to the
Arrangement"</I>.
</DIV>

</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 1px;">



<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- 8 -
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Procedure for the Arrangement to Become Effective</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Procedural Steps</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Arrangement is proposed to be carried out pursuant to section 182 of the OBCA. The following
procedural steps must be taken in order for the Arrangement to become effective:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Arrangement must be approved by the Denison Securityholders, voting together as a single
class, in the manner set forth in the Interim Order (and pursuant to requirements of the
Toronto Stock Exchange, the Arrangement must be approved by a minimum of 66 2/3% of the
Denison Shareholders, voting together as a single class);</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the issuance of IUC Shares to Denison Shareholders must be approved by a majority of the IUC
Shareholders voting thereon in person or by proxy;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the change of name of IUC must be approved by a minimum of 66 2/3% of the IUC Shareholders
voting thereon in person or by proxy;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Court must grant the Final Order approving the Arrangement;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all conditions precedent to the Arrangement, as set forth in the Arrangement Agreement, must
be satisfied or waived by the appropriate party; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Final Order and Articles of Arrangement in the form prescribed by the OBCA must be filed
with the Director and the Articles of Amendment to give effect to the change of name of IUC in
the form prescribed by the OBCA must be filed with the Director.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Denison Securityholder Approval</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the terms of the Interim Order, the Arrangement Resolution must, subject to further
order of the Court, be approved by at least 66 2/3% of the votes cast by the Denison
Securityholders, voting as a class, present in person or by proxy at the Denison Meeting..
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Arrangement Resolution authorizes the board of directors of Denison, without further notice to
or approval of the Denison Securityholders, subject to the terms of the Arrangement, to amend the
Arrangement Agreement, to decide not to proceed with the Arrangement and to revoke the Arrangement
Resolution at any time prior to the Arrangement becoming effective pursuant to the provisions of
the OBCA. The Arrangement Agreement provides that the terms under which the Denison Shares are
exchanged for IUC Shares in the Arrangement Agreement cannot be amended without the approval of the
Denison Securityholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In accordance with the policies of the TSX, prior to providing its approval to the Arrangement, the
TSX will require evidence that, in addition to the Denison Securityholder approval described above,
a minimum of 66 2/3% of the Denison Shareholders must have approved the Arrangement. Accordingly,
the Arrangement Resolution must be approved by two-thirds of the Denison Shareholders without
regard to the votes of Denison Optionholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>IUC Shareholder Approval</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The vote required to approve all of the resolutions set forth under the heading &#147;<I>Information
Concerning the IUC Meeting &#150; Matters to be Considered</I>&#148;, other than the Name Change Resolution
requires the approval of a majority of the votes cast by IUC Shareholders, either in person or by
proxy, at the IUC
</DIV>

</DIV>



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<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- 9 -
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Meeting. The vote required to approve the Name Change Resolution requires the
approval of not less than 66 2/3% of the votes cast by IUC Shareholders, either in person or by
proxy, at the IUC Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Court Approval</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On October&nbsp;18, 2006, Denison obtained the Interim Order providing for the calling and holding of
the Denison Meeting and other procedural matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subject to the terms of the Arrangement Agreement and, if the Arrangement Resolution is approved at
the Denison Meeting, Denison will make application to the Court for the Final Order at the Ontario
Superior Court of Justice, (Commercial List), 393 University Avenue, Toronto, Ontario on November
28, 2006, at 10:00&nbsp;a.m. (Toronto time) or as soon thereafter as counsel may be heard.
</DIV>

<DIV align="left">
<A name="112"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>The Arrangement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The principal features of the Arrangement may be summarized as follows, which summary is qualified
in its entirety by reference to the full text of the Arrangement Agreement, which is attached to
this Circular as Schedule&nbsp;E.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the Plan of Arrangement, at the Effective Time the following shall occur and shall be
deemed to occur in the following order, without any further act or formality:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each Denison Option shall immediately vest and all Denison Optoins shall remain vested for
the remainder of their applicable terms;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each Denison Share and Denison Option in respect of which Dissent Rights have been exercised
shall be deemed to be transferred to IUC and IUC will be obliged to pay therefor the amount
determined and payable in accordance with Article&nbsp;5 of the Plan of Arrangement and the names
of such holders will be removed from the register of holders of Denison Shares or Denison
Options, as the case may be and IUC will be recorded as the registered holder of the Denison
Shares and the Denison Options so transferred and will be deemed to be the legal and
beneficial owner of such Denison Shares and Denison Options;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Denison and IUC Subco shall be amalgamated and continue as one corporation under the OBCA on
the terms prescribed in the Plan of Arrangement, and:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the amalgamated corporation will have the characteristics set forth in Article
4 of the Plan of Arrangement and possess all of the property, rights, privileges and
franchises and shall be subject to all the liabilities, including civil, criminal and
quasi-criminal and all contracts, disabilities and debts of each of Denison and IUC
Subco;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a conviction against, or ruling, order, judgment in favour of or against either
Denison or IUC Subco may be enforced by or against the amalgamated corporation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Articles of Arrangement shall be deemed to be the articles of
incorporation of the amalgamated corporation and, except for the purposes of subsection
104(1) of the OBCA, the certificate of arrangement shall be deemed to be the
certificate of incorporation of the amalgamated corporation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the amalgamated corporation shall be deemed to be the party plaintiff or the
party defendant, as the case may be, in any civil action commenced by or against either
Denison or IUC Subco before the Effective Time;</TD>
</TR>

</TABLE>
</DIV>
</DIV>



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<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- 10 -
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all Denison Shares held by IUC Subco shall be cancelled, without any repayment of capital in
respect thereof;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all Denison Shares held by former Denison Shareholders, other than IUC or any Denison
Dissenting Shareholders exercising Dissent Rights, shall be exchanged with IUC on the basis of
2.88 IUC Shares for each one Denison Share;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each Denison Common Share held, directly or indirectly, by or for the benefit of IUC or its
affiliates shall be cancelled and the holders thereof shall receive, for each such Denison
Common Share, 2.88 IUC Shares;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(i)&nbsp;each Denison Option shall entitle the holder thereof to receive (and such holder shall
accept) upon the exercise thereof, in lieu of the number of Denison Shares otherwise issuable
upon the exercise thereof, the number of IUC Shares which the holder would have been entitled
to receive as a result of the transactions contemplated by the Plan of Arrangement if,
immediately prior to the Effective Time, such holder had been the registered holder of the
number of Denison Shares to which such holder was theretofore entitled upon such exercise, and
(ii)&nbsp;such Denison Option shall, other than as described in step (g)(i) above and the vesting
described in step (a)&nbsp;above, continue to be governed by and be subject to the terms of the
Denison Share Option Plan and applicable agreement thereunder; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each common share of IUC Subco shall be exchanged for one common share of the corporation
formed by the amalgamation of Denison and IUC Subco.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No fractional IUC Shares will be issued. In the event that a Denison Shareholder would otherwise
be entitled to a fractional IUC Share, the number of IUC Shares issued to such Denison Shareholder
shall be rounded up to the next greater whole number of IUC Shares if the fractional entitlement is
equal to or greater than 0.5 and shall, without any additional compensation, be rounded down to the
next lesser whole number of IUC Shares if the fractional entitlement is less than 0.5. In
calculating such fractional interests, all Denison Shares registered in the name of or beneficially
held by such Denison Shareholder or their nominee shall be aggregated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC will assume the obligations of Denison to perform and observe the Denison Warrants in
accordance with their respective terms and shall take all corporate action necessary to reserve for
issuance a sufficient number of IUC Shares for delivery upon exercise of the Denison Warrants
(subject to the adjustments required after giving effect to the Arrangement on the basis of 2.88
IUC Shares for each one Denison Share).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Following completion of the Arrangement, currently issued IUC Shares will continue to represent
common shares of New IUC, on a one for one basis.
</DIV>

<DIV align="left">
<A name="113"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Benefits of the Arrangement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board of Directors believes that the Arrangement is in the best interests of IUC Shareholders
and that the Arrangement will provide an improved platform to enhance value to IUC Shareholders and
to potentially reduce risk.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC&#146;s management and Board of Directors consider that the benefits of the Arrangement to IUC will
include the following:
</DIV>

</DIV>



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<P>
<DIV style="width: 100%; border: 1px solid black; padding: 1px;">



<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- 11 -
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Denison and IUC have complementary expected production
profiles. New IUC will have a diversified production base
including high-grade Athabasca Basin production and access to
the revitalized Southwest U.S. uranium district production.
By combining the companies, New IUC is expected to achieve
production of approximately 5&nbsp;million pounds of
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> by 2010.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Denison and IUC each have high potential exploration
properties. New IUC will boast high potential exploration
properties globally, including Canada, United States and
Mongolia and an interest in the same in Australia.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>New IUC will retain Denison&#146;s 22.5% interest in the
McClean Lake mill in Saskatchewan and will have IUC&#146;s 100%
ownership of the White Mesa Mill, a licensed and operating
uranium mill in Utah, USA. Accordingly, New IUC will have an
interest in two of the four licensed and operating uranium
mills in North America with licensed capacity of 10.7&nbsp;million
pounds per year in 2007, expandable to 13.4&nbsp;million pounds per
year, located in proximity to existing resources.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>New IUC will have four active uranium mining projects
(three in the United States and one in Canada) and one project
in development in Canada, offering a unique diversification to
shareholders as compared to its peers.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each of Denison and IUC has a strong management and board
of directors. New IUC will benefit from the merger of these
two well-balanced teams.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>New IUC will acquire Denison&#146;s business strengths,
including its operating relationship with AREVA and
environmental reclamation expertise.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>New IUC will have working capital of approximately
Cdn$130&nbsp;million with minimal debt, providing it with a strong
platform to fund exploration and production and to pursue
strategic acquisitions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>New IUC is expected to have a market capitalization of
approximately double each of IUC and Denison or approximately
Cdn$1.1&nbsp;billion. IUC expects the increased market
capitalization to be more attractive to investors and provide
greater market liquidity.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IUC expects that New IUC&#146;s larger market capitalization
and scale will provide stronger equity currency for strategic
acquisitions.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">See
<I>&#147;The Arrangement &#150; Benefits of the Arrangement&#148;</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Fairness Opinion</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board of Directors has received the Fairness Opinion from Dundee Securities. The Fairness
Opinion provides that, on the basis of the information provided to and reviewed by Dundee
Securities and certain assumptions, all as set out in the Fairness Opinion, as of the date of the
Fairness Opinion, the consideration to be paid to Denison Shareholders under the Arrangement is
fair, from a financial point of view, to IUC Shareholders, other than Denison. A copy of the
Fairness Opinion is attached to this Information Circular as Appendix &#147;H&#148; and should be read
carefully and in its entirety. See <I>&#147;The Arrangement &#150;
Fairness Opinion&#148;</I>.
</DIV>

</DIV>



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<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- 12 -
</DIV>

<DIV align="left">
<A name="114"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Recommendation of the IUC Board of Directors</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The IUC Board of Directors, after consultation with its advisors and consideration of the Fairness
Opinion, has determined that the Arrangement is fair and in the best interests of the IUC
Shareholders and IUC. The IUC Board of Directors unanimously recommends that the IUC Shareholders
vote in favour of the Share Issue Resolution, the IUC New Board Resolution and the IUC SOP
Amendment Resolution. The IUC Board of Directors also unanimously recommends that the IUC
Shareholders vote in favour of the Name Change Resolution (together with the other resolutions, the
&#147;IUC Shareholder Approval Matters&#148;). See &#147;<I>The Arrangement &#150; Recommendations of the IUC Board of
Directors</I>&#148;.
</DIV>

<DIV align="left">
<A name="115"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Court Approval and Completion of the Arrangement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The transactions contemplated in the Arrangement Agreement will be carried out with the intention
that all IUC Shares issued on completion of the Arrangement to the holders of Denison Shares will
be issued by IUC in reliance on the exemption from the registration requirements of the 1933 Act
provided by Section&nbsp;3(a)(10) of the 1933 Act (the &#147;Section&nbsp;3(a)(10) Exemption&#148;). In order to
ensure the availability of the Section&nbsp;3(a)(10) Exemption, the Arrangement will be subject to
approval of the Court. See &#147;<I>The Arrangement &#150; Court Approval and Completion of the Arrangement</I>&#148; in
this Circular.
</DIV>

<DIV align="left">
<A name="116"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Timing</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subject to all conditions precedent to the Arrangement as set forth in the Arrangement Agreement
being satisfied or waived by the appropriate party, the Arrangement will become effective upon
filing with the Director a copy of the Final Order and the Articles of Arrangement. If the IUC
Meeting is held and the Arrangement Resolution is approved by Denison Securityholders (voting as a
single class) as required by the Interim Order as well as 66 2/3% of the Denison Shareholders
voting alone) as required by the Toronto Stock Exchange, Denison will apply to the Court for the
Final Order. If the Final Order is obtained on November&nbsp;28, 2006, in form and substance
satisfactory to Denison and IUC, and all other conditions specified in the Arrangement Agreement
are satisfied or waived, Denison and IUC expect the Effective Date will be as soon as possible
thereafter upon the receipt of all necessary regulatory approvals, which is currently expected to
be by December&nbsp;1, 2006. IUC is not aware of any material regulatory approvals that have not been
obtained which would prevent Denison, IUC and IUC Subco from completing the Arrangement other than
acceptance by the Committee on Foreign Investment in the United States of the Arrangement under the
United States <I>Defence Production Act of 1950</I>, as amended. IUC and Denison provided notice under
section 721 of such Act on October&nbsp;13, 2006. IUC has also provided notice of the Arrangement and
name change to the Utah Department of Environmental Quality in connection with the licenses and
permits for IUC&#146;s White Mesa Mill.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Effective Date could be delayed, however, for a number of reasons, including an objection
before the Court in the hearing of the application for the Final Order.
</DIV>

<DIV align="left">
<A name="117"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>IUC Following the Arrangement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Following the Arrangement IUC is expected to have a market capitalization of approximately Cdn$1.1
billion, based on the closing price of the IUC Shares and the Denison Shares on the TSX on October
18, 2006. Following the Arrangement, it is expected that New IUC will remain listed on the TSX.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon completion of the Arrangement, former Denison Shareholders will own approximately 49.8% of the
then outstanding IUC Shares and current IUC Shareholders will own approximately 50.2% of the then
</DIV>

</DIV>



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<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- 13 -
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">outstanding IUC Shares on a non-diluted basis and former Denison Shareholders, optionholders and
warrantholders will own approximately 52.9% of the then outstanding IUC Shares and current IUC
Shareholders and optionholders will own approximately 47.1% of the then outstanding IUC Shares, on
a fully diluted basis.
</DIV>

<DIV align="left">
<A name="118"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Stock Exchange Listings</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The outstanding Denison Shares and IUC Shares are listed and posted for trading on the TSX. On
September&nbsp;18, 2006, the last trading day prior to the date of the announcement of the proposed
Arrangement, the closing prices of the Denison Shares and IUC Shares on the TSX were Cdn$16.80 and
Cdn$5.91, respectively. On October&nbsp;18, 2006, the closing prices of the Denison Shares and the IUC
Shares on the TSX were Cdn$17.70 and Cdn$6.21, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC has applied to have the IUC Shares issuable to the Denison Shareholders under the Arrangement
listed on the TSX as well as the Denison Warrants and the IUC Shares issuable upon exercise of the
Denison Options and the Denison Warrants (which will become obligations of IUC), listed on the TSX.
The TSX has conditionally accepted notice of the proposed plan of Arrangement, the issuance of IUC
Shares to Denison Shareholders and the assumption by IUC of the obligations of Denison under the
Denison Warrants subject to IUC fulfilling all of the listing requirements of the TSX. The TSX has
indicated that, subject to completion of the Arrangement and approval of the listing of the newly
issued IUC Shares, the Denison Warrants will continue to be posted for trading on the TSX. If the
Arrangement is completed and the listing of the additional IUC Shares on the TSX is approved, IUC
will apply to have the Denison Shares delisted from the TSX. The TSX has advised Denison that it
will not grant its approval to the Arrangement unless the Arrangement Resolution is approved by a
minimum of 66 2/3% of the Denison Shareholders, voting in person or by proxy at the Denison
Meeting, without regard to the vote of the Denison Optionholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Approval of the listing on the TSX of the IUC Shares issuable on completion of the Arrangement as
well as upon exercise of the Denison Warrants and the Denison Options as well as the listing of the
Denison Warrants (which will become obligations of IUC) has only been conditionally obtained and
there can be no assurance that listing will be obtained. Receipt of approval for the listing of
the IUC Shares to be issued under the Arrangement on the TSX is a mutual condition to the
completion of the Arrangement. In the event that such listing approval is withdrawn and cannot be
obtained or that the listing conditions cannot be satisfied, IUC and Denison could waive the
condition and proceed with the Arrangement, in which case Denison Shareholders may receive unlisted
securities or determine not to proceed with the Arrangement.
</DIV>

<DIV align="left">
<A name="119"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Exchange of Certificates Pursuant to the Arrangement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A form of Letter of Transmittal containing instructions with respect to the surrender of
certificates representing Denison Shares will be enclosed with the Denison Circular for use by
registered Denison Shareholders (other than Denison Dissenting Shareholders) in exchanging their
certificates for IUC Shares in accordance with the Exchange Ratio. Upon completion of the
Arrangement and upon surrender to the Depositary of a properly completed Letter of Transmittal
together with certificates representing Denison Shares, certificates representing IUC Shares will
be issued and delivered to each such former Denison Shareholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the terms of the Plan of Arrangement, any certificate formerly representing Denison
Shares that is not deposited with all other documents required on or before the sixth anniversary
of the Effective Date shall cease to represent a right or claim of any kind or nature and the right
of the holder of such Denison Shares to receive IUC Shares shall be deemed to be surrendered to IUC
together with all dividends, distributions and any interest thereon held for such holder.
</DIV>

</DIV>



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<DIV style="width: 100%; border: 1px solid black; padding: 1px;">



<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- 14 -
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Effect of the Arrangement Upon Denison Securityholders and IUC Shareholders</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon completion of the Arrangement, the corporation resulting from the amalgamation of Denison and
IUC Subco will be a wholly-owned subsidiary of IUC and former Denison Shareholders will receive IUC
Shares. Former IUC Shareholders will continue to hold their IUC Shares which will continue to
represent shares of New IUC on a one for one basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As at October&nbsp;16, 2006, there were 30,465,486 Denison Shares outstanding, Denison Options
exercisable for 1,504,948 Denison Shares and Denison Warrants representing the right to purchase
3,324,051 Denison Shares. In addition as at October&nbsp;16, 2006, there were 88,472,066 IUC Shares
outstanding and options exercisable for 2,158,000 IUC Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Assuming that there are no Denison Dissenting Shareholders and no Denison Securityholders exercise
their Denison Warrants or Denison Options prior to the Effective Date, approximately 87,740,600 IUC
Shares will be issued to Denison Shareholders pursuant to the Arrangement. As a result, there will
be approximately 176,212,666 IUC Shares issued and outstanding immediately following completion of
the Arrangement. The 87,740,600 IUC Shares then held by former Denison Shareholders immediately
following completion of the Arrangement will represent approximately 49.8% of the then outstanding
IUC Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Following completion of the Arrangement, currently issued IUC Shares will continue to represent
common shares of New IUC, on a one for one basis.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Effect of the Arrangement on the Denison Warrantholders</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC will assume the obligations of Denison to perform and observe the Denison Warrants in
accordance with their respective terms and shall take all corporate action necessary to reserve for
issuance a sufficient number of IUC Shares for delivery upon exercise of the Denison Warrants.
Following the completion of the Arrangement, in accordance with the provisions of the indentures
governing the Denison Warrants, upon the exercise of a Denison Warrant and the payment of the
exercise price therefor, Denison Warrantholders will be entitled to receive 2.88 IUC Common Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Lock-Up Agreements and Intention of Certain Securityholders</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The IUC lock-up securityholders, which consist of all of the directors and senior officers of IUC,
have entered into the IUC lock-up agreements pursuant to which the IUC lock-up securityholders have
agreed to vote an aggregate of 1,100,800 IUC Shares (1.3% of the issued and outstanding IUC Shares)
in favour of the IUC Shareholder Approval Matters and to otherwise support the Arrangement, subject
to the provisions of the IUC lock-up agreements. See &#147;<I>Lock-Up Agreements and Intention of Certain
Securityholders</I>&#148; in this Circular. The Denison lock-up securityholders, which consist of all of
the directors and officers of Denison, have entered into Denison lock-up agreements pursuant to
which the Denison lock-up securityholders have agreed to vote an aggregate of 430,268 Denison
Shares and 1,145,666 Denison Options (4.5% of the aggregate number of issued and outstanding
Denison Shares and Denison Options) in favour of the Arrangement and to otherwise support the
Arrangement, subject to the provisions of the Denison lock-up agreements. See &#147;<I>Lock-Up Agreements
and Intention of Certain Securityholders</I>&#148; in this Circular.
</DIV>

</DIV>



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<DIV style="width: 100%; border: 1px solid black; padding: 1px;">



<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- 15 -
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Change of IUC&#146;s Name</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Arrangement Agreement provides that, subject to the completion of the Arrangement and the
approval of the IUC Shareholders at the IUC Meeting, IUC will file Articles of Amendment
immediately following the completion of the Arrangement to change IUC&#146;s name to &#147;Denison Mines
Ltd.&#148; or another name containing the word &#147;Denison&#148; as may be determined by the IUC Board of
Directors and the board of directors of Denison.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>New IUC Board and Management &#150; Post Arrangement Matters</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is a condition precedent to the completion of the Arrangement that the board of directors of New
IUC shall be comprised of ten directors, five of whom shall be nominees of Denison and the other
five of whom will be existing directors of IUC. E. Peter Farmer, the President and Chief Executive
Officer of Denison, will be appointed the Chief Executive Officer of New IUC. Ronald F. Hochstein,
the President and Chief Executive Officer of IUC, will be appointed the President and Chief
Operating Officer of New IUC. James R. Anderson, the Executive Vice-President and Chief Financial
Officer of Denison will become the Chief Financial Officer of New IUC. Lukas H. Lundin will be the
Chairman of the Board of New IUC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">See &#147;<I>New IUC &#151; Officers and Directors of New IUC After Giving Effect to the Arrangement</I>&#148; in this
Circular for a description of the board of directors and senior management of New IUC following
completion of the Arrangement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risk Factors</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon completion of the Arrangement, the corporation formed by the amalgamation of Denison and IUC
Subco will become a wholly owned subsidiary of IUC. An investment in the IUC Shares would be
subject to certain risks in addition to the risks currently applicable to an investment in the IUC
Shares. IUC Shareholders should carefully consider the risks described under the heading
<I>&#147;Information Concerning Denison Mines Inc. &#150; Risk Factors&#148; </I>and <I>&#147;Information Concerning IUC &#150; Risk
Factors&#148;</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to the above, IUC Shareholders should consider that IUC and Denison may not realize the
anticipated benefits of the Arrangement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Termination Fees and Reimbursement of Expenses</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Arrangement Agreement provides that, upon the occurrence of certain events, Denison shall pay a
termination fee of Cdn$16&nbsp;million to IUC and that upon the occurrence of certain events, IUC shall
pay a termination fee of Cdn$16&nbsp;million to Denison. See <I>&#147;The Arrangement Agreement &#150; Termination
and Break Fees&#148;.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Arrangement Agreement provides that each of Denison and IUC is to pay its own expenses incurred
in connection with the Arrangement. However, if the Arrangement is terminated because a party
fails to hold its securityholders&#146; meeting to approve the transaction contemplated by the
Arrangement by December&nbsp;1, 2006 under certain circumstances or because a party&#146;s securityholders
have voted not to approve the transactions contemplated by the Arrangement Agreement, that party is
required to pay the other party Cdn$2&nbsp;million as a reimbursement of expenses incurred in connection
with the Arrangement. Any amount paid by a party to the other party under these provisions of the
Arrangement Agreement will be deducted from the Cdn$16&nbsp;million termination fee, if such fee becomes
payable.
</DIV>

</DIV>



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<P>
<DIV style="width: 100%; border: 1px solid black; padding: 1px;">



<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- 16 -
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Right of Dissent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to section 185 of the OBCA, as modified and supplemented by the Interim Order, a
registered Denison Shareholder and a Denison Optionholder will have Dissent Rights with respect to
the Arrangement Resolution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is a condition to the Arrangement that Denison Shareholders holding no more than 5% of the
Denison Shares shall have validly exercised Dissent Rights in relation to the Arrangement
Resolution that have not been withdrawn as at the Effective Date. See <I>&#147;The Arrangement Agreement &#150;
Conditions to the Arrangement&#148;.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Pro Forma Financial Information</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For pro forma financial information regarding IUC (prepared on the assumption that IUC acquires all
of the Denison Shares) for the year ended September&nbsp;30, 2005 and the nine months ended June&nbsp;30,
2006, after giving effect to the Arrangement, please see Schedule&nbsp;F, Pro Forma Combined Financial
Statements. The unaudited pro forma consolidated financial statements of IUC reflect the
completion of the Arrangement as if it has occurred on October&nbsp;1, 2004 for the purposes of the pro
forma consolidated statement of operations, and on June&nbsp;30, 2006 for the purposes of the pro forma
balance sheet, giving effect to the assumptions set forth in the notes to the pro forma
consolidated financial statements contained in Schedule&nbsp;F to this Circular.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Reference should be made to the audited consolidated financial statements of IUC for the year ended
September&nbsp;30, 2005 and the unaudited consolidated financial statements of IUC for the nine months
ended June&nbsp;30, 2006, which are incorporated herein by reference and the audited annual financial
statements of Denison for the year ended December&nbsp;31, 2005 and the unaudited financial statements
of Denison for the six months ended June&nbsp;30, 2006.</B>
</DIV>

</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- 17 -
</DIV>

<DIV align="left">
<A name="120"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>GENERAL PROXY INFORMATION</B>
</DIV>

<DIV align="left">
<A name="121"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Solicitation of Proxies</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The information contained in this Circular or incorporated herein by reference is furnished in
connection with the solicitation of proxies to be used at the IUC Meeting to be held at the Design
Exchange, 234 Bay Street, Toronto Dominion Centre, Toronto, Ontario, M5K 1B2 on Monday, November
20, 2006 at 10:30&nbsp;a.m. (Toronto time), for the purposes set out in the accompanying Notice of
Special Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Management&#146;s solicitation of proxies will be primarily by mail and may be supplemented by telephone
or other means of communication to be made without special compensation by directors, officers and
regular employees of IUC. IUC may retain other persons or companies to solicit proxies on behalf
of management of IUC, in which event customary fees for such services will be paid. All
solicitation costs will be borne by IUC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The information contained in this Circular is given as of October&nbsp;18, 2006, unless otherwise
indicated.
</DIV>

<DIV align="left">
<A name="122"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Appointment of Proxyholder</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The persons named in the enclosed form of proxy are directors and/or officers of IUC (the
&#147;Management Proxyholders&#148;). <B>A registered IUC Shareholder has the right to appoint a person other
than one of the Management Proxyholders to represent the registered IUC Shareholder at the IUC
Meeting by striking out the printed names and inserting that other person&#146;s name in the blank space
provided. A proxyholder need not be an IUC Shareholder. If an IUC Shareholder appoints one of the
Management Proxyholders as a nominee and there is no direction by the registered IUC Shareholder,
the Management Proxyholder shall vote the proxy FOR all proposals set out in the enclosed proxy
form and in this Circular.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The instrument appointing a proxyholder must be signed in writing by the registered IUC
Shareholder, or such IUC Shareholder&#146;s attorney authorized in writing. If the registered IUC
Shareholder is a corporation, the instrument appointing a proxyholder must be in writing signed by
an officer or attorney of the corporation duly authorized by resolution of the directors of such
corporation, which resolution must accompany such instrument. <B>An instrument of proxy will only be
valid if it is duly completed, signed, dated and received at the office of IUC&#146;s registrar and
transfer agent, Computershare Investor Services Inc., 100 University Avenue, 9</B><SUP style="font-size: 85%; vertical-align: text-top"><B>th</B></SUP> <B>Floor,
Toronto, Ontario, M5J 2Y1, Attention: Proxy Department, no later than 10:30&nbsp;a.m. (Toronto time) on
Thursday, November&nbsp;16, 2006 or not less than forty-eight (48)&nbsp;hours (excluding Saturdays, Sundays
and holidays) before the Meeting or any adjournment or postponement thereof.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you have any questions about the procedures to be followed to vote at the IUC Meeting or about
obtaining, completing and depositing the required form of proxy, you should contact Computershare
Investor Services Inc. by telephone (toll free) at 1-800-564-6253.

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<DIV style="font-family: 'Times New Roman',Times,serif">

</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- 18 -
</DIV>

<DIV align="left">
<A name="123"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Voting of Proxies</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC Shares represented by properly executed proxies in the accompanying form will be voted FOR or
WITHHELD or AGAINST, as the case may be, each respective matter in accordance with the instructions
of the registered IUC Shareholder on any ballot that may be called for and, if the IUC Shareholder
specifies a choice with respect to any matter to be acted upon at the IUC Meeting, the IUC Shares
represented by such proxy will be voted accordingly. <B>If no choice is specified, the person
designated in the accompanying form of proxy will vote FOR all matters proposed by management at
the IUC Meeting, including without limitation, the IUC Shareholder Approval Matters.</B>
</DIV>

<DIV align="left">
<A name="124"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Exercise of Discretion</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The enclosed form of proxy, when properly completed and delivered and not revoked, confers
discretionary authority upon the person appointed proxy thereunder with respect to amendments or
variations to matters identified in the Notice of Special Meeting and with respect to other matters
which may properly come before the IUC Meeting. </B>In the event that amendments or variations to
matters identified in the Notice of Special Meeting are properly brought before the IUC Meeting or
any further or other business is properly brought before the IUC Meeting, it is the intention of
the person designated in the accompanying form of proxy to vote in accordance with their best
judgment on such matters. As of the date of this Circular, management of IUC knows of no such
amendments, variations or other matters to come before the IUC Meeting.
</DIV>

<DIV align="left">
<A name="125"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Voting By Beneficial Shareholders</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The information in this section is important to many IUC Shareholders as a substantial number of
IUC Shareholders do not hold their IUC Shares in their own name.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC Shareholders who hold IUC Shares through their brokers, intermediaries, trustees or other
nominees (such IUC Shareholders being collectively called &#147;Beneficial Shareholders&#148;) should note
that only proxies deposited by IUC Shareholders whose names appear on the share register of IUC may
be recognized and acted upon at the IUC Meeting. If IUC Shares are shown on an account statement
provided to a Beneficial Shareholder by a broker, then in almost all cases the name of such
Beneficial Shareholder will not appear on the share register of IUC. Such shares will most likely
be registered in the name of the broker or an agent of the broker. In Canada, the vast majority of
such shares will be registered in the name of &#147;CDS &#038; Co.&#148;, the registration name of The Canadian
Depository for Securities Limited, which acts as a nominee for many brokerage firms. Such shares
can only be voted by brokers, agents, or nominees and can only be voted by them in accordance with
instructions received from Beneficial Shareholders. <B>As a result, Beneficial Shareholders should
carefully review the voting instructions provided by their broker, agent or nominee with this
Circular and ensure that they direct the voting of their IUC Shares in accordance with those
instructions.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Applicable regulatory policies require brokers and intermediaries to seek voting instructions from
Beneficial Shareholders in advance of shareholders&#146; meetings. Each broker or intermediary has its
own mailing procedures and provides its own return instructions to clients. The purpose of the form
of proxy or voting instruction form provided to a Beneficial Shareholder by such shareholder&#146;s
broker, agent or nominee is limited to instructing the registered holder on how to vote such shares
on behalf of the Beneficial Shareholder. Most brokers in Canada now delegate responsibility for
obtaining instructions from clients to ADP Investor Communications (&#147;ADP&#148;). ADP typically prepares
voting instruction forms, mails those forms to Beneficial Shareholders and asks those Beneficial
Shareholders to return the forms to ADP or follow specific telephone or other voting procedures.
ADP then tabulates the results of all instructions received by it and provides appropriate instructions respecting the voting of such shares at the
</DIV>


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<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- 19 -
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC Meeting. <B>A Beneficial Shareholder receiving a voting instruction form from ADP cannot use that form to vote their IUC
Shares at the IUC Meeting. Instead, the voting instruction form must be returned to ADP or the
alternate voting procedures must be completed well in advance of the IUC Meeting in order to ensure
that such IUC Shares are voted.</B>
</DIV>

<DIV align="left">
<A name="126"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Revocation of Proxy</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A registered IUC Shareholder who has returned a proxy may revoke it at any time before it has been
exercised. In addition to revocation in any other manner permitted by law, a proxy may be revoked
by instrument in writing, including a proxy bearing a later date, executed by the registered IUC
Shareholder or by his attorney authorized in writing or, if the registered IUC Shareholder is a
corporation, under its corporate seal or by an officer or attorney thereof duly authorized. The
instrument revoking the proxy must be deposited at the registered office of IUC, at any time up to
and including the last Business Day preceding the date of the IUC Meeting, or any adjournment
thereof, or with the Secretary of IUC or the chairman of the IUC Meeting prior to the time of
voting at the IUC Meeting. Only registered IUC Shareholders have the right to revoke a proxy.
<B>Beneficial Shareholders who wish to change their vote must arrange for their respective
intermediaries to revoke the proxy on their behalf.</B>
</DIV>

<DIV align="left">
<A name="127"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INFORMATION CONCERNING THE IUC MEETING</B>
</DIV>

<DIV align="left">
<A name="128"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Time, Date and Place</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The IUC Meeting will be held at the Design Exchange, 234 Bay Street, Toronto Dominion Centre,
Toronto, Ontario, M5K 1B2 on Monday, November&nbsp;20, 2006 at 10:30&nbsp;a.m. (Toronto time) as set forth in
the Notice of Special Meeting.
</DIV>

<DIV align="left">
<A name="129"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Record Date and Shares Entitled to Vote</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the close of business on the Record Date there were 88,472,066 IUC Shares outstanding. IUC
Shareholders of record at the close of business on the Record Date are entitled to receive notice
of the IUC Meeting. IUC Shareholders of record at the close of business on the Record Date are
entitled to vote at the IUC Meeting, except to the extent that an IUC Shareholder has transferred
IUC Shares after the Record Date and the transferee of such IUC Shares produces a properly endorsed
certificate for such IUC Shares or otherwise establishes that the transferee owns them and demands,
not later than 10&nbsp;days before the IUC Meeting, that the transferee&#146;s name be included in the list
of IUC Shareholders entitled to vote at the IUC Meeting, in which case the transferee will be
entitled to vote such IUC Shares at the IUC Meeting.
</DIV>

<DIV align="left">
<A name="130"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Matters to be Considered</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the IUC Meeting, IUC Shareholders will be asked to consider and vote upon: (i)&nbsp;the Share Issue
Resolution; (ii)&nbsp;the IUC New Board Resolution; (iii)&nbsp;the IUC SOP Amendment Resolution; (iv)&nbsp;the
Name Change Resolution; and (v)&nbsp;such other matters as may properly come before the IUC Meeting.
See &#147;<I>Special Business To Be Considered By IUC Shareholders</I>&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The IUC Board of Directors unanimously recommends that IUC Shareholders vote IN FAVOUR of the Share
Issue Resolution, the IUC New Board Resolution and the IUC SOP Amendment Resolution at the IUC
Meeting. The IUC Board of Directors also unanimously recommends that IUC Shareholders vote IN
FAVOUR of the Name Change Resolution. </B>See &#147;<I>The Arrangement &#151; Recommendation of the IUC Board of
Directors</I>&#148;.
</DIV>



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</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;  - 20 -
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is a mutual condition of the completion of the Arrangement that the IUC Shareholder Approval
Matters shall have been approved by the IUC Shareholders at the IUC Meeting and that the
Arrangement and other material transactions contemplated in the Arrangement Agreement and shall
have been approved by the Denison Securityholders (voting as one class) at the Denison Meeting.
</DIV>

<DIV align="left">
<A name="131"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Principal Shareholders</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As at the Record Date, to the knowledge of the directors and officers of IUC, the only persons or
companies that beneficially owned, directly or indirectly, or exercised control or direction over,
more than 10% of the votes attached to all of the IUC Shares then outstanding are as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percentage of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name and Address</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Number of Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Issued Capital</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ellegrove Capital Ltd.<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP>
Barbados</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,982,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Resolute Funds Limited
Toronto, Ontario <SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">11.5</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD colspan="3" nowrap align="left">NOTE:&nbsp;</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>These shares are held by Ellegrove Capital Ltd. (&#147;Ellegrove&#148;), as to 2,646,500
common shares, and its joint actors, Abalone Capital Ltd. (&#147;Abalone&#148;), as to 1,850,000
common shares, Lorito Holdings Limited (&#147;Lorito&#148;), as to 1,000,000 common shares, and
Zebra Holdings and Investments Limited (&#147;Zebra&#148;), as to 7,845,500 common shares.
Ellegrove, Abalone, Zebra and Lorito are private corporations owned by a trust whose
settler is the late Adolf H. Lundin.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Based on information available to IUC, these shares are held by Resolute
Performance Fund, an investment fund managed by Resolute Funds Limited.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As at October&nbsp;18, 2006, the total number of IUC Shares owned or controlled by management and
the directors of IUC and their associates or affiliates was 1,100,800 IUC Shares, representing 1.3%
of the total issued and outstanding IUC Shares.
</DIV>

<DIV align="left">
<A name="132"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Quorum and Votes Required for Certain Matters</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Two IUC Shareholders voting in person or by proxy holding a minimum of 10% of the issued and
outstanding IUC Shares will constitute a quorum for the IUC Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Share Issue Resolution, the IUC SOP Amendment Resolution and the IUC New Board Resolution each
require the affirmative vote of not less than a majority of the votes cast by IUC Shareholders who
vote in respect thereof, in person or by proxy, at the IUC Meeting. The Name Change Resolution
requires the affirmative vote of not less than 66 2/3% of the votes cast by IUC Shareholders who
vote in respect thereof, in person or by proxy, at the IUC Meeting.
</DIV>

<DIV align="left">
<A name="133"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Interests of Certain Persons in the Arrangement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Other than as set out in this Circular or in the Schedules hereto, no director or executive officer
of IUC, or any associate or affiliate of any of the foregoing, has any material interest, direct or
indirect, by way of beneficial ownership of securities or otherwise, in any matters to be acted
upon at the IUC Meeting.
</DIV>

<DIV align="left">
<A name="134"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Interests of Directors and Officers of IUC in the Arrangement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As at October&nbsp;18, 2006, the directors and officers of IUC, as a group, hold 1,100,800 IUC Shares
and 1,400,000 IUC Options representing 1.3% of the outstanding IUC Shares on a non-diluted basis
and 2.76% of the IUC Shares on a fully diluted basis. Each of the directors and senior officers of
IUC have entered into an IUC lock-up agreement with Denison with respect to the Arrangement. See
<I>&#147;Lock-Up Agreements and Intention of Certain Securityholders&#148;</I>.
</DIV>

</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 21 -<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Other than as described above and elsewhere in this Circular, to the knowledge of the directors and
executive officers of IUC, there are no material interests of any director or executive officer of
IUC or anyone who held office as such since the commencement of the last completed financial year
of IUC or of any associate or affiliate of any of the foregoing in the Arrangement.
</DIV>

<DIV align="left">
<A name="135"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Executive Compensation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Information concerning executive compensation of IUC is contained in the management information
circular of IUC dated December&nbsp;19, 2005 relating to the annual and special meeting of IUC
Shareholders held on February&nbsp;2, 2006, which circular is incorporated by reference herein.
</DIV>

<DIV align="left">
<A name="136"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Material Contracts</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Except for contracts entered into in the ordinary course of business or as otherwise disclosed in
this Circular or as otherwise referred to in a document incorporated by reference herein, the only
material contract entered into by IUC in the two years immediately prior to the date of this
Circular that can reasonably be regarded as presently material is the Arrangement Agreement, which
is attached as Schedule&nbsp;E to this Circular.
</DIV>

<DIV align="left">
<A name="137"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE ARRANGEMENT</B>
</DIV>

<DIV align="left">
<A name="138"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Summary of Terms of the Arrangement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the Arrangement Agreement, Denison and IUC have agreed to complete the Arrangement
whereby, among other things, each Denison Shareholder (other than a registered Denison Shareholder
who exercises Dissent Rights) will be entitled to receive 2.88 IUC Shares for each one Denison
Share held by such Denison Shareholder. Immediately following the Effective Date the corporation
formed by the amalgamation of Denison and IUC Subco will be a wholly-owned Subsidiary of IUC.
Fractional IUC Shares will be rounded up or down to the nearest whole number.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon completion of the Arrangement, each holder of a Denison Option will be entitled to receive
upon the subsequent exercise thereof in accordance with its terms and shall accept in lieu of the
number of Denison Shares otherwise issuable upon such exercise, the number of IUC Shares which such
holder would have been entitled to receive as a result of the transactions contemplated in the Plan
of Arrangement if, immediately prior to the Effective Time, such holder had been the registered
holder of the number of Denison Shares to which such holder was previously entitled upon such
exercise, together with any necessary adjustments to the exercise price. The term of expiry,
conditions to and manner of exercising and all other terms and conditions of such Denison Options
will otherwise be unchanged except that each Denison Option shall immediately vest and remain
vested for the remainder of its term and any document or agreement previously evidencing a Denison
Option shall still be deemed to evidence such Denison Option.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC will assume the obligations of Denison to perform and observe the Denison Warrants in
accordance with their respective terms and shall take all corporate action necessary to reserve for
issuance a sufficient number of IUC Shares for delivery upon exercise of the Denison Warrants
(subject to the adjustments required after giving effect to the Arrangement on the basis of 2.88
IUC Shares for each one Denison Share).
</DIV>

</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 22 -<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon completion of the Arrangement, former Denison Shareholders will own approximately 49.8% of the
then outstanding IUC Shares and existing IUC Shareholders will own approximately 50.2% of the then
outstanding IUC Shares on a non-diluted basis and former Denison Securityholders and Denison
Warrantholders will own approximately 52.9% of the then outstanding IUC Shares and existing IUC
Shareholders and optionholders will own approximately 47.1% of the then outstanding IUC Shares, on
a fully diluted basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with the Arrangement, IUC Shareholders will be asked to pass at the IUC Meeting, with
or without variation, the Share Issue Resolution, the IUC New Board Resolution and the IUC SOP
Amendment Resolution. IUC Shareholders will also be asked to pass, with or without variation, the
Name Change Resolution.
</DIV>

<DIV align="left">
<A name="139"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Background</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In May&nbsp;2006 management of IUC discussed the possibility and merits of a business combination
between Denison and IUC. Management of IUC approached senior management of Denison to determine if
Denison would be interested in pursuing discussions regarding a potential merger. On July&nbsp;5, 2006,
a confidentiality agreement was entered into between the companies. Following the signing of the
confidentiality agreement, staff and consultants and advisors to Denison and IUC began to conduct
due diligence reviews (including site visits) on the financial, physical and legal state of affairs
of each other&#146;s assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On August&nbsp;11, 2006, the IUC Board of Directors formally engaged Dundee Securities Corporation
(&#147;Dundee Securities&#148;) to, among other things, perform a financial and strategic analysis of Denison
in the context of the Arrangement and to render to the IUC Board of Directors an opinion as to the
fairness, from a financial point of view, to the IUC Shareholders, other than Denison, of the
consideration to be issued on completion of the Arrangement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On August&nbsp;22, 2006, Cassels Brock &#038; Blackwell LLP, legal counsel to IUC, delivered a draft
Arrangement Agreement to Denison and its counsel. Over the next several weeks, the parties
negotiated the terms and conditions of the Arrangement Agreement, including the Plan of
Arrangement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On September&nbsp;18, 2006, the IUC Board of Directors, with the assistance of its legal counsel,
settled the terms of a definitive Arrangement Agreement with Denison.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On September&nbsp;18, 2006, Dundee Securities orally presented to the IUC Board of Directors their
opinion that the consideration under the Arrangement was fair, from a financial point of view, to
the IUC Shareholders, other than Denison, and the IUC Board of Directors also considered and
reviewed the Arrangement Agreement. Following a discussion of the terms and conditions of the
Arrangement Agreement and the opinion of Dundee Securities, the IUC Board of Directors unanimously
authorized IUC to enter into the Arrangement Agreement, which was executed on September&nbsp;18, 2006.
Subsequently, on October&nbsp;18, 2006, Dundee Securities delivered to the IUC Board of Directors the
Fairness Opinion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Following the execution of the Arrangement Agreement, Denison and IUC determined that it would be
advantageous to the combined company going forward if all of the Denison Options were to vest and
remain vested for the remainder their respective terms, with such vesting to occur prior to the
amalgamation of IUC Subco and Denison. Absent a specific provision to this effect all of the
Denison Options would temporarily vest for a period of 60&nbsp;days following the Effective Date. On
October&nbsp;16, 2006, Denison, IUC and IUC Subco agreed to amend and restate the Arrangement Agreement
and the Plan of Arrangement to give effect to this permanent vesting provision.
</DIV>

</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 23 -<!-- /Folio -->


<DIV align="left">
<A name="140"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Benefits of the Arrangement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board of Directors believes that the Arrangement is in the best interests of IUC Shareholders
and that the Arrangement provides an improved platform to enhance value to IUC Shareholders and to
potentially reduce risk.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Management and the Board of Directors consider the benefits of the Arrangement to IUC will include
the following:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Denison and IUC have complementary production profiles. New IUC will have a
diversified production base including high-grade Athabasca Basin production and access
to the revitalized Southwest U.S. uranium district production. By combining the
companies, New IUC is expected to achieve production of approximately 5&nbsp;million pounds
of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> by 2010.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Denison and IUC each have high potential exploration properties. New IUC will boast
high potential exploration properties globally, including Canada, United States and
Mongolia and an interest in the same in Australia.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>New IUC will retain Denison&#146;s minority interest in the McClean Lake mill and will
have IUC&#146;s 100% ownership of the White Mesa Mill, a licensed and operating uranium mill
in Utah, USA. Accordingly, New IUC will have an interest in two of the four licensed
and operating uranium mills in North America with licensed capacity of 10.7&nbsp;million
pounds per year in 2007, expandable to 13.4&nbsp;million pounds per year, located in
proximity to existing resources.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>New IUC will have four active uranium mining projects (three in the United States
and one in Canada) and one project in development in Canada, offering a unique
diversification to shareholders as compared to its peers.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each of Denison and IUC has a strong management and board of directors. New IUC
will benefit from the merger of these two well-balanced teams.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>New IUC will acquire Denison&#146;s business strengths, including its operating
relationship with AREVA and environmental reclamation expertise.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>New IUC will have working capital of approximately Cdn$130&nbsp;million (as at June&nbsp;30,
2006) with minimal debt, providing it with a strong platform to fund exploration and
production and to pursue strategic acquisitions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>New IUC is expected to have a market capitalization of approximately double each of
IUC and Denison or approximately Cdn$1.1&nbsp;billion. IUC expects the increased market
capitalization to be more attractive to investors and provide greater market liquidity.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IUC expects that New IUC&#146;s larger market capitalization and scale will provide
stronger equity currency for strategic acquisitions.</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 24 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<DIV align="left">
<A name="141"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Recommendation of the IUC Board of Directors</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The IUC Board of Directors has unanimously approved the Share Issue Resolution, the IUC New Board
Resolution, the IUC SOP Amendment Resolution and the Name Change Resolution and unanimously
recommends that the IUC Shareholders vote IN FAVOUR of each of those resolutions at the IUC
Meeting. </B>In recommending that IUC Shareholders vote in favour of the Share Issue Resolution, the
IUC New Board Resolution, the IUC SOP Amendment Resolution and the Name Change Resolution, the IUC
Board of Directors considered, among other things, the potential benefits of the Arrangement as
well as the following factors:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the financial analysis provided by Dundee Securities to the IUC Board of
Directors and the opinion of Dundee Securities that, as of October&nbsp;18, 2006, the
Exchange Ratio was fair, from a financial point of view, to the IUC Shareholders, other
than Denison;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>under the terms of the Arrangement Agreement, the IUC Board of Directors is
able to consider (in accordance with the provisions of the Arrangement Agreement) any
unsolicited <I>bona fide </I>Acquisition Proposal that may be a Superior Proposal and approve
or recommend to IUC Shareholders or enter into an agreement in respect of a Superior
Proposal. See &#147;<I>The Arrangement Agreement &#150; Superior Proposals</I>&#148;;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>information provided to the IUC Board of Directors in respect of the assets
and properties of Denison;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>information provided to the IUC Board of Directors in respect of the historical
and current financial condition, business and operations of Denison; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the anticipated size and market liquidity of New IUC subsequent to the
Arrangement.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="142"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Fairness Opinion</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>General</I></B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dundee Securities was formally engaged by the IUC Board of Directors pursuant to an agreement dated
August&nbsp;1, 2006 and accepted by IUC on August&nbsp;11, 2006 between IUC and Dundee Securities (the
&#147;Advisory Agreement&#148;). Under the Advisory Agreement, Dundee Securities agreed to render an opinion
to the IUC Board of Directors with respect to the fairness, from a financial point of view, of the
Exchange Ratio to the IUC Shareholders, other than Denison. Following the settlement of the terms
of the Arrangement and the terms of the Arrangement Agreement between IUC and Denison and the
review of those terms by Dundee Securities, on September&nbsp;18, 2006 Dundee Securities rendered its
oral opinion to the Board of Directors as to the fairness, from a financial point of view, of the
Exchange Ratio to the IUC Shareholders, other than Denison. The Fairness Opinion is dated as of
October&nbsp;18, 2006 and confirms the oral opinion rendered by Dundee Securities to the Board of
Directors on September&nbsp;18, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The terms of the Advisory Agreement provide that Dundee Securities is to be paid fees for its
services under the Advisory Agreement. In addition, Dundee Securities is to be reimbursed for
reasonable out-of-pocket expenses and to be indemnified by IUC in certain circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dundee Securities is not an insider, associate or affiliate of IUC or Denison and is not an advisor
to any other person or company other than to the IUC Board of Directors with respect to the
Arrangement. Dundee Securities has not entered into any other agreements or arrangements with IUC
or Denison or any
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 25 -<!-- /Folio -->
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of their affiliates with respect to any future dealings. Dundee Securities, however, acts as a
trader and dealer, both as principal and agent, in major financial markets and, as such, may have
had and may in the future have positions in the securities of IUC and Denison or any of their
respective associates or affiliates and, from time to time, may have executed or may execute
transactions on behalf of such companies or clients for which it received or may receive
compensation. As an investment dealer, Dundee Securities conducts research on securities and may,
in the ordinary course of its business, provide research reports and investment advice to its
clients on investment matters, including with respect to IUC, Denison or the Arrangement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dundee Securities is one of Canada&#146;s leading independent investment dealers with operations in
corporate finance, equity sales and trading and investment research. The opinion expressed in the
Fairness Opinion is the opinion of Dundee Securities, the form and content of which have been
approved for release by a committee of its directors and officers, each of whom is experienced in
merger, acquisition, divestiture and fairness opinion matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Dundee Securities believes that its analyses must be considered as a whole and that selecting
portions of its analyses or the factors considered by Dundee Securities, without considering all
factors and analyses together, could create a misleading view of the process underlying the
Fairness Opinion. Accordingly, the complete text of the Fairness Opinion, which sets forth the
assumptions made, matters considered and limitations on the review undertaken in connection with
the Fairness Opinion is attached to this Circular as Schedule&nbsp;H. The Fairness Opinion addresses
only the fairness of the Exchange Ratio from a financial point of view to IUC Shareholders, other
than Denison, and is not and should not be construed as a valuation of Denison, IUC or any of their
respective assets or securities or a recommendation to any IUC Shareholder as to whether to vote in
favour of the Share Issue Resolution, the IUC New Directors&#146; Resolution, the IUC SOP Resolution or
the Name Change Resolution.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>IUC Shareholders are urged to, and should, read the Fairness Opinion in its entirety.</B>
</DIV>

<DIV align="left">
<A name="143"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Court Approval and Completion of the Arrangement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The transactions contemplated in the Arrangement will be carried out such that the IUC Shares
issued on completion of the Arrangement will be issued by IUC in reliance on the exemption from the
registration requirements of the 1933 Act provided by Section&nbsp;3(a)(10) of the 1933 Act. In order
to ensure the availability of an exemption, the Arrangement requires, among other things, the
approval of the Denison Securityholders at the Denison Meeting and approval by the Court. Prior to
the mailing of this Circular, Denison obtained the Interim Order providing for the calling and
holding of the Denison Meeting and other procedural matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subject to the approval of the Arrangement Resolution by the Denison Securityholders at the Denison
Meeting (voting as a single class) as well as 66 2/3% of the Denison Shareholders voting alone, the
hearing in respect of the Final Order is scheduled to take place on November&nbsp;28, 2006 at 10:00&nbsp;a.m.
(Toronto time) or shortly thereafter in the Court at the Ontario Superior Court of Justice,
(Commercial List), 393 University Avenue, Toronto, Ontario. All Denison Securityholders who wish
to participate or be represented or to present evidence or arguments at that hearing must serve and
file a notice of appearance as set out in the Interim Order and satisfy all other applicable
requirements. At the hearing in respect of the Final Order, the Court will consider, among other
things, the fairness and reasonableness of the Arrangement. The Court may approve the Arrangement
as proposed or as amended in any manner as the Court may direct, subject to compliance with such
terms and conditions, if any, as the Court deems fit.
</DIV>

</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 26 -<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Assuming that the Final Order is granted and the other conditions in respect of the Arrangement as
set out in the Arrangement Agreement are satisfied or waived, it is anticipated that the Final
Order will be filed with the Director to give effect to the Plan of Arrangement and the various
other documents necessary to complete the Arrangement as contemplated under the Arrangement
Agreement will be executed and delivered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is currently anticipated that the effective date for the Arrangement will be on or about
December&nbsp;1, 2006.
</DIV>

<DIV align="left">
<A name="144"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Distribution of IUC Shares</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At or promptly after the Effective Time for the Arrangement, IUC will deposit with the Depositary
or otherwise make available certificates representing the number of IUC Shares required to be
issued to the Denison Shareholders in connection with the Arrangement. Upon surrender to the
Depositary for cancellation of a certificate which immediately prior to the Effective Time
represented outstanding Denison Shares together with a Letter of Transmittal which has been
completed and signed in the manner required thereby in respect of such certificate and such
additional documents and instruments as the Depositary may reasonably require, the holder of such
surrendered certificate will be entitled to receive in exchange therefor, and the Depositary will
deliver to such holder, a certificate representing that number (rounded up or down to the nearest
whole number) of IUC Shares that such holder has the right to receive pursuant to the Plan of
Arrangement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event of a transfer of ownership of Denison Shares that is not registered in the transfer
records of Denison, a certificate representing the proper number of IUC Shares may be issued to the
transferee if the certificate representing such Denison Shares is presented to the Depositary,
accompanied by all documents required to evidence and effect such transfer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Until surrendered, each certificate which immediately prior to the Effective Time represented
Denison Shares will be deemed, at any time after the Effective Time, to represent only the right to
receive upon such surrender the certificate representing IUC Shares that the holder thereof has the
right to receive pursuant to the Plan of Arrangement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If any certificate that immediately prior to the Effective Time represented outstanding Denison
Shares has been lost, stolen or destroyed, upon the making of an affidavit of that fact by the
person claiming such certificate to be lost, stolen or destroyed, the Depositary will cause to be
issued in exchange for such lost, stolen or destroyed certificate, a certificate representing IUC
Shares deliverable in respect thereof in accordance with such holder&#146;s Letter of Transmittal, as
determined in accordance with the Arrangement. When authorizing such delivery in exchange for any
lost, stolen or destroyed certificate, the person to whom a certificate representing IUC Shares is
to be issued must, as a condition precedent to the issuance thereof, give a bond satisfactory to
IUC and the Depositary in such amount as IUC and the Depositary may direct or otherwise indemnify
IUC and the Depositary in a manner satisfactory to IUC and the Depositary against any claim that
may be made against IUC or the Depositary with respect to the certificate alleged to have been
lost, stolen or destroyed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No dividends or other distributions declared or made after the Effective Time with respect to IUC
Shares with a record date after the Effective Time will be delivered to the holder of any
unsurrendered certificate that immediately prior to the Effective Time represented outstanding
Denison Shares that were exchanged pursuant to the Arrangement, unless and until the holder of
record of such certificate surrenders such certificate (together with a Letter of Transmittal which
has been completed and signed in the manner required thereby in respect of such certificate) or
complies with the required procedures in respect of lost, stolen or destroyed certificates. Subject
to applicable law, at the time of such surrender of any such certificate or compliance with the
required procedures in respect of lost, stolen or destroyed certificates,
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 27 -<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">there will be paid to the holder of record of the certificate representing IUC Shares, without
interest, the amount of dividends or other distributions with a record date after the Effective
Time but prior to surrender paid with respect to such IUC Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the extent that a Denison Shareholder has not surrendered the certificates representing the
Denison Shares held by such Denison Shareholder on or before the date which is six years after the
Effective Date (the &#147;Final Proscription Date&#148;), then the IUC Shares which such Denison Shareholder
was entitled to receive will be delivered to IUC by the Depositary for cancellation and will be
cancelled by IUC and the interest of the Denison Shareholder in such IUC Shares will be terminated
as of such Final Proscription Date.
</DIV>

<DIV align="left">
<A name="145"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Description of Plan of Arrangement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subject to the conditions in the Arrangement Agreement being satisfied or waived, Denison will
apply to the Court for the Final Order approving the Plan of Arrangement under the provisions of
section 182 of the OBCA. In connection with the Arrangement, among other things, each Denison
Shareholder (other than a registered Denison Shareholder who exercises Dissent Rights) will be
entitled to receive IUC Shares in exchange for the Denison Shares held by such Denison Shareholder
on the basis of 2.88 IUC Shares for each one Denison Share held by such Denison Shareholder, all
pursuant to the provisions of the Plan of Arrangement. Fractions of IUC Shares will be rounded up
or down to the nearest whole number.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the Effective Time in connection with the Arrangement, subject to the provisions of the Plan of
Arrangement, the following shall occur, and shall be deemed to occur in the following order,
without any further act or formality:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each Denison Option shall immediately vest and all Denison Options shall remain vested for
the remainder of their applicable terms;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each Denison Share and Denison Option in respect of which Dissent Rights have been exercised
shall be deemed to be transferred to IUC and IUC will be obliged to pay therefor the amount
determined and payable in accordance with Article&nbsp;5 of the Plan of Arrangement and the names
of such holders will be removed from the register of holders of Denison Shares or Denison
Options, as the case may be and IUC will be recorded as the registered holder of the Denison
Shares and Denison Options so transferred and will be deemed to be the legal and beneficial
owner of such Denison Shares and Denison Options;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Denison and IUC Subco shall be amalgamated and continue as one corporation under the OBCA on
the terms prescribed in the Plan of Arrangement, and:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the amalgamated corporation will have the characteristics set forth in Article
4 of the Plan of Arrangement and possess all of the property, rights, privileges and
franchises and shall be subject to all the liabilities, including civil, criminal and
quasi-criminal and all contracts, disabilities and debts of each of Denison and IUC
Subco;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a conviction against, or ruling, order, judgment in favour of or against either
Denison or IUC Subco may be enforced by or against the amalgamated corporation;</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 28 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Articles of Arrangement shall be deemed to be the articles of
incorporation of the amalgamated corporation and, except for the purposes of subsection
104(1) of the OBCA, the certificate of arrangement shall be deemed to be the
certificate of incorporation of the amalgamated corporation; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the amalgamated corporation shall be deemed to be the party plaintiff or the
party defendant, as the case may be, in any civil action commenced by or against either
Denison or IUC Subco before the Effective Time;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all Denison Shares held by IUC Subco shall be cancelled, without any repayment of capital in
respect thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all Denison Shares held by former Denison Shareholders, other than IUC or any Denison
Dissenting Shareholders exercising Dissent Rights shall be exchanged with IUC on the basis of
2.88 IUC Shares for each one Denison Share;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each Denison Share held, directly or indirectly, by or for the benefit of IUC or its
affiliates shall be cancelled and the holders thereof shall receive, for each such Denison
Common Share, 2.88 IUC Shares;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(i)&nbsp;each Denison Option shall entitle the holder thereof to receive (and such holder shall
accept) upon the exercise thereof, in lieu of the number of Denison Shares otherwise issuable
upon the exercise thereof, the number of IUC Shares which the holder would have been entitled
to receive as a result of the transactions contemplated by the Plan of Arrangement if,
immediately prior to the Effective Time, such holder had been the registered holder of the
number of Denison Shares to which such holder was theretofore entitled upon such exercise, and
(ii)&nbsp;such Denison Option shall, other than as described in step (g)(i) above and the vesting
described in step (a)&nbsp;above, otherwise continue to be governed by and be subject to the terms
of the Denison Share Option Plan and applicable agreement thereunder; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each common share of IUC Subco shall be exchanged for one common share of the corporation
formed by the amalgamation of Denison and IUC Subco.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No fractional IUC Shares will be issued. In the event that a Denison Shareholder would otherwise
be entitled to a fractional IUC Share, the number of IUC Shares issued to such Denison Shareholder
shall be rounded up to the next greater whole number of IUC Shares if the fractional entitlement is
equal to or greater than 0.5 and shall, without any additional compensation, be rounded down to the
next lesser whole number of IUC Shares if the fractional entitlement is less than 0.5. In
calculating such fractional interests, all Denison Shares registered in the name of or beneficially
held by such Denison Shareholder or their nominee shall be aggregated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC will assume the obligations of Denison to perform and observe the Denison Warrants in
accordance with their respective terms and shall take all corporate action necessary to reserve for
issuance a sufficient number of IUC Shares for delivery upon exercise of the Denison Warrants
(subject to the adjustments required after giving effect to the Arrangement on the basis of 2.88
IUC Shares for each one Denison Share).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Assuming that there are 30,465,486 Denison Shares outstanding as at the Effective Time (which
assumes that no Denison Options are exercised prior to such time) and that no Denison Shareholder
exercises Dissent Rights, IUC will issue approximately 87,740,600 IUC Shares upon the completion of
the Arrangement (not including IUC Shares issuable upon the subsequent exercise of Denison Options
or
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 29 -<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Denison Warrants). Based upon the foregoing assumptions, upon the completion of the Arrangement,
former Denison Shareholders will own approximately 49.8% of the then outstanding IUC Shares and IUC
Shareholders will own approximately 50.2% of the then outstanding IUC Shares, on a non-diluted
basis and former Denison Securityholders and Denison Warrantholders will own approximately 52.9% of
the then outstanding IUC Shares and IUC Shareholders and holders of IUC Options will own
approximately 47.1% of the then outstanding IUC Shares, on a fully diluted basis.
</DIV>

<DIV align="left">
<A name="146"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Effect of the Arrangement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Arrangement Agreement provides for the implementation of the Plan of Arrangement pursuant to
which, on the Effective Date, each one issued and outstanding Denison Share (other than those held
by Dissenting Shareholders) shall be deemed to be transferred to IUC in exchange for 2.88 IUC
Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the terms and subject to the conditions and other provisions set forth in the Plan of
Arrangement, each Denison Option will entitle the holder thereof to receive, in lieu of the number
of Denison Shares otherwise issuable upon the exercise thereof, the number of IUC Shares which the
holder would have been entitled to receive as a result of the transactions contemplated by the
Arrangement Agreement if, immediately prior to the Effective Time, such holder had been the
registered holder of the number of Denison Shares to which such holder was theretofore entitled
upon such exercise, subject to necessary adjustments to the exercise price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC will assume the obligations of Denison to perform and observe the Denison Warrants in
accordance with their respective terms and shall take all corporate action necessary to reserve for
issuance a sufficient number of IUC Shares for delivery upon exercise of the Denison Warrants
(subject to the adjustments required after giving effect to the Arrangement on the basis of 2.88
IUC Shares for each one Denison Share).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Following completion of the Arrangement, currently issued IUC Shares will continue to represent
common shares of New IUC, on a one for one basis.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Effect of the Arrangement on the Denison Warrantholders</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC will assume the obligations of Denison to perform and observe the Denison Warrants in
accordance with their respective terms and shall take all corporate action necessary to reserve for
issuance a sufficient number of IUC Shares for delivery upon exercise of the Denison Warrants.
Following the completion of the Arrangement, in accordance with the provisions of the indentures
governing the Denison Warrants, upon the exercise of a Denison Warrant and the payment of the
exercise price therefor, Denison Warrantholders will be entitled to receive 2.88 IUC Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Directors and Officers of New IUC</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Immediately following the Effective Date the corporation formed by the amalgamation of Denison and
IUC Subco will be a wholly owned Subsidiary of IUC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Certain of the existing directors and officers of Denison will be the directors and officers of New
IUC following completion of the Arrangement. On the Effective Date, the IUC Board of Directors
shall be reconstituted such that it will consist of ten directors, five of which shall be nominated
by IUC and five of which will be nominated by Denison. It is anticipated that Denison&#146;s nominees
will be E. Peter Farmer, Paul F. Little, Roy J. Romanow P.C., O.C., Q.C., Catherine J. G. Stefan
and W. Robert Dengler and that the directors of IUC who will remain on the board of New IUC will be
Ronald F. Hochstein, John H. Craig, William Rand, Brian Edgar and Lukas H. Lundin. Lukas H. Lundin
will be the Chairman of the Board of New IUC.
</DIV>

</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 30 -<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Information with respect to each of Denison&#146;s nominees is set forth in the management information
circular and proxy statement of Denison dated March&nbsp;7, 2006 relating to the annual meeting of
Denison Shareholders held on April&nbsp;19, 2006 incorporated by reference herein. Information with
respect to IUC&#146;s directors who will remain on the board of New IUC is set forth in IUC&#146;s management
information circular and proxy statement dated December&nbsp;19, 2005 relating to the annual and special
meeting of IUC Shareholders held on February&nbsp;2, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">E. Peter Farmer, the President and Chief Executive Officer of Denison, will be appointed the Chief
Executive Officer of New IUC. Ronald F. Hochstein, the President and Chief Executive Officer of
IUC, will be appointed President and Chief Operating Officer of New IUC. James R. Anderson, the
Executive Vice-President and Chief Financial Officer of Denison will become the Chief Financial
Officer of New IUC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Plan of Arrangement is attached as Schedule&nbsp;A to the Arrangement Agreement, which is included
in this Information Circular as Schedule&nbsp;E. Readers are encouraged to carefully review the Plan of
Arrangement, as it contains the specific terms and conditions governing the Arrangement.
</DIV>

<DIV align="left">
<A name="147"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE ARRANGEMENT AGREEMENT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following is a description of the material terms and conditions of the Arrangement Agreement.
The full text of the Arrangement Agreement, including the Plan of Arrangement attached as Schedule
A thereto, is attached as Schedule&nbsp;E to this Circular. IUC Shareholders are encouraged to read the
Arrangement Agreement in its entirety.
</DIV>

<DIV align="left">
<A name="148"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>General</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Arrangement Agreement is dated as of September&nbsp;18, 2006, as amended and restated as of October
16, 2006 with effect as of September&nbsp;18, 2006 and is made among Denison, IUC Subco and IUC. Under
the Arrangement, each holder of Denison Shares (other than holders of Denison Shares who have
exercised the right to dissent as set out in the Plan of Arrangement) will be entitled to receive
2.88 IUC Shares for each one Denison Share held, on the terms set out in the Plan of Arrangement.
Fractions of IUC Shares will be rounded up or down to the nearest whole number.
</DIV>

<DIV align="left">
<A name="149"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Treatment of Denison Options and Denison Warrants</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Arrangement Agreement and the Plan of Arrangement provide that each holder of a Denison Option
will be entitled to receive upon the subsequent exercise thereof in accordance with its terms and
shall accept in lieu of the number of Denison Shares otherwise issuable upon such exercise, the
number of IUC Shares which such holder would have been entitled to receive as a result of the
Arrangement if, immediately prior to the Effective Time, such holder had been the registered holder
of the number of Denison Shares to which such holder was theretofore entitled upon such exercise,
subject to necessary adjustments in the exercise price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Denison Options will continue to be governed by and be subject to the terms of the Denison
Share Option Plan and applicable agreement thereunder except that each Denison Option shall
immediately vest and remain vested for the remainder of its term.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC will assume the obligations of Denison to perform and observe the Denison Warrants in
accordance with their respective terms and shall take all corporate action necessary to reserve for
issuance a sufficient number of IUC Shares for delivery upon exercise of the Denison Warrants
(subject to the adjustments
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 31 -<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">required after giving effect to the Arrangement on the basis of 2.88 IUC Shares for each one
Denison Share).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based on the number of Denison Options and Denison Warrants outstanding on October&nbsp;18, 2006, upon
completion of the Arrangement, holders of Denison Options and Denison Warrants will be entitled to
purchase an aggregate of approximately 13,907,517 IUC Shares.
</DIV>

<DIV align="left">
<A name="150"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Representations and Warranties</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Arrangement Agreement contains various representations and warranties of Denison to IUC with
respect to Denison and its Subsidiaries and of IUC to Denison with respect to IUC and its
Subsidiaries and IUC Subco. These representations and warranties relate to, among other things:
(a)&nbsp;their respective corporate organization, existence and similar corporate matters; (b)&nbsp;their
respective capitalization; (c)&nbsp;the authorization, execution, delivery and enforceability of the
Arrangement Agreement and the consummation of the transactions contemplated thereby not (i)
resulting in a violation, contravention or breach of, or requiring any consent or giving rise to
any termination rights under any provisions of (A)&nbsp;their articles or by-laws, (B)&nbsp;any laws or
regulations, or (C)&nbsp;any contract, agreement, licence or permit, (ii)&nbsp;giving rise to any right of
termination or acceleration of indebtedness, (iii)&nbsp;resulting in the imposition of any encumbrance
on their property or assets, or (iv)&nbsp;except as disclosed, resulting in payments becoming due to any
of their directors or officers, which in any case would, individually or in the aggregate, have a
Material Adverse Effect on Denison or IUC, as the case may be; (d)&nbsp;directors&#146; approvals; (e)
identification of their respective Subsidiaries; (f)&nbsp;there being no default under, or any event,
condition or occurrence which, after notice or lapse of time or both, would constitute a default
under any contract, agreement or licence which would, individually or in the aggregate, have a
Material Adverse Effect on Denison or IUC, as the case may be; (g)&nbsp;except as disclosed, since their
last respective year ends, their having conducted their respective business in the ordinary and
regular course of business consistent with past practice; (h)&nbsp;employment and labour matters; (i)
their respective most recently completed audited consolidated financial statements and most
recently completed unaudited interim financial statements having been prepared in accordance with
Canadian generally accepted accounting principles consistently applied; (j)&nbsp;completeness and
accuracy of financial and corporate books and records; (k)&nbsp;the absence of material litigation; (l)
title to properties and condition of assets; (m)&nbsp;insurance matters; (n)&nbsp;environmental matters; (o)
the filing of tax returns, the payment of taxes and other tax matters; (p)&nbsp;neither party owning or
licensing any intellectual property material to its respective business; (q)&nbsp;pension and employee
benefits; (r)&nbsp;reporting issuer and listing status; (s)&nbsp;the filing with securities regulatory
authorities and stock exchanges of all forms, reports and other documents required to be filed, the
compliance in all material respects of such documents with the requirements of applicable
securities legislation and such documents not containing any misrepresentation; (t)&nbsp;compliance with
applicable laws; (u)&nbsp;there being no cease trade orders and no investigations that may operate to
prevent or restrict trading of their respective securities; (v)&nbsp;there being no options on assets;
(w)&nbsp;there being no non-competition agreements or any other agreements which purport as the case may
be, to limit the manner or the localities in which all or any material portion of the business of
Denison or IUC is conducted; (x)&nbsp;the principal offices of Denison and IUC not being located within
the United States; (y)&nbsp;each of Denison and IUC being a foreign private issuer as defined in Rule
405 under the 1933 Act and Rule&nbsp;3b-4 under the 1933 Act; (z)&nbsp;neither Denison nor IUC being an
investment company or being controlled within the meaning of the 1940 Act; (aa)&nbsp;both Denison and
IUC having made full disclosure; (bb)&nbsp;no brokers having been engaged or retained in connection with
the Arrangement; (cc)&nbsp;the status of Denison and IUC as not a &#147;non-
Canadian&#148; for <I>Investment Canada
Act </I>(Canada) purposes; (dd)&nbsp;substantially all of the assets and property of Denison and IUC being
located outside the United States; (ee)&nbsp;the IUC Shares to be issued pursuant to the Arrangement,
being, upon issue, issued as fully paid and non-assessable shares; (ff)&nbsp;since the date of its
incorporation, IUC Subco having carried on no business, acquired no properties, entered into no
agreements and having assumed any liabilities other than those relating to the Arrangement
Agreement; (gg)&nbsp;IUC having maintained a system of internal controls
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 32 -<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">over financial reporting that complies with the requirements of the U.S. Exchange Act; and (hh)&nbsp;IUC
being in compliance in all material respects with all provisions with the U.S. Sarbanes-Oxley Act.
</DIV>

<DIV align="left">
<A name="151"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Covenants</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Until the Effective Date or the date upon which the Arrangement Agreement is terminated, each of
Denison and IUC is required to, and to cause its Subsidiaries to, conduct business only in, and not
take any action except in, the ordinary course of business and consistent with past practice, other
than in connection with the Arrangement. In addition, each of Denison and IUC is required (except
as contemplated by the Arrangement Agreement or as disclosed to the other party in writing or as
the other party may agree in writing) to, and to cause its Subsidiaries to, among other things:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>not directly or indirectly do or permit to occur any of the following:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>issue, sell, pledge, lease, dispose of, encumber or agree to issue, sell,
pledge, lease, dispose of or encumber any shares or options, warrants, calls,
conversion privileges or rights of any kind to acquire any shares other than the
issuance of shares pursuant to options to acquire such shares existing at the date of
the Arrangement Agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other than pursuant to obligations or rights under existing contracts,
agreements or commitments, sell, lease or otherwise dispose of any property or assets
or enter into any agreement or commitment in respect thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>amend or propose to amend its articles or by-laws or the terms of outstanding
options;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>split, combine or reclassify any shares or declare, set aside or pay any
dividend or other distribution (in cash, securities, property or otherwise) with
respect to its shares;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>redeem, purchase or offer to purchase any shares and any options or obligations
or rights under existing contracts, agreements and commitments, other than pursuant to
the Denison Warrants or the Denison Share Option Plan;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reorganize, amalgamate or merge with any person;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>acquire or agree to acquire any corporation or other entity (or material
interest therein) or division of any corporation or other entity;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent" align="right">(h)</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(i)&nbsp;satisfy or settle any claims or disputes which are, individually or in the
aggregate, in excess of Cdn$500,000;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(ii) relinquish any contractual rights which are, individually or in the
aggregate, in excess of Cdn$500,000; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(iii) enter into any interest rate, currency or commodity swaps, hedges,
caps, collars, forward sales or other similar financial instruments, other than
in the ordinary and regular course of business and not for speculative
purposes;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>incur, authorize, agree or otherwise become committed to provide guarantees for
borrowed money or incur, authorize, agree or otherwise become committed for any
indebtedness for borrowed money, in an amount in excess of Cdn$500,000;</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 33 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>except as required by Canadian or other generally accepted accounting
principles or any applicable law, make any changes to its existing accounting practices
or make any material tax election inconsistent with past practices; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>enter into new commitments of a capital expenditure nature or incur any new
contingent liabilities other than: (i)&nbsp;ordinary course expenditures; (ii)&nbsp;expenditures
required by law; and (iii)&nbsp;expenditures made in connection with transactions
contemplated in the Arrangement Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other than pursuant to existing employment arrangements, not enter into or modify any
employment or similar agreement, policy or arrangement with, or grant any bonus, salary
increase, option to purchase shares, pension, profit sharing, retirement allowance, deferred
compensation, incentive compensation, severance or termination pay to, or make any loan to,
any officer, director, employee or consultant of IUC or Denison, as the case may be;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>use its commercially reasonable best efforts to cause its current insurance (or re-insurance)
policies not to be cancelled or terminated or any other coverage under those policies to
lapse;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>not take any action that would interfere with or be inconsistent with the completion of the
Arrangement or would render, or reasonably may be expected to render, any of its
representations or warranties in the Arrangement Agreement untrue and promptly notify the
other party of:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Material Adverse Change or Material Adverse Effect or any change, event,
occurrence or state of facts which could reasonably be expected to become a Material
Adverse Change or to have a Material Adverse Effect;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any material complaint, investigation or hearing;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any breach of a covenant in the Arrangement Agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any event that would render any representation or warranty contained in the
Arrangement Agreement untrue or inaccurate in any material respect;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it becomes aware of any misrepresentations or omissions of material facts in
this Circular or the Denison Circular;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>not settle or compromise any claim brought by any present, former or purported holder of any
of its securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>not enter into, renew or modify in any respect any material contract, agreement, lease,
commitment or arrangement to which it is a party or by which it is bound;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>use all commercially reasonable efforts to satisfy or cause the satisfaction of the
conditions precedent to its obligations under the Arrangement Agreement and to take, or cause
to be taken, all other actions and do, or cause to be done, all other things necessary, proper
or advisable under applicable laws to complete the Arrangement; not take any action, refrain
from taking any action or permit any action to be taken or not taken, inconsistent with the
Arrangement Agreement or which would reasonably be expected to materially impede the
completion of the transactions contemplated by the Arrangement Agreement or which would or
could have a Material Adverse Effect; in all material respects, conduct itself so as to keep
the other party fully informed; make, or cooperate as necessary in the making of, all
necessary filings and applications under all applicable laws required in connection with the
transactions contemplated by the Arrangement Agreement;</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 34 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and use commercially reasonable efforts to conduct its affairs so that all of its
representations and warranties are true and correct on the Effective Date;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make available or cause to be made available all documents, agreements, corporate records and
minute books as may be necessary to enable the other party to effect a thorough examination of
its business, properties and financial status;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>execute and deliver, at the closing of the transactions, such customer agreements,
certificates, resolutions, opinions and other closing documents as may be required by the
other party;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>cause its affiliates to not knowingly take any action that would prevent the Arrangement from
qualifying as a re-organization within the meaning of Section&nbsp;3.6.8 (a)&nbsp;of the U.S. Internal
Revenue Code; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with respect to each year, if any, IUC is a &#147;Passive Foreign Investment Company&#148; under
Section&nbsp;1.2.9.7 of the Internal Revenue Code, IUC shall provide to all U.S. shareholders all
information that a U.S. shareholder making a &#147;Qualified Electing Fund&#148; election is required to
obtain for U.S. federal income tax purposes and &#147;PFIC Annual Information Statement&#148; as
described in the U.S. Treasury Regulation&nbsp;Section&nbsp;1.1295-1.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="152"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Conditions to the Arrangement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The obligations of IUC and Denison to complete the Arrangement are subject to the satisfaction (or
waiver by mutual consent of IUC and Denison in writing at anytime) of certain mutual conditions,
including, among others: (i)&nbsp;the Interim Order shall have been granted in form and substance
satisfactory to IUC or Denison, acting reasonably, and shall not have been set aside or modified in
a manner unacceptable to IUC and Denison, acting reasonably, on appeal or otherwise; (ii)&nbsp;the
Arrangement and, if required, all other material transactions necessary to complete the
Arrangement, with or without amendment, shall have been approved at the Denison Meeting by the
Denison Securityholders and at the IUC Meeting by the IUC Shareholders in accordance with the
provisions of the OBCA and the Interim Order; (iii)&nbsp;the Final Order shall have been granted in form
and substance satisfactory to the parties, acting reasonably, and shall not have been set aside or
modified in a manner unacceptable to such parties, acting reasonably, on appeal or otherwise; (iv)
all filings made with the Director in connection with the Arrangement, including the Articles of
Arrangement, shall be in form and substance satisfactory to the parties acting reasonably; (v)&nbsp;the
Articles of Amendment of IUC to change its name to &#147;Denison Mines Ltd.&#148; or such other name
containing the name &#147;Denison&#148; as may be approved by the IUC Board of Directors and the board of
directors of Denison, shall be in form and substance satisfactory to the parties acting reasonably;
(vi)&nbsp;there shall not be in force any law, ruling, order or decree and there shall not have been any
action taken under any law or by any governmental entity or other regulatory authority, that makes
it illegal or otherwise directly or indirectly restrains, enjoins or prohibits the consummation of
the Arrangement in accordance with the terms thereof or results or could reasonably be expected to
result in a judgment, order, decree or assessment of damages, directly or indirectly, relating to
the Arrangement which has, or could reasonably be expected to have, a Material Adverse Effect on
Denison or IUC; (vii) (A)&nbsp;the TSX shall have conditionally approved the listing thereon of the IUC
Shares to be issued pursuant to the Arrangement (including the IUC Shares which, as a result of the
Arrangement, are issuable upon the exercise of the Denison Options and the Denison Warrants) as of
the Effective Date, or as soon as possible thereafter; and (B)&nbsp;the TSX shall have, if required,
accepted notice for filing of all transactions of Denison contemplated in the Arrangement Agreement
or necessary to complete the Arrangement, subject only to compliance with the usual requirements of
the TSX; (viii)&nbsp;the IUC Shares to be issued in the United States pursuant to the Arrangement shall
be exempt from registration requirements under Section&nbsp;3(a)(10) of the 1933 Act and the IUC Shares
to be distributed in the United States pursuant to the Arrangement shall not be subject to
</DIV>

</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 35 -<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">resale restrictions in the United States under the 1933 Act (other than as may be prescribed by
Rule&nbsp;144 and Rule&nbsp;145 under the 1933 Act); (ix) (A)&nbsp;all consents, waivers, permits, exemptions,
order and approvals of, any registrations and filings with, any governmental entity and the expiry
of any waiting periods, in connection with, or required to permit, the completion of the
Arrangement, and (B)&nbsp;all third person and other consents, waivers, permits, exemptions, orders,
approvals, agreements and amendments and modifications to agreements, indentures or arrangements,
the failure of which to obtain or the non-expiry of which would have a Material Adverse Effect on
Denison, IUC or materially impede the completion of the Arrangement, shall have been obtained or
received on terms reasonably satisfactory to each party; (x)&nbsp;all actions shall have been taken to
provide that, upon the effectiveness of the Arrangement, the board of directors of New IUC shall be
composed of five of the current directors of IUC and five persons designated by Denison; (xi)&nbsp;the
IUC Shares to be issued in the United States pursuant to the Arrangement shall be exempt from
registration requirements under Section&nbsp;3(a)(10) of the 1933 Act and the IUC Shares to be
distributed in the United States pursuant to the Arrangement shall not be subject to resale
restrictions in the United States under the 1933 Act (other than as may be prescribed by Rule&nbsp;144
and Rule&nbsp;145 under the 1933 Act); (xii)&nbsp;the IUC Shares to be issued pursuant to the Arrangement
shall be exempt from the prospectus and registration requirements of applicable Canadian securities
laws and shall not be subject to a statutory hold period; and (xiii)&nbsp;this Arrangement Agreement
shall not have been terminated pursuant to such termination provisions in the Arrangement
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The obligations of IUC to complete the Arrangement are subject to the satisfaction (or waiver by
IUC in writing at anytime) of certain additional conditions in its favour, including, among others:
(i)&nbsp;the representations and warranties made by Denison in the Arrangement Agreement which are
qualified by the expression &#147;Material Adverse Change&#148; or &#147;Material Adverse Effect&#148; shall be true
and correct as of the Effective Date as if made on and as of such date (except to the extent that
such representations and warranties speak as of an earlier date, in which event such
representations and warranties shall be true and correct as of such earlier date), and all other
representations and warranties made by Denison in the Arrangement Agreement which are not so
qualified shall be true and correct in all material respects as of the Effective Date as if made on
and as of such date (except to the extent that such representations and warranties speak as of an
earlier date, in which event such representations and warranties shall be true and correct as of
such earlier date), in either case, except where any failures or breaches of representations and
warranties would not either individually or in the aggregate, in the reasonable judgment of IUC,
have a Material Adverse Effect on Denison; (ii)&nbsp;from the date of this Agreement to the Effective
Date, there shall not have occurred and neither Denison nor any of the Denison Subsidiaries shall
have incurred or suffered, any one or more changes, effects, events, occurrences or states of facts
that, either individually or in the aggregate, have, or could reasonably be expected to have, a
Material Adverse Effect on Denison or the Denison Subsidiaries; (iii)&nbsp;Denison shall have complied
in all material respects with its covenants in the Arrangement Agreement; (iv)&nbsp;Denison
Securityholders holding no more than 5% of the outstanding Denison Shares shall have exercised the
right to dissent contemplated by section 5.01 of the Plan of Arrangement (and not withdrawn such
exercise); (v)&nbsp;the directors of Denison shall have adopted all necessary resolutions and all other
necessary corporate actions shall have been taken by Denison to permit the consummation of the
Arrangement; and (vi)&nbsp;the directors of Denison shall not have withdrawn or modified their approval
or recommendation to Denison Shareholders of the transactions contemplated in the Arrangement
Agreement in a manner adverse to IUC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The obligations of Denison to complete the Arrangement are subject to the satisfaction of certain
additional conditions in its favour, including, among others: (i)&nbsp;the representations and
warranties made by IUC in the Arrangement Agreement which are qualified by the expression &#147;Material
Adverse Change&#148; or &#147;Material Adverse Effect&#148; shall be true and correct as of the Effective Date as
if made on and as of such date (except to the extent that such representations and warranties speak
as of an earlier date, in which event such representations and warranties shall be true and correct
as of such earlier date) and all other representations and warranties made by IUC in the
Arrangement Agreement shall be true and correct in all
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 36 -<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">material respects as of the Effective Date as if made on and as of such date (except to the extent
that such representations and warranties speak as of an earlier date, in which event such
representations and warranties shall be true and correct as of such earlier date), in either case,
except where any failures or breaches of representations and warranties would not either
individually or in the aggregate, in the reasonable judgment of Denison, have a Material Adverse
Effect on IUC; (ii)&nbsp;from the date of the Arrangement Agreement to the Effective Date, there shall
not have occurred and neither IUC nor any of the IUC Material Subsidiaries <B>s</B>hall have incurred or
suffered, any one or more changes, effects, events, occurrences or states of facts that, either
individually or in the aggregate, have, or could reasonably be expected to have, a Material Adverse
Effect on IUC or the IUC Material Subsidiaries; (iii)&nbsp;IUC shall have complied in all material
respects with its covenants in the Arrangement Agreement; (iv)&nbsp;Denison Securityholders holding no
more than 5% of the outstanding Denison Shares shall have exercised the right to dissent
contemplated by section 5.01 of the Plan of Arrangement (and not withdrawn such exercise); (v)&nbsp;the
IUC Board of Directors shall have adopted all necessary resolutions and all other necessary
corporate actions shall have been taken by IUC to permit the consummation of the Arrangement; and
(vi)&nbsp;the IUC Board of Directors shall not have withdrawn or modified in a manner adverse to Denison
their approval or recommendation to IUC Shareholders of the transaction contemplated in the
Arrangement Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Arrangement Agreement further provides that, if any condition to the completion of the
Arrangement is not satisfied or waived by the applicable party on or before the Completion Deadline
(or any earlier date by which such condition is required to be satisfied), then the party entitled
to the benefit of such condition may terminate the Arrangement Agreement, except where such failure
is the result of a breach of the Arrangement Agreement by such party.
</DIV>

<DIV align="left">
<A name="153"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Amendment and Waiver</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Arrangement Agreement, including the Plan of Arrangement, may be amended by written agreement
of the parties at any time before or after the Denison Meeting or the IUC Meeting, but not later
than the Effective Date, without, subject to applicable law, further notice to or authorization on
the part of the Denison Shareholders or the IUC Shareholders and any such amendment may, subject to
applicable law or the Interim Order, without limitation, (i)&nbsp;change the time for performance of any
of the obligations or acts of the parties, (ii)&nbsp;waive any inaccuracies in or modify any
representation or warranty contained in the Arrangement Agreement or any document delivered
pursuant to the Arrangement Agreement, (iii)&nbsp;waive compliance with or modify any of the covenants
contained in the Arrangement Agreement and waive or modify the performance of any of the
obligations of the parties, and (iv)&nbsp;waive compliance with or modify any condition contained in the
Arrangement Agreement (except that the terms of section 3.01(d) of the Plan of Arrangement, which
provides, among other things, that the Exchange Ratio, cannot be amended without the approval of
the Denison Shareholders). If Denison or IUC, as the case may be, proposes any amendment to the
Arrangement Agreement or the Plan of Arrangement, the other must consider such amendment and, if it
and its shareholders are not prejudiced by reason of such amendment, it is required to cooperate in
ensuring that such amendment can be effected subject to applicable law and the rights of the
Denison Shareholders.
</DIV>

<DIV align="left">
<A name="154"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Non-Solicitation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the Arrangement Agreement, Denison and IUC have agreed that they will not, directly or
indirectly, through any officer, director employee, representative or agent of such party or any of
the subsidiaries of such party or otherwise: (a)&nbsp;make, solicit, initiate, entertain or promote any
inquiries or proposals regarding any Acquisition Proposal or potential Acquisition Proposal in
respect of it; (b)&nbsp;participate in any discussions or negotiations regarding any Acquisition
Proposal or potential Acquisition Proposal in respect of it; (c)&nbsp;agree to, approve or recommend any
Acquisition Proposal or potential Acquisition Proposal in respect of it; (d)&nbsp;enter into, or propose
publicly to accept, any agreement related to
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 37 -<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">any Acquisition Proposal or potential Acquisition Proposal in respect of it, or (e)&nbsp;make any public
announcement or take any action inconsistent with the recommendation of its directors to approve
the Arrangement. Notwithstanding the foregoing, nothing will prevent or restrict the directors of
Denison or IUC, as the case may be (the &#147;Target Party&#148;) from, prior to the approval of the
Arrangement by the Target Party&#146;s shareholders, or considering any unsolicited <I>bona fide</I>
Acquisition Proposal that may be a Superior Proposal or, in the event of a <I>bona fide </I>Acquisition
Proposal that would be a Superior Proposal, from withdrawing, qualifying or changing their
recommendation to their shareholders or entering into an agreement in respect of a Superior
Proposal, in accordance with the terms of the Arrangement Agreement, provided that the Acquisition
Proposal did not result from a breach of the Agreement by the Target Party and if the directors of
the Target Party determine in good faith after consulting with outside counsel that such action is
required for such directors to comply with their fiduciary duties. Each of Denison and IUC must
within 24 hours notify the other (the &#147;Non-Target Party&#148;) of any Acquisition Proposal which any
director or officer thereof receives, any amendment to any of the foregoing or any request for
non-public information relating thereto and must provide certain information to the other regarding
such Acquisition Proposal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If either IUC or Denison receives a request for non-public information from a person who is
considering making a <I>bona fide </I>Acquisition Proposal and the directors of such party determine that
such proposal, if consummated in accordance with its terms, would constitute a Superior Proposal,
those directors may, subject to the execution of a confidentiality agreement, provide such person
with access to the requested information. The directors of the Target Party will send a copy of
any such confidentiality agreement to the Non-Target Party immediately upon the execution thereof
and provide the Non-Target Party with a list or a copy of the information provided under the
confidentiality agreement.
</DIV>

<DIV align="left">
<A name="155"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Superior Proposals</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Until the later of the Completion Deadline and the date on which any amount required to be paid by
the Target Party pursuant to the Arrangement Agreement has actually been received by the Non-Target
Party, neither the Target Party nor the directors thereof can accept, approve, recommend or enter
into any agreement in respect of an Acquisition Proposal on the basis that it would constitute a
Superior Proposal, unless (a)&nbsp;the Target Party has provided the Non-Target Party with information
about the Superior Proposal (with certain permitted deletions), and (b)&nbsp;two Business Days have
elapsed from the later of the date on which the Non-Target Party received notice of the
determination of the directors of the Target Party to accept, approve, recommend or enter into an
agreement in respect of such Acquisition Proposal and the date on which the Non-Target Party
received the requisite information concerning the Acquisition Proposal.
</DIV>

<DIV align="left">
<A name="156"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Termination and Break Fees</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Arrangement Agreement may be terminated at any time prior to the Effective Date:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by the mutual consent of the parties;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by either party if:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the other has committed a material breach of the Arrangement
Agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a mutual condition or a condition in its favour is not
satisfied or waived;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Effective Date is not on or before February&nbsp;1, 2007
provided that neither IUC nor Denison, as the case may be (the &#147;Terminating
Party&#148;) is entitled to terminate</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 38 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Arrangement Agreement if the Effective Date is not on or before February
1, 2007 because the meeting of the shareholders of the Terminating Party has
not been held due to the fault of the Terminating Party;</TD>
</TR>
<TR style="font-size: 6pt"><TD>&nbsp;</TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the IUC Meeting is held and completed and the IUC Shareholders
do not approve the Share Issue Resolution, the IUC New Board Resolution or the
Name Change Resolution; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Denison Meeting is held and completed and the Denison
Securityholders do not approve the Arrangement Resolution;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by IUC if:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there is a Superior Proposal in respect of Denison and the
directors of Denison withdraw or modify in a manner adverse to IUC their
approval or recommendation of the Arrangement, fail to reaffirm their approval
of the Arrangement, or accept, approve or recommend, or enter into an agreement
in respect of, any Superior Proposal;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it determines that an Acquisition Proposal in respect of IUC
constitutes a Superior Proposal; or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by Denison if:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there is a Superior Proposal in respect of IUC and the IUC
Board of Directors withdraw or modify in a manner adverse to Denison their
approval of the Arrangement, fail to reaffirm their approval of the
Arrangement, or accept, approve or recommend, or enter into an agreement in
respect of, any Superior Proposal;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it determines that an Acquisition Proposal in respect of
Denison constitutes a Superior Proposal.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the Arrangement Agreement is terminated:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by the Terminating Party because the other party has committed a material
breach of the Arrangement Agreement; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by the Terminating Party because an Acquisition Proposal has been made to the
Terminating Party and made known to its shareholders and not publicly withdrawn prior
to the meeting of such shareholders and such shareholders do not approve the
Arrangement and the Terminating Party completes the Acquisition Proposal within nine
months following the termination of the Arrangement Agreement,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">then the Terminating Party shall pay to the Non-Terminating Party an amount in cash equal to Cdn$16
million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the Arrangement Agreement is terminated by IUC because there is a Denison Superior Proposal in
respect of Denison and the directors of Denison (i)&nbsp;shall have withdrawn or modified in a manner
adverse to IUC their approval or recommendation of the Arrangement, (ii)&nbsp;shall have failed, after
being requested by IUC in writing, to reaffirm its approval or recommendation of the Arrangement
and the transactions
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 39 -<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">contemplated in the Arrangement Agreement as promptly as possible (but in any event within two
Business Days) after receipt of such written request from IUC, or (iii)&nbsp;shall have accepted,
approved, recommended or entered into an agreement in respect of any Denison Superior Proposal,
then Denison shall pay to IUC an amount in cash equal to Cdn$16&nbsp;million. Similarly, if the
Arrangement Agreement is terminated by Denison because there is an IUC Superior Proposal in respect
of IUC and the directors of IUC (i)&nbsp;shall have withdrawn or modified in a manner adverse to Denison
their approval or recommendation of the Arrangement, (ii)&nbsp;shall have failed, after being requested
by Denison in writing, to reaffirm its approval or recommendation of the Arrangement and the
transactions contemplated in the Arrangement Agreement as promptly as possible (but in any event
within two Business Days) after receipt of such written request from Denison, or (iii)&nbsp;shall have
accepted, approved, recommended or entered into an agreement in respect of any IUC Superior
Proposal, then IUC shall pay to Denison an amount in cash equal to Cdn$16&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Neither Denison nor IUC will be required to make more than one payment of the termination fee.
Both Denison and IUC acknowledge that the termination fee set out in the Arrangement Agreement is a
payment of liquidated damages which are a genuine pre-estimate of the damages which the other party
would suffer and are not penalties and therefore waive any right they may have to raise a defence
that any such liquidated damages are excessive or punitive. Upon receipt of any payment of a
termination fee, the non-paying party is not precluded from seeking injunctive relief to restrain
any breach or threatened breach by the paying party of any or its obligations under the Arrangement
Agreement.
</DIV>

<DIV align="left">
<A name="157"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Expenses of the Arrangement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Arrangement Agreement provides that each of Denison and IUC is to pay its own expenses incurred
in connection therewith and in connection with the completion of the transactions contemplated
thereby, provided that notwithstanding the foregoing: (i)&nbsp;in the event that (a)&nbsp;the Arrangement
Agreement is terminated prior to the Completion Deadline as a result of the Denison Securityholders
having voted not to approve the Arrangement at the Denison Meeting; or (b)&nbsp;IUC has terminated the
Arrangement Agreement under Section&nbsp;7.03(h)(i), then in either case Denison shall pay to IUC the
sum of Cdn$2.0&nbsp;million as and by way of liquidated damages representing a reasonable pre-estimate
of IUC&#146;s expenses incurred in respect of the transactions contemplated by this Agreement and not by
way of a penalty; and (ii)&nbsp;in the event that (a)&nbsp;this Agreement is terminated prior to the
Completion Deadline as a result of the IUC Shareholders having voted not to approve the IUC
Shareholder Approval Matters; or (b)&nbsp;Denison has terminated the Arrangement Agreement under Section
7.03(h)(ii), then in either case IUC shall pay to Denison the sum of Cdn$2.0&nbsp;million as and by way
of liquidated damages representing a reasonable pre-estimate of Denison expenses incurred in
respect of the transactions contemplated by the Arrangement Agreement and not by way of a penalty.
Any amount paid by a party to the other party shall be deducted from the Cdn$16.0&nbsp;million break
fee.
</DIV>

<DIV align="left">
<A name="158"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>LOCK-UP AGREEMENTS AND INTENTION OF CERTAIN SECURITYHOLDERS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The directors and senior officers of IUC have entered into IUC lock-up agreements with Denison
pursuant to which they have agreed to vote an aggregate of 1,100,800 IUC Shares (1.3% of
the aggregate number issued and outstanding IUC Shares) in favour of the IUC Shareholder Approval
Matters. The IUC lock-up agreements provide that the directors and senior officers of IUC may not
transfer their IUC Shares or IUC Shares issuable upon exercise of IUC Options except in limited
circumstances to related parties. The IUC lock-up agreements provide that the directors and
officers of IUC are entitled to withdraw the IUC Shares and IUC Options from the IUC Shareholder
Approval Matters and not vote the IUC Shares in favour of the IUC Shareholder Approval Matters if
(a)&nbsp;an Acquisition Proposal is made to IUC and the IUC Board of Directors has determined that the
Acquisition Proposal constitutes a Superior Proposal, (b)&nbsp;the Arrangement Agreement has been
terminated in circumstances which require the payment of the
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 40 -<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">termination
fee described in <I>&#147;The Arrangement Agreement &#150; Termination and Break Fee&#148;</I>, or (c)&nbsp;the
Arrangement Agreement is terminated. The IUC lock-up agreements specifically provide that nothing
in such agreements requires any director or officer of IUC to take or refrain from taking any
action as a director or officer of IUC which would be inconsistent with his or her obligations or
fiduciary duties as provided for in the Arrangement Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Denison&#146;s directors and senior officers have also entered into lock-up agreements with IUC pursuant
to which they have agreed to support the Arrangement on terms comparable to the terms described
above relating to the IUC lock-up agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The IUC lock-up agreements are deemed to terminate immediately upon the termination of the
Arrangement Agreement in accordance with its terms. The IUC lock-up agreements are deemed to be
terminated immediately if the IUC Shareholder Approval Matters are voted upon by IUC Shareholders
and not approved in certain circumstances.
</DIV>

<DIV align="left">
<A name="159"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INTERESTS OF EXPERTS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Certain legal matters relating to the Arrangement will be passed upon by Blake, Cassels &#038; Graydon
LLP on behalf of Denison and by Cassels Brock &#038; Blackwell LLP on behalf of IUC. Dorsey &#038; Whitney
LLP acted as United States counsel to Denison and Shearman &#038; Sterling LLP acted as United States
counsel to IUC in respect of the Arrangement. As at the date hereof, the partners and associates of
each of Blake, Cassels &#038; Graydon LLP, Dorsey &#038; Whitney LLP, Cassels Brock &#038; Blackwell LLP and
Shearman &#038; Sterling LLP as a group, own, directly or indirectly, less than 1% of the Denison Shares
and less than 1% of the IUC Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The qualified persons who were responsible for the preparation of the technical reports described
in this Circular and the Denison AIF, which is incorporated herein by reference, Scott Wilson
Roscoe Postle Associates Inc., and the directors and officers of Scott Wilson Roscoe Postle
Associates Inc., as a group, own, directly or indirectly, less than 1% of the IUC Shares and less
than 1% of the Denison Shares.
</DIV>

<DIV align="left">
<A name="160"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>REGULATORY MATTERS</B>
</DIV>

<DIV align="left">
<A name="161"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Issue and Resale of IUC Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Canada</I></B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The issue of the IUC Shares in connection with the Arrangement will be exempt from the prospectus
and registration requirements of the securities legislation of the provinces and territories of
Canada.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The first trade of IUC Shares issued to a Denison Shareholder in connection with the Arrangement
will not be subject to any restricted or hold period in Canada if: (i)&nbsp;at the time of such first
trade, IUC is a reporting issuer or the equivalent under the legislation of a jurisdiction in
Canada; (ii)&nbsp;no unusual effort is made to prepare the market or to create a demand for the IUC
Shares which are the subject of the trade; (iii)&nbsp;no extraordinary commission or consideration is
paid to a person or company in respect of the trade; (iv)&nbsp;the seller of the securities is an
insider or officer of IUC, the seller has no reasonable grounds to believe that IUC is in default
of any requirement of applicable legislation; and (v)&nbsp;the first trade is not from the holdings of a
person or company or combination of persons or companies holding a sufficient number of any
securities of IUC so as to affect materially the control of IUC (a holding by any person, company
or arrangement of persons and/or companies of more than 20% of the outstanding voting securities of
IUC being deemed, in the absence of evidence to the contrary, to affect materially the control of
IUC).
</DIV>

</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 41 -<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>United States</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The IUC Shares to be issued to holders of Denison Shares are not required to be, and will not be,
registered under the 1933 Act. The IUC Shares will be issued in reliance upon the exemption
provided by section 3(a)(10) of the 1933 Act. Section&nbsp;3(a)(10) exempts from the general
registration requirement securities distributed to shareholders where the terms and conditions of
the issue and exchange of such securities have been approved by any court of competent
jurisdiction, after a hearing upon the fairness of the terms and conditions of the issue and
exchange at which all persons to whom such securities will be issued have the right to appear. The
Court is authorized to conduct a hearing to determine the fairness of the terms and conditions of
the Arrangement, including the proposed issue of securities in exchange for other outstanding
securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The IUC Shares received by Denison Shareholders pursuant to the Arrangement will be freely
transferable under U.S. federal securities laws by those shareholders not deemed to be &#147;affiliates&#148;
of Denison or IUC. An &#147;affiliate&#148; is a person who directly, or indirectly through one or more
intermediaries, controls, or is controlled by, or is under common control with, IUC. Any subsequent
transfer of IUC Shares by any person who is an affiliate of Denison or IUC.
</DIV>

<DIV align="left">
<A name="162"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INFORMATION CONCERNING DENISON MINES INC.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>General</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Denison was incorporated on September&nbsp;25, 2003 under the OBCA and commenced operations on March&nbsp;8,
2004 when it acquired the uranium mining and environmental services businesses from Denison Energy
Inc. in connection with the reorganization of Denison Energy Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Denison is primarily a uranium exploration, development and production company. Denison&#146;s
principal assets are its interests in the McClean Lake uranium facility and the Midwest Uranium
Project, both of which are located in Northern Saskatchewan and operated by AREVA Resources Canada
Inc. (&#147;AREVA&#148;). Denison&#146;s mineral exploration activities during 2005 concentrated on uranium
through the Wheeler River, Wolly and Waterfound River joint ventures in Northern Saskatchewan and
through its joint venture in Mongolia, together with on-going exploration of targets on the McClean
Lake and Midwest properties. Denison is also the manager of Uranium Participation Corporation
(&#147;UPC&#148;) and operates an environmental and mine reclamation business through its Denison
Environmental Services division. Denison also has an interest in a uranium joint venture in
Mongolia with an affiliate of AREVA, and participates in uranium exploration in Australia through
its 12% equity interest in Energy Metals Limited.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Denison owns 30% of the outstanding common shares of McClean Uranium Limited (&#147;MUL&#148;), which is a
corporation formed under the laws of Saskatchewan. The balance of the common shares of MUL are
held by AREVA. AREVA and Denison jointly market their respective shares of production from the
McClean Lake uranium project to electrical utilities around the world (directly and through uranium
traders) through MUL. There is no Subsidiary of Denison whose total assets or whose total revenues
constitute more than 10% of the consolidated assets or consolidated revenues of Denison for the
most recent fiscal year end. Subsidiaries, if considered in the aggregate, represent less than 10%
of the total consolidated assets or total consolidated revenues of Denison.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Denison&#146;s head office and registered office is located at 595 Bay Street, Suite&nbsp;402, Toronto,
Ontario, M5G 2C2. The Denison Shares trade on the TSX under the symbol &#147;DEN&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">See Schedule&nbsp;I <I>&#147;Additional Information Concerning Denison Mines Inc.&#148; </I>for more information
regarding Denison.
</DIV>

</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 42 -<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risk Factors</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For risk factors associated with the activities of Denison, see the section entitled &#147;Risk Factors&#148;
of the Denison AIF (as such term has been defined under the heading <I>&#147;Additional Information &#150;
Documents Concerning Denison Incorporated by Reference&#148;</I>), which is incorporated by reference
herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risks Involved with Denison&#146;s Assessment of the Arrangement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Denison&#146;s determination to combine with IUC pursuant to the Arrangement is based in large part on
engineering, environmental and economic assessments made by it and its consultants and advisors.
These assessments include a series of assumptions regarding such factors as potential for future
production, recoverability and marketability of uranium and vanadium reserves and resources,
environmental restrictions and prohibitions, future prices of uranium and vanadium and operating
costs, future capital expenditures and royalties and other government levies which will be imposed
over the producing life of the reserves. Many of these factors are subject to change and are beyond
the control of either Denison or IUC. All such assessments involve a measure of geologic,
engineering, environmental and regulatory uncertainty that could result in the combined entity
having lower production and reserves or higher operating or capital expenditures than anticipated.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risks Involved with Integrating Denison and IUC</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Denison is proposing to combine with IUC pursuant to the Arrangement in order to strengthen its
position in the mining industry and to create the opportunity to realize certain benefits
including, among other things, potential cost savings. Achieving the benefits of this combination
depends, in part, on successfully consolidating functions and integrating operations, procedures
and personnel in a timely and efficient manner, as well as on New IUC&#146;s ability to realize the
anticipated growth opportunities and synergies from combining the two businesses. The integration
of businesses requires the dedication of substantial management effort, time and resources which
may divert management&#146;s focus and resources from other strategic opportunities and from operational
matters during this process. The integration process may result in the loss of key employees and
the disruption of ongoing business, customer and employee relationships that may adversely affect
New IUC&#146;s ability to achieve the anticipated benefits of the Arrangement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Description of Share Capital</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A description of the authorized share capital of Denison is included in the Denison AIF, which is
incorporated by reference herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Documents Concerning Denison Incorporated By Reference</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Information has been incorporated by reference in this Circular from documents filed with
securities commissions or similar authorities in certain provinces of Canada. </B>Copies of the
documents incorporated herein by reference may be obtained on request without charge from the
Corporate Secretary of Denison, 595 Bay Street, Suite&nbsp;402, Toronto, Ontario, M5G 2C2, phone (416)
979-1991 or by accessing the disclosure documents available through the internet on the System for
Electronic Document Analysis and Retrieval (SEDAR)&nbsp;website at www.sedar.com.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For further information regarding Denison, please refer to the following documents which are
incorporated by reference herein:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Denison&#146;s annual information form dated March&nbsp;7, 2006 which includes
information relating to Denison&#146;s corporate structure, business, directors, reserves,
legal proceedings,</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 43 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>escrowed securities, conflicts of interest and risk factors (the &#147;Denison AIF&#148;);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the management information circular and proxy statement of Denison dated
March&nbsp;7, 2006 relating to the annual meeting of Denison Shareholders held on April&nbsp;19,
2006 which contains information relating to executive compensation, corporate
governance and indebtedness of directors and officers and the Denison Circular;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the audited annual financial statements of Denison as at and for the period
ended December&nbsp;31, 2005, together with the notes thereto and the auditors&#146; report
thereon;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>management&#146;s discussion and analysis of financial condition and results of
operations for the annual consolidated financial statements referred to in paragraph
(c)&nbsp;above;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the unaudited interim financial statements of Denison as at and for the six
months ended June&nbsp;30, 2006, together with the notes thereto;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>management&#146;s discussion and analysis of financial condition and results of
operations for the interim financial statements referred to in paragraph (e)&nbsp;above;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the material change report of Denison dated March&nbsp;2, 2006 regarding Denison&#146;s
completion of a public offering raising gross proceeds of Cdn$75,650,000; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the material change report of Denison dated September&nbsp;20, 2006 regarding
Denison entering into the Arrangement Agreement.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any business acquisition reports, material change reports (excluding confidential reports),
comparative interim financial statements, comparative annual financial statements and the auditors&#146;
report thereon, management&#146;s discussion and analysis and information circular filed by Denison and
the securities commissions or similar authorities in Canada subsequent to the date of this Circular
and prior to the Denison Meeting shall be deemed to be incorporated by reference in this Circular.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Any statement contained in a document incorporated or deemed to be incorporated by reference herein
shall be deemed to be modified or superseded for the purposes of this Circular to the extent that a
statement contained herein or in any other subsequently filed document which also is, or is deemed
to be, incorporated by reference herein modifies or supersedes such statement. The modifying or
superseding statement need not state that it has modified or superseded a prior statement or
include any other information set forth in the document that it modifies or supersedes. The making
of a modifying or superseding statement shall not be deemed an admission for any purposes that the
modified or superseded statement, when made, constituted a misrepresentation, an untrue statement
of a material fact or an omission to state a material fact that is required to be stated or that is
necessary to make a statement not misleading in light of the circumstances in which it was made.
Any statement so modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of this Circular.</B>
</DIV>

<DIV align="left">
<A name="163"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INFORMATION CONCERNING INTERNATIONAL URANIUM CORPORATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Documents Incorporated by Reference</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Information has been incorporated by reference in this Circular from documents filed by IUC with
securities commissions or similar authorities in Canada. </B>Copies of the documents incorporated
herein by reference concerning IUC may be obtained on request without charge from the Assistant
Corporate Secretary of IUC at 2101 &#150; 885 West Georgia Street, Vancouver, British Columbia, V6C 3E8,
Telephone:
</DIV>

</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 44 -<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(604)&nbsp;689-7842, Fax: (604)&nbsp;689-4250. In addition, copies of the documents incorporated herein by
reference maybe obtained from the securities commissions or similar authorities in Canada through
the SEDAR website at <U>www.sedar.com</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the purpose of the Province of Quebec, this Circular contains information to be completed by
consulting the permanent information record. A copy of the permanent information record may be
obtained from the Assistant Secretary of IUC at the above-mentioned address and telephone number.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For further information regarding IUC, please refer to the following documents which are
incorporated by reference herein:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IUC&#146;s annual report on Form 20-F pursuant to the 1934 Act dated December&nbsp;19,
2005 (the &#147;IUC 20F&#148;), as filed with the SEC on December&nbsp;28, 2005;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IUC&#146;s audited annual consolidated financial statements for the year ended
September&nbsp;30, 2005, together with the report of the auditors thereon and the notes
thereto;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IUC&#146;s management&#146;s discussion and analysis for the year ended September&nbsp;30,
2005;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IUC&#146;s unaudited interim consolidated financial statements for the three
months ended December&nbsp;31, 2005, together with the notes thereto;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IUC&#146;s management&#146;s discussion and analysis for the three months ended
December&nbsp;31, 2005;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IUC&#146;s unaudited interim consolidated financial statements for the six months
ended March&nbsp;31, 2006, together with the notes thereto;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IUC&#146;s management&#146;s discussion and analysis for the six months ended March&nbsp;31,
2006;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IUC&#146;s unaudited interim consolidated financial statements for the nine months
ended June&nbsp;30, 2006, together with the notes thereto;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IUC&#146;s management&#146;s discussion and analysis for the nine months ended June&nbsp;30,
2006;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IUC&#146;s management information circular and proxy statement dated December&nbsp;19,
2005 relating to the annual and special meeting of IUC Shareholders held on February
2, 2006;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IUC&#146;s material change report dated February&nbsp;7, 2006 with respect to the
completion of a private placement to raise gross proceeds of Cdn$45&nbsp;million;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IUC&#146;s material change report dated June&nbsp;14, 2006 concerning the re-opening of
its U.S. uranium/vanadium mines; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IUC&#146;s material change report dated September&nbsp;26, 2006 concerning the
Arrangement.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reference is also made to Schedule&nbsp;G &#150; <I>&#147;Additional Disclosure Regarding International Uranium
Corporation&#148; </I>for an update on the information contained in the public record as well as a summary
of a certain National Instrument No.&nbsp;43-101 compliance technical report filed for and on behalf of
IUC, a full copy is available on the SEDAR website at
<U>www.sedar.com</U>.
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 45 -<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any business acquisition reports, material change reports (excluding confidential reports),
comparative interim financial statements, comparative annual financial statements and the auditors&#146;
report thereon, management&#146;s discussion and analysis and management information circular filed by
IUC and the securities commissions or similar authorities in Canada subsequent to the date of this
Circular and prior to the IUC Meeting shall be deemed to be incorporated by reference in this
Circular.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Any statement contained in a document incorporated or deemed to be incorporated by reference herein
shall be deemed to be modified or superseded for the purposes of this Circular to the extent that a
statement contained herein or in any other subsequently filed document which also is, or is deemed
to be, incorporated by reference herein modifies or supersedes such statement. The modifying or
superseding statement need not state that it has modified or superseded a prior statement or
include any other information set forth in the document that it modifies or supersedes. The making
of a modifying or superseding statement shall not be deemed an admission for any purposes that the
modified or superseded statement, when made, constituted a misrepresentation, an untrue statement
of a material fact or an omission to state a material fact that is required to be stated or that is
necessary to make a statement not misleading in light of the circumstances in which it was made.
Any statement so modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of this Circular.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>The Business of IUC</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC was incorporated on October&nbsp;3, 1996 under the laws of the Province of Ontario pursuant to the
OBCA. Thornbury Capital Corporation was incorporated under the laws of the Province of Ontario by
Letters Patent on September&nbsp;29, 1950. On May&nbsp;9, 1997 these two companies amalgamated to form
&#147;International Uranium Corporation&#148;. IUC is governed by the OBCA. The IUC Shares trade on the TSX
under the symbol &#147;IUC&#148;. The common shares of IUC are registered under the 1934 Act. However, the
IUC Shares to be issued to holders of Denison Shares under the Arrangement are not required to be,
and will not be, registered under the 1933 Act. See, &#147;<I>Regulatory Matters &#150; Issue and Resale of IUC
Shares &#150; United States</I>&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC is engaged in uranium exploration, mining and milling, including the business of recycling
uranium-bearing waste products at its White Mesa uranium mill as an alternative to the direct
disposal of these waste products. In addition, IUC sells uranium recovered from these operations.
IUC also sells vanadium and other metals that can be produced as a co-product with uranium. IUC
has uranium exploration programs in Mongolia and in the Athabasca Basin Region of Saskatchewan.
IUC owns several uranium and uranium/vanadium mines in the United States. Some of these mines have
recommenced operations, while the others remain on standby. In addition, IUC owns a 41.6%
approximate equity interest in Fortress, which is engaged in precious and base metal exploration in
Russia, Mongolia and Nicaragua.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>United States Assets</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC&#146;s principal assets in the United States are:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>-</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the White Mesa Mill, a 2,000 ton per day uranium and vanadium processing plant
located near Blanding, Utah.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>-</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Arizona Strip uranium properties, in north central Arizona.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>-</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Colorado Plateau uranium/vanadium properties, straddling the southwestern
Colorado and Utah border.</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 46 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>-</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Henry Mountains complex uranium properties in south central Utah.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>-</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>various uranium alternate feed processing contracts and joint venture contracts.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Canadian Assets</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In Canada, IUC has the following uranium exploration assets located in the Athabasca Basin Region
of Saskatchewan:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>-</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a 75% interest in the Moore Lake property.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>-</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a 60% interest in the Bell Lake property.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>-</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an option to earn a 75% interest in the Park Creek property.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>-</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an option to earn a 51% interest in the Huard-Kirsch property.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>-</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an option to earn a 75% interest in the Lazy Edward Bay property.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>-</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an option to earn a 75% interest in the Crawford Lake and Brown Lake projects, subject to signing of formal agreements.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>-</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an option to earn a 75% interest in the Kelic Lake, South Dufferin, Pendelton Lake and Cigar South properties and an option
to earn a 51% interest in the North Wedge property.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>-</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a 50/50 joint venture in the Hatchet Lake project, subject to signing a formal agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>-</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a 100% interest in the Key Lake South, Perpete Lake, Ford Lake and Johnstone Lake properties.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>-</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>additional staked exploration ground in the Athabasca Basin.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, IUC has an option to earn a 75% interest in the Simms Lake uranium exploration
property in western Labrador.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Mongolian Assets</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC has the following assets in Mongolia:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>-</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a 70% interest in the Gurvan-Saihan Joint Venture. The other parties to this
joint venture include the Mongolian Government as to 15% and Geologorazvedka, a Russian
government entity, as to the remaining 15%. As of October&nbsp;18, 2006, the Gurvan-Saihan
Joint Venture holds 1.774&nbsp;million hectares of uranium exploration properties.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>-</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>nine exploration licenses, totalling 539,000 hectares as of October&nbsp;18, 2006,
which are wholly owned by IUC through its subsidiary, International Uranium Mongolia,
XXK.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>-</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an option to earn a 65% interest in two uranium exploration licenses totalling
approximately 1.2&nbsp;million hectares.</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 47 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Fortress Properties</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC has a 41.6% equity interest in Fortress and Fortress has the following assets
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>-</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>gold and base metals exploration properties in Mongolia, totalling 2.3
million hectares, as of October&nbsp;18, 2006.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>-</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an option to earn an 80% interest in the Svetloye gold project in eastern Russia.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>-</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>exploration concessions totalling 109,482 hectares in Nicaragua.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fortress is a Canadian corporation whose shares are listed on the TSX Venture Exchange (ticker
symbol: FST) and have traded in the range of Cdn$0.78 to Cdn$1.78 per share between January&nbsp;3, 2006
and October&nbsp;18, 2006, with the total volume of shares traded during that period being 30,876,895
shares. The closing price of the Fortress shares as of October&nbsp;18, 2006 was Cdn$0.90.
</DIV>

<DIV align="left">
<A name="164"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NEW INTERNATIONAL URANIUM CORPORATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Pro Forma Information After Giving Effect to the Arrangement</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Selected Pro Forma Financial Information</I></B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following tables set out certain pro forma consolidated financial information of IUC and
Denison for the period ended September, 2005 and the nine months ended June&nbsp;30, 2006 after giving
effect to the Arrangement. The unaudited pro forma consolidated financial statements of IUC
reflect the completion of the Arrangement as if it has occurred on October&nbsp;1, 2004 for the purposes
of the pro forma consolidated statement of operations, and on June&nbsp;30, 2006 for the purposes of the
pro forma balance sheet, giving effect to the assumptions set forth in the notes to the pro forma
consolidated financial statements contained in Schedule&nbsp;F to this Circular.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The information provided below is qualified in its entirety by the unaudited Pro Forma Consolidated
Financial Statements attached as Schedule&nbsp;F hereto. Reference should be made to those financial
statements as well as to the audited consolidated financial statements of IUC for the year ended
September&nbsp;30, 2005 and the unaudited consolidated financial statements of IUC for the nine months
ended June&nbsp;30, 2006, the audited annual financial statements of Denison for the year ended December
31, 2005 and the unaudited financial statements of Denison for the six months ended June&nbsp;30, 2006,
which are incorporated herein by reference.</B>
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 48 -<!-- /Folio -->


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">As at</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">June 30,</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Pro Forma Balance Sheet Data (unaudited, in thousands of US$)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2006</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">140,433</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107,107</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mineral properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">387,095</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,432</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">679,067</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">21,296</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for post-employment benefits, including current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,191</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reclamation obligations, including current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,932</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Future income tax liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97,827</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other long-term liabilities, including current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">229</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142,475</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Shareholders&#146; Equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">536,592</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Liabilities and Shareholders&#146; Equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">679,067</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Combined Operational Information After Giving Effect to the Arrangement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table sets forth certain combined operational information after giving effect to the
Arrangement.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Nine Months</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Ended</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Year Ended</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Pro Forma Statements of Operations Data (unaudited, in thousands</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">June 30,</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">September 30,</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>of US$ except for per share amounts)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2006</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2005</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">27,354</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">27,801</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,608</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(11,311</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income (loss)&nbsp;for the period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,583</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(889</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings (loss)&nbsp;per share: Basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(0.01</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:155px; text-indent:-15px">Diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(0.01</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Officers and Directors of New IUC After Giving Effect to the Arrangement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Certain of the existing directors and officers of Denison will be the directors and officers of New
IUC following completion of the Arrangement. On the Effective Date, the board of directors of New
IUC will be reconstituted such that it will consist of ten directors, five of which will be
nominated by IUC and five of which will be nominated by Denison. It is anticipated that Denison&#146;s
nominees will be E. Peter Farmer, Paul F. Little, Roy J. Romanow P.C., O.C., Q.C., Catherine J. G.
Stefan and W. Robert Dengler and that the existing directors of IUC who will remain on the board of
New IUC will be Ronald F. Hochstein, John H. Craig, William A. Rand, Brian D. Edgar and Lukas H.
Lundin. Lukas H. Lundin will be the Chairman of the Board of New IUC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Information with respect to each of Denison&#146;s nominees is set forth in the management information
circular and proxy statement of Denison dated March&nbsp;7, 2006 relating to the annual meeting of
Denison
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 49 -<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shareholders held on April&nbsp;19, 2006 incorporated by reference herein. Information with respect to
IUC&#146;s directors who will remain on the board of New IUC is set forth in IUC&#146;s management
information circular and proxy statement dated December&nbsp;19, 2005 relating to the annual and special
meeting of IUC Shareholders held on February&nbsp;2, 2006, incorporated by reference herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">E. Peter Farmer, the President and Chief Executive Officer of Denison, will be appointed the Chief
Executive Officer of New IUC. Ronald F. Hochstein, the President and Chief Executive Officer of
IUC, will be appointed President and Chief Operating Officer of New IUC. James R. Anderson, the
Executive Vice-President and Chief Financial Officer of Denison will become the Chief Financial
Officer of New IUC.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Stock Exchange Listing</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The TSX has conditionally approved the listing of the IUC Shares to be issued in connection with
the Arrangement, subject to IUC fulfilling all of the requirements of the TSX.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Accounting Treatment</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Arrangement will be accounted for as a purchase transaction, with IUC being identified as the
acquirer and Denison as the acquiree. This determination is preliminary and may change upon final
review.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Eligibility for Investment</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The IUC Shares to be issued pursuant to the Arrangement will be &#147;qualified investments&#148; under the
ITA at a particular time for trusts governed by registered retirement savings plans, registered
retirement income funds, deferred profit sharing plans and registered education savings plans
(&#147;Deferred Plans&#148;), as defined in the ITA, provided that such shares are listed on a &#147;prescribed
stock exchange&#148; (which includes the TSX) at that time.
</DIV>

<DIV align="left">
<A name="165"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SPECIAL BUSINESS TO BE CONSIDERED BY IUC SHAREHOLDERS</B>
</DIV>


<DIV align="left">
<A name="166"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Share Issue Resolution</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the IUC Meeting, IUC Shareholders will be asked to consider and, if deemed appropriate, to pass,
the Share Issue Resolution, the full text of which is reproduced at Schedule&nbsp;A to this Circular.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The IUC Board of Directors recommends that the IUC Shareholders vote in favour of the Share Issue
Resolution at the IUC Meeting. See &#147;<I>The Arrangement &#151; Recommendation of the IUC Board of
Directors</I>&#148;. To be effective, the Share Issue Resolution must be approved by not less than a
majority of the votes cast by the holders of IUC Shares present in person or represented by proxy
at the IUC Meeting. <B>Unless otherwise indicated, the persons designated as proxyholders in the
accompanying form of proxy will vote the IUC Shares represented by such form of proxy for the Share
Issue Resolution.</B>
</DIV>


<DIV align="left">
<A name="167"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>IUC New Board Resolution</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the IUC Meeting, IUC Shareholders will be asked to consider and, if deemed appropriate, to pass,
the IUC New Board Resolution, the full text of which is reproduced at Schedule&nbsp;B to this Circular.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As part of the IUC New Board Resolution, IUC Shareholders are being asked to appoint three
additional directors to the IUC Board of Directors to fill the vacancies created by the increase in
the Board of Directors from seven to 10, approved by the Board of Directors. Appointment of these
three directors is
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 50 -<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">being sought because a condition of the Arrangement is that New IUC have a board of directors
consisting of 10 directors, being five directors nominated by IUC and five directors nominated by
Denison. At the last meeting of IUC Shareholders, seven directors were elected to the IUC Board of
Directors. The IUC Board of Directors has subsequently increased the size of the IUC Board of
Directors from seven to 10. Pursuant to the OBCA, directors of a company can not appoint
additional directors between shareholder meetings if the increase would result in more than one and
one-third times the number of directors last elected by shareholders at the most recently held
annual meeting of shareholders. IUC Shareholders are therefore being asked to fill the vacancies
created by this increase by appointing the three new additional directors set forth below to the
IUC Board of Directors. These three new additional IUC directors have agreed to resign as
directors of New IUC after completion of the Arrangement in order to allow three of the Denison
nominee directors to be appointed to the New IUC board of directors. Save for the foregoing, each
new director will hold office until the next annual meeting of IUC Shareholders or until his
successor is duly elected unless his office is earlier vacated in accordance with the by-laws of
IUC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the following table and notes is stated the name of each person proposed to be nominated by
management for election as a director, all other positions and offices with IUC and any significant
affiliate now held by him, if any, his principal occupation or employment, the period or periods of
service as a director of IUC and the approximate number of IUC Shares beneficially owned by him
directly or indirectly or over which he exercises control or direction.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="26%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>IUC Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>beneficially owned,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name and </B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Period of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>directly orindirectly,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Municipality of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Service as a</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>or controlled or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Residence </B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Director</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>directed</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Present Principal Occupation</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Paul K. Conibear </B><br>
West
Vancouver,<br>
British
Columbia, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Not yet a director
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and CEO, Tenke
Mining Corp.; Vice
President, Operations of
Tenke Mining Corp. from
June&nbsp;16, 1999 to June&nbsp;21,
2004</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Richard P. Clark</B><br>
North Vancouver,<br>
British Columbia,
Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Not yet a director
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and CEO, Red Back
Mining Inc.; President of
Red Back Mining Inc. from
October&nbsp;4, 1999 to January
19, 2005</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Keith C. Hill</B><br>
West Vancouver,<br>
British Columbia,
Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Not yet a director
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15,200</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman, Pearl Exploration
and Production Corp.;
Formerly President and CEO,
Valkyries Petroleum Corp.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If any of the above-named nominees is for any reason unavailable to serve as a director,
proxies in favour of management will be voted for another nominee in their discretion unless the
IUC Shareholder has specified in the proxy that its IUC Shares are to be voted against the IUC New
Board Resolution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The IUC Board of Directors recommends that the IUC Shareholders vote in favour of the IUC New Board
Resolution at the IUC Meeting. See &#147;<I>The Arrangement &#151; Recommendation of the IUC Board of
Directors</I>&#148;. To be effective, the IUC New Board Resolution must be approved by not less than a
majority of the votes cast by the holders of IUC Shares present in person or represented by proxy
at the IUC Meeting. <B>Unless otherwise indicated, the persons designated as proxyholders in the
accompanying</B>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 51 -<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>form of proxy will vote the IUC Shares represented by such form of proxy for the IUC New Board
Resolution.</B>
</DIV>

<DIV align="left">
<A name="168"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>IUC SOP Amendment Resolution</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the IUC Meeting, IUC Shareholders will be asked to consider and, if deemed appropriate, to pass,
the IUC SOP Amendment Resolution, the full text of which is reproduced at Schedule&nbsp;C to this
Circular.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reference is made to IUC&#146;s management information circular and proxy statement dated December&nbsp;19,
2005 relating to the annual and special meeting of IUC Shareholders held on February&nbsp;2, 2006 for
information relating to the IUC SOP prior to the amendments to the IUC SOP as contemplated by the
IUC SOP Amendment Resolution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The IUC SOP prior to the implementation of the amendments contemplated by the IUC SOP Amendment
Resolution provided, among other things, as follows:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>&#147;ARTICLE 4<BR>
Shares Subject to the Plan</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.1 Options may be granted in respect of authorized and unissued Shares provided that, subject to
increase by the Board, the receipt of the approval of the Exchange and the approval of shareholders
of the Corporation, the maximum aggregate number of Shares reserved by the Corporation for issuance
and which may be purchased upon the exercise of all Options granted under this Plan shall not
exceed 10,700,000 Shares. Shares in respect of which Options are not exercised and subsequently
expire or are terminated, unexercised and Shares in respect of which Options are exercised shall
each be available for subsequent Options under the Plan. Fractional Shares may not be purchased or
issued under the Plan.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">and...
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>&#147;ARTICLE 8<BR>
Change in Control and Certain Adjustments</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding any other provision of this Plan in the event that the Corporation receives an
offer (the &#147;Offer&#148;) for:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the acquisition by any Person of Shares or rights or options to acquire Shares of the
Corporation or securities which are convertible into Shares of the Corporation or any
combination thereof such that after the completion of such acquisition such Person would be
entitled to exercise 30% or more of the votes entitled to be cast at a meeting of the
shareholders; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the sale by the Corporation of all or substantially all of the property or assets of the
Corporation;</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">then notwithstanding that at the effective time of the Offer the Optionee may not be entitled to
all the Shares granted by the Option, the Optionee shall be entitled to exercise the Options to the
full amount of the Shares remaining at that time from the date of the Offer to the date of the
close of any such transaction. If such transaction is not completed within 90&nbsp;days of the date of
the Offer and the Optionee has not so exercised that portion of the Option relating to Shares to
which the Optionee would not otherwise be entitled, this provision shall cease to apply to the
Offer.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The IUC SOP Amendment Resolution will amend the IUC SOP to: (1)&nbsp;provide that options may be
granted that equal up to 10% of the issued and outstanding IUC Shares from time to time, up to a
maximum of 20,000,000 options; (2)&nbsp;remove the &#147;reloading&#148; feature of options that have been
exercised, such that the number of exercised options is not added to the pool of options available
for future issuance and (3)&nbsp;provide that on a change of control, unvested options may be exercised
not only before the close of any such change of control transaction, but up to a date that is 60
days following the close of any such transaction. If the IUC Shareholders, as set forth in this
Circular approve the IUC SOP Amendment Resolution, the IUC SOP sections set forth above shall be
amended to read as follows:
</DIV>

</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 52 -<!-- /Folio -->



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>&#147;ARTICLE 4<BR>
Shares Subject to the Plan</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Options may be granted in respect of authorized and unissued Shares provided that, subject to
increase by the Board, the receipt of the approval of the Exchange and the approval of shareholders
of the Corporation, the maximum aggregate number of Shares reserved by the Corporation for issuance
and which may be purchased upon the exercise of all Options granted under this Plan shall not
exceed 10% of the issued and outstanding shares of the Corporation from time to time, up to a
maximum of 20,000,000 Shares. Shares in respect of which Options are not exercised and
subsequently expire or are terminated, unexercised shall be available for subsequent Options under
the Plan. No fractional Shares may be purchased or issued under the Plan.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">and...
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>&#147;ARTICLE 8<BR>
Change in Control and Certain Adjustments</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding any other provision of this Plan in the event that the Corporation receives an
offer (the &#147;Offer&#148;) for:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the acquisition by any Person of Shares or rights or options to acquire Shares of the
Corporation or securities which are convertible into Shares of the Corporation or any
combination thereof such that after the completion of such acquisition such Person would be
entitled to exercise 30% or more of the votes entitled to be cast at a meeting of the
shareholders; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the sale by the Corporation of all or substantially all of the property or assets of the
Corporation;</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">then notwithstanding that at the effective time of the Offer the Optionee may not be entitled to
all the Shares granted by the Option, the Optionee shall be entitled to exercise the Options to the
full amount of the Shares remaining at that time from the date of the Offer to the date that is 60
days following the close of any such transaction. If such transaction is not completed within 90
days of the date of the Offer and the Optionee has not so exercised that portion of the Option
relating to Shares to which the Optionee would not otherwise be entitled, this provision shall
cease to apply to the Offer.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All other provisions of the IUC SOP shall remain in force.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The IUC Board of Directors recommends that the IUC Shareholders vote in favour of the IUC SOP
Amendment Resolution at the IUC Meeting. See &#147;<I>The Arrangement &#151; Recommendation of the IUC Board of
Directors</I>&#148;. To be effective, the IUC SOP Amendment Resolution must be approved by not less than a
majority of the votes cast by the holders of IUC Shares present in person or represented by proxy
at the IUC Meeting. Unless otherwise indicated, the persons designated as proxyholders in the
accompanying form of proxy will vote the IUC Shares represented by such form of proxy for the IUC
SOP Amendment Resolution.
</DIV>

<DIV align="left">
<A name="169"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Name Change Resolution</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the IUC Meeting, IUC Shareholders will be asked to consider and, if deemed appropriate, to pass,
the Name Change Resolution, the full text of which is reproduced at Schedule&nbsp;D to this Circular.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The IUC Board of Directors recommends that the IUC Shareholders vote in favour of the Name Change
Resolution at the IUC Meeting. See &#147;<I>The Arrangement &#151; Recommendation of the IUC Board of
Directors</I>&#148;. To be effective, the Name Change Resolution must be approved by not less than 66 2/3%
of the votes cast by the holders of IUC Shares present in person or represented by proxy at the IUC
Meeting. <B>Unless otherwise indicated, the persons designated as proxyholders in the accompanying
form of proxy will vote the IUC Shares represented by such form of proxy for the Name Change
Resolution.</B>
</DIV>

</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 53 -<!-- /Folio -->


<DIV align="left">
<A name="170"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>IUC DIRECTORS&#146; APPROVAL</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The contents and the sending of this Circular to the IUC Shareholders has been approved by the IUC
Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Denison has provided the information contained in this Circular concerning Denison and its
Subsidiaries and business and operations, including the information incorporated by reference
therein and Denison&#146;s financial information and financial statements. IUC assumes no responsibility
for the accuracy or completeness of such information, nor for any omission on the part of Denison
to disclose facts or events which may affect the accuracy of any such information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">DATED at Vancouver, British Columbia as of the 18<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of October, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BY ORDER OF THE BOARD
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>&#147;Ronald F. Hochstein&#148;</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">RONALD F. HOCHSTEIN<BR>
President and Chief Executive Officer

</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 54 -<!-- /Folio -->
<DIV align="left">
<A name="171"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSENT OF PRICEWATERHOUSECOOPERS FOR INTERNATIONAL URANIUM CORPORATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have read the Management Information Circular (the &#147;<B>Circular&#148;</B>) of International Uranium
Corporation (&#147;<B>IUC&#148;</B>) dated October&nbsp;18, 2006 relating to the proposed business combination of IUC and
Denison Mines Inc (&#147;<B>Denison</B>&#148;). We have complied with Canadian generally accepted standards for an
auditor&#146;s involvement with offering documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We consent to the incorporation by reference in the above-mentioned Circular of our report to the
Shareholders of IUC on the consolidated balance sheets of IUC as at September&nbsp;30, 2005 and 2004 and
the consolidated statements of operations, deficits, and cash flows for each of the years in the
three year period ended September&nbsp;30, 2005. Our report is dated December&nbsp;9, 2005.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">(Signed) &#147;PricewaterhouseCoopers LLP&#148;<BR>
Chartered Accountants
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Vancouver, British Columbia<BR>
October&nbsp;18, 2006

</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 55 -<!-- /Folio -->
<DIV align="left">
<A name="172"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSENT OF PRICEWATERHOUSECOOPERS FOR DENISON MINES INC.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have read the Management Information Circular (the &#147;<B>Circular</B>&#148;) of International Uranium
Corporation (&#147;<B>IUC</B>&#148;) dated October&nbsp;18, 2006 relating to the proposed business combination of IUC and
Denison Mines Inc (&#147;<B>Denison</B>&#148;). We have complied with Canadian generally accepted standards for an
auditor&#146;s involvement with offering documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We consent to the incorporation by reference in the above-mentioned Information Circular of our
report to the shareholders of Denison on the consolidated balance sheets of Denison as at December
31, 2005 and December&nbsp;31, 2004 and the consolidated statements of earnings, divisional equity and
retained earnings and cash flows for the years then ended December&nbsp;31, 2005. Our report is dated
March&nbsp;1, 2006.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>signed</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;PricewaterhouseCoopers LLP&#148;<BR>
Chartered Accountants

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Toronto, Ontario<BR>
October&nbsp;18, 2006

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --> &nbsp; <!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- 56 -
</DIV>


<DIV align="left">
<A name="173"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>GLOSSARY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Unless the context otherwise requires or where otherwise provided, the following words and terms
shall have the meanings set forth below when used in this Circular. These defined words and terms
are not always used herein and may not conform to the defined terms used in the Schedules to this
Circular.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>1933 Act</B>&#148; means the United States <I>Securities Act of 1933</I>, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>1934 Act</B>&#148; means the United States <I>Securities Exchange Act of 1934</I>, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>1940 Act</B>&#148; means the United States <I>Investment Company Act </I>of 1940, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Acquisition Proposal</B>&#148; means, in respect of IUC and its Subsidiaries and Denison and its
Subsidiaries, any <I>bona fide</I>, written inquiry or proposal made by a third party regarding any
merger, amalgamation, share exchange, business combination, take-over bid, sale or other
disposition of all or substantially all of its respective assets, any recapitalization,
reorganization, liquidation, material sale or issue of treasury securities or rights therein or
thereto or rights or options to acquire any material number of treasury securities, any exchange
offer, secondary purchase or any type of similar transaction which would, or could, in any case,
constitute a <I>de facto </I>acquisition or change of control of IUC and its Subsidiaries or Denison and
its Subsidiaries or would or could, in any case, result in the sale or other disposition of all or
Substantially all of the assets of IUC and its Subsidiaries or Denison and its Subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Arrangement</B>&#148; means the arrangement under section 182 the OBCA, on the terms and subject to the
conditions set out in the Plan of Arrangement subject to any amendment or supplement thereto made
in accordance with the Arrangement Agreement or made at the direction of the Court.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Arrangement Agreement</B>&#148; means the arrangement agreement dated as of September&nbsp;18, 2006, as amended
and restated October&nbsp;16, 2006 with effect as of September&nbsp;18, 2006 among Denison, IUC Subco and
IUC, a copy of which is attached as Schedule&nbsp;E to this Circular<B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Arrangement Resolution</B>&#148; means the special resolution of the Denison Securityholders authorizing
and approving the Arrangement, as set out in the Denison Circular.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Business Day</B>&#148; means any day other than a Saturday, a Sunday or a statutory holiday in Toronto,
Ontario.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Circular</B>&#148; means this management information circular and proxy statement, including all Schedules,
sent to the IUC Shareholders in connection with the IUC Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>CIM Definition</B>&#148; means the Canadian Institute of Mining, Metallurgy and Petroleum, CIM Definition
Standards on Mineral Resources and Mineral Reserves, adopted by CIM council.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Completion Deadline</B>&#148; means February&nbsp;1, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Computershare </B>&#147; means Computershare Investor Services Inc., the registrar and transfer agent for
each of the Denison Shares and the IUC Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Court</B>&#148; means the Ontario Superior Court of Justice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B><I>De facto </I></B><B>acquisition or change of control</B>&#148; means, in respect of a corporation, the acquisition by
any person or group of persons acting jointly or in concert, of beneficial ownership of or control
or direction over sufficient voting securities of such corporation to permit such person or persons
to exercise, or to control or direct the voting of, in the case of Denison or IUC, 20% or more of
the total number of votes attached to all outstanding voting securities of Denison or IUC or, in
the case of a Subsidiary of Denison or a Subsidiary of IUC, 50% of the total number of votes
attached to all outstanding voting securities of such Subsidiary of Denison or Subsidiary of IUC,
as the case may be.
</DIV>

</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 57 -<!-- /Folio -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Denison</B>&#148; means Denison Mines Inc., a corporation incorporated under the OBCA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Denison Circular</B>&#148; means the management information circular and proxy statement dated as of
October&nbsp;18, 2006, including all Appendices, sent to Denison Securityholders in connection with the
Denison Meeting, pursuant to which, Denison Securityholders will be asked to consider and if
thought advisable, approve, with or without variation, the Arrangement Resolution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Denison Dissenting Securityholder</B>&#148; means a registered Denison Securityholder who dissents in
respect of the Arrangement Resolution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Denison Meeting</B>&#148; means the special meeting of Denison Securityholders, including any adjournments
and postponements thereof, to be called and held in accordance with the terms of the Interim Order.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Denison Options</B>&#148; means collectively, all outstanding options, whether or not vested, entitling the
holders to acquire Denison Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Denison Securityholders</B>&#148; means holders of Denison Shares and Denison Options.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Denison Shareholders</B>&#148; means holders of Denison Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Denison Share Option Plan</B>&#148; means the share option plan of Denison adopted on March&nbsp;5, 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Denison Shares</B>&#148; means the common shares which Denison is authorized to issue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Denison Warrants</B>&#148; means collectively, all outstanding warrants to purchase Denison Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Depositary&#148; </B>means Computershare at its office set out in the letter of transmittal to be mailed to
Denison Shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Director</B>&#148; means the Director of companies appointed under section 278 of the OBCA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Dissent Procedures&#148; </B>has the meaning set out in section 5.01 of the Plan of Arrangement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Dissent Rights</B>&#148; means the right of a registered Denison Shareholder and Denison Optionholder to
dissent in respect of the Arrangement Resolution in strict compliance with the Dissent Procedures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Dundee Securities</B>&#148; means Dundee Securities Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Effective Date</B>&#148; means the date on which the Final Order and all other documents required to give
effect to the Arrangement are filed with the Director pursuant to section 182 of the OBCA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Effective Time</B>&#148; means 12:01&nbsp;a.m. (Toronto time) on the Effective Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Exchange Ratio</B>&#148; means 2.88 IUC Shares for each one Denison Share, which Denison Shareholders will
be entitled to receive upon the completion of the Arrangement, subject to the provisions of the
Plan of Arrangement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Fairness Opinion</B>&#148; means the written opinion dated October&nbsp;18, 2006 from Dundee Securities
delivered to the IUC Board of Directors in connection with the Arrangement, a copy of which is
attached as Schedule&nbsp;H to this Circular.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Final Order</B>&#148; means the final order of the Court approving the Arrangement, as such order may be
amended by the Court at any time prior to the Effective Date or, if appealed, then, unless such
appeal is withdrawn or denied, as affirmed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Fortress</B>&#148; means Fortress Minerals Corp., a corporation incorporated under the <I>Business
Corporations Act, British Columbia</I>.
</DIV>


</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 58 -<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Interim Order</B>&#148; means the interim order of the Court dated October&nbsp;18, 2006, as the same may be
amended, in respect of the Arrangement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>ITA</B>&#148; means the <I>Income Tax Act </I>(Canada), as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Letter of Transmittal</B>&#148; means the letter of transmittal to be delivered to Denison Shareholders
which, when duly completed and forwarded to the Depositary with a certificate representing Denison
Shares, will enable the Denison Shareholders to exchange their Denison Shares for IUC Shares upon
completion of the Arrangement in accordance with the Exchange Ratio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>IUC</B>&#148; means International Uranium Corporation, a corporation amalgamated under the OBCA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>IUC AIF</B>&#148; means IUC&#146;s annual report on Form 20-F pursuant to the 1934 Act dated December&nbsp;19, 2005,
as filed with the SEC on December&nbsp;28, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>IUC Board of Directors</B>&#148; means the board of directors of IUC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>IUC Material Subsidiaries</B>&#148; means the IUC Subsidiaries identified as IUC Material Subsidiaries in
the Arrangement Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>IUC Meeting</B>&#148; means the special IUC Meeting of IUC Shareholders to be held on November&nbsp;20, 2006,
including any adjournments and postponements thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>IUC New Board Resolution</B>&#148; means the resolution to appoint three additional directors to the IUC
Board of Directors to fill the vacancies created by an increase in the IUC Board of Directors, in
the form and content set out in Schedule&nbsp;B to this Circular.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>IUC Shareholders</B>&#148; means the holders of IUC Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>IUC Shareholder Approval Matters</B>&#148; means the Share Issue Resolution, the IUC New Board Resolution,
the IUC SOP Amendment Resolution and the Name Change Resolution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>IUC Shares</B>&#148; means the common shares which IUC is authorized to issue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>IUC SOP</B>&#148; means the incentive stock option plan of IUC for directors, officers, employees and
consultants approved by the IUC Shareholders on February&nbsp;14, 1997 and amended, as approved by IUC
Shareholders on March&nbsp;23, 1999 and March&nbsp;22, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>IUC SOP Amendment Resolution</B>&#148; means the resolution to amend the IUC SOP in the form and content
set out in Schedule&nbsp;C to this Circular.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Material Adverse Change</B>&#148; means, in respect of Denison or IUC, any one or more changes, effects,
events or occurrences, and &#147;<B>Material Adverse Effect</B>&#148; means, in respect of Denison or IUC, any state
of facts, which, in either case, either individually or in the aggregate, are, or would reasonably
be expected to be, material and adverse to the business, operations, results of operations,
prospects, assets, liabilities or financial condition of Denison or IUC, as the case may be, other
than any change, effect, event or occurrence (a)&nbsp;relating to the global economy or securities
markets in general; (b)&nbsp;affecting the worldwide uranium mining industry in general and which does
not have a materially disproportionate effect on Denison or IUC; (c)&nbsp;resulting from changes in the
price of uranium or vanadium; and (d)&nbsp;relating to the rate at which Canadian dollars can be
exchanged for United States dollars or vice versa.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Name Change Resolution</B>&#148; means the special resolution to change the name of IUC to &#147;Denison Mines
Ltd.&#148; or such other name containing the name &#147;Denison&#148; as shall be authorized by the IUC Board of
Directors and the board of directors of Denison.
</DIV>


</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 59 -<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>New IUC</B>&#148; means IUC after completion of the Arrangement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>NI 43-101</B>&#148; means National Instrument 43-101promulgated by the Canadian Securities Administrators.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Notice of Application</B>&#148; means the notice of application to the Court with respect to the Final
Order.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;OBCA</B>&#148; means the <I>Business Corporations Act </I>(Ontario), as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Plan of Arrangement</B>&#148; means the plan of arrangement attached as Schedule&nbsp;A to the Arrangement
Agreement which is attached as Schedule&nbsp;E to this Circular, as amended, modified or supplemented
from time to time in accordance with the Plan of Arrangement or the Arrangement Agreement or made
at the direction of the Court.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Record Date</B>&#148; means October&nbsp;16, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>SEC</B>&#148; means United States Securities and Exchange Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Share Issue Resolution</B>&#148; means the resolution to issue up to a maximum of 102,000,000 IUC Shares in
connection with the Arrangement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Subsidiary</B>&#148; means, with respect to a specified body corporate, any body corporate of which the
specified body corporate is entitled to elect a majority of the directors thereof and includes any
body corporate, partnership, joint venture or other entity over which such specified body corporate
exercises direction or control or which is in a like relation to such a body corporate, excluding
any body corporate in respect of which such direction or control is not exercised by the specified
body corporate as a result of any existing contract, agreement or commitment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Superior Proposal</B>&#148; means, in respect of either Denison or IUC, an Acquisition Proposal in respect
of Denison or IUC, respectively, if such Acquisition Proposal is to acquire all or substantially
all of the assets of
Denison or IUC, as the case may be, (on a consolidated basis) or, directly or indirectly, more than
66 2/3% of the Denison Shares or the IUC Shares, as the case may be, if the directors of Denison or
IUC, as the case may be, have determined in good faith, after consultation with, and receiving
advice (which may include written opinions, a copy of any of which shall have been provided to IUC
or Denison, as the case may be) from, as appropriate, the financial, legal and other advisors to
IUC or Denison, as the case may be, to the effect that such Acquisition Proposal would, if
consummated in accordance with the terms thereof, but without assuming away the risk of
non-completion, result in a transaction which: (a)&nbsp;is fully financed or is reasonably capable of
being fully financed and is not by its terms conditional upon receipt of financing; (b)&nbsp;would be
more favourable to IUC Shareholders or Denison Shareholders, as the case may be, from a financial
point of view than the terms of the Arrangement (including any adjustment to such terms proposed by
Denison or IUC, as the case may be); and (c)&nbsp;is reasonably capable of completion in accordance with
its terms without undue delay, taking into account all legal, financial, regulatory, financing and
other aspects of such Acquisition Proposal
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>TSX</B>&#148; means the Toronto Stock Exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>US$</B>&#148; means United States dollars.
</DIV>

</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->A-1<!-- /Folio -->
<DIV align="left">
<A name="174"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE A &#151; SHARE ISSUE RESOLUTION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>BE IT RESOLVED THAT:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the issue (the &#147;Share Issue&#148;) of up to a maximum of 102,000,000 common shares of
International Uranium Corporation (&#147;IUC&#148;) in connection with the business combination
transaction involving IUC and Denison Mines Inc. (&#147;Denison&#148;), including approximately
13,907,517 common shares of IUC which may be issued upon the exercise of outstanding options
to purchase common shares of Denison and which may be issued upon the exercise of outstanding
warrants to purchase common shares of Denison, be, and it hereby is, authorized and approved;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as common shares of IUC are issued under the Arrangement, an amount equal to the fair market
value of the Denison Shares received by IUC under the Arrangement, in exchange for such IUC
Shares, be added to the stated capital account maintained for the common shares of IUC under
the <I>Business Corporations Act </I>(Ontario); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any one officer or director of IUC be, and each of them hereby is, authorized and empowered,
acting for, in the name of and on behalf of IUC, to execute or to cause to be executed, under
the corporate seal of IUC or otherwise and to deliver or to cause to be delivered, all such
documents, all in such form and containing such terms and conditions, as any one of them shall
consider necessary or desirable in connection with the Share Issue and shall approve, such
approval to be conclusively evidenced by the execution thereof by IUC and to do or to cause to
be done all such other acts and things as any one of them shall consider necessary or
desirable in connection with the Share Issue or in order to give effect to the intent of these
resolutions.</TD>
</TR>

</TABLE>
</DIV>

</DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->B-1<!-- /Folio -->


<DIV align="left">
<A name="175"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE B &#151; IUC NEW BOARD RESOLUTION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">BE IT RESOLVED THAT:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as the board of directors of International Uranium Corporation (&#147;IUC&#148;) has been increased to
10 from seven, and there are three vacancies thereon, Paul K. Conibear, Richard P. Clark and
Keith C. Hill be and the same are hereby appointed to the IUC Board of Directors, to hold
office until the next annual meeting of shareholders or until their successors are duly
elected or appointed unless their office is earlier vacated in accordance with the by-laws of
IUC or as provided in the management information circular and proxy statement of IUC dated as
of October&nbsp;18, 2006; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any one officer or director of IUC be and each of them hereby is, authorized and empowered,
acting for and in the name of and on behalf of IUC, to execute or to cause to be executed,
under the corporate seal of IUC or otherwise and to deliver or to cause to be delivered, all
such documents, all in such form and containing such terms and conditions, as any one of them
shall consider necessary or desirable in connection with the foregoing and shall approve, such
approval to be conclusively evidenced by the execution thereof by IUC and to do or to cause to
be done all such other acts and things as any one of them shall consider necessary or
desirable in connection with the foregoing or in order to give effect to the intent of these
resolutions.</TD>
</TR>

</TABLE>
</DIV>

</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->C-1<!-- /Folio -->


<DIV align="left">
<A name="176"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE C &#151; IUC SOP AMENDMENT RESOLUTION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">BE IT RESOLVED THAT:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Conditional upon the completion of the business combination involving International Uranium
Corporation (&#147;IUC&#148;) and Denison Mines Inc. (&#147;Denison&#148;), the incentive stock option plan of IUC
be and the same is amended to: (i)&nbsp;provide that options may be granted that equal up to 10% of
the issued and outstanding common shares of IUC from time to time, up to a maximum of
20,000,000 options; (ii)&nbsp;remove the &#147;reloading&#148; feature of options that have been exercised,
such that the number of exercised options is not added to the pool of options available for
future issuance; and (iii)&nbsp;provide that upon a change of control, unvested options may be
exercised not only before the close of any such change in control transaction, but up to 60
days following the close of any such transaction; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any one officer or director of IUC be and each of them hereby is, authorized and empowered,
acting for and in the name of and on behalf of IUC, to execute or to cause to be executed,
under the corporate seal of IUC or otherwise and to deliver or to cause to be delivered, all
such documents, all in such form and containing such terms and conditions, as any one of them
shall consider necessary or desirable in connection with the foregoing and shall approve, such
approval to be conclusively evidenced by the execution thereof by IUC and to do or to cause to
be done all such other acts and things as any one of them shall consider necessary or
desirable in connection with the foregoing or in order to give effect to the intent of these
resolutions.</TD>
</TR>

</TABLE>
</DIV>

</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->D-1<!-- /Folio -->


<DIV align="left">
<A name="177"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE D &#151; NAME CHANGE RESOLUTION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>RESOLVED, AS A SPECIAL RESOLUTION, THAT:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Conditional upon the completion of the business combination involving International Uranium
Corporation (&#147;IUC&#148;) and Denison Mines Inc. (&#147;Denison&#148;), IUC is hereby authorized and directed
to apply for a Certificate of Amendment under section 168 of the <I>Business Corporations Act</I>
(Ontario) to amend its Articles to change its name to &#147;Denison Mines Ltd.&#148; or such other name
containing the name &#147;Denison&#148; as may be approved by the IUC Board of Directors and the board
of directors of Denison;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any one officer or director of IUC be and each of them is hereby authorized to execute and
deliver for and on behalf of IUC all such documents, including Articles of Amendment and to do
such other acts and things as any one of them shall consider necessary or desirable to give
effect to the foregoing resolutions; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any one officer or director of IUC be and each of them hereby is, authorized and empowered,
acting for and in the name of and on behalf of IUC, to execute or to cause to be executed,
under the corporate seal of IUC or otherwise and to deliver or to cause to be delivered, all
such documents, all in such form and containing such terms and conditions, as any one of them
shall consider necessary or desirable in connection with the foregoing and shall approve, such
approval to be conclusively evidenced by the execution thereof by IUC and to do or to cause to
be done all such other acts and things as any one of them shall consider necessary or
desirable in connection with the foregoing or in order to give effect to the intent of these
resolutions.</TD>
</TR>

</TABLE>
</DIV>

</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->E-1<!-- /Folio -->


<DIV align="left">
<A name="178"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE E &#151; ARRANGEMENT AGREEMENT</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMENDED AND RESTATED<BR>
ARRANGEMENT AGREEMENT</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>among</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INTERNATIONAL URANIUM CORPORATION</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>and</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>2113537 ONTARIO INC.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>and</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DENISON MINES INC.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>October&nbsp;16, 2006</B>
</DIV>

</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 1 DEFINITIONS, INTERPRETATION AND SCHEDULES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.01 Definitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.02 Interpretation Not Affected by Headings; References to Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.03 Number, Gender and Persons</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.04 Date for any Action</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.05 Statutory References</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.06 Currency</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.07 Invalidity of Provisions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.08 Accounting Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.09 Knowledge</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.10 Meaning of Certain Phrase</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.11 Schedules</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 2 THE ARRANGEMENT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.01 Arrangement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.02 Effective Date</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.03 Board of Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.04 Consultation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.05 Court Proceedings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.06 Articles of Arrangement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.07 Closing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.08 U.S. Tax Treatment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 3 REPRESENTATIONS AND WARRANTIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.01 Representations and Warranties of Denison</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.02 Representations and Warranties of IUC and IUC Subco</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.03 Survival of Representations and Warranties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 4 COVENANTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.01 Covenants of Denison</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.02 Covenants of IUC and IUC Subco</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.03 Denison Options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.04 Denison Warrants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.05 Indemnification and Insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.06 Employee Service and Vesting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 5 CONDITIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.01 Mutual Conditions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.02 Denison Conditions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.03 IUC and IUC Subco Conditions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.04 Notice and Cure Provisions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 6 NON-SOLICITATION AND BREAK-UP FEE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.01 Denison Covenant Regarding Non-Solicitation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.02 Notice of Denison Superior Proposal Determination</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.03 Denison Break Fee Event</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.04 IUC Covenant Regarding Non-Solicitation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.05 Notice of IUC Superior Proposal Determination</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.06 IUC Break Fee Event</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 7 AMENDMENT AND TERMINATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.01 Amendment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.02 Mutual Understanding Regarding Amendments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.03 Termination</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 8 GENERAL</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.01 Notices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.02 Remedies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.03 Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.04 Obligations Regarding Personal Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.05 Time of the Essence</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->ii<!-- /Folio -->
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.06 Entire Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.07 Further Assurances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.08 Governing Law</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.09 Execution in Counterparts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.10 Waiver</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.11 No Personal Liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.12 Enurement and Assignment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.13 Invalidity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Schedule&nbsp;A Plan of Arrangement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Schedule&nbsp;B Description of IUC Subsidiaries and IUC Material Subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Schedule&nbsp;C Description of Denison Subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMENDED AND RESTATED ARRANGEMENT AGREEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THIS AGREEMENT </B>made as of the 18<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of September, 2006, as amended and restated
on October&nbsp;16, 2006, with effect as and from September&nbsp;18, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>A&nbsp;M&nbsp;O&nbsp;N&nbsp;G :</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 40%"><B>INTERNATIONAL URANIUM CORPORATION</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 40%">a corporation existing under the<BR>
<I>Business Corporations Act </I>(Ontario)

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 40%">(hereinafter referred to as &#147;IUC&#148;)

</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">OF THE FIRST PART
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 40%">- and -

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 40%"><B>2113537 ONTARIO INC.</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 40%">a corporation existing under the<BR>
<I>Business Corporations Act </I>(Ontario)

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 40%">(hereinafter referred to as &#147;IUC Subco&#148;)

</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">OF THE SECOND PART
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 40%">- and -

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 40%"><B>DENISON MINES INC.</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 40%">a corporation existing under the<BR>
<I>Business Corporations Act </I>(Ontario)

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 40%">(hereinafter referred to as &#147;Denison&#148;)

</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">OF THE THIRD PART
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WITNESSES THAT:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS </B>IUC Subco is a corporation wholly-owned by IUC;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>AND WHEREAS </B>IUC, IUC Subco and Denison propose to effect a business combination to combine the
business and assets of Denison with those of IUC;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>AND WHEREAS </B>the parties hereto intend to carry out the proposed business combination by way of
a plan of arrangement under the provisions of the <I>Business Corporations Act </I>(Ontario)<I>;</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>AND WHEREAS </B>the Arrangement is intended to qualify for U.S. federal income tax purposes as a
reorganization under the provisions of Section 368(a) of the United States Internal Revenue Code of
1986, as amended, the Treasury Regulations promulgated thereunder and other applicable U.S. federal
income tax law;
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NOW THEREFORE </B>in consideration of the mutual covenants and agreements herein contained and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged
by each of the parties hereto, the parties hereto hereby covenant and agree as follows:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 1<BR>
DEFINITIONS, INTERPRETATION AND SCHEDULES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;1.01 Definitions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this Agreement, unless the context otherwise requires, the following words and terms with
the initial letter or letters thereof capitalized shall have the meanings ascribed to them below:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;1933 Act&#148; means the Securities Act of 1933, as amended, of the United States
of America;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;1934 Act&#148; means the Securities Exchange Act of 1934, as amended, of the United
States of America;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;1940 Act&#148; means the Investment Company Act of 1940, as amended, of the United
States of America;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Agreement&#148; means this arrangement agreement, together with the schedules
attached hereto, as amended or supplemented from time to time;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Amalgamating Corporations&#148; means IUC Subco and Denison, collectively;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Arrangement&#148; means the arrangement under the provisions of Section&nbsp;182 of the
OBCA on the terms and conditions set forth in the Plan of Arrangement, subject to any
amendment or supplement thereto made in accordance therewith or made at the direction
of the Court in the Final Order;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Articles of Amendment&#148; means the articles of amendment to be filed under the
OBCA to give effect to the change of name of IUC to &#147;Denison Mines Ltd.&#148; or such other
name containing the word &#147;Denison&#148; as may be approved by the directors of each of IUC
and Denison;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Articles of Arrangement&#148; means the articles of arrangement to be filed under
the OBCA to give effect to the Arrangement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Business Day&#148; means any day, other than a Saturday, a Sunday or a statutory
holiday in the city of Toronto, Ontario;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Canadian GAAP&#148; means accounting principles generally accepted in Canada;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Code&#148; means the Internal Revenue Code of 1986, as amended, of the United
States of America;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Competition Act&#148; means the <I>Competition Act </I>(Canada) as now in effect and as
may be amended from time to time prior to the Effective Date;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Competition Act Approval&#148; means:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the issuance of an advance ruling certificate
by the Commissioner under Subsection 102(1) of the Competition Act to
the effect that the Commissioner is satisfied that she would not have
sufficient grounds</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>upon which to apply to the Competition Tribunal for
an order under section 92 of the Competition Act with respect to the
transactions contemplated by this Agreement; or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that the waiting period under section 123 of
the Competition Act shall have expired or been earlier terminated or
the obligation to provide a pre-merger notification in accordance with
Part&nbsp;IX of the Competition Act has been waived in accordance with
paragraph 113(c) of the Competition Act, and IUC and Denison shall have
been advised in writing by the Commissioner that she is of the view
that there are not sufficient grounds to initiate proceedings under the
merger provisions of the Competition Act in respect of the transactions
contemplated by this Agreement;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Completion Deadline&#148; means the date by which the transactions contemplated by
this Agreement are to be completed, which date shall be February&nbsp;1, 2007;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Confidentiality Agreement&#148; means the confidentiality agreement dated July&nbsp;5,
2006 between IUC and Denison;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Court&#148; means the Superior Court of Justice, Ontario;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<I>de facto </I>acquisition or change of control&#148; means the acquisition by any person
or group of persons acting jointly or in concert, of beneficial ownership of or control
or direction over sufficient voting securities of Denison or IUC, as the case may be,
to permit such person or persons to exercise, or to control or direct the voting of,
20% or more of the total number of votes attached to all outstanding voting securities
of Denison or IUC, as the case may be;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(r)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Denison&#148; means Denison Mines Inc., a corporation existing under the OBCA;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(s)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Denison Acquisition Proposal&#148; means, in respect of Denison, any <I>bona fide</I>
inquiry, proposal or offer made by a party with whom Denison and each of its officers
and directors deals at arm&#146;s length regarding (i)&nbsp;any merger, amalgamation, share
exchange, business combination, take-over bid, tender offer, sale or other disposition
of all or substantially all of the assets of Denison and the Denison Subsidiaries,
taken as a whole, in a single transaction or a series of related transactions, (or any
lease, long term supply agreement or other arrangement having the same economic effect
as a sale of all or substantially all of the assets of Denison and the Denison
Subsidiaries, taken as a whole), (ii)&nbsp;any recapitalization, reorganization,
liquidation, material sale or issue of treasury securities or rights therein or thereto
or rights or options to acquire any material number of treasury securities, (iii)&nbsp;any
exchange offer or secondary purchase, or (iv)&nbsp;any type of similar transaction which
would, or could, in any case, constitute a <I>de facto </I>acquisition or change of control of
Denison or would or could, in any case, result in the sale or other disposition of all
or substantially all of the assets of Denison and the Denison Subsidiaries taken as a
whole (other than the Arrangement and all other transactions to be completed in
connection with the Arrangement contemplated in this Agreement);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(t)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Denison Common Shares&#148; means the common shares in the capital of Denison;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(u)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Denison Disclosure Letter&#148; means the letter of even date herewith delivered by
Denison to IUC in a form accepted by and signed on behalf of IUC with respect to
certain matters in this Agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Denison Documents&#148; shall have the meaning ascribed thereto in Section&nbsp;3.01(t);</TD>
</TR>

</TABLE>
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(w)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Denison Material Contracts&#148; shall have the meaning ascribed thereto in Section
3.01(f);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Denison Meeting&#148; means the special meeting, including any adjournments or
postponements thereof, of the Denison Securityholders to be held, among other things,
to consider and, if deemed advisable, to approve the Arrangement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(y)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Denison Optionholders&#148; means, at any time, the holders of Denison Options;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(z)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Denison Options&#148; means those options to purchase Denison Common Shares issued
under the Denison Share Option Plan referred to in paragraph 1.01(z) of the Denison
Disclosure Letter, collectively;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(aa)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Denison Plans&#148; shall have the meaning ascribed thereto in Section&nbsp;3.01(r)(i);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(bb)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Denison Properties&#148; means the properties of Denison set forth in paragraph
1.01 (bb)&nbsp;of the Denison Disclosure Letter;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(cc)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Denison Proxy Circular&#148; means the management information circular to be
prepared by Denison with the assistance of IUC to be provided to Denison
Securityholders in respect of the Denison Meeting;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(dd)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Denison Securityholders&#148; means the Denison Shareholders and the Denison
Optionholders, collectively;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ee)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Denison Share Option Plan&#148; means the amended share option plan of Denison
approved by the Denison Shareholders on March&nbsp;5, 2004;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ff)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Denison Shareholders&#148; means, at any time, the holders of Denison Common
Shares;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(gg)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Denison Subsidiaries&#148; means the Subsidiaries of Denison listed in Schedule&nbsp;B
as the Denison Subsidiaries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(hh)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Denison Superior Proposal&#148; means a written Denison Acquisition Proposal to
acquire all or substantially all of the assets of Denison (on a consolidated basis) or,
directly or indirectly, more than 66 2/3% of the Denison Common Shares if the directors
of Denison have determined in good faith, after consultation with, and receiving advice
(which may include written opinions, a copy of any of which shall have been provided to
IUC) from, as appropriate, the financial, legal and other advisors to Denison to the
effect that such Denison Acquisition Proposal would, if consummated in accordance with
the terms thereof, but without assuming away the risk of non-completion, result in a
transaction which: (a)&nbsp;is fully financed or is reasonably capable of being fully
financed and is not by its terms conditional upon receipt of financing; (b)&nbsp;would be
more favourable to Denison Shareholders from a financial point of view than the terms
of the Arrangement (including any adjustment to such terms proposed by IUC); and (c)&nbsp;is
reasonably capable of completion in accordance with its terms without undue delay,
taking into account all legal, financial, regulatory, financing and other aspects of
such Denison Acquisition Proposal and the person making the Denison Acquisition
Proposal;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Denison Warrants&#148; means those warrants referred to in paragraph 1.01(ii) of
the Denison Disclosure Letter, collectively;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(jj)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Director&#148; means the director appointed under Section&nbsp;278 of the OBCA;</TD>
</TR>



</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(kk)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Effective Date&#148; means the date on which the Final Order and all other
documents required to give effect to the Arrangement are accepted for filing by the
Director;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ll)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Effective Time&#148; means 12:01&nbsp;a.m. (Toronto time) on the Effective Date;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(mm)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Encumbrance&#148; means any mortgage, pledge, assignment, charge, lien, claim,
security interest, adverse interest, other third person interest or encumbrance of any
kind, whether contingent or absolute, and any agreement, option, right or privilege
(whether by law, contract or otherwise) capable of becoming any of the foregoing;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(nn)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Environmental Approvals&#148; means all permits, certificates, licences,
authorizations, consents, instructions, registrations, directions or approvals issued
or required by any Governmental Entity pursuant to any Environmental Law;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(oo)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Environmental Laws&#148; means all applicable Laws, including applicable common
law, relating to the treatment of Hazardous Substances and the protection of the
environment and employee and public health and safety;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(pp)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;ERISA&#148; and &#147;ERISA Affiliates&#148; shall have the meanings ascribed thereto in
Section&nbsp;3.02(r);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(qq)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Final Order&#148; means the final order of the Court approving the Arrangement
pursuant to the OBCA, as such order may be amended at any time prior to the Effective
Date or, if appealed, then unless such appeal is withdrawn or denied, as affirmed;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(rr)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Governmental Entity&#148; means any applicable (i)&nbsp;multinational, federal,
provincial, state, regional, municipal, local or other government, governmental or
public department, central bank, court, tribunal, arbitral body, commission, board,
bureau or agency, whether domestic or foreign, (ii)&nbsp;any subdivision, agency,
commission, board or authority of any of the foregoing, or (iii)&nbsp;any quasi-governmental
or private body exercising any regulatory, expropriation or taxing authority under or
for the account of any of the foregoing;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ss)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Hazardous Substance&#148; means any chemical, material or substance in any form,
whether solid, liquid, gaseous, semisolid or any combination thereof, whether waste
material, raw material, finished product, intermediate product, byproduct or any other
material or article, that is listed or regulated under any Environmental Laws as a
hazardous substance, toxic substance, waste or contaminant or is otherwise listed or
regulated under any Environmental Laws because it poses a hazard to human health or the
environment, including petroleum products, asbestos, PCBs, urea formaldehyde foam
insulation, uranium and other radio nuclides, uranium mill tailings and other wastes
and lead-containing paints or coatings;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(tt)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;IUC&#148; means International Uranium Corporation, a corporation existing under the
OBCA;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(uu)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;IUC Acquisition Proposal&#148; means, in respect of IUC, any <I>bona fide </I>inquiry,
proposal or offer made by a party with whom IUC and each of its officers and directors
deals at arm&#146;s length regarding (i)&nbsp;any merger, amalgamation, share exchange, business
combination, take-over bid, tender offer, sale or other disposition of all or
substantially all of its assets, in a single transaction or a series of related
transactions, (or any lease, long term supply agreement or other arrangement having the
same economic effect as a sale of all or substantially all</TD>
</TR>

</TABLE>
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>of IUC&#146;s assets), (ii)&nbsp;any
recapitalization, reorganization, liquidation, material sale or issue of treasury
securities or rights therein or thereto or rights or options to
acquire any material number of treasury securities, (iii)&nbsp;any exchange offer
or secondary purchase; or (iv)&nbsp;any type of similar transaction which would,
or could, in any case, constitute a <I>de facto </I>acquisition or change of
control of IUC or would or could, in any case, result in the sale or other
disposition of all or substantially all of the assets of IUC (other than the
Arrangement and all other transactions to be completed in connection with
the Arrangement contemplated in this Agreement);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(vv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;IUC Common Shares&#148; means the common shares in the capital of IUC;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ww)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;IUC Disclosure Letter&#148; means the letter of even date herewith delivered by IUC
to Denison in a form accepted by and signed on behalf of Denison with respect to
certain matters in this Agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(xx)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;IUC Documents&#148; shall have the meaning ascribed thereto in Section&nbsp;3.02(t)(i);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(yy)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;IUC Material Contract&#148; shall have the meaning ascribed thereto in Section
3.01(f);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(zz)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;IUC Material Subsidiaries&#148; means, collectively, the corporations listed in
Schedule&nbsp;C as the IUC Material Subsidiaries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(aaa)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;IUC Meeting&#148; means the special meeting, including any adjournments or
postponements thereof, of the IUC Shareholders to be held, among other things, to
consider and, if deemed advisable, to approve the issuance of a maximum of 102,000,000
IUC Common Shares pursuant to the Arrangement (on a fully diluted basis) and the filing
of the Articles of Amendment to change the name of IUC to &#147;Denison Mines Ltd.&#148; or such
other name containing the word &#147;Denison&#148; as may be approved by the directors of each of
IUC and Denison;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(bbb)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;IUC Options&#148; means those options to purchase IUC Common Shares issued under
the IUC Share Option Plan referred to in paragraph 1.01(zz) of the IUC Disclosure
Letter, collectively;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ccc)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;IUC Plans&#148; shall have the meaning ascribed thereto in Section&nbsp;3.02(r)(i);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ddd)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;IUC Properties&#148; means the properties of IUC set forth in paragraph 1.01(ddd)
of the IUC Disclosure Letter;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(eee)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;IUC Proxy Circular&#148; means the management information circular to be prepared
by IUC with the assistance of Denison in respect of the IUC Meeting;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(fff)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;IUC SEC Documents&#148; shall have the meaning ascribed thereto in Section
3.01(t)(ii);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ggg)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;IUC Share Option Plan&#148; means the amended share option plan of IUC approved by
the IUC Shareholders on February&nbsp;14, 1997 and amended, as approved by shareholders on
March&nbsp;23, 1998 and March&nbsp;22, 2005;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(hhh)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;IUC Shareholder Approval Matters&#148; shall have the meaning ascribed thereto in
Section&nbsp;3.02(c);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;IUC Shareholders&#148; means, at any time, the holders of IUC Common Shares;</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(jjj)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;IUC Subco&#148; means 2113537 Ontario Inc., a wholly-owned subsidiary of IUC,
existing under the OBCA;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(kkk)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;IUC Subsidiaries&#148; means the Subsidiaries of IUC, as listed in Schedule&nbsp;C as
the IUC Subsidiaries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(lll)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;IUC Superior Proposal&#148; means a written IUC Acquisition Proposal to acquire
all or substantially all of the assets of IUC (on a consolidated basis) or, directly or
indirectly, more than 66 2/3% of the IUC Common Shares if the directors of IUC have
determined in good faith, after consultation with, and receiving advice (which may
include written opinions, a copy of which shall have been provided to Denison) from, as
appropriate, any of the financial, legal and other advisors to IUC to the effect that
such IUC Acquisition Proposal would, if consummated in accordance with the terms
thereof, but without assuming away the risk of non-completion, result in a transaction
which: (a)&nbsp;is fully financed or is reasonably capable of being fully financed and is
not by its terms conditional upon receipt of financing; (b)&nbsp;is more favourable to IUC
Shareholders from a financial point of view than the terms of the Arrangement
(including any adjustment to such terms proposed by Denison); and (c)&nbsp;is reasonably
capable of completion in accordance with its terms without undue delay, taking into
account all legal, financial, regulatory, financing and other aspects of such IUC
Acquisition Proposal and the person making the IUC Acquisition Proposal;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(mmm)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Interim Order&#148; means the interim order of the Court, as such order may be
amended, made in connection with the Arrangement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(nnn)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Investment Canada Act&#148; means the <I>Investment Canada Act </I>as now in effect and
as may be amended from time to time prior to the Effective Date;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ooo)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Laws&#148; means all laws, by-laws, rules, regulations, orders, ordinances,
protocols, codes, guidelines, instruments, policies, notices, directions and judgments
or other requirements of any Governmental Entity or applicable stock exchange;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ppp)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Liability&#148; of any person means and includes: (i)&nbsp;any right against such
person to payment, whether or not such right is reduced to judgment, liquidated,
unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal,
equitable, secured or unsecured; (ii)&nbsp;any right against such person to an equitable
remedy for breach of performance if such breach gives rise to a right to payment,
whether or not such right to any equitable remedy is reduced to judgment, fixed,
contingent, matured, unmatured, disputed, undisputed, secured or unsecured; and (iii)
any obligation of such person for the performance of any covenant or agreement (whether
for the payment of money or otherwise);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(qqq)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Material Adverse Change&#148; means, in respect of IUC or Denison, as the case may
be, any one or more changes, events or occurrences, and &#147;Material Adverse Effect&#148;
means, in respect of IUC or Denison, as the case may be, any state of facts, which, in
either case, either individually or in the aggregate, are, or would reasonably be
expected to be, material and adverse to the business, operations, results of
operations, prospects, assets, liabilities or financial condition of IUC and the IUC
Subsidiaries, or Denison and the Denison Subsidiaries, respectively, on a consolidated
basis, other than any change, effect, event or occurrence: (i)&nbsp;relating to the global
economy or securities markets in general; (ii)&nbsp;affecting the worldwide uranium mining
industry in general and which does not have a materially disproportionate effect on IUC
and the IUC Subsidiaries on a consolidated basis, or Denison and the Denison
Subsidiaries on a consolidated basis, respectively; (iii)&nbsp;resulting from changes in the
price of uranium; or (iv)&nbsp;relating to the rate at </TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>which Canadian dollars can be
exchanged for the currency of any other nation, including the United States, or vice
versa, and references in this Agreement to dollar
amounts are not intended to be, and shall not be deemed to be, interpretive
of the amount used for the purpose of determining whether a &#147;Material
Adverse Change&#148; has occurred or whether a state of facts exists that has or
could have a &#147;Material Adverse Effect&#148; and such defined terms and all other
references to materiality in this Agreement shall be interpreted without
reference to any such amounts;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(rrr)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Misrepresentation&#148; has the meaning given to such term in the <I>Securities Act</I>
(Ontario);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(sss)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;OBCA&#148; means the <I>Business Corporations Act </I>(Ontario)<I>, </I>including the regulation
promulgated thereunder as is in effect on the date hereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ttt)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Pending Denison Acquisition Proposal&#148; shall have the meaning ascribed thereto
in Section&nbsp;6.03(d);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(uuu)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Pending IUC Acquisition Proposal&#148; shall have the meaning ascribed thereto in
Section&nbsp;6.06(d);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(vvv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Plan of Arrangement&#148; means a plan of arrangement substantially in the form
and content of Schedule&nbsp;A attached hereto and any amendment or variation thereto made
in accordance with Section&nbsp;7.01 of the Plan of Arrangement or Section&nbsp;7.01 hereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(www)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Release&#148; means any release, spill, leak, discharge, abandonment, disposal,
pumping, pouring, emitting, emptying, injecting, leaching, dumping, depositing,
dispersing, passive migration, allowing to escape or migrate into or through the
environment (including ambient air, surface water, ground water, land surface and
subsurface strata or within any building, structure, facility or fixture) of any
Hazardous Substance, including the abandonment or discarding of Hazardous Substances in
barrels, drums, tanks or other containers, regardless of when discovered;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(xxx)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Remedial Action&#148; means any investigation, feasibility study, monitoring,
testing, sampling, removal (including removal of underground storage tanks),
restoration, clean-up, remediation, closure, site restoration, remedial response or
remedial work;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(yyy)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Sarbanes-Oxley Act&#148; means the Sarbanes Oxley Act of 2002 of the United States
of America;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(zzz)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;SEC&#148; means the United States Securities and Exchange Commission;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(aaaa)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Securities Authorities&#148; means the Ontario Securities Commission and the other
securities regulatory authorities in the provinces and territories of Canada and the
SEC and applicable state regulatory authorities in the United States of America,
collectively;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(bbbb)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;SEDAR&#148; means the System for Electronic Document Analysis and Retrieval;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(cccc)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Sprott&#148; means Sprott Securities Inc., the financial advisors to the board of
directors of Denison;</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(dddd)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Subsidiary&#148; means, with respect to a specified body corporate, any body corporate of
which the specified body corporate is entitled to elect a majority of the directors
thereof and shall include any body corporate, partnership, joint venture or
other entity over which such specified body corporate exercises direction or
control or which is in a like relation to such a body corporate, excluding
any body corporate in respect of which such direction or control is not
exercised by the specified body corporate as a result of any existing
contract, agreement or commitment, and, in the case of IUC, includes the IUC
Material Subsidiaries and the IUC Subsidiaries and, in the case of Denison,
includes the Denison Subsidiaries but does not include Uranium Participation
Corporation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(eeee)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Tax Returns&#148; means all returns, schedules, elections, declarations, reports,
information returns and statements required to be filed with any taxing authority
relating to Taxes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ffff)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Tax Act&#148; means the <I>Income Tax Act </I>(Canada);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(gggg)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Tax&#148; and &#147;Taxes&#148; means all taxes, assessments, charges, dues, duties, rates, fees,
imposts, levies and similar charges of any kind lawfully levied, assessed or imposed by
any Governmental Entity, including all income taxes (including any tax on or based upon
net income, gross income, income as specially defined, earnings, profits or selected
items of income, earnings or profits) and all capital taxes, gross receipts taxes,
environmental taxes, sales taxes, use taxes, <I>ad valorem </I>taxes, value added taxes,
transfer taxes (including, without limitation, taxes relating to the transfer of
interests in real property or entities holding interests therein), franchise taxes,
licence taxes, withholding taxes, payroll taxes, employment taxes, Canada or Qu&#233;bec
Pension Plan premiums, as applicable, excise, severance, social security, workers&#146;
compensation, employment insurance or compensation taxes or premium, stamp taxes,
occupation taxes, premium taxes, property taxes, windfall profits taxes, alternative or
add-on minimum taxes, goods and services tax, customs duties or other taxes, fees,
imports, assessments or charges of any kind whatsoever, together with any interest and
any penalties or additional amounts imposed by any taxing authority (domestic or
foreign) on such entity, and any interest, penalties, additional taxes and additions to
tax imposed with respect to the foregoing;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(hhhh)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Title IV Plan&#148; shall have the meaning ascribed thereto in Section&nbsp;3.02(r)(v); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iiii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;TSX&#148; means the Toronto Stock Exchange.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, words and phrases used herein and defined in the OBCA shall have the same meaning
herein as in the OBCA unless the context otherwise requires.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;1.02 Interpretation Not Affected by Headings; References to Agreement</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The division of this Agreement into articles, sections, subsections, paragraphs and
subparagraphs and the insertion of headings herein are for convenience of reference only and shall
not affect in any way the meaning or interpretation of this Agreement. The terms &#147;this Agreement&#148;,
&#147;hereof&#148;, &#147;herein&#148;, &#147;hereto&#148;, &#147;hereunder&#148; and similar expressions refer to this Agreement and the
schedules attached hereto and not to any particular article, section or other portion hereof and
include any agreement, schedule or instrument supplementary or ancillary hereto or thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;1.03 Number, Gender and Persons</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this Agreement, unless the context otherwise requires, words importing the singular only
shall include the plural and <I>vice versa</I>, words importing the use of either gender shall include
</DIV>
</DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">both genders and neuter, and the word person and all words importing persons shall include a
natural person, firm, trust, partnership, association, corporation, joint venture or government
(including any
Governmental Entity, political subdivision or instrumentality thereof) and any other entity of
any kind or nature whatsoever.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;1.04 Date for any Action</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the date on which any action is required to be taken hereunder by any party hereto is not a
Business Day, such action shall be required to be taken on the next succeeding day which is a
Business Day.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;1.05 Statutory References</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any reference in this Agreement to a statute includes all regulations and rules made
thereunder, all amendments to such statute or regulation in force from time to time and any statute
or regulation that supplements or supersedes such statute or regulation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;1.06 Currency</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise stated, all references in this Agreement to amounts of money are expressed in
lawful money of Canada.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;1.07 Invalidity of Provisions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the provisions contained in this Agreement is distinct and severable and a declaration
of invalidity or unenforceability of any such provision or part thereof by a court of competent
jurisdiction shall not affect the validity or enforceability of any other provision hereof. To the
extent permitted by applicable Law, the parties hereto waive any provision of Law which renders any
provision of this Agreement or any part thereof invalid or unenforceable in any respect. The
parties hereto will engage in good faith negotiations to replace any provision hereof or any part
thereof which is declared invalid or unenforceable with a valid and enforceable provision or part
thereof, the economic effect of which approximates as much as possible the invalid or unenforceable
provision or part thereof which it replaces.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;1.08 Accounting Matters</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise stated, all accounting terms used in this Agreement shall have the meanings
attributable thereto under Canadian GAAP and all determinations of an accounting nature required to
be made hereunder shall be made in a manner consistent with Canadian GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;1.09 Knowledge</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where the phrases &#147;to the knowledge of IUC&#148; is used in respect of IUC, the IUC Material
Subsidiaries or the IUC Subsidiaries or &#147;to the knowledge of Denison&#148; in respect of Denison or the
Denison Subsidiaries, such phrase shall mean, in respect of each representation and warranty or
other statement which is qualified by such phrase, that such representation and warranty or other
statement is being made based upon: (i)&nbsp;in the case of IUC, the IUC Subsidiaries and the IUC
Material Subsidiaries, the collective actual knowledge of the senior officers of IUC, being the
President and Chief Executive Officer, Ron Hochstein, the Chief Financial Officer, Mark Katsumata
and the Vice-President and General Counsel, David C. Frydenlund, and (ii)&nbsp;in the case of Denison
and the Denison Subsidiaries, the collective actual knowledge of the senior officers of Denison,
being the President and Chief Executive Officer, E. Peter Farmer, the Executive Vice President
Finance and Chief Financial Officer, James Anderson and the General Counsel and Corporate
Secretary, Sheila Colman and shall not in either case include any deemed or imputed knowledge of
any such officer or require the making of any additional inquiries.
</DIV>
</DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;1.10 Meaning of Certain Phrase</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this Agreement the phrase &#147;in the ordinary and regular course of business&#148; shall
mean and refer to those activities that are normally conducted by corporations engaged in
uranium exploration, development and production.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;1.11 Schedules</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following schedules are attached to, and are deemed to be incorporated into and form part
of, this Agreement:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="89%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Schedule</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Matter</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">A
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Plan of Arrangement</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">B
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Description of Denison Subsidiaries</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">C
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Description of IUC Subsidiaries and IUC Material Subsidiaries</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 2<BR>
THE ARRANGEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;2.01 Arrangement</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties agree to carry out the Arrangement substantially on the terms as set out in the
Plan of Arrangement, subject to such changes as may be mutually agreed to by the parties. The
Amalgamating Corporations shall amalgamate by way of arrangement pursuant to Section&nbsp;182 of the
OBCA on the terms and subject to the conditions contained in this Agreement and the Plan of
Arrangement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;2.02 Effective Date</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Arrangement shall become effective at the Effective Time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;2.03 Board of Directors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the Effective Date, the board of directors of IUC shall be reconstituted such that it will
consist of ten directors, five of which shall be nominated by IUC and five of which will be
nominated by Denison.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;2.04 Consultation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No press release or other public disclosure with respect to the existence or details of this
Agreement or the transactions contemplated hereby shall be made by either party without the prior
written consent of the other party hereto except to the extent required by applicable Law. The
initial press release concerning the Arrangement shall be a joint press release and thereafter each
of IUC and Denison will provide a draft press release, public statement or filing to the other in
issuing any press release or otherwise making any public statement with respect to this Agreement
or the Arrangement and in making any filing with any Governmental Entity, Securities Authority or
stock exchange with respect thereto. Each of IUC and Denison shall use its commercially reasonable
best efforts to enable the other of them to review and comment on all such press releases, public
statements and filings prior to the release or filing, respectively, thereof, provided that nothing
in this Section&nbsp;2.04 shall prevent a party from complying with its obligations under applicable
Laws.
</DIV>
</DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;2.05 Court Proceedings</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As soon as is reasonably practicable, pursuant to Section&nbsp;182 of the OBCA, Denison and IUC
Subco shall:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>file, proceed with and diligently prosecute an application to the Court for the
Interim Order providing for, among other things, the calling and holding of the Denison
Meeting for the purpose of considering and, if deemed advisable, approving the
Arrangement; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subject to obtaining the approvals as contemplated by the Interim Order and as
may be directed by the Court in the Interim Order, take all steps necessary or
desirable to submit the Arrangement to the Court and to apply for the Final Order.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The notices of motion and related materials for the applications referred to in this section
shall be in a form satisfactory to Denison and IUC Subco, each acting reasonably, and, in the case
of the application to the Court for the Interim Order, shall request that the Interim Order
provide, among other things:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for the persons to whom notice is to be provided in respect of the Arrangement
for the Denison Meeting and for the manner in which such notice is to be provided; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that the requisite approval of the Denison Securityholders for the Arrangement
shall be two-thirds of the votes cast thereon by Denison Securityholders (voting
together as a single class) present in person or represented by proxy at the Denison
Meeting.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;2.06 Articles of Arrangement</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the rights of termination contained in Article&nbsp;7 hereof, upon the Denison
Shareholders approving the Arrangement in accordance with the Interim Order, the Amalgamating
Corporations obtaining the Final Order and the other conditions contained in Article&nbsp;5 hereof being
complied with or waived, the Amalgamating Corporations shall jointly file the Final Order with the
Director together with the Articles of Arrangement and such other documents as may be required in
order to effect the Arrangement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;2.07 Closing</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The closing of the Arrangement will take place at the offices of Cassels Brock &#038; Blackwell
LLP, counsel to IUC at 9:00 a.m. (Toronto time) on the Effective Date or such other time on the
Effective Date as agreed by Denison and IUC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;2.08 U.S. Tax Treatment</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Arrangement is intended to qualify as a reorganization within the meaning of Section
368(a) of the Code and this Agreement is intended to be a &#147;plan of reorganization&#148; within the
meaning of the Treasury Regulations promulgated under Section&nbsp;368 of the Code. Each party hereto
agrees to treat the Arrangement as a reorganization within the meaning of Section 368(a) of the
Code for all U.S. federal income tax purposes, and agrees to treat this Agreement as a &#147;plan of
reorganization&#148; within the meaning of the Treasury Regulations promulgated under Section&nbsp;368 of the
Code, and to not take any position on any Tax Return or otherwise take any Tax reporting position
inconsistent with such treatment, unless otherwise required by a &#147;determination&#148; within the meaning
of Section&nbsp;1313 of the Code that such treatment is not correct. Each party hereto agrees to act in
a manner that is consistent with the parties&#146; intention that the Arrangement be treated as a
reorganization within the meaning of Section 368(a) of the Code for all U.S. federal income tax
purposes.
</DIV>
</DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 3<BR>
REPRESENTATIONS AND WARRANTIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;3.01 Representations and Warranties of Denison</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denison hereby represents and warrants to IUC and IUC Subco, and hereby acknowledges that each
of IUC and IUC Subco is relying upon such representations and warranties in connection with
entering into this Agreement and agreeing to complete the Arrangement, as follows:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Organization.</U> Denison and each of the Denison Subsidiaries has been
incorporated, is validly subsisting and has full corporate or legal power and authority
to own its property and assets and to conduct its business as currently owned and
conducted. Denison and each of the Denison Subsidiaries is registered, licensed or
otherwise qualified as an extra-provincial corporation or a foreign corporation in each
jurisdiction where the nature of the business or the location or character of the
property and assets owned or leased by it requires it to be so registered, licensed or
otherwise qualified except where the lack of such registration, licensing or
qualification would not have a Material Adverse Effect on Denison. All of the
outstanding shares of the Denison Subsidiaries are validly issued, fully paid and
non-assessable. Except as otherwise disclosed in paragraph 3.01(a) of the Denison
Disclosure Letter, all of the outstanding shares of the Denison Subsidiaries are owned,
directly or indirectly, by Denison. Except as otherwise disclosed in paragraph 3.01(a)
of the Denison Disclosure Letter or pursuant to restrictions on transfer contained in
the articles or by-laws (or their equivalent) of the applicable Denison Subsidiary, the
outstanding shares of each of the Denison Subsidiaries are owned free and clear of all
Encumbrances and neither Denison nor any of the Denison Subsidiaries is liable to any
creditor in respect thereof. Except pursuant to this Agreement and the transactions
contemplated hereby and as disclosed in paragraph 3.01(a) of the Denison Disclosure
Letter, there are no outstanding options, rights, entitlements, understandings or
commitments (contingent or otherwise) regarding the right to acquire any issued or
unissued securities of any of the Denison Subsidiaries from either Denison or any of
the Denison Subsidiaries.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Capitalization.</U> Denison is authorized to issue an unlimited number of
Denison Common Shares and an unlimited number of preferred shares, issuable in series.
As at September&nbsp;15, 2006, there were 30,462,887 Denison Common Shares outstanding,
1,306,780 Denison Options outstanding and an aggregate of 2,606,530 Denison Common
Shares were set aside for issue under the Denison Share Option Plan and an aggregate of
3,324,151 Denison Common Shares were set aside for issue under outstanding Denison
Warrants. The Denison Options and the Denison Warrants are described in paragraph
1.01(z) and 1.01(ii) of the Denison Disclosure Letter, respectively. Except for the
Denison Options and the Denison Warrants, and except pursuant to this Agreement and the
transactions contemplated hereby, as of the date hereof, there are no options,
warrants, conversion privileges or other rights, agreements, arrangements or
commitments (pre-emptive, contingent or otherwise) obligating Denison or any of the
Denison Subsidiaries to issue or sell any shares of Denison or any of the Denison
Subsidiaries or any securities or obligations of any kind convertible into or
exchangeable for any shares of Denison or any of the Denison Subsidiaries. All
outstanding Denison Common Shares have been duly authorized and are validly issued and
outstanding as fully paid and non-assessable shares, free of pre-emptive rights. There
are no outstanding bonds, debentures or other evidences of indebtedness of Denison or
any of the Denison Subsidiaries having</TD>
</TR>

</TABLE>
</DIV>
</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the right to vote with the Denison Shareholders
on any matter. There are no outstanding contractual obligations of Denison or of any of
the Denison Subsidiaries to
repurchase, redeem or otherwise acquire any outstanding Denison Common
Shares or with respect to the voting or disposition of any outstanding
Denison Common Shares.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Authority, Enforceability and No Conflicts.</U> Denison has all necessary
power, authority and capacity to enter into this Agreement and all other agreements and
instruments to be executed by Denison as contemplated by this Agreement, and to perform
its obligations hereunder and under such other agreements and instruments. The
execution and delivery of this Agreement by Denison and the completion by Denison of
the transactions contemplated by this Agreement have been authorized by the directors
of Denison and, subject to the approval by the Denison Shareholders in the manner
contemplated herein and the approval by the directors of Denison of the Denison Proxy
Circular, no other corporate proceedings on the part of Denison are necessary to
authorize this Agreement or to complete the transactions contemplated hereby. This
Agreement has been executed and delivered by Denison and constitutes a legal, valid and
binding obligation of Denison, enforceable against Denison in accordance with its
terms, subject to bankruptcy, insolvency, reorganization, fraudulent transfer,
moratorium and other applicable Laws relating to or affecting creditors&#146; rights
generally, and to general principles of equity. Other than as set forth in paragraph
3.01(c) of the Denison Disclosure Letter, the execution and delivery by Denison of this
Agreement and the performance by Denison of its obligations hereunder and the
completion of the transactions contemplated hereby, do not and will not:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>result in a violation, contravention or breach
of, require any consent to be obtained under or give rise to any
termination rights under any provision of,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the articles or by-laws (or their
equivalent) of Denison or any of the Denison Subsidiaries,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Law applicable to Denison or
any of the Denison Subsidiaries, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any contract, agreement, licence
or permit to which Denison or any of the Denison Subsidiaries is
bound or is subject or of which Denison or any of the Denison
Subsidiaries is the beneficiary;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>give rise to any right of termination or
acceleration of indebtedness, or cause any indebtedness owing by
Denison or any of the Denison Subsidiaries, to come due before its
stated maturity or cause any of its available credit to cease to be
available;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>result in the imposition of any Encumbrance
upon any of the property or assets of Denison or any of the Denison
Subsidiaries or restrict, hinder, impair or limit the ability of
Denison or any of the Denison Subsidiaries to conduct the business of
Denison or any of the Denison Subsidiaries as and where it is now being
conducted; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>result in any payment (including severance,
unemployment compensation, &#147;golden parachute&#148;, bonus or otherwise)
becoming due to any director or officer of Denison or any Denison
Subsidiary or increase any benefits otherwise payable under any pension
or benefits plan of</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Denison or any Denison Subsidiary or result in the
acceleration of the time of payment or vesting of any such benefits;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>which would, individually or in the aggregate, have a Material Adverse
Effect on Denison. Other than as disclosed in paragraph 3.01(c) of the
Denison Disclosure Letter, no consent, approval, order or authorization of,
or declaration or filing with, any Governmental Entity or other person is
required to be obtained by Denison or any of the Denison Subsidiaries in
connection with the execution and delivery of this Agreement or the
consummation by Denison of the transactions contemplated hereby other than
(i)&nbsp;any approvals required by the Interim Order, (ii)&nbsp;any approvals required
by the Final Order, (iii)&nbsp;filings required under the OBCA and filings with
and approvals required by Securities Authorities and stock exchanges, (iv)
Competition Act Approval, if required; (v)&nbsp;approval of the Canadian Nuclear
Safety Commission; and (vi)&nbsp;any other consents, approvals, orders,
authorizations, declarations or filings which, if not obtained, would not,
individually or in the aggregate, have a Material Adverse Effect on Denison.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Directors&#146; Approvals.</U> The board of directors of Denison has received
an opinion from Sprott that the consideration to be received by Denison Shareholders in
the Arrangement and related transactions, is fair, from a financial point of view, to
the Denison Shareholders and the board of directors of Denison has unanimously:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>determined that the exchange ratio of Denison
Common Shares for IUC Common Shares is fair to the Denison Shareholders
and the Arrangement is in the best interests of Denison;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>recommended that the Denison Securityholders
vote in favour of the Arrangement; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>authorized the entering into of this
Agreement, and the performance of its provisions, by Denison.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Denison Subsidiaries.</U> As of the date hereof, there are no Subsidiaries
of Denison that are material to the conduct of business of Denison and the Denison
Subsidiaries and Denison does not own a direct or indirect interest in any other
corporation or entity other than as disclosed in paragraphs 3.01 (a)&nbsp;and (e)&nbsp;of the
Denison Disclosure Letter.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>No Defaults.</U> Paragraph&nbsp;3.01(f) of the Denison Disclosure Letter
provides a list of, and IUC has been provided with a true and complete copy of, all
contracts, agreements and licences material to the conduct of the business of Denison
and the Denison Subsidiaries (taken as a whole) that if breached or in default would or
could reasonably be expected to have a Material Adverse Effect on Denison
(collectively, the &#147;Denison Material Contracts&#148;) and there are no current or pending
negotiations with respect to the renewal, termination or amendment of any such Denison
Material Contracts, agreements or licences. Neither Denison nor any of the Denison
Subsidiaries is in default under, and there exists no event, condition or occurrence
which, after notice or lapse of time or both, would constitute such a default by
Denison or the Denison Subsidiaries or, to the knowledge of Denison, or any other party
thereto, under any Denison Material Contract.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Absence of Changes.</U> Since December&nbsp;31, 2005 except as disclosed by
Denison in the Denison Documents as of the date hereof:</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Denison and each of the Denison Subsidiaries
has conducted its business only in the ordinary and regular course of
business consistent with past practice;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>neither Denison nor any of the Denison
Subsidiaries has incurred or suffered an event that would be a Material
Adverse Change to Denison;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there has not been any acquisition or sale by
Denison or any of the Denison Subsidiaries of any material property or
assets thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other than in the ordinary course of business
consistent with past practice, there has not been any incurrence,
assumption or guarantee by Denison or any of the Denison Subsidiaries
of any debt for borrowed money, any creation or assumption by Denison
or any of the Denison Subsidiaries of any Encumbrance, any making by
Denison or any of the Denison Subsidiaries, of any loan, advance or
capital contribution to or investment in any other person (other than
(a)&nbsp;loans and advances in an aggregate amount which does not exceed
$500,000 outstanding at any time, and (b)&nbsp;loans made to other Denison
Subsidiaries) or any entering into, amendment of, relinquishment,
termination or non-renewal by Denison or any of the Denison
Subsidiaries of any contract, agreement, licence, lease transaction,
commitment or other right or obligation which would, individually or in
the aggregate, have a Material Adverse Effect on Denison;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Denison has not declared or paid any dividends
or made any other distribution on any of the Denison Common Shares;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Denison has not effected or passed any
resolution to approve a split, consolidation or reclassification of any
of the outstanding Denison Common Shares;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other than in the ordinary and regular course
of business consistent with past practice, there has not been any
material increase in or modification of the compensation payable to or
to become payable by Denison or any of the Denison Subsidiaries to any
of their respective directors, officers, employees or consultants or
any grant to any such director, officer, employee or consultant of any
increase in severance or termination pay or any increase or
modification of any bonus, pension, insurance or benefit arrangement
(including without limitation, the granting of Denison Options pursuant
to the Denison Share Option Plan) made to, for or with any of such
directors or officers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Denison has not effected any material change in its accounting
methods, principles or practices; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Denison has not adopted any, or materially
amended any, collective bargaining agreement, bonus, pension, profit
sharing, stock purchase, stock option or other benefit plan or
shareholder rights plan.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Employment Agreements.</U> Other than as disclosed in paragraph 3.01(h) of
the Denison Disclosure Letter:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>neither Denison nor any of the Denison
Subsidiaries is a party to any written or oral policy, agreement,
obligation or understanding providing for severance or termination
payments to, or any employment agreement</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with, any director or officer
of Denison or any of the Denison Subsidiaries which cannot be
terminated without payment of a maximum of six times such individuals&#146;
monthly salary;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>neither Denison nor any of the Denison
Subsidiaries has any employee or consultant whose employment or
contract with Denison or one of the Denison Subsidiaries, respectively,
that cannot be terminated without payment upon a maximum of six months&#146;
notice as calculated pursuant to the <I>Employment Standards Act</I>
(Ontario); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>neither Denison nor any of the Denison
Subsidiaries (a)&nbsp;is a party to any collective bargaining agreement, (b)
is, to the knowledge of Denison, subject to any application for
certification or threatened or apparent union-organizing campaigns for
employees not covered under a collective bargaining agreement, or (c)
is subject to any current, or to the knowledge of Denison, pending or
threatened strike or lockout.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Financial Matters.</U> The audited consolidated balance sheets, audited
consolidated statements of earnings, divisional equity and retained earnings and cash
flows of Denison for the financial years ended December&nbsp;31, 2005 and December&nbsp;31, 2004
and the six month (unaudited)&nbsp;period ended June&nbsp;30, 2006 were prepared in accordance
with Canadian GAAP, consistently applied, and fairly present in all material respects
the consolidated financial condition of Denison at the respective dates indicated and
the results of operations of Denison for the periods covered on a consolidated basis
and reflect adequate provision for the liabilities of Denison on a consolidated basis
in accordance with Canadian GAAP. Except as disclosed in the Denison Documents, as at
the date hereof, neither Denison nor any of the Denison Subsidiaries has any liability
or obligation (including without limitation, liabilities or obligations to fund any
operations or work or exploration program other than in the ordinary course of
business, to give any guarantees or for Taxes), whether accrued, absolute, contingent
or otherwise, not reflected in the unaudited consolidated financial statements of
Denison for the six month period ended June&nbsp;30, 2006, except liabilities and
obligations incurred in the ordinary and regular course of business since June&nbsp;30, 2006
or which liabilities or obligations do not in the aggregate exceed $500,000<B>. </B>There are
reasonable grounds for believing that, based upon the representations of IUC and IUC
Subco contained herein, (i)&nbsp;Denison is, and the corporation resulting from the
amalgamation of Denison and IUC Subco pursuant to the Arrangement will be, able to pay
its liabilities as they become due, (ii)&nbsp;the realizable value of the assets of the
corporation formed pursuant to the Arrangement will not be less than the aggregate of
the liabilities thereof and the stated capital of all classes of shares thereof, and
(iii)&nbsp;no creditor of Denison will be prejudiced by the Arrangement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Books and Records.</U> The corporate records and minute books of Denison
and, other than as disclosed in paragraph 3.01(j) of the Denison Disclosure Letter<B>, </B>the
Denison Subsidiaries, have been maintained in accordance with all applicable Laws and
are complete and accurate in all material respects. Financial books and records and
accounts of Denison and, other than as disclosed in paragraph 3.01(j) of the Denison
Disclosure Letter, the Denison Subsidiaries, (i)&nbsp;have been maintained in accordance
with good business practices on a basis consistent with prior years, (ii)&nbsp;are stated in
reasonable detail and accurately and fairly reflect the transactions and acquisitions
and dispositions of assets of Denison and the Denison Subsidiaries, and (iii)
accurately and fairly reflect the basis for the consolidated financial statements of
Denison. Denison has devised and maintains a system of internal accounting controls
sufficient to provide reasonable</TD>
</TR>

</TABLE>
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
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<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>assurances that, in all material respects (a)
transactions are executed in accordance with the general or specific authorization of
the management of Denison, and (b)&nbsp;transactions are recorded as necessary (i)&nbsp;to permit
preparation of consolidated financial statements in conformity with Canadian GAAP or
any criteria applicable to such consolidated financial statements and (ii)&nbsp;to
maintain accountability for assets and liabilities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Litigation.</U> Except as disclosed in paragraph 3.01(k) of the Denison
Disclosure Letter, there is no claim, action, proceeding or investigation pending or in
progress or, to the knowledge of Denison, threatened against or relating to Denison or
any of the Denison Subsidiaries or affecting any of their respective properties or
assets before any Governmental Entity, which individually or in the aggregate has, or
would have, a Material Adverse Effect on Denison. There is no bankruptcy, liquidation,
winding-up or other similar proceeding pending or in progress, or, to the knowledge of
Denison, threatened against or relating to Denison or any of the Denison Subsidiaries
before any Governmental Entity. Neither Denison nor any of the Denison Subsidiaries,
nor any of their respective properties or assets is subject to any outstanding
judgment, order, writ, injunction or decree that involves or may involve, or restricts
or may restrict, or requires or may require, the expenditure of an amount of money in
the aggregate in excess of $500,000 as a condition to or a necessity for the right or
ability of Denison or the Denison Subsidiaries, as the case may be, to conduct its
respective business in all material respects as it has been carried on prior to the
date hereof, or that would materially impede the consummation of the transactions
contemplated by this Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Title to Properties and Condition of Assets.</U> Except as set forth in
paragraph 3.01(l) of the Denison Disclosure Letter, applying customary standards in the
mining industry, each of Denison and the Denison Subsidiaries has sufficient title to
or valid leasehold interests in its respective property interests or properties to own
or operate such property interests or properties in the ordinary course and consistent
with past practices, free and clear of any title defect or Encumbrance, such properties
being described in paragraph 3.01(l) of the Denison Disclosure Letter except for such
defects in title or Encumbrances that, individually or in the aggregate, do not have,
and would not have a Material Adverse Effect on Denison. Each lease and agreement
granting rights to the property interests and properties is in full force and effect
and constitutes a legal, valid and binding agreement of Denison and the Denison
Subsidiaries, and neither Denison nor the Denison Subsidiaries as parties to each such
lease or agreement is in violation or breach of or default under any such lease or
agreement except such violations, breaches or defaults which, individually, or in the
aggregate, do not and would not have a Material Adverse Effect on Denison. Furthermore,
all real and tangible personal property of each of Denison and the Denison Subsidiaries
is in generally good repair and is operational and usable in the manner in which it is
currently being utilized, subject to normal wear and tear and technical obsolescence,
repair or replacement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Insurance.</U> Denison maintains policies of insurance in amounts and in
respect of such risks as are normal and usual for companies of a similar size operating
in the mining industry and such policies are in full force and effect as of the date
hereof and are listed in paragraph 3.01(m) of the Denison Disclosure Letter.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Environmental.</U> Other than as disclosed in paragraph 3.01(n) of the
Denison Disclosure Letter:</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each of Denison and the Denison Subsidiaries is
and has been in compliance with all applicable Environmental Laws,
except to the extent that a failure to be in such compliance would not
be reasonably likely to have a Material Adverse Effect on Denison;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Denison Properties have not been used to
generate, manufacture, refine, treat, recycle, transport, store,
handle, dispose, transfer, produce or process Hazardous Substances,
except in compliance in all material respects with all Environmental
Laws and except to the extent that such non-compliance would not have a
Material Adverse Effect on Denison. None of Denison, the Denison
Subsidiaries or, to the knowledge of Denison, any other person in
control of any Denison Property has caused or permitted the Release of
any Hazardous Substances at, in, on, under or from any Denison
Property, except in material compliance, individually or in the
aggregate, with all Environmental Laws, and except to the extent that a
failure to be in such compliance would not have a Material Adverse
Effect on Denison. All Hazardous Substances handled, recycled,
disposed of, treated or stored on or off site of the Denison Properties
have been handled, recycled, disposed of, treated and stored in
material compliance with all Environmental Laws except to the extent
that same would not be reasonably likely to have a Material Adverse
Effect on Denison. To the knowledge of Denison, there are no Hazardous
Substances at, in, on, under or migrating from the Denison Properties,
except in material compliance with all Environmental Laws, and except
to the extent that any failures to be in compliance does not and would
not have a Material Adverse Effect on Denison;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the knowledge of Denison, none of Denison,
the Denison Subsidiaries or any other person for whose actions Denison
or a Denison Subsidiary may be partially or wholly liable, has treated
or disposed, or arranged for the treatment or disposal, of any
Hazardous Substances at any location: (i)&nbsp;listed on any list of
hazardous sites or sites requiring Remedial Action issued by any
Governmental Entity; (ii)&nbsp;to the knowledge of Denison, proposed for
listing on any list issued by any Governmental Entity of hazardous
sites or sites requiring Remedial Action, or any similar federal, state
or provincial lists; or (iii)&nbsp;that is the subject of enforcement
actions by any Governmental Entity that creates the reasonable
potential for any proceeding, action, or other claim against Denison or
any of the Denison Subsidiaries. No site or facility now or, to the
knowledge of Denison, previously owned, operated or leased by Denison
or any of the Denison Subsidiaries is listed or, to the knowledge of
Denison, proposed for listing on any list issued by any Governmental
Entity of hazardous sites or sites requiring Remedial Action or is the
subject of Remedial Action;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the knowledge of Denison, none of Denison,
the Denison Subsidiaries or any other person for whose actions Denison
or a Denison Subsidiary may be partially or wholly liable has caused or
permitted the Release of any Hazardous Substances on or to any of the
Denison Properties in such a manner as: (i)&nbsp;would be reasonably likely
to impose Liability for cleanup, natural resource damages, loss of
life, personal injury, nuisance or damage to other property, except to
the extent that such Liability does not and would not have a Material
Adverse Effect on Denison; or (ii)&nbsp;would be reasonably likely to result
in imposition of an Encumbrance or the expropriation of any of the
Denison Properties or the assets of any of Denison or the Denison
Subsidiaries;</TD>
</TR>


</TABLE>
</DIV></DIV>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>none of the Denison Properties has or is
required to have any deed notices or restrictions, institutional
controls, covenants that run with the land or other restrictive
covenants or notices arising under any Environmental Laws, except as
required by license or permit;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>none of Denison or the Denison Subsidiaries has
received any notice, formal or informal, of any proceeding, action or
other claim, Liability or potential Liability arising under any
Environmental Laws, from any person or Governmental Entity related to
any of the Denison Properties which is pending as of the date hereof,
except to the extent same does not and would not have a Material
Adverse Effect on Denison; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Denison has made available to IUC a copy of
all material environmental or occupational health and safety audits,
orders, prosecutions, evaluations, assessments, tests, reports and
studies prepared by third parties that are related to any of the
Denison Properties which are in the possession of Denison or any of the
Denison Subsidiaries.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Operational Matters</U>. Except as does not or would not have a Material
Adverse Effect on Denison:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All rentals, royalties, overriding royalty
interests, production payments, net profits, interest burdens and other
payments due and payable, and obligations (including maintenance
obligations for unpatented mining claims) performable, on or prior to
the date hereof under or with respect to the direct or indirect assets
of Denison or the Denison Subsidiaries have been properly and duly
paid, performed or provided for;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All mines and mining related activities where
Denison or a Denison Subsidiary is operator at the relevant time have
been developed and operated in accordance with good mining practices
and in compliance with all applicable Laws;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All mines located in or on the lands of
Denison or any Denison Subsidiary or lands pooled or unitized
therewith, which have been abandoned by Denison or any Denison
Subsidiary have been developed, managed and abandoned in accordance
with good mining practices and in compliance with all applicable Laws;
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All future abandonment, remediation and
reclamation obligations have been accurately disclosed publicly by
Denison without omission of information that would result in a
Misrepresentation.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Tax Matters.</U> Denison and the Denison Subsidiaries, have filed or
caused to be filed, in a timely manner all Tax Returns required to be filed by them
(all of which Tax Returns were correct and complete in all material respects) and have
paid, collected, withheld or remitted, or caused to be paid, collected, withheld or
remitted, all Taxes that are due and payable, collectible and remittable, except, in
either case where such failure to file or to pay, collect, withhold or remit is
disclosed in paragraph 3.01(p) of the Denison Disclosure Letter and would not have a
Material Adverse Effect on Denison. Denison has provided adequate accruals in
accordance with Canadian GAAP in its most recently published consolidated financial
statements for any Taxes for the period covered by such financial statements which have
not been paid, whether or not shown as being due on any Tax Returns. Since such
publication date, no material liability for Taxes not reflected in such consolidated
financial statements or otherwise </TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provided for has been assessed, proposed to be
assessed, incurred or accrued other than in the ordinary course of business. To the
knowledge of Denison, there are no material proposed (but unassessed) additional Taxes
and none have been asserted by the Canada Revenue Agency or any other taxing authority,
including without limitation, any sales tax authority, in connection with any of the
Tax Returns referred to above, and no waiver of any statute of limitations has been given or
requested with respect to Denison or any of the Denison Subsidiaries. No
lien for Taxes has been filed or exists other than for Taxes not yet due and
payable. Neither Denison nor any affiliate of Denison has taken or agreed to
take any action (without regard to any action taken or agreed to be taken by
IUC or any affiliate of IUC) or knows of any circumstances that would
prevent the Arrangement from qualifying as a reorganization within the
meaning of Section 368(a) of the Code.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Intellectual Property.</U> Neither Denison nor the Denison Subsidiaries
own or license any patents, patent rights, trademarks, trade names, service marks,
copyrights, know how or other proprietary intellectual property rights that are
material to the conduct of the business of Denison and the Denison Subsidiaries other
than such trade names, service marks and/or copyrights as may exist at law or by usage
in respect of their use in the context of the business of Denison.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(r)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Pension and Employee Benefits.</U></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Denison and the Denison Subsidiaries have
complied, in all material respects, with all of the terms of the
pension and other employee compensation and benefit obligations of
Denison and the Denison Subsidiaries, as the case may be, including the
provisions of any collective agreements, funding and investment
contracts or obligations applicable thereto, arising under or relating
to each of the pension or retirement income plans or other employee
compensation or benefit plans, agreements, policies, programs,
arrangements or practices, whether written or oral, which are
maintained by or binding upon Denison or the Denison Subsidiaries, as
the case may be (collectively referred to in this subsection as the
&#147;Denison Plans&#148;) and all Denison Plans maintained by or binding upon
Denison or any of the Denison Subsidiaries are fully funded and in good
standing with such regulatory authorities as may be applicable and no
notice of underfunding, non-compliance, failure to be in good standing
or otherwise has been received by Denison or any of the Denison
Subsidiaries from any such regulatory authority.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No action has been taken, no event has occurred
and no condition or circumstance exists that has resulted in or could
reasonably be expected to result in any Denison Plan maintained by or
binding upon Denison or any of the Denison Subsidiaries, being ordered
or required to be terminated or wound up in whole or in part or having
its registration under applicable legislation refused or revoked, or
being placed under the administration of any trustee or receiver or
regulatory authority.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(s)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Reporting Status.</U> Denison is a reporting issuer or its equivalent in
each of the provinces of Canada. The Denison Common Shares are listed on the TSX.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(t)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Reports.</U> Since March&nbsp;8, 2004, Denison has filed with the Securities
Authorities in each of the provinces of Canada, the TSX, and all applicable
self-regulatory authorities, all forms, reports, schedules, statements, certifications,
material change reports and other documents required to be filed by it (such forms,</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reports, schedules, statements, certifications and other documents, including any
financial statements or other documents, including any schedules included therein, are
referred to in this subsection as the &#147;Denison Documents&#148;). The Denison Documents, at
the time filed or, if amended, as of the date of such amendment (a)&nbsp;did not contain any
Misrepresentation and did not contain an untrue statement of a material fact or omit to
state a material fact necessary in order to make the statements made, in light of the
circumstances under which they were made, not
misleading, and (b)&nbsp;complied in all material respects with the requirements
of applicable securities legislation and the rules, policies and instruments
of all Securities Authorities having jurisdiction over Denison, except where
such non-compliance has not and would not reasonably be expected to have a
Material Adverse Effect on Denison. Denison has not filed any confidential
material change or other report or other document with any Securities
Authorities or stock exchange or other self-regulatory authority which at
the date hereof remains confidential.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(u)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Compliance with Laws.</U> Denison and the Denison Subsidiaries have
complied with all applicable Laws in all material respects and are not in material
violation of any applicable Law.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>No Cease Trade.</U> Denison is not subject to any cease trade or other
order of any applicable stock exchange or Securities Authority and, to the knowledge of
Denison, no investigation or other proceedings involving Denison which may operate to
prevent or restrict trading of any securities of Denison or affect the ability of the
parties hereto to complete the Arrangement are currently in progress or pending before
any applicable stock exchange or Securities Authority.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(w)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>No Option on Assets.</U> No person has any agreement or option or any
right or privilege capable of becoming an agreement or option for the purchase from
Denison or the Denison Subsidiaries of any of the material assets of Denison or any of
the Denison Subsidiaries, other than as described in paragraph 3.01(w) of the Denison
Disclosure Letter.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Certain Contracts.</U> Other than as set out in paragraph 3.01(x) of the
Denison Disclosure Letter, neither Denison nor any of the Denison Subsidiaries is a
party to or bound by any non-competition agreement or any other agreement, obligation,
judgment, injunction, order or decree which purports to (i)&nbsp;limit the manner or the
localities in which all or any material portion of the business of Denison or the
Denison Subsidiaries are conducted, (ii)&nbsp;limit any business practice of Denison or any
Denison Subsidiary in any material respect, or (iii)&nbsp;restrict any acquisition or
disposition of any property by Denison or any Denison Subsidiary in any material
respect.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(y)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Place of Principal Offices.</U> The principal offices of Denison are not
located within the United States.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(z)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Foreign Private Issuer.</U> As of the date hereof, Denison is a &#147;foreign
private issuer&#148; as defined in Rule&nbsp;405 under the 1933 Act and 3b-4 under the 1934 Act.
Denison has no class of securities registered under Section&nbsp;12 of the 1934 Act, is not
required to register any of its securities under the 1934 Act (other than as disclosed
in paragraph 3.01(z) of the Denison Disclosure Letter) and is not required to file
reports with the SEC under Section 15(d) of the 1934 Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(aa)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Investment Company Status.</U> Denison is not an &#147;investment company&#148; and
is not &#147;controlled&#148; by an investment company, with the meaning of the 1940 Act.</TD>
</TR>

</TABLE>
</DIV>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">23
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(bb)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Full Disclosure.</U> Denison has made available to IUC all material
information, including financial, operational and other information, in respect of
Denison and the Denison Subsidiaries and all such information as made available to IUC
and IUC Subco is true and correct in all material respects and no material fact or
facts have been omitted therefrom which would make such information misleading.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(cc)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>No Broker&#146;s Commission.</U> Denison has not entered into any agreement
that would entitle any person to any valid claim against Denison for a broker&#146;s
commission, finder&#146;s fee or any like payment in respect of the Arrangement or any other
matter contemplated by this Agreement, except for the fees disclosed in paragraph
3.01(cc) of the Denison Disclosure Letter.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(dd)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Investment Canada.</U> Denison is not a &#147;non-Canadian&#148; within the meaning
of the <I>Investment Canada Act </I>(Canada).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ee)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Location of Assets and U.S. Sales</U>. Denison, together with all entities
controlled (as defined in 16 C.F.R. &#167; 801.1(b)) by it (a)&nbsp;did not for the fiscal year
ended December&nbsp;31, 2005 have aggregate sales in or into the United States of US$56.7
million or more, or (b)&nbsp;does not, as of the Effective Time will not hold assets located
in the United States having an aggregate total value of US$56.7&nbsp;million (this
representation and warranty being made solely for the purpose of determining the
applicability of the notification provisions of the <I>Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as amended</I>, of the United States of America to the
transactions contemplated by this Agreement).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;3.02 Representations and Warranties of IUC and IUC Subco</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of IUC and IUC Subco hereby represents and warrants to Denison, and hereby acknowledges
that Denison is relying upon such representations and warranties in connection with entering into
this Agreement and agreeing to complete the Arrangement, as follows:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Organization.</U> IUC and each of the IUC Subsidiaries has been
incorporated or formed, is validly subsisting and has full corporate and legal power
and authority to own its property and assets and to conduct its business as currently
owned and conducted. IUC and each of the IUC Subsidiaries is registered, licensed or
otherwise qualified as an extra-provincial corporation or a foreign corporation in each
jurisdiction where the nature of the business or the location or character of the
property and assets owned or leased by it requires it to be so registered, licensed or
otherwise qualified, except where the lack of such registration, licensing or
qualification would not have a Material Adverse Effect on IUC. All of
the outstanding shares or ownership interests of the IUC Subsidiaries are validly issued, fully paid
and non-assessable. All of the outstanding shares or ownership interests of the IUC
Subsidiaries are owned directly or indirectly by IUC. Except pursuant to restrictions
on transfer contained in the articles or by-laws (or their equivalent) of the
applicable IUC Subsidiary, the outstanding shares or ownership interests of each IUC
Subsidiary owned by IUC or an IUC Subsidiary are owned free and clear of all
Encumbrances and neither IUC nor any of the IUC Subsidiaries is liable to any creditor
in respect thereof. There are no outstanding options, rights, entitlements,
understandings or commitments (contingent or otherwise) regarding the right to acquire
any issued or unissued securities of any of the IUC Subsidiaries from either IUC or any
of the IUC Subsidiaries. IUC Subco was incorporated for the purpose of completing the
Arrangement and has carried on no other business.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Capitalization.</U> IUC is authorized to issue an unlimited number of IUC
Common Shares. As at September&nbsp;18, 2006 there were 88,472,066 IUC Common Shares</TD>
</TR>

</TABLE>
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">and an
aggregate of 2,158,000 IUC Common Shares were set aside for issue under the IUC
Options. The IUC Options are disclosed in paragraph 3.02(b) of the IUC Disclosure
Letter. Except for the IUC Options and except pursuant to this Agreement and the
transactions contemplated hereby and as set out in paragraph 3.02(b) of the IUC
Disclosure Letter, as of the date hereof, there are no options,
warrants, conversion privileges or other rights, agreements, arrangements or
commitments (pre-emptive, contingent or otherwise) obligating IUC or any of
the IUC Subsidiaries to issue or sell any shares of IUC or any of the IUC
Subsidiaries or any securities or obligations of any kind convertible into
or exchangeable for any shares of IUC or any of the IUC Subsidiaries. All
outstanding IUC Common Shares have been duly authorized and are validly
issued and outstanding as fully paid and non-assessable shares, free of
pre-emptive rights. There are no outstanding bonds, debentures or other
evidences of indebtedness of IUC or any of the IUC Subsidiaries having the
right to vote with the IUC Shareholders on any matter. There are no
outstanding contractual obligations of IUC or of any of the IUC Subsidiaries
to repurchase, redeem or otherwise acquire any outstanding IUC Common Shares
or with respect to the voting or disposition of any outstanding IUC Common
Shares.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Authority, Enforceability and No Conflicts.</U> Each of IUC and IUC Subco
has the necessary power, authority and capacity to enter into this Agreement and all
other agreements and instruments to be executed by IUC and IUC Subco as contemplated by
this Agreement, and to perform its obligations hereunder and under such other
agreements and instruments. The execution and delivery of this Agreement by IUC and IUC
Subco and the completion by IUC and IUC Subco of the transactions contemplated by this
Agreement have been authorized by the directors of IUC and IUC Subco, respectively, and
no other corporate proceedings on the part of IUC or IUC Subco are necessary to
authorize this Agreement or to complete the transactions contemplated hereby save and
except that IUC shall be seeking shareholder approval in respect of the issuance of a
maximum of 102,000,000 IUC Common Shares pursuant to the Arrangement and the change of
name of IUC to &#147;Denison Mines Ltd.&#148; or such other name containing the word &#147;Denison&#148; as
may be approved by the directors of each of IUC and Denison (the &#147;IUC Shareholder
Approval Matters&#148;). This Agreement has been executed and delivered by each of IUC and
IUC Subco and constitutes a legal, valid and binding obligation of each of IUC and IUC
Subco, enforceable against IUC and IUC Subco in accordance with its terms, subject to
bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium and other
applicable Laws relating to or affecting creditors&#146; rights generally, and to general
principles of equity. The execution and delivery by IUC and IUC Subco of this
Agreement and the performance by them of their respective obligations hereunder and the
completion of the transactions contemplated hereby, do not and will not:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>result in a violation, contravention or breach
of, require any consent to be obtained under or give rise to any
termination rights under any provision of,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the articles or by-laws (or their
equivalent) of IUC or any of the IUC Subsidiaries,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Law applicable to IUC or any
of the IUC Subsidiaries, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any contract, agreement, licence
or permit to which IUC or any of the IUC Subsidiaries is bound
or is subject or of which IUC or any IUC Subsidiary is the
beneficiary;</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>give rise to any right of termination or
acceleration of indebtedness, or cause any indebtedness owing by IUC or
any of the IUC Subsidiaries to come due before its stated maturity or
cause any of its available credit to cease to be available;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>result in the imposition of any Encumbrance
upon any of the property or assets of IUC or any of the IUC
Subsidiaries or restrict, hinder, impair or limit the ability of IUC or
any of the IUC Subsidiaries to conduct the business of IUC or any of
the IUC Subsidiaries as and where it is now being conducted; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>result in any payment (including severance,
unemployment compensation, golden parachute, bonus or otherwise)
becoming due to any director or officer of IUC or any IUC Material
Subsidiary or increase any benefits otherwise payable under any pension
or benefits plan of IUC or any IUC Subsidiary or result in the
acceleration of the time of payment or vesting of any such benefits;</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">which would, individually or in the aggregate, have a Material Adverse
Effect on IUC. Other than as disclosed in paragraph 3.02(c) of the IUC
Disclosure Letter, no consent, approval, order or authorization of, or
declaration or filing with, any Governmental Entity or other person is
required to be obtained by IUC or any of the IUC Subsidiaries in connection
with the execution and delivery of this Agreement or the consummation by IUC
and IUC Subco of the transactions contemplated hereby other than (i)&nbsp;any
approvals required by the Interim Order, (ii)&nbsp;the approval of the IUC
Shareholder Approval Matters; (iii)&nbsp;any approvals required by the Final
Order, (iv)&nbsp;filings required under the OBCA, in the case of IUC Subco and
IUC in connection with the change of name of IUC to change the name of IUC
to &#147;Denison Mines Ltd.&#148; or such other name containing the word &#147;Denison&#148; as
may be approved by the directors of each of IUC and Denison, and filings
with and approvals required by the Securities Authorities and stock
exchanges, (iv)&nbsp;Competition Act Approval, if required, (v)&nbsp;all allowances or
approvals or deemed allowances or approvals by the responsible Minister
under the Investment Canada Act to the extent such allowances or approvals
are required, (vi)&nbsp;any filings or approvals required under the
<I>Hart-Scott-Rodino Antitrust Improvements Act of 1976</I>, <I>as amended</I>, of the
United States of America, if required, (vii)&nbsp;any notices that may be given
by IUC on a voluntary basis under the Exon Florio provision of the <I>Defense
Production Act</I>, of the United States of America; and (viii)&nbsp;any other
consents, approvals, orders, authorizations, declarations or filings which,
if not obtained, would not, individually or in the aggregate, have a
Material Adverse Effect on IUC.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Directors&#146; Approvals.</U> The board of directors of IUC have unanimously:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>recommended that the IUC Shareholders vote in
favour of the IUC Shareholder Approval Matters; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>authorized the entering into of this Agreement
and the performance of its provisions, by IUC;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>IUC Material Subsidiaries.</U> As of the date hereof, the only
Subsidiaries of IUC that are material to the conduct of business of IUC and the IUC
Subsidiaries (taken as a whole) are the IUC Material Subsidiaries and IUC does not own
a direct or indirect interest in any other corporation or entity other than as
disclosed in paragraph 3.02(e) of the IUC Disclosure Letter.</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>No Defaults.</U> Paragraph&nbsp;3.02(f) of the IUC Disclosure Letter provides a
list of, and Denison has been provided with a true and complete copy of, all contracts,
agreements and licences material to the conduct of the business of IUC or any of the
IUC Subsidiaries (taken as a whole) that if breached or in default would or
could reasonably be expected to have a Material Adverse Effect on IUC
(collectively, the &#147;IUC Material Contracts&#148;) and there are no current or
pending negotiations with respect to the renewal, termination or amendment
of any such IUC Material Contracts. Neither IUC nor any of the IUC
Subsidiaries is in default under, and there exists no event, condition or
occurrence which, after notice or lapse of time or both, would constitute
such a default by IUC or the IUC Subsidiaries or to the knowledge of IUC,
any other party thereto, under any IUC Material Contract.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Absence of Changes.</U> Since September&nbsp;30, 2005 except as disclosed by
IUC in the IUC Documents as of the date hereof or in paragraph 3.02(g) of the IUC
Disclosure Letter:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IUC and each of the IUC Subsidiaries has
conducted its business only in the ordinary and regular course of
business consistent with past practice;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>neither IUC nor any of the IUC Subsidiaries has
incurred or suffered an event that would be a Material Adverse Change
to IUC;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there has not been any acquisition or sale by
IUC or any of the IUC Subsidiaries of any material property or assets
thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other than as disclosed in paragraph
3.02(g)(iv) of the IUC Disclosure Letter, there has not been any
incurrence, assumption or guarantee by IUC or any of the IUC
Subsidiaries of any debt for borrowed money, any creation or assumption
by IUC or any of the IUC Subsidiaries of any Encumbrance, any making by
IUC or any of the IUC Subsidiaries, of any loan, advance or capital
contribution to or investment in any other person (other than (a)&nbsp;loans
and advances in an aggregate amount which does not exceed $500,000
outstanding at any time, and (b)&nbsp;loans made to other IUC Subsidiaries)
or any entering into, amendment of, relinquishment, termination or
non-renewal by IUC or any of the IUC Subsidiaries of any contract,
agreement, licence, lease transaction, commitment or other right or
obligation which would, individually or in the aggregate, have a
Material Adverse Effect on IUC;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IUC has not declared or paid any dividends or
made any other distribution on any of the IUC Common Shares;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IUC has not effected or passed any resolution
to approve a split, consolidation or reclassification of any of the
outstanding IUC Common Shares;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other than in the ordinary and regular course
of business consistent with past practice, there has not been any
material increase in or modification of the compensation payable to or
to become payable by IUC or any of the IUC Subsidiaries to any of their
respective directors, officers, employees or consultants or any grant
to any such director, officer, employee or consultant of any increase
in severance or termination pay or any increase or modification of any
bonus, pension, insurance or benefit arrangement (including without
limitation, the granting of IUC</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Options pursuant to the IUC Share
Option Plan) made to, for or with any of such directors or officers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IUC has not effected any material change in its accounting methods,
principles or practices; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IUC has not adopted any, or materially amended
any, collective bargaining agreement, bonus, pension, profit sharing,
stock purchase, stock option or other benefit plan or shareholder
rights plan.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Employment Agreements.</U> Other than as disclosed in paragraph 3.02(h) of
the IUC Disclosure Letter:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>neither IUC nor any of the IUC Subsidiaries is
a party to any written or oral policy, agreement, obligation or
understanding providing for severance or termination payments to, or
any employment agreement with, any director or officer of IUC or any of
the IUC Subsidiaries which cannot be terminated without payment of a
maximum of six times such individuals&#146; monthly salary;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>neither IUC nor any of the IUC Subsidiaries has
any employee or consultant whose employment or contract with IUC or the
IUC Subsidiary, respectively, cannot be terminated without payment upon
a maximum of six months&#146; notice; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>neither IUC nor any of the IUC Subsidiaries
(a)&nbsp;is a party to any collective bargaining agreement, (b)&nbsp;is, to the
knowledge of IUC, subject to any application for certification or
threatened or apparent union-organizing campaigns for employees not
covered under a collective bargaining agreement, or (c)&nbsp;is subject to
any current, or to the knowledge of IUC, pending or threatened strike
or lockout.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Financial Matters.</U> The audited consolidated balance sheets, audited
consolidated statements of operations, deficit and cash flows of IUC for the financial
years ended September&nbsp;30, 2005 and September&nbsp;30, 2004 and the nine month (unaudited)
period ended June&nbsp;30, 2006 were prepared in accordance with Canadian GAAP consistently
applied, and fairly present in all material respects the consolidated financial
condition of IUC at the respective dates indicated and the results of operations of IUC
for the periods covered on a consolidated basis and reflect adequate provision for the
liabilities of IUC on a consolidated basis in accordance with Canadian GAAP. As of the
date hereof, neither IUC nor any of the IUC Subsidiaries has any liability or
obligation (including without limitation, liabilities or obligations to fund any
operations or work or exploration program to give any guarantees or for Taxes), whether
accrued, absolute, contingent or otherwise, not reflected in the unaudited consolidated
financial statements of IUC for the nine month period ended June&nbsp;30, 2006, except
liabilities and obligations incurred in the ordinary and regular course of business
since June&nbsp;30, 2006 or which liabilities or obligations do not in the aggregate exceed
$500,000. There are reasonable grounds for believing that, based upon the
representations of Denison contained herein (i)&nbsp;IUC is, and the corporation resulting
from the amalgamation of Denison and IUC Subco pursuant to the Arrangement will be,
able to pay its liabilities as they become due, and (ii)&nbsp;the realizable value of the
assets of the corporation formed pursuant to the Arrangement will not be less than the
aggregate of the liabilities thereof and the stated capital of all classes of shares
thereof.</TD>
</TR>

</TABLE>
</DIV></DIV>
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</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Books and Records.</U> The corporate records and minute books of IUC and
other than as disclosed in paragraph 3.02(j) of the IUC Disclosure Letter, the IUC
Subsidiaries, have been maintained in accordance with all applicable Laws
and are complete and accurate in all material respects. Financial books and
records and accounts of IUC and the IUC Material Subsidiaries in all
material respects (i)&nbsp;have been maintained in accordance with good business
practices on a basis consistent with prior years, (ii)&nbsp;are stated in
reasonable detail and accurately and fairly reflect the transactions and
acquisitions and dispositions of assets of IUC and the IUC Material
Subsidiaries, and (iii)&nbsp;accurately and fairly reflect the basis for the
consolidated financial statements of IUC. IUC has devised and maintains a
system of internal accounting controls sufficient to provide reasonable
assurances that, in all material respects (a)&nbsp;transactions are executed in
accordance with the general or specific authorization of the management of
IUC and (b)&nbsp;transactions are recorded as necessary (i)&nbsp;to permit preparation
of consolidated financial statements in conformity with Canadian GAAP or any
criteria applicable to such consolidated financial statements and (ii)&nbsp;to
maintain accountability for assets and liabilities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Litigation.</U> Other than as disclosed in paragraph 3.02(k) of the IUC
Disclosure Letter, there is no claim, action, proceeding or investigation pending or in
progress or, to the knowledge of IUC, threatened against or relating to IUC or any of
the IUC Subsidiaries or affecting any of their respective properties or assets before
any Governmental Entity which, individually or in the aggregate, has, or would have, a
Material Adverse Effect on IUC. There is no bankruptcy, liquidation, winding-up or
other similar proceeding pending or in progress, or, to the knowledge of IUC,
threatened against or relating to IUC or any of the IUC Subsidiaries before any
Governmental Entity. Neither IUC nor any of the IUC Subsidiaries, nor any of their
respective properties or assets is subject to any outstanding judgment, order, writ,
injunction or decree that involves or may involve, or restricts or may restrict, or
requires or may require, the expenditure of an amount of money in the aggregate in
excess of $500,000 as a condition to or a necessity for the right or ability of IUC or
the IUC Subsidiaries, as the case may be, to conduct its respective business in all
material respects as it has been carried on prior to the date hereof, or that would
materially impede the consummation of the transactions contemplated by this Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Title to Properties and Condition of Assets.</U> Except as set forth in
paragraph 3.02 (l)&nbsp;of the IUC Disclosure Letter, applying customary standards in the
mining industry, each of IUC and the IUC Material Subsidiaries has sufficient title to
or valid leasehold interests in its respective property interests or properties to own
or operate such property interests or properties in the ordinary course and consistent
with past practices, free and clear of any title defect or Encumbrance, such properties
being disclosed in paragraph 3.02(l) of the IUC Disclosure Letter except for such
defects in title or Encumbrances that, individually or in the aggregate, do not have,
and would not have, a Material Adverse Effect on IUC. Each lease and agreement
granting rights to the property interests and properties is in full force and effect
and constitutes a legal, valid and binding agreement of IUC and the IUC Material
Subsidiaries, and neither IUC nor the IUC Material Subsidiaries as parties to each such
lease or agreement is in violation or breach of or default under any such lease or
agreement except such violations, breaches or defaults which, individually, or in the
aggregate, do not and would not have a Material Adverse Effect on IUC. Furthermore,
all real and tangible personal property of each of IUC and the IUC Subsidiaries is in
generally good repair and is operational and usable in the manner in which it is
currently being utilized, subject to normal wear and tear and technical obsolescence,
repair or replacement.</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Insurance.</U> IUC maintains policies of insurance in amounts and in
respect of such risks as are normal and usual for companies of a similar size operating
in the
mining industry and such policies are in full force and effect as of the
date hereof and are listed in paragraph 3.02(m) of the IUC Disclosure
Letter.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Environmental. </U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Other than as disclosed in paragraph 3.02(n) of the IUC Disclosure Letter:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each of IUC and the IUC Subsidiaries has
operated in material compliance with all applicable Environmental Laws,
except to the extent that a failure to be in such compliance would not
be reasonably likely to have a Material Adverse Effect on IUC;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the IUC Properties have not been used to
generate, manufacture, refine, treat, recycle, transport, store,
handle, dispose, transfer, produce or process Hazardous Substances,
except in compliance in all material respects with all Environmental
Laws and except to the extent that such non-compliance would not have a
Material Adverse Effect on IUC. None of IUC, the IUC Subsidiaries or,
to the knowledge of IUC, any other person in control of any IUC
Property has caused or permitted the Release of any Hazardous
Substances at, in, on, under or from any IUC Property, except in
material compliance, individually or in the aggregate, with all
Environmental Laws and except to the extent that such failure would not
have a Material Adverse Effect on IUC. All Hazardous Substances
handled, recycled, disposed of, treated or stored on or off site of the
IUC Properties have been handled, recycled, disposed of, treated and
stored in material compliance with all Environmental Laws, except to
the extent that same would not be reasonably likely to have a Material
Adverse Effect on IUC. To the knowledge of IUC, there are no Hazardous
Substances at, in, on, under or migrating from the IUC Properties,
except in material compliance with all Environmental Laws and except to
the extent that any failures to be in compliance does not and would not
have a Material Adverse Effect on IUC;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to the knowledge of IUC, none of IUC, the IUC
Subsidiaries or any other person for whose actions IUC or an IUC
Subsidiary may be partially or wholly liable has caused or permitted
the Release of any Hazardous Substances on or to any of the IUC
Properties in such a manner as: (i)&nbsp;would be reasonably likely to
impose Liability for cleanup, natural resource damages, loss of life,
personal injury, nuisance or damage to other property, except to the
extent that such Liability would not have a Material Adverse Effect on
IUC; or (ii)&nbsp;would be reasonably likely to result in imposition of a
lien, charge or other encumbrance or the expropriation of any of the
IUC Properties or the assets of any of IUC or the IUC Subsidiaries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to the knowledge of IUC, none of IUC, the IUC
Subsidiaries or any other person for whose actions IUC or an IUC
Subsidiary may be partially or wholly liable, has caused or permitted
the Release of any Hazardous Substances on or to any of the IUC
Properties in such a manner as (i)&nbsp;would be reasonably likely to impose
Liability for clean up, natural resource damages, loss of life,
personal injury, nuisance or damage to other property, except to the
extent that such Liability does not and would not have a Material
Adverse Effect on IUC; or (ii)&nbsp;would be reasonably likely to result in
imposition of an Encumbrance or the expropriation of</TD>
</TR>

</TABLE>
</DIV></DIV>
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any of the Icelane
Properties or the assets of any of IUC or the IUC Subsidiaries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>none of the IUC Properties has or is required
to have any deed notices or restrictions, institutional controls,
covenants that run with the land or other restrictive covenants or
notices arising under any Environmental Laws, except as required by
license or permit;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>none of IUC or the IUC Subsidiaries has
received any notice, formal or informal, of any proceeding, action or
other claim, Liability or potential Liability arising under any
Environmental Laws, from any person or Governmental Entity related to
any of the IUC Properties which is pending as of the date hereof,
except to the extent same, individually or in the aggregate, does not
and would not have a Material Adverse Effect on IUC;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IUC has made available to Denison a copy of
all material environmental or occupational health and safety audits,
orders, prosecutions, evaluations, assessments, tests, reports and
studies prepared by third parties that are related to any of the IUC
Properties which are in the possession of IUC or any of the IUC
Subsidiaries.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Operational Matters</U>. Except as does not and would not have a Material
Adverse Effect on IUC:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All rentals, royalties, overriding royalty
interests, production payments net profits, interest burdens and other
payments due and payable, and obligations (including maintenance
obligations for unpatented mining claims) performable, on or prior to
the date hereof under or with respect to the direct or indirect assets
of IUC or the IUC Subsidiaries have been properly and duly paid,
performed or provided for;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All mines and mining related activities where
IUC or an IUC Subsidiary is operator at the relevant time have been
developed and operated in accordance with good mining practices and in
compliance with all applicable Laws;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All mines located in or on the lands of IUC or
any IUC Subsidiary or lands pooled or unitized therewith, which have
been abandoned by IUC or any IUC Subsidiary have been developed,
managed and abandoned in accordance with good mining practices and in
compliance with all applicable Laws; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All future abandonment, remediation and
reclamation obligations have been accurately disclosed publicly by IUC
without omission of information that would result in a
Misrepresentation.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Tax Matters.</U> IUC and the IUC Material Subsidiaries have filed or
caused to be filed, in a timely manner all Tax Returns required to be filed by them
(all of which Tax Returns were correct and complete in all material respects) and have
paid, collected, withheld or remitted, or caused to be paid, collected, withheld or
remitted, all Taxes that are due and payable, collectible and remittable, except, in
either case where such failure to file or to pay, collect, withhold or remit would not
have a Material Adverse Effect on IUC. IUC has provided adequate accruals in accordance
with Canadian GAAP in its most recently published consolidated financial statements for
any Taxes for the period covered by such financial</TD>
</TR>

</TABLE>
</DIV></DIV>
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements which have not been paid,
whether or not shown as being due on any Tax Returns. Since such publication date, no
material liability for Taxes not reflected in such consolidated financial statements or
otherwise provided for has been assessed, proposed to be assessed, incurred or accrued
other than in the
ordinary course of business. To the knowledge of IUC, there are no material
proposed (but unassessed) additional Taxes and none have been asserted by
the Canada Revenue Agency or any other taxing authority, including, without
limitation, any sales tax authority, in connection with any of the Tax
Returns referred to above, and no waiver of any statute of limitations has
been given or requested with respect to IUC or any of the IUC Subsidiaries.
No lien for Taxes has been filed or exists other than for Taxes not yet due
and payable. Neither IUC nor any affiliate of IUC has taken or agreed to
take any action (without regard to any action taken or agreed to be taken by
Denison or any affiliate of Denison) or knows of any circumstances that
would prevent the Arrangement from qualifying as a reorganization within the
meaning of Section 368(a) of the Code.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Intellectual Property.</U> Neither IUC nor the IUC Subsidiaries own or
license any patents, patent rights, trademarks, trade names, service marks, copyrights,
know how or other proprietary intellectual property rights that are material to the
conduct of the business of IUC and the IUC Subsidiaries other than such trade names,
service marks and/or copyrights as may exist at law or by usage in respect of their use
in the context of the business of IUC.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(r)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Pension and Employee Benefits.</U></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IUC and the IUC Subsidiaries have complied, in
all material respects, with all of the terms of the pension and other
employee compensation and benefit obligations of IUC and the IUC
Subsidiaries, as the case may be, including the provisions of any
collective agreements, funding and investment contracts or obligations
applicable thereto, arising under or relating to each of the pension or
retirement income plans or other employee compensation or benefit
plans, agreements, policies, programs, arrangements or practices,
whether written or oral, which are maintained by or binding upon IUC or
the IUC Subsidiaries, as the case may be (collectively referred to in
this subsection as the &#147;IUC Plans&#148;) and all IUC Plans maintained by or
binding upon IUC or any of the IUC Subsidiaries are fully funded and in
good standing with such regulatory authorities as may be applicable and
no notice of underfunding, non-compliance, failure to be in good
standing or otherwise has been received by IUC or any of the IUC
Subsidiaries from any such regulatory authority.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No action has been taken, no event has occurred
and no condition or circumstance exists that has resulted in or could
reasonably be expected to result in any IUC Plan maintained by or
binding upon IUC or any of the IUC Subsidiaries, being ordered or
required to be terminated or wound up in whole or in part or having its
registration under applicable legislation refused or revoked, or being
placed under the administration of any trustee or receiver or
regulatory authority.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IUC and the IUC Subsidiaries have complied,
and currently are in compliance with, the applicable provisions of the
Employee Retirement Income Security Act of 1974, as amended (&#147;ERISA&#148;),
the Code and all other applicable laws with respect to each IUC Plan
(whether or not subject to ERISA) maintained by IUC or any of the IUC
Subsidiaries for the benefit of any United States employee, former
employee,</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->32<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>independent contractor or director of IUC or any of the IUC
Subsidiaries (including, without limitation, any employment agreements
or any pension, savings, profit-sharing, bonus, medical, insurance,
disability, severance, executive compensation, fringe benefit,
incentive, stock option, performance pay, loan or loan guarantee, plant
closing, change of control, equity-based or
deferred compensation plans), except where such non-compliance has
not given and would not give rise to a Material Adverse Effect.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each IUC Plan intended to qualify under Section
401 of the Code has received a determination letter from the IRS to the
effect that it is so qualified and each trust maintained pursuant
thereto is exempt from federal income taxation under Section&nbsp;501 of the
Code, and nothing has occurred with respect to the operation of such
IUC Plans that would cause the loss of such qualification or exemption
or the imposition of any liability, penalty or tax under ERISA or the
Code,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Neither IUC nor any of the IUC Subsidiaries,
nor any ERISA Affiliate of IUC has maintained, adopted or established,
contributed or been required to contribute to, or otherwise
participated in or been required to participate in, any employee
benefit plan or other program or arrangement subject to Title IV of
ERISA (including without limitation, a Multi-Employer Plan) or any plan
otherwise subject to the minimum funding standards of Section&nbsp;302 of
ERISA or Section&nbsp;412 of the Code (a &#147;Title IV Plan&#148;). &#147;ERISA Affiliate&#148;
shall mean any other entity that, together with IUC would be treated as
a single employer under Section&nbsp;414 of the Code. Neither IUC nor any of
the IUC Affiliates has any liability (contingent or otherwise) under
Section&nbsp;4069 of ERISA by reason of a transfer of an underfunded Title
IV Plan.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(s)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Reporting Status.</U> IUC is a reporting issuer in the province of
Ontario. The IUC Common Shares are listed on the TSX.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(t)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Reports.</U> (i)&nbsp;Since January&nbsp;1, 2004, IUC has filed with the Securities
Authorities in Ontario, the TSX, and all applicable self-regulatory authorities, all
forms, reports, schedules, statements, certifications, material change reports and
other documents required to be filed by it (such forms, reports, schedules, statements,
certifications and other documents, including any financial statements or other
documents, including any schedules included therein, are referred to in this subsection
as the &#147;IUC Documents&#148;). The IUC Documents, at the time filed or, if amended, as of the
date of such amendment (a)&nbsp;did not contain any Misrepresentation and did not contain an
untrue statement of a material fact or omit to state a material fact necessary in order
to make the statements made, in light of the circumstances under which they were made,
not misleading, and (b)&nbsp;complied in all material respects with the requirements of
applicable securities legislation and the rules, policies and instruments of all
Securities Authorities having jurisdiction over IUC, except where such non-compliance
has not and would not reasonably be expected to have a Material Adverse Effect on IUC.
IUC has not filed any confidential material change or other report or other document
with any Securities Authorities or stock exchange or other self-regulatory authority
which at the date hereof remains confidential.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The IUC Common Shares are registered under Section 12(g) of the 1934
Act, and IUC has filed with the SEC all of its reports and other documents
required to be filed by IUC with or furnished by IUC to the SEC pursuant to
the 1934 Act since October&nbsp;1, 2003 (collectively, the &#147;IUC SEC Documents&#148;).
Each of the IUC</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->33<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>SEC Documents, at the time filed or furnished or, if
amended, as of the date of such amendment, complied in all material respects
with the requirements of the 1934 Act and the rules and regulations of the
SEC thereunder and did not contain any untrue statement of a material fact
or omit to state any material fact required to be stated therein or
necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(u)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Compliance with Laws.</U> IUC and the IUC Material Subsidiaries have
complied with all applicable Laws in all material respects and are not in material
violation of any applicable Law.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>No Cease Trade.</U> IUC is not subject to any cease trade or other order
of any applicable stock exchange or Securities Authority and, to the knowledge of IUC,
no investigation or other proceedings involving IUC which may operate to prevent or
restrict trading of any securities of IUC or affect the ability of the parties hereto
to complete the Arrangement are currently in progress or pending before any applicable
stock exchange or Securities Authority.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(w)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>No Option on Assets.</U> No person has any agreement or option or any
right or privilege capable of becoming an agreement or option for the purchase from IUC
or the IUC Material Subsidiaries of any of the material assets of IUC or any of the IUC
Material Subsidiaries.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Certain Contracts.</U> Other than as set out in paragraph 3.02(x) of the
IUC Disclosure Letter, neither IUC nor any of the IUC Subsidiaries is a party to or
bound by any non-competition agreement or any other agreement, obligation, judgment,
injunction, order or decree which purports to (i)&nbsp;limit the manner or the localities in
which all or any material portion of the business of IUC or the IUC Subsidiaries are
conducted, (ii)&nbsp;limit any business practice of IUC or any IUC Subsidiary in any
material respect, or (iii)&nbsp;restrict any acquisition or disposition of any property by
IUC or any IUC Subsidiary in any material respect.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(y)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Location of Assets and U.S. Sales.</U> IUC is its own &#147;ultimate parent
entity&#148; (as defined in 16 C.F.R. &#167; 801.1(a)(3)) and IUC, together with all entities
controlled (as defined in 16 C.F.R. &#167; 801.1(b)) by it (a)&nbsp;did not for the fiscal year
ended September&nbsp;30, 2005 have aggregate sales in or into the United States of US$56.7
million or more, or (b)&nbsp;does not, and as of the Effective Time will not, hold assets
located in the United States having an aggregate total value of US$56.7&nbsp;million, (this
representation and warranty being made solely for the purpose of determining the
applicability of the notification provisions of the <I>Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as amended</I>, of the United States of America to the
transactions contemplated by this Agreement).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(z)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Foreign Private Issuer.</U> As of the date hereof, IUC is a &#147;foreign
private issuer&#148; as defined in Rule&nbsp;405 under the 1933 Act and Rule&nbsp;3b-4 under the 1934
Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(aa)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Investment Company Status.</U> IUC is not an &#147;investment company&#148; and is
not &#147;controlled&#148; by an investment company, within the meaning of the 1940 Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(bb)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Full Disclosure.</U> IUC has made available to Denison all material
information, including financial, operational and other information, in respect of IUC
and the IUC Subsidiaries and all such information as made available to IUC and IUC
Subco is true and correct in all material respects and no material fact or facts have
been omitted therefrom which would make such information misleading.</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->34<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(cc)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>No Broker&#146;s Commission.</U> IUC has not entered into any agreement that
would entitle any person to any valid claim against IUC for a broker&#146;s commission,
finder&#146;s fee or any like payment in respect of the Arrangement or any other matter
contemplated by this Agreement, except for the fees disclosed in paragraph 3.02(cc) of
the IUC Disclosure Letter.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(dd)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Investment Canada.</U> IUC is not a &#147;non-Canadian&#148; within the meaning of
the <I>Investment Canada Act </I>(Canada).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ee)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Shares.</U> The IUC Common Shares to be issued pursuant to the Arrangement
will, upon issue, be issued as fully paid and non-assessable shares.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ff)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>IUC Subco</U>. Since the date of its incorporation, IUC Subco has carried
on no business, acquired no properties, entered into no agreements other than this
Agreement and has assumed or become subject to no obligations or Liabilities other than
those obligations and Liabilities relating to this Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(gg)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Internal Control Procedures.</U> IUC maintains a system of internal
controls over financial reporting that complies with the requirements therefor set
forth under the 1934 Act and the regulation of the SEC thereunder. IUC has established
and maintains disclosure controls and procedures (as defined in Rule&nbsp;13(a)-15(c) under
the 1934 Act). IUC has disclosed in its annual report on Form 20-F for the fiscal year
ended September&nbsp;30, 2005 any change in IUC&#146;s internal control over financial reporting
that occurred during the fiscal year ended September&nbsp;30, 2005 that materially affected,
or was reasonably likely to materially affect, IUC&#146;s internal control over financial
reporting for the fiscal year ended September&nbsp;30, 2005. IUC&#146;s principal executive
officer and principal financial officer have disclosed, based on their evaluation of
internal control over financial reporting for the fiscal year ended September&nbsp;30, 2005,
to IUC&#146;s auditors and the audit committee of IUC&#146;s board of directors; (A)&nbsp;all
significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which were reasonably likely to adversely affect IUC&#146;s
ability to record, process, summarize and report financial information; and (B)&nbsp;any
fraud, whether or not material, that involved management or other employees who had a
significant role in IUC&#146;s internal control over financial reporting.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(hh)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Sarbanes Oxley Act</U>. IUC is in compliance in all material respects with
all of the provisions of the Sarbanes Oxley Act that are currently applicable to IUC
and has no reason to believe that it will not be able to comply with the requirements
of Section&nbsp;404 under the Sarbanes Oxley Act and the related rules and regulations
thereunder (&#147;Section&nbsp;404&#148;) as of the date by which it is required to comply with
Section&nbsp;404.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;3.03 Survival of Representations and Warranties</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The representations and warranties contained in this Agreement shall survive the execution and
delivery of this Agreement and shall expire and be terminated and extinguished on the Effective
Date. Any investigation by IUC, IUC Subco or Denison and their respective advisors shall not
mitigate, diminish or affect the representations and warranties contained in this Agreement.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 4<BR>
COVENANTS</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;4.01 Covenants of Denison</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to Section&nbsp;6.01, Denison hereby covenants and agrees with IUC and IUC
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->35<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subco as follows:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Interim Order.</U> As soon as practicable, Denison jointly with IUC Subco
shall file, proceed with and diligently prosecute an application to the Court for the
Interim
Order as provided in Section&nbsp;2.05 hereof on terms and conditions acceptable
to Denison, IUC and IUC Subco, acting reasonably.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Proceedings.</U> In a timely and expeditious manner, Denison shall take
all such actions and do all such acts and things as are specified in the Interim Order,
the Plan of Arrangement and the Final Order to be taken or done by Denison.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Denison Meeting.</U> In a timely and expeditious manner, Denison shall:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>forthwith carry out such terms of the Interim
Order as are required under the terms thereof to be carried out by
Denison;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>prepare with the assistance of IUC, and file
the Denison Proxy Circular (which shall be in a form satisfactory to
IUC, acting reasonably), together with any other documents required by
applicable Laws, in all jurisdictions where the Denison Proxy Circular
is required to be filed and mail the Denison Proxy Circular, as ordered
by the Interim Order and in accordance with all applicable Laws, in and
to all jurisdictions where the Denison Proxy Circular is required to be
mailed, complying in all material respects with all applicable Laws on
the date of the mailing thereof and shall ensure that the Denison Proxy
Circular does not contain any Misrepresentation or any untrue statement
of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements contained therein
not misleading in light of the circumstances in which they are made
(other than with respect to any information relating to and provided by
IUC or IUC Subco). Without limiting the generality of the foregoing,
Denison shall ensure that the Denison Proxy Circular complies with
National Instrument 51-102 &#147;Continuous Disclosure Requirements&#148; and
Form 51-102F5 thereunder adopted by the Canadian Securities
Administrators and provides Denison Securityholders with information in
sufficient detail to permit them to form a reasoned judgment concerning
the matters to be placed before them at the Denison Meeting;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>convene the Denison Meeting as soon as
practicable, and use its commercially reasonable efforts to convene the
Denison Meeting no later than November&nbsp;30, 2006 or such later date as
may be mutually agreed upon with IUC, as provided in the Interim Order
and solicit proxies to be voted at the Denison Meeting in favour of the
Arrangement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with the assistance of IUC and IUC Subco,
diligently do all such acts and things as may be necessary to comply,
in all material respects, with National Instrument 54-101 of the
Canadian Securities Administrators in relation to the Denison Meeting;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provide notice to IUC of the Denison Meeting
and allow representatives of IUC to attend the Denison Meeting;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>conduct the Denison Meeting in accordance with
the Interim Order, the OBCA, the by-laws of Denison and as otherwise
required by applicable Laws; and</TD>
</TR>


</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->36<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>take all such actions as may be required under
the OBCA in connection with the transactions contemplated by this
Agreement and the Plan of Arrangement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Adjournment.</U> Denison shall not adjourn, postpone or cancel the Denison
Meeting (or propose to do so), except (i)&nbsp;if a quorum is not present at the Denison
Meeting, (ii)&nbsp;if required by applicable Laws, (iii)&nbsp;if required by the Denison
Securityholders, or (iv)&nbsp;except as contemplated by Section&nbsp;5.04 hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Amendments to Denison Proxy Circular.</U> In a timely and expeditious
manner, Denison shall prepare (in consultation with IUC) and file amendments or
supplements to the Denison Proxy Circular (which amendments or supplements shall be in
a form satisfactory to IUC, acting reasonably) required by applicable Laws or as
otherwise agreed between Denison and IUC with respect to the Denison Meeting and mail
such amendments or supplements, as required by the Interim Order and in accordance with
all applicable Laws, in and to all jurisdictions where such amendments or supplements
are required to be mailed, complying in all material respects with all applicable Laws
on the date of the mailing thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Final Order.</U> Subject to the approval of the Arrangement at the Denison
Meeting in accordance with the provisions of the Interim Order, the approval of the IUC
Shareholder Approval Matters at the IUC Meeting and the receipt of all other necessary
approvals of Governmental Entities and third parties, Denison shall jointly with IUC
Subco forthwith file, proceed with and diligently prosecute an application for the
Final Order as provided in Section&nbsp;2.05 hereof, which application shall be in form and
substance satisfactory to the parties hereto, acting reasonably.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Filing Final Order.</U> Denison shall forthwith carry out the terms of the
Interim Order and the Final Order and, following the issue of the Final Order and the
satisfaction, fulfillment or waiver of the conditions in favour of Denison, IUC and IUC
Subco set forth herein, at a time and on a date to be agreed by IUC and Denison, file
the Final Order and any other required documents with the Director in order for the
Arrangement to become effective.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Information for IUC Proxy Circular.</U> In a timely and expeditious
manner, Denison shall provide to IUC all information as may be reasonably requested by
IUC or applicable Laws with respect to Denison and its businesses and properties for
inclusion in the IUC Proxy Circular or in any amendment or supplement to the IUC Proxy
Circular which complies in all material respects with all applicable Laws on the date
of the mailing thereof and containing all material facts relating to Denison required
to be disclosed in the IUC Proxy Circular and not containing any Misrepresentation with
respect thereto. Denison shall fully cooperate with IUC in the preparation of the IUC
Proxy Circular and shall provide such assistance as IUC may reasonably request in
connection therewith.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Amendments.</U> In a timely and expeditious manner, Denison shall provide
IUC with information as requested by IUC in order to prepare any amendments or
supplements to the IUC Proxy Circular (which amendments or supplements shall be in a
form satisfactory to Denison, acting reasonably) with respect to the IUC Meeting.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Copy of Documents.</U> Except for proxies and other non-substantive
communications, Denison shall furnish promptly to IUC a copy of each notice, report,
schedule or other document or communication delivered, filed or received</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->37<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by Denison in
connection with this Agreement, the Arrangement, the Interim Order or the Denison
Meeting or any other meeting at which all Denison Shareholders are entitled to attend
relating to special business, any filings made under any applicable Law and any
dealings or communications with any Governmental
Entity, Securities Authority or stock exchange in connection with, or in any
way affecting, the transactions contemplated by this Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Usual Business.</U> Other than in contemplation of or as required to give
effect to the transactions contemplated by this Agreement, and other than as disclosed
in paragraph 4.01(k) of the Denison Disclosure Letter, Denison shall, and shall cause
the Denison Subsidiaries to, conduct business only in, and not take any action except
in, the ordinary course of business and consistent with past practice.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Certain Actions Prohibited.</U> Other than as disclosed in paragraph
4.01(l) of the Denison Disclosure Letter, or in contemplation of or as required to give
effect to the transactions contemplated by this Agreement, Denison shall not, without
the prior written consent of IUC, which consent shall not be unreasonably withheld or
delayed, directly or indirectly do or permit to occur any of the following:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>issue, sell, pledge, lease, dispose of,
encumber or create any Encumbrance on or agree to issue, sell, pledge,
lease, dispose of, or encumber or create any Encumbrance on, or permit
a Denison Subsidiary to issue, sell, pledge, lease, dispose of,
encumber or create any Encumbrance on or agree to issue, sell, pledge,
lease, dispose of, or encumber or create any Encumbrance on, any shares
of, or any options, warrants, calls, conversion privileges or rights of
any kind to acquire any shares of, Denison or any of the Denison
Subsidiaries, other than the issue of Denison Common Shares pursuant to
the exercise of the Denison Options or the Denison Warrants issued and
outstanding on the date hereof in accordance with their terms as of the
date hereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other than pursuant to obligations or rights
under existing contracts, agreements and commitments (to the extent
such rights are exercised or initiated by other persons), sell, lease
or otherwise dispose of, or permit any of the Denison Subsidiaries to
sell, lease or otherwise dispose of, any property or assets or enter
into any agreement or commitment in respect of any of the foregoing;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>amend or propose to amend the articles or
by-laws (or their equivalent) of Denison or any of the Denison
Subsidiaries or any of the terms of the Denison Options other than as
provided herein or the Denison Warrants as they exist at the date of
this Agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>split, combine or reclassify any of the Denison
Common Shares or any of the shares of the Denison Subsidiaries, or
declare, set aside or pay any dividend or other distribution payable in
cash, securities, property or otherwise with respect to the Denison
Common Shares;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>redeem, purchase or offer to purchase, or
permit any of the Denison Subsidiaries to redeem, purchase or offer to
purchase, any Denison Common Shares and, other than pursuant to the
Denison Warrants or the Denison Share Option Plan, any options or
obligations or rights under existing contracts, agreements and
commitments;</TD>
</TR>


</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->38<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reorganize, amalgamate or merge Denison or any
of the Denison Subsidiaries with any other person;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>acquire or agree to acquire any corporation or
other entity (or material interest therein) or division of any
corporation or other entity, or permit any
of the Denison Subsidiaries to acquire or agree to acquire any
corporation or other entity (or material interest therein) or
division of any corporation or other entity;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of Denison and the Denison Subsidiaries: (A)&nbsp;satisfy or
settle any claim or dispute, except such as have been included in the
consolidated financial statements of Denison delivered to IUC and IUC
Subco, which are, individually or in the aggregate, in an amount in
excess of $500,000 or which constitutes a claim between Denison and a
Denison Subsidiary or between Denison Subsidiaries; (B)&nbsp;relinquish any
contractual rights which are, individually or in the aggregate, in an
amount in excess of $500,000; or (C)&nbsp;enter into any interest rate,
currency or commodity swaps, hedges, caps, collars, forward sales or
other similar financial instruments other than in the ordinary and
regular course of business and not for speculative purposes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>incur, authorize, agree or otherwise become
committed to provide guarantees for borrowed money or incur, authorize,
agree or otherwise become committed for any indebtedness for borrowed
money, or permit any of the Denison Subsidiaries to incur, authorize,
agree or otherwise become committed to provide guarantees for borrowed
money or incur, authorize, agree or otherwise become committed for any
indebtedness for borrowed money which, are, individually or in the
aggregate, in an amount in excess of $500,000;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>except as required by Canadian GAAP, any other
generally accepted accounting principle to which any Denison Subsidiary
may be subject or any applicable Law, make any changes to the existing
accounting practices of Denison or make any material tax election
inconsistent with past practice; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(xi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>enter into, or cause any Denison Subsidiaries
to enter into, new commitments of a capital expenditure nature or incur
any new contingent liabilities other than (A)&nbsp;ordinary course
expenditures; and (B)&nbsp;expenditures required by law; and (C)
expenditures made in connection with transactions contemplated in this
Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Employment Arrangements.</U> Without the prior written consent of IUC,
such consent not to be unreasonably withheld or delayed Denison shall not, and shall
cause the Denison Subsidiaries not to, enter into or modify any employment, consulting,
severance, collective bargaining or similar agreement, policy or arrangement with, or
grant any bonus, salary increase, option to purchase shares, pension or supplemental
pension benefit, profit sharing, retirement allowance, deferred compensation, incentive
compensation, severance, change of control or termination pay to, or make any loan to,
any officer, director, employee or consultant of Denison or any of the Denison
Subsidiaries.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Insurance.</U> Denison shall use its commercially reasonable best efforts,
and shall cause the Denison Subsidiaries to use their commercially reasonable best
efforts, to cause their respective current insurance (or reinsurance) policies not to
be cancelled or terminated or any of the coverage thereunder to lapse, unless</TD>
</TR>


</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->39<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>simultaneously with such termination, cancellation or lapse, replacement policies
underwritten by insurance and re-insurance companies of internationally recognized
standing providing coverage equal to or greater than the coverage under the cancelled,
terminated or lapsed policies for substantially similar premiums are in full force and
effect.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Certain Actions.</U> Denison shall:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subject to the rights of Denison and Denison&#146;s
directors under Article&nbsp;6, not take any action, or refrain from taking
any action (subject to commercially reasonable best efforts), or permit
any action to be taken or not taken, inconsistent with the provisions
of this Agreement or which would reasonably be expected to materially
impede the completion of the transactions contemplated hereby or which
would or could have a Material Adverse Effect on Denison, provided that
Denison may take any such action or refrain from taking such action
(subject to commercially reasonable best efforts) in order to comply
with and carry out the transactions contemplated by this Agreement,
provided Denison immediately notifies IUC in writing of such
circumstances; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>promptly notify IUC of (A)&nbsp;any Material Adverse
Change or Material Adverse Effect, or any change, event, occurrence or
state of facts which could reasonably be expected to become a Material
Adverse Change or to have a Material Adverse Effect, in respect of the
business or in the conduct of the business of Denison, (B)&nbsp;any material
Governmental Entity or third person complaints, investigations or
hearings (or communications indicating that the same may be
contemplated), (C)&nbsp;any breach by Denison of any covenant or agreement
contained in this Agreement, (D)&nbsp;any event occurring subsequent to the
date hereof that would render any representation or warranty of Denison
contained in this Agreement, if made on or as of the date of such event
or the Effective Date, to be untrue or inaccurate in any material
respect, and (E)&nbsp;Denison shall promptly notify IUC if at any time
before or after the Effective Date it becomes aware that either the
Denison Proxy Circular or the IUC Proxy Circular, or any application
for an order hereunder contains any Misrepresentation or any untrue
statement of a material fact or omits to state a material fact required
to be stated therein or necessary to make the statements contained
therein not misleading in light of the circumstances in which they are
made, or that otherwise requires an amendment or supplement to the
applicable proxy circular or such application.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>No Compromise.</U> Denison shall not, and shall cause the Denison
Subsidiaries not to, settle or compromise any claim brought by any present, former or
purported holder of any securities of Denison in connection with the transactions
contemplated by this Agreement prior to the Effective Time without the prior written
consent of IUC, such consent not to be unreasonably withheld or delayed.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Contractual Obligations.</U> Denison shall not, and shall cause the
Denison Subsidiaries not to, enter into or modify in any respect any Denison Material
Contract, except insofar as may be necessary to permit or provide for the completion of
the Arrangement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(r)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Satisfaction of Conditions.</U> Subject to Section&nbsp;6.01 hereof, Denison
shall use all commercially reasonable best efforts to satisfy, or cause to be
satisfied, all conditions precedent to its obligations hereunder to the extent that the
same is</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->40<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>within its control and to take, or cause to be taken, all other action and to
do, or cause to be done, all other things necessary, proper or advisable under all
applicable Laws to complete the transactions contemplated by this Agreement, including
using its commercially reasonable best efforts to:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subject to the fiduciary obligations of the
directors of Denison, obtain the approval of Denison Securityholders
for the Arrangement in accordance
with the provisions of the OBCA, the Interim Order and the
requirements of any applicable regulatory authority;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>obtain the Competition Act Approval, if
required and all other consents, approvals and authorizations as are
required to be obtained by Denison or any of the Denison Subsidiaries
under any applicable Law or from any Governmental Entity which would,
if not obtained, materially impede the completion of the transactions
contemplated by this Agreement or have a Material Adverse Effect on
Denison, all as contemplated in Section&nbsp;3.01(c);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>effect all necessary registrations, filings
and submissions of information requested by Governmental Entities
required to be effected by it in connection with the transactions
contemplated by this Agreement and participate and appear in any
proceedings of any party hereto before any Governmental Entity;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>oppose, lift or rescind any injunction or
restraining order or other order or action challenging or affecting
this Agreement, the transactions contemplated hereby or seeking to
stop, or otherwise adversely affecting the ability of the parties
hereto to consummate, the transactions contemplated hereby;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>obtain all other waivers, consents and
approvals from other parties to agreements, leases or other contracts
required to be obtained by Denison or a Denison Subsidiary to
consummate the transactions contemplated hereby which would, if not
obtained, materially impede the completion of the transactions
contemplated by this Agreement or have a Material Adverse Effect on
Denison;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>fulfill all conditions and satisfy all
provisions of this Agreement and the Plan of Arrangement required to be
fulfilled or satisfied by Denison; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>cooperate with IUC and IUC Subco in connection
with the performance by each of them of their respective obligations
hereunder, provided however that the foregoing shall not be construed
to obligate Denison to pay or cause to be paid any monies to cause such
performance to occur.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(s)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Keep Fully Informed.</U> Denison shall use commercially reasonable best
efforts to conduct itself so as to keep IUC fully informed as to the material decisions
or actions required or required to be made with respect to the operation of its
business.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(t)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Cooperation.</U> Denison shall make, or cooperate as necessary in the
making of, all necessary filings and applications under all applicable Laws required in
connection with the transactions contemplated hereby and take all reasonable action
necessary to be in compliance with such Laws.</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->41<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(u)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Representations.</U> Denison shall use its commercially reasonable best
efforts to conduct its affairs and to cause the Denison Subsidiaries to conduct their
affairs so that all of the representations and warranties of Denison contained herein
shall be true and correct on and as of the Effective Date as if made on and as of such
date.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Denison Options and Denison Warrants.</U> Denison shall take all corporate
action necessary to ensure that on the Effective Date all of the outstanding Denison
Options and Denison Warrants provide only for the issuance of IUC Common
Shares upon the due exercise thereof, on the basis of 2.88 IUC Common Shares
for each one Denison Common Share to which a holder of a Denison Option or
Denison Warrant was previously entitled on the Effective Date, together with
any adjustments to the exercise price necessary or advisable under the terms
of the Denison Share Option Plan and the indentures governing the Denison
Warrants.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(w)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Closing Documents.</U> Denison shall execute and deliver, or cause to be
executed and delivered, at the closing of the transactions contemplated hereby, such
customary agreements, certificates, resolutions, opinions and other closing documents
as may be required by the other parties hereto, all in form satisfactory to the other
parties hereto, acting reasonably.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>U.S. Tax Matters</U>. Denison shall not, and shall cause its affiliates to
not, knowingly take any action that (without regard to any action taken or agreed to
be taken by IUC or any affiliate of IUC) would prevent the Arrangement from qualifying
as a reorganization within the meaning of Section 368(a) of the Code.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing provisions of this Section&nbsp;4.01, Denison and its board of
directors shall be permitted to take such actions and refrain from taking such actions as they see
fit to fulfill the fiduciary obligations of the board of directors in respect of any Denison
Superior Proposal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;4.02 Covenants of IUC and IUC Subco</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to Section&nbsp;6.04, each of IUC and IUC Subco hereby covenants and agrees with Denison as
follows:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Interim Order.</U> As soon as practicable, IUC Subco jointly with Denison
shall file, proceed with and diligently prosecute an application to the Court for the
Interim Order as provided in Section&nbsp;2.05 on terms and conditions acceptable to
Denison, IUC and IUC Subco, acting reasonably.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Proceedings.</U> In a timely and expeditious manner, IUC and IUC Subco
shall take all such actions and do all such acts and things as are specified in the
Interim Order, the Plan of Arrangement (including issuing the IUC Common Shares
contemplated pursuant to Section&nbsp;3.01 of the Plan of Arrangement) and the Final Order
to be taken or done by IUC and IUC Subco, as applicable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>IUC Meeting.</U> In a timely and expeditious manner, IUC shall:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>forthwith carry out such terms of the Interim
Order as are required under the terms thereof to be carried out by IUC;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>prepare with the assistance of Denison, and
file the IUC Proxy Circular (which shall be in a form satisfactory to
Denison, acting reasonably), together with any other documents required
by applicable Laws, in all jurisdictions where the IUC Proxy Circular
is required to be filed and mail the IUC Proxy Circular in accordance
with all applicable Laws, in and to</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->42<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all jurisdictions where the IUC
Proxy Circular is required to be mailed, complying in all material
respects with all applicable Laws on the date of the mailing thereof
and shall ensure that the IUC Proxy Circular does not contain any
Misrepresentation or any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to
make the statements contained therein not misleading in light of the
circumstances in which they are made (other than with respect to any
information relating to and provided by Denison). Without limiting
the generality of the foregoing, IUC shall ensure that the IUC Proxy
Circular complies with National Instrument 51-102 &#147;Continuous
Disclosure Requirements&#148; and Form 51-102F5 thereunder adopted by the
Canadian Securities Administrators and provides IUC Shareholders with
information in sufficient detail to permit them to form a reasoned
judgment concerning the matters to be placed before them at the IUC
Meeting;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>convene the IUC Meeting as soon as
practicable, and use its commercially reasonable efforts to convene the
IUC Meeting no later than November&nbsp;30, 2006 or such later date as may
be mutually agreed upon with Denison and solicit proxies to be voted at
the IUC Meeting in favour of the IUC Shareholder Approval Matters;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with the assistance of Denison, IUC shall
diligently do all such acts and things as may be necessary to comply,
in all material respects, with National Instrument 54-101 of the
Canadian Securities Administrators in relation to the IUC Meeting;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provide notice to Denison of the IUC Meeting
and allow representatives of Denison to attend the IUC Meeting;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>conduct the IUC Meeting in accordance with the
OBCA, the by-laws of IUC and as otherwise required by applicable Laws;
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>take all such actions as may be required under
the OBCA in connection with the transactions contemplated by this
Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Adjournment.</U> IUC shall not adjourn, postpone or cancel the IUC Meeting
(or propose to do so), except (i)&nbsp;if a quorum is not present at the IUC Meeting, (ii)
if required by applicable Laws, (iii)&nbsp;if required by the IUC Shareholders, or (iv)
except as contemplated by Section&nbsp;5.04 hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Amendments to IUC Proxy Circular.</U> In a timely and expeditious manner,
IUC shall prepare, (in consultation with Denison), and file amendments or supplements
to the IUC Proxy Circular (which amendments or supplements shall be in a form
satisfactory to Denison, acting reasonably) required by applicable Laws or as otherwise
agreed between IUC and Denison with respect to the IUC Meeting and mail such amendments
or supplements, as required in accordance with all applicable Laws, in and to all
jurisdictions where such amendments or supplements are required to be mailed, complying
in all material respects with all applicable Laws on the date of the mailing thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Information for Denison Proxy Circular.</U> In a timely and expeditious
manner, IUC and IUC Subco shall provide to Denison all information as may be reasonably
requested by Denison or as required by the Interim Order or applicable Laws with
respect to IUC and IUC Subco and their respective businesses and properties for
inclusion in the Denison Proxy Circular or in any amendment or supplement to the
Denison Proxy Circular which complies in all material respects with all applicable</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->43<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Laws
on the date of the mailing thereof and containing all material facts relating to IUC
and IUC Subco required to be disclosed in the Denison Proxy Circular and not containing
any Misrepresentation with respect thereto. IUC shall fully cooperate with Denison in
the preparation of the Denison Proxy Circular and shall provide such assistance as
Denison may reasonably request in connection therewith.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Amendments.</U> In a timely and expeditious manner, IUC and IUC Subco
shall provide Denison with information as requested by Denison in order to prepare any
amendments or supplements to the Denison Proxy Circular (which amendments or
supplements shall be in a form satisfactory to IUC, acting reasonably) with respect to
the Denison Meeting in accordance with the Interim Order of the Court.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Final Order.</U> Subject to the approval of the Arrangement at the Denison
Meeting in accordance with the provisions of the Interim Order, the approval of the IUC
Shareholder Approval Matters and the receipt of all other necessary approvals of
Governmental Entities and third parties, IUC Subco shall jointly with Denison forthwith
file, proceed with and diligently prosecute an application for the Final Order, which
application shall be in a form and substance satisfactory to the parties hereto, acting
reasonably, as provided in Section&nbsp;2.05.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Copy of Documents.</U> Except for proxies and other non-substantive
communications, IUC and IUC Subco shall furnish promptly to Denison a copy of each
notice, report, schedule or other document or communication delivered, filed or
received by IUC or IUC Subco in connection with the Arrangement or the Interim Order,
any filing under any applicable Law and any dealings or communications with any
Governmental Entity, Securities Authority or stock exchange in connection with, or in
any way affecting, the transactions contemplated by this Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Usual Business.</U> Other than in contemplation of or as required to give
effect to the transactions contemplated by this Agreement, IUC shall, and shall cause
the IUC Material Subsidiaries to, conduct business only in, and not take any action
except in, the ordinary course of business and consistent with past practice.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Certain Actions Prohibited.</U> Other than in contemplation of or as
required to give effect to the transactions contemplated by this Agreement, IUC shall
not, without the prior written consent of Denison, which consent shall not be
unreasonably withheld or delayed, directly or indirectly do or permit to occur any of
the following:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other than as disclosed in paragraph 4.02(k) of
the IUC Disclosure Letter, issue, sell, pledge, lease, dispose of,
encumber or create any Encumbrance on or agree to issue, sell, pledge,
lease, dispose of, or encumber or create any Encumbrance on, or permit
an IUC Material Subsidiary to issue, sell, pledge, lease, dispose of,
encumber or create any Encumbrance on or agree to issue, sell, pledge,
lease, dispose of, or encumber or create any Encumbrance on, any shares
of, or any options, warrants, calls, conversion privileges or rights of
any kind to acquire any shares of, IUC or any of the IUC Material
Subsidiaries, other than the issue of IUC Common Shares pursuant to the
exercise of the IUC Options issued and outstanding on the date hereof
in accordance with their terms as of the date hereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other than pursuant to obligations or rights
under existing contracts, agreements and commitments (to the extent
such rights are exercised or</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->44<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>initiated by other persons), sell, lease
or otherwise dispose of, or permit any of the IUC Material Subsidiaries
to sell, lease or otherwise dispose of, any property or assets or enter
into any agreement or commitment in respect of any of the foregoing;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>amend or propose to amend the articles or
by-laws (or their equivalent) of IUC or any of the IUC Material
Subsidiaries or any of the terms of the IUC Options as they exist at
the date of this Agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>split, combine or reclassify any of the shares
of IUC or any of the IUC Material Subsidiaries, or declare, set aside
or pay any dividend or other distribution payable in cash, securities,
property or otherwise with respect to the shares of IUC;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>redeem, purchase or offer to purchase, or
permit any of the IUC Material Subsidiaries to redeem, purchase or
offer to purchase, any IUC Common Shares and, other than pursuant to
the IUC Share Option Plan or any options or obligations or rights under
existing contracts, agreements and commitments;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reorganize, amalgamate or merge IUC or any of
the IUC Material Subsidiaries with any other person;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>acquire or agree to acquire any corporation or
other entity (or material interest therein) or division of any
corporation or other entity, or permit any of the IUC Material
Subsidiaries to acquire or agree to acquire any corporation or other
entity (or material interest therein) or division of any corporation or
other entity;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of IUC and the IUC Subsidiaries: (A)&nbsp;satisfy or settle
any claim or dispute, except such as have been included in the
consolidated financial statements of IUC delivered to Denison, which
are, individually or in the aggregate, in an amount in excess of
$500,000 or which constitutes a claim between IUC and an IUC Subsidiary
or between IUC Subsidiaries; (B)&nbsp;relinquish any contractual rights
which are, individually or in the aggregate, in an amount in excess of
$500,000; or (C)&nbsp;enter into any interest rate, currency or commodity
swaps, hedges, caps, collars, forward sales or other similar financial
instruments other than in the ordinary and regular course of business
and not for speculative purposes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>incur, authorize, agree or otherwise become
committed to provide guarantees for borrowed money or incur, authorize,
agree or otherwise become committed for any indebtedness for borrowed
money, or permit any of the IUC Subsidiaries to incur, authorize, agree
or otherwise become committed to provide guarantees for borrowed money
or incur, authorize, agree or otherwise become committed for any
indebtedness for borrowed money which, are, individually or in the
aggregate, in an amount in excess of $500,000;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>except as required by Canadian GAAP, any other
generally accepted accounting principle to which any IUC Subsidiary may
be subject or any applicable Law, make any changes to the existing
accounting practices of IUC or make any material tax election
inconsistent with past practice; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(xi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other than as disclosed in paragraph
4.02(k)(xi) of the IUC Disclosure Letter, enter into, or cause any IUC
Subsidiaries to enter into, new</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->45<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>commitments of a capital expenditure
nature or incur any new contingent liabilities other than (A)&nbsp;ordinary
course expenditures; (B)&nbsp;expenditures required by law; and (C)
expenditures made in connection with transactions contemplated in this
Agreement or as otherwise disclosed in the IUC Disclosure Letter.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Employment Arrangements.</U> Without the prior written consent of Denison,
such consent not to be unreasonably, withheld or delayed, IUC shall not, and shall
cause the IUC Subsidiaries not to, enter into or modify any employment,
consulting, severance, collective bargaining or similar agreement, policy or
arrangement with, or grant any bonus, salary increase, option to purchase
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares, pension or supplemental pension benefit, profit sharing, retirement
allowance, deferred compensation, incentive compensation, severance, change
of control or termination pay to, or make any loan to, any officer,
director, employee or consultant of IUC or any of the IUC Subsidiaries.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Insurance.</U> IUC shall use its commercially reasonable best efforts, and
shall cause the IUC Subsidiaries to use their commercially reasonable best efforts, to
cause their respective current insurance (or reinsurance) policies not to be cancelled
or terminated or any of the coverage thereunder to lapse, unless simultaneously with
such termination, cancellation or lapse, replacement policies underwritten by insurance
and re-insurance companies of internationally recognized standing providing coverage
equal to or greater than the coverage under the cancelled, terminated or lapsed
policies for substantially similar premiums are in full force and effect.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Certain Actions.</U> IUC and IUC Subco shall:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>not take any action, or refrain from taking any
action (subject to commercially reasonable best efforts), or permit any
action to be taken or not taken, inconsistent with the provisions of
this Agreement or which would reasonably be expected to materially
impede the completion of the transactions contemplated hereby or which
would or could have a Material Adverse Effect on IUC, provided that IUC
or IUC Subco may take any such action or refrain from taking such
action (subject to commercially reasonable best efforts) in order to
comply with and carry out the transactions contemplated by this
Agreement, provided they immediately notify Denison in writing of such
circumstances; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>promptly notify Denison of (A)&nbsp;any Material
Adverse Change or Material Adverse Effect, or any change, event,
occurrence or state of facts which could reasonably be expected to
become a Material Adverse Change or to have a Material Adverse Effect,
in respect of the business or in the conduct of the business of IUC,
(B)&nbsp;any material Governmental Entity or third person complaints,
investigations or hearings (or communications indicating that the same
may be contemplated), (C)&nbsp;any breach by IUC or IUC Subco of any
covenant or agreement contained in this Agreement, (D)&nbsp;any event
occurring subsequent to the date hereof that would render any
representation or warranty of IUC or IUC Subco contained in this
Agreement, if made on or as of the date of such event or the Effective
Date, to be untrue or inaccurate in any material respect, and (E)&nbsp;IUC
shall promptly notify Denison if at any time before or after the
Effective Date it becomes aware that either the IUC Proxy Circular or
the Denison Proxy Circular, or any application for an order hereunder
contains any Misrepresentation or any untrue statement of a material
fact or omits to state a material fact required to be stated therein or
necessary to make</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->46<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the statements contained therein not misleading in
light of the circumstances in which they are made, or that otherwise
requires an amendment or supplement to the applicable proxy circular or
such application.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>No Compromise.</U> IUC shall not, and shall cause the IUC Material
Subsidiaries not to, settle or compromise any claim brought by any present, former or
purported holder of any securities of IUC in connection with the transactions
contemplated by
this Agreement prior to the Effective Time without the prior written consent
of Denison.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Contractual Obligations.</U> IUC shall not, and shall cause the IUC
Subsidiaries not to, enter into or modify in any respect any IUC Material Contract,
except insofar as may be necessary to permit or provide for the completion of the
Arrangement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Satisfaction of Conditions.</U> Subject to Section&nbsp;6.01 hereof, IUC and
IUC Subco shall use all commercially reasonable best efforts to satisfy, or cause to be
satisfied, all of the conditions precedent to their obligations hereunder to the extent
the same is within their control and to take, or cause to be taken, all other actions
and to do, or cause to be done, all other things necessary, proper or advisable under
all applicable Laws to complete the transactions contemplated by this Agreement,
including using their commercially reasonable best efforts to:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subject to the fiduciary obligations of the
directors of IUC, obtain the approval of IUC Shareholders for the IUC
Shareholder Approval Matters;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>obtain the Competition Act Approval, if
required, any allowances or approvals or deemed allowances or approvals
by the responsible Minister under the Investment Canada Act, as
applicable and all consents, approvals and authorizations as are
required to be obtained by IUC or any of the IUC Subsidiaries under any
applicable Law or from any Governmental Entity which would, if not
obtained, materially impede the completion of the transactions
contemplated hereby or have a Material Adverse Effect on IUC, all as
contemplated in Section&nbsp;3.02(d);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>effect all necessary registrations, filings
and submissions of information requested by Governmental Entities
required to be effected by them in connection with the transactions
contemplated by this Agreement and participate, and appear in any
proceedings of, any party hereto before any Governmental Entity;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>oppose, lift or rescind any injunction or
restraining order or other order or action challenging or affecting
this Agreement, the transactions contemplated hereby or seeking to
stop, or otherwise adversely affecting the ability of the parties
hereto to consummate, the transactions contemplated hereby;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>obtain all other waivers, consents and
approvals from other parties to agreements, leases or other contracts
required to be obtained by IUC, an IUC Subsidiary or IUC Subco to
consummate the transactions contemplated hereby which would, if not
obtained, materially impede the completion of the transactions
contemplated by this Agreement or have a Material Adverse Effect on
IUC;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>fulfill all conditions and satisfy all
provisions of this Agreement and the Plan of Arrangement required to be
fulfilled or satisfied by them; and</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->47<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>cooperate with Denison in connection with the
performance by Denison of its obligations hereunder, provided however
that the foregoing shall not be construed to obligate IUC to pay or
cause to be paid any monies to cause such performance to occur.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(r)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Keep Fully Informed.</U> IUC shall use commercially reasonable best
efforts to conduct itself so as to keep Denison fully informed as to the material
decisions or actions required or required to be made with respect to the operation of
its business.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(s)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Cooperation.</U> IUC and IUC Subco shall make, or cooperate as necessary
in the making of, all necessary filings and applications under all applicable Laws
required in connection with the transactions contemplated hereby and take all
reasonable action necessary to be in compliance with such Laws.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(t)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Representations.</U> IUC and IUC Subco shall use commercially reasonable
best efforts to conduct their affairs and to cause the IUC Material Subsidiaries to
conduct their affairs so that all of the representations and warranties of IUC and IUC
Subco contained herein shall be true and correct on and as of the Effective Date as if
made on and as of such date.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(u)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Closing Documents.</U> IUC and IUC Subco shall execute and deliver, or
cause to be executed and delivered at the closing of the transactions contemplated
hereby such customary agreements, certificates, opinions, resolutions and other closing
documents as may be required by Denison, all in form satisfactory to Denison, acting
reasonably.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>U.S. Tax Matters</U>. Neither IUC nor any affiliate of IUC shall knowingly
take any action that (without regard to any action taken or agreed to be taken by
Denison or any affiliate of Denison) would prevent the Arrangement from qualifying as a
reorganization within the meaning of Section 368(a) of the Code.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(w)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>PFIC</U>. With respect to each year, if any, that IUC is a &#147;passive
foreign investment company&#148; under Section&nbsp;1297 of the Code, IUC shall provide to all
U.S. shareholders all information that a U.S. shareholder making a &#147;qualified electing
fund&#148; election (as defined in the Code) is required to obtain for U.S. federal income
tax purposes and a &#147;PFIC Annual Information Statement&#148; as described in U.S. Treasury
Regulation&nbsp;Section&nbsp;1.1295-1 (or any successor U.S. Treasury Regulation) including all
representations and statements required by such statement, and will take any other
steps necessary to facilitate such election by U.S. shareholders of IUC.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing provisions of this 4.02, IUC and its board of directors shall be
permitted to take such actions and refrain from taking such actions as they see fit to fulfill the
fiduciary obligations of the board of directors in respect of any IUC Superior Proposal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;4.03 Denison Options</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IUC covenants and agrees that the Denison Share Option Plan and agreements
thereunder pursuant to which the Denison Options have been granted, shall continue in
effect on the same terms and conditions (subject to the adjustments required after
giving effect to the Arrangement including without limitation, the permanent vesting of
such Denison Options and that such Denison Options shall in accordance with the Plan of
Arrangement be exercisable for IUC Common Shares on the basis of 2.88 IUC Shares for
each one Denison Share, together with an adjustment to the exercise price, if
required).</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->48<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IUC shall take all corporate action necessary to reserve for issuance a
sufficient number of IUC Common Shares for delivery upon the exercise of the Denison
Options assumed in accordance with this section.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;4.04 Denison Warrants</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IUC covenants and agrees that it will execute, if, as and when and to the extent applicable,
agreements by which it will, on the Effective Date, assume the obligations of Denison to perform
and observe the Denison Warrants in accordance with their respective terms and shall take all
corporate action necessary to reserve for issuance a sufficient number of IUC Common Shares for
delivery upon exercise of the Denison Warrants referred to therein (subject to the adjustments
required after giving effect to the Arrangement on the basis of 2.88 IUC Shares for each one
Denison Share, together with an adjustment to the exercise price, if required).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;4.05 Indemnification and Insurance</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IUC hereby covenants and agrees that all rights to indemnification or
exculpation in favour of the current and former directors and officers of Denison and
the other Denison Subsidiaries provided in the current articles or by-laws of Denison
or any Denison Subsidiaries, or in any agreement, and any directors&#146; and officers&#146;
insurance now existing in favour of the directors or officers of Denison and any other
Denison Subsidiary shall survive the completion of the Arrangement (or be replaced with
substantially equivalent coverage from another provider) and shall continue in full
force and effect (either directly or via run-off insurance or insurance provided by an
alternative provider) for a period of not less than six years from the Effective Date
and IUC undertakes to ensure that this covenant shall remain binding upon its successor
and assigns.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IUC shall act as agent and trustee of the benefits of the foregoing for its
directors and officers and those of the IUC Subsidiaries for the purpose of this
Section&nbsp;4.05 and this Section&nbsp;4.05 shall survive the execution and delivery of this
Agreement and the completion of the Arrangement and shall be enforceable against IUC by
the persons described in subsection (a)&nbsp;hereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;4.06 Employee Service and Vesting</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to any benefit plans or stock option plans maintained by IUC for which service
and/or vesting are a factor, IUC agrees to recognize each Affected Employee&#146;s credited service of
vesting period under similar plans of Denison or its Subsidiaries. &#147;Affected Employees&#148; mean
individuals who are actively employed by Denison or any of its Subsidiaries as of the Effective
Time and who remain employed with Denison immediately following the Effective Time.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 5<BR>
CONDITIONS</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;5.01 Mutual Conditions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The respective obligations of Denison, IUC and IUC Subco to complete the transactions
contemplated herein are subject to the fulfillment of the following conditions at or before the
Effective Time or such other time as is specified below:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Interim Order shall have been granted in form and substance satisfactory to
the parties hereto, acting reasonably, and shall not have been set aside or modified in
a manner unacceptable to the parties hereto, acting reasonably, on appeal or otherwise;</TD>
</TR>


</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->49<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Arrangement and, if required, all other material transactions contemplated
herein or necessary to complete the Arrangement, with or without amendment,
shall have been approved at the Denison Meeting by the Denison
Securityholders and IUC Shareholder Approval Matters shall have been
approved at the IUC Meeting by the IUC Shareholders in accordance with the
provisions of the OBCA, the Interim Order and the requirements of any
applicable regulatory authority, as the case may be;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Final Order shall have been granted in form and substance satisfactory to
the parties hereto, acting reasonably, and shall not have been set aside or modified in
a manner unacceptable to such parties, acting reasonably, on appeal or otherwise;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Articles of Arrangement shall be in form and substance satisfactory to the
parties hereto, acting reasonably;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Articles of Amendment of IUC to change the name of IUC to &#147;Denison Mines
Ltd.&#148; or such other name containing the word &#147;Denison&#148; as may be approved by the
directors of each of IUC and Denison shall be in form and substance to the parties
hereto, acting reasonably;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there shall not be in force any Law, ruling, order or decree, and there shall
not have been any action taken under any Law or by any Governmental Entity or other
regulatory authority, that makes it illegal or otherwise directly or indirectly
restrains, enjoins or prohibits the consummation of the Arrangement in accordance with
the terms hereof or results or could reasonably be expected to result in a judgment,
order, decree or assessment of damages, directly or indirectly, relating to the
Arrangement which has, or would have a Material Adverse Effect on Denison or IUC;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(A)&nbsp;the TSX shall have conditionally approved the listing thereon, subject to
official notice of issuance, of the IUC Common Shares to be issued pursuant to the
Arrangement (including the IUC Common Shares which, as a result of the Arrangement, are
issuable upon the exercise of the Denison Options and the Denison Warrants) as of the
Effective Date, or as soon as possible thereafter, and (B)&nbsp;the TSX shall have, if
required, accepted notice for filing of all transactions of Denison contemplated herein
or necessary to complete the Arrangement, subject only to compliance with the usual
requirements of the TSX;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(A)&nbsp;all consents, waivers, permits, exemptions, orders and approvals of, and
any registrations and filings with, any Governmental Entity and the expiry of any
waiting periods, in connection with, or required to permit, the completion of the
Arrangement, and (B)&nbsp;all third person and other consents, waivers, permits, exemptions,
orders, approvals, agreements and amendments and modifications to agreements,
indentures or arrangements (including those contemplated in paragraph 5.01 of the
Denison Disclosure Letter), the failure of which to obtain or the non-expiry of which
would have a Material Adverse Effect on Denison, IUC or IUC Subco or materially impede
the completion of the Arrangement, shall have been obtained or received on terms that
are reasonably satisfactory to each party hereto;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all actions shall have been taken to provide that, upon the effectiveness of
the Arrangement, the board of IUC shall be composed of five of the current directors
of IUC and five persons designated by Denison,</TD>
</TR>


</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->50<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the IUC Common Shares to be issued in the United States pursuant to the
Arrangement shall be exempt from registration requirements under Section
3(a)(10) of the 1933 Act (as well as any IUC Common Shares to be issued as
contemplated in Sections&nbsp;4.03 and 4.04) and the IUC Common Shares to be
distributed in the United States pursuant to the Arrangement (as well as any
IUC Common Shares to be distributed as contemplated in Sections&nbsp;4.03 and
4.04) and shall not be subject to resale restrictions in the United States
under the 1933 Act other than as may be prescribed by Rule&nbsp;144 and Rule&nbsp;145
under the 1933 Act);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the IUC Common shares to be issued pursuant to the Arrangement shall be exempt
from the prospectus and registration requirements of applicable Canadian securities
laws and shall not be subject to a statutory hold period; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>this Agreement shall not have been terminated pursuant to Article&nbsp;7 hereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing conditions are for the mutual benefit of the parties hereto and may be waived by
mutual consent of IUC, IUC Subco and Denison in writing at any time. If any of such conditions
shall not be complied with or waived as aforesaid on or before the Completion Deadline or, if
earlier, the date required for the performance thereof, then, subject to Section&nbsp;5.04 hereof, any
party hereto may terminate this Agreement by written notice to the others of them in circumstances
where the failure to satisfy any such condition is not the result, directly or indirectly, of a
breach of this Agreement by such rescinding party hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;5.02 Denison Conditions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligation of Denison to complete the transactions contemplated herein is subject to the
fulfillment of the following additional conditions at or before the Effective Date or such other
time as is specified below:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the representations and warranties made by IUC and IUC Subco in this Agreement
which are qualified by the expression &#147;Material Adverse Change&#148; or &#147;Material Adverse
Effect&#148; shall be true and correct as of the Effective Date as if made on and as of such
date (except to the extent that such representations and warranties speak as of an
earlier date, in which event such representations and warranties shall be true and
correct as of such earlier date), and all other representations and warranties made by
IUC and IUC Subco in this Agreement shall be true and correct in all material respects
as of the Effective Date as if made on and as of such date (except to the extent that
such representations and warranties speak as of an earlier date, in which event such
representations and warranties shall be true and correct as of such earlier date), in
either case, except where any failures or breaches of representations and warranties
would not either individually or in the aggregate, in the reasonable judgment of
Denison, have a Material Adverse Effect on IUC, and IUC shall have provided to Denison
a certificate of two officers thereof, and IUC Subco shall have provided to Denison a
certificate of an officer thereof, certifying such accuracy or lack of Material Adverse
Effect on the Effective Date. No representation or warranty made by IUC hereunder shall
be deemed not to be true and correct if the facts or circumstances which make such
representation or warranty untrue or incorrect are disclosed or referred to in the IUC
Disclosure Letter, or provided for or stated to be exceptions under this Agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>from the date of this Agreement to the Effective Date, there shall not have
occurred, and IUC or any of the IUC Subsidiaries shall not have incurred or suffered,
any one or more changes, effects, events, occurrences or states of facts</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->51<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that, either
individually or in the aggregate, have, or would have a Material Adverse Effect on IUC;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each of IUC and IUC Subco shall have complied in all material respects with
their covenants herein and IUC shall have provided to Denison a certificate of two
officers thereof, and IUC Subco shall have provided to Denison a certificate of an
officer thereof, certifying that, as of the Effective Date, they have so complied with
their covenants herein;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Denison Shareholders holding no more than 5% of the outstanding Denison Common
Shares shall have exercised the right to dissent contemplated by Section&nbsp;5.01 of the
Plan of Arrangement (and not withdrawn such exercise);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the directors of IUC and IUC Subco shall have adopted all necessary resolutions
and all other necessary corporate action shall have been taken by IUC and IUC Subco to
permit the consummation of the Arrangement and the issuance of a maximum 102,000,000
IUC Common Shares pursuant to the Arrangement and the change of name of IUC to &#147;Denison
Mines Ltd.&#148; or such other name containing the word &#147;Denison&#148; as may be approved by the
directors of each of IUC and Denison; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the directors of IUC shall not have withdrawn or modified in a manner adverse
to Denison their approval or recommendation to IUC Shareholders of the transaction
contemplated hereby.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing conditions are for the benefit of Denison and may be waived, in whole or in
part, by Denison in writing at any time. If any of such conditions shall not be complied with or
waived by Denison on or before the Completion Deadline or, if earlier, the date required for the
performance thereof, then, subject to Section&nbsp;5.04 hereof, Denison may terminate this Agreement by
written notice to IUC and IUC Subco in circumstances where the failure to satisfy any such
condition is not the result, directly or indirectly, of a breach of this Agreement by Denison.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;5.03 IUC and IUC Subco Conditions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligation of IUC and IUC Subco to complete the transactions contemplated herein is
subject to the fulfillment of the following additional conditions at or before the Effective Date
or such other time as is specified below:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the representations and warranties made by Denison in this Agreement which are
qualified by the expression &#147;Material Adverse Change&#148; or &#147;Material Adverse Effect&#148;
shall be true and correct as of the Effective Date as if made on and as of such date
(except to the extent that such representations and warranties speak as of an earlier
date, in which event such representations and warranties shall be true and correct as
of such earlier date), and all other representations and warranties made by Denison in
this Agreement which are not so qualified shall be true and correct in all material
respects as of the Effective Date as if made on and as of such date (except to the
extent that such representations and warranties speak as of an earlier date, in which
event such representations and warranties shall be true and correct as of such earlier
date), in either case, except where any failures or breaches of representations and
warranties would not either individually or in the aggregate, in the reasonable
judgment of IUC, have a Material Adverse Effect on Denison, and Denison shall have
provided to each of IUC and IUC Subco a certificate of two officers thereof certifying
such accuracy or lack of Material Adverse Effect on the Effective Date. No
representation or warranty made by Denison hereunder shall be deemed not to be true and
correct if the facts or circumstances which make such representation or warranty untrue</TD>
</TR>


</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->52<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>or incorrect are disclosed or referred to in the Denison Disclosure Letter, or provided
for or stated to be exceptions under this Agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>from the date of this Agreement to the Effective Date, there shall not have
occurred, and Denison or any of the Denison Subsidiaries shall not have incurred or
suffered, any one or more changes, effects, events, occurrences or states of facts
that, either individually or in the aggregate, have, or would have a Material Adverse
Effect on Denison;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Denison shall have complied in all material respects with its covenants herein
and Denison shall have provided to each of IUC and IUC Subco a certificate of two
officers thereof certifying that, as of the Effective Date, Denison has so complied
with its covenants herein;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Denison Shareholders holding no more than 5% of the outstanding Denison Common
Shares shall have exercised the right to dissent contemplated by Section&nbsp;5.01 of the
Plan of Arrangement (and not withdrawn such exercise) and IUC shall have received a
certificate dated the day immediately preceding the Effective Date of two officers of
Denison to such effect, provided that the officers may rely upon representations of
Denison&#146;s transfer agent or other scrutineer of the Denison Meeting in making such
certification;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the directors of Denison and each of the Denison Subsidiaries shall have
adopted all necessary resolutions and all other necessary corporate action shall have
been taken by Denison and the Denison Subsidiaries to permit the consummation of the
Arrangement; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the directors of Denison shall not have withdrawn or modified in a manner
adverse to IUC their approval or recommendation to Denison Securityholders of the
transaction contemplated hereby.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The foregoing conditions are for the benefit of IUC and IUC Subco and may be waived, in whole or in
part, by IUC and IUC Subco in writing at any time. If any of such conditions shall not be complied
with or waived by IUC and IUC Subco on or before the Completion Deadline or, if earlier, the date
required for the performance thereof, then, subject to Section&nbsp;5.04 hereof, IUC and IUC Subco may
terminate this Agreement by written notice to Denison in circumstances where the failure to satisfy
any such condition is not the result, directly or indirectly, of a breach of this Agreement by IUC
or IUC Subco.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;5.04 Notice and Cure Provisions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each party hereto shall give prompt notice to the others of them of the occurrence, or failure
to occur, at any time from the date hereof until the Effective Date, of any event or state of facts
which occurrence or failure would be likely to or could:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>cause any of the representations or warranties of such party hereto contained
herein to be untrue or inaccurate in any respect on the date hereof or on the Effective
Date;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>result in the failure to comply with or satisfy any covenant or agreement to be
complied with or satisfied by such party hereto on or prior to the Effective Date; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>result in the failure to satisfy any of the conditions precedent in favour of
the other parties hereto contained in Section&nbsp;5.01, Section&nbsp;5.02 or Section&nbsp;5.03
hereof, as the case may be.</TD>
</TR>

</TABLE>
</DIV>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp; 53
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subject as herein provided, a party hereto may (a)&nbsp;elect not to complete the transactions
contemplated hereby by virtue of the conditions contained in Section&nbsp;5.01, Section&nbsp;5.02 or Section
5.03 hereof not being satisfied or waived or (b)&nbsp;exercise any termination right arising therefrom;
provided, however, that (i)&nbsp;promptly and in any event prior to the filing of the Articles of
Arrangement and/or the Articles of Amendment with the Director, the party hereto intending to rely
thereon has delivered a written notice to the other parties hereto specifying in reasonable detail
the breaches of covenants or untruthfulness or inaccuracy of representations and warranties or
other matters which the party hereto delivering such notice is asserting as the basis for the
exercise of the termination right, as the case may be, and (ii)&nbsp;if any such notice is delivered,
and a party hereto is proceeding diligently, at its own expense, to cure such matter, if such
matter is susceptible of being cured, the party hereto which has delivered such notice may not
terminate this Agreement until the earlier of the Completion Deadline and the expiration of a
period of 15&nbsp;days from date of delivery of such notice. If such notice has been delivered prior to
the date of the Denison Meeting, the Denison Meeting shall be adjourned or postponed until the
expiry of such period. If such notice has been delivered prior to the date of the IUC Meeting, the
IUC Meeting shall be adjourned or postponed until the expiry of such period.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 6<BR>
NON-SOLICITATION AND BREAK-UP FEE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;6.01 Denison Covenant Regarding Non-Solicitation</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Denison shall not, directly or indirectly, through any officer, director,
employee, representative, advisor or agent of Denison or any of the Denison
Subsidiaries, or otherwise:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make, solicit, initiate, facilitate, entertain,
encourage or promote (including by way of furnishing information or
entering into any form of agreement, arrangement or understanding) any
inquiries or proposals regarding, constituting or that may reasonably
be expected to lead to a Denison Acquisition Proposal;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>participate, directly or indirectly, in any
discussions or negotiations regarding, or furnish to any person any
information or otherwise co-operate with, respond to, assist or
participate in, any Denison Acquisition Proposal;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>agree to, approve or recommend, or propose
publicly to agree to, approve or recommend any Denison Acquisition
Proposal;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>accept, enter into, or propose publicly to
accept or enter into, any agreement, understanding or arrangement
related to any Denison Acquisition Proposal;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make any public announcement or take any other
action inconsistent with, or which could reasonably be likely to be
regarded as detracting from, the recommendation of the directors of
Denison to approve the Arrangement contemplated hereby,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provided, however, that, notwithstanding the preceding part of this Section
6.01(a), but subject to the following provisions of Article&nbsp;6 of this
Agreement, nothing shall prevent or restrict the directors of Denison from,
prior to the approval of the Arrangement by Denison Shareholders,
considering or negotiating any unsolicited <I>bona fide </I>Denison Acquisition
Proposal that would be a Denison Superior Proposal or, in the event of a
bona fide Denison Acquisition Proposal that would be a Denison Superior
Proposal, from withdrawing, modifying,</TD>
</TR>


</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->54<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>qualifying or changing its recommendation to the Denison Shareholders in
respect of the Arrangement contemplated hereby or from approving,
recommending to the Denison Shareholders or entering into an agreement in
respect of a Denison Superior Proposal from any person in accordance with
the provisions of the following subsections of this Article&nbsp;6 but in each
case only if (A)&nbsp;the Denison Acquisition Proposal did not result from a
breach of this Agreement by Denison, (B)&nbsp;the directors of Denison determine
in good faith after consulting with outside counsel (which may include
written opinions or advice, copies of which shall have been provided to IUC)
that such action is required for such directors to comply with their
fiduciary duties under applicable Law.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Other than as disclosed in paragraph 6.01(b) of the Denison Disclosure Letter,
Denison shall immediately cease and cause to be terminated any solicitation,
encouragement, activity, discussion or negotiation with any parties that may be ongoing
with respect to any proposal that constitutes, or may reasonably be expected to
constitute, a Denison Acquisition Proposal whether or not initiated by Denison and in
connection therewith, Denison shall request (and exercise all rights it has to require)
the return of information regarding Denison and the Denison Subsidiaries previously
provided to such parties and shall request (and exercise all rights it has to require)
the destruction of all materials including or incorporating any confidential
information regarding Denison and the Denison Subsidiaries. Denison agrees not to
release any third party from any confidentiality agreement relating to a potential
Denison Acquisition Proposal to which such third party is a party. Denison further
agrees not to release any third party from any standstill agreement or provision to
which such third party is a party.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Within 24 hours of the receipt by any director or officer of Denison of any
Denison Acquisition Proposal, or any amendment to the foregoing, or any request for
non-public information relating to Denison or any of the Denison Subsidiaries in
connection with any potential Denison Acquisition Proposal or for access to the
properties, books or records of Denison or any of the Denison Subsidiaries by any
person that informs Denison or any of the Denison Subsidiaries that it is considering
making, or has made, a Denison Acquisition Proposal, Denison shall notify IUC thereof,
at first orally and then, as soon as possible thereafter, in writing. Such written
notice shall include the identity of the person(s) making such proposal and all
material terms and conditions of the Denison Acquisition Proposal and provide such
other details of the Denison Acquisition Proposal, inquiry or contact as IUC may
reasonably request. Denison shall keep IUC fully informed on a prompt basis of the
status, including any change to the material terms, or any such proposal or request.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If Denison receives a request for material non-public information from a person
who is considering making or has made a <I>bona fide </I>Denison Acquisition Proposal (the
existence and content of which have been disclosed to IUC), and the directors of
Denison determine that such proposal would be, if consummated in accordance with its
terms, a Denison Superior Proposal or does constitute a Denison Superior Proposal and
Denison is permitted, subject to and as contemplated under this Section&nbsp;6.01 then, and
only in such case, the directors of Denison may, subject to the execution of a
confidentiality agreement on terms which are not more favourable to the person making
or considering making the Denison Acquisition Proposal than those set forth in the
Confidentiality Agreement and providing for a standstill agreement other than to effect
a Denison Superior Proposal, provide such person with access to information regarding
Denison; provided, however, that the person who is considering making the Denison
Acquisition Proposal shall not be precluded thereunder from making the</TD>
</TR>


</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->55<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Denison Acquisition Proposal, and provided further that Denison sends a copy
of any such confidentiality agreement to IUC immediately upon the execution
thereof and IUC is provided with a list of or a copy of the information, if
any, provided to such person that was not previously provided to IUC and IUC
is immediately provided with access to similar information.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Denison shall ensure that its officers, directors and employees and any
financial advisors or other advisors or representatives retained by Denison are aware
of the provisions of this Section&nbsp;6.01, and Denison shall be responsible for any
material breach of this Section&nbsp;6.01 by its financial advisors or other advisors or
representatives.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nothing in the Agreement shall be interpreted to extend to acts or omissions of
any person acting in his capacity as a director of Denison or otherwise to fetter the
proper exercise of discretion by such person. Without limitation nothing in this
Section&nbsp;6.01 shall preclude Denison from providing information or otherwise responding
to an unsolicited proposal with respect to a Denison Acquisition Proposal if to do so
would, in the opinion of the board of directors of Denison, acting reasonably, be a
proper exercise of the directors&#146; fiduciary duties.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;6.02 Notice of Denison Superior Proposal Determination</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denison and the directors of Denison shall not accept, approve, recommend or enter into any
agreement in respect of a Denison Acquisition Proposal (other than a confidentiality agreement and
a standstill agreement contemplated by Section&nbsp;6.01(d) hereof) on the basis that it would
constitute a Denison Superior Proposal, unless (i)&nbsp;Denison has complied with its obligations under
Section&nbsp;6.01 and the other provisions of this Article&nbsp;6, (ii)&nbsp;it has provided IUC with the
information about such Denison Acquisition Proposal as required under Section&nbsp;6.01(b) which the
directors of Denison have determined would be a Denison Superior Proposal pursuant to Section
6.01(a) hereof; and (iii)&nbsp;two Business Days shall have elapsed from the later of the date IUC
received notification of the determination of the directors of Denison to accept, approve,
recommend or enter into an agreement in respect of such Denison Superior Proposal and the date IUC
received the documents pursuant to Section&nbsp;6.01(b) hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;6.03 Denison Break Fee Event</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event that any of the following occurs:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>this Agreement is terminated by IUC and IUC Subco pursuant to Section&nbsp;7.03(d);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>this Agreement is terminated by IUC pursuant to Section&nbsp;7.03(b) including
without limitation, due to Denison having breached its obligations under Section&nbsp;6.01
or Section&nbsp;6.02; and/or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>this Agreement is terminated by Denison pursuant to Section&nbsp;7.03(i); or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Denison Acquisition Proposal shall have been made to Denison and made known
to Denison Shareholders generally or shall have been made directly to Denison
Shareholders generally or any person shall have publicly announced an intention to make
a Denison Acquisition Proposal in respect of Denison (a &#147;Pending Denison Acquisition
Proposal&#148;) and such Pending Denison Acquisition Proposal or announced intention shall
not have been publicly withdrawn prior to the Denison Meeting and, thereafter, the
Denison Shareholders do not approve the Arrangement at the Denison Meeting, this
Agreement is terminated by either IUC or Denison pursuant to Section&nbsp;7.03(e) hereof and
Denison completes a Denison Acquisition Proposal with the party or parties who
announced the Pending Denison Acquisition Proposal within nine months following the</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->56<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>termination of this Agreement,</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">then Denison shall pay to IUC in the circumstances set forth in Section&nbsp;6.03(a), (b)&nbsp;or (c)
above, at the time of the termination of this Agreement, and, in the circumstances set forth
in Section&nbsp;6.03(d) above, within five days following the completion of such Pending Denison
Acquisition Proposal, an amount in cash equal to $16.0&nbsp;million, in immediately available
funds. Denison shall not be obligated to make more than one payment pursuant to this Section
6.03. Denison hereby acknowledges that the payment amount set out in this section is a
payment of liquidated damages which are a genuine pre-estimate of the damages which IUC will
suffer or incur as a result of the event giving rise to such damages and the resultant
non-completion of the Arrangement and are not penalties. Denison hereby irrevocably waives
any right it may have to raise as a defence that any such liquidated damages are excessive
or punitive. Upon receipt of payment of the amount set out in this subsection by IUC, IUC
shall have no further claim against Denison in respect of the failure to complete the
Arrangement, provided that nothing herein shall preclude IUC from seeking injunctive relief
to restrain any breach or threatened breach by Denison of any of its obligations hereunder
or otherwise to obtain specific performance without the necessity of posting a bond or
security in connection therewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;6.04 IUC Covenant Regarding Non-Solicitation</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IUC shall not, directly or indirectly, through any officer, director, employee,
representative, advisor or agent of IUC or any of the IUC Material Subsidiaries, or
otherwise:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make, solicit, initiate, facilitate, entertain,
encourage or promote (including by way of furnishing information or
entering into any form of agreement, arrangement or understanding) any
inquiries or proposals regarding, constituting or that may reasonably
be expected to lead to an IUC Acquisition Proposal;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>participate, directly or indirectly, in any
discussions or negotiations regarding, or furnish to any person any
information or otherwise co-operate with, respond to, assist or
participate in, any IUC Acquisition Proposal;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>agree to, approve or recommend, or propose
publicly to agree to, approve or recommend any IUC Acquisition
Proposal;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>accept, enter into, or propose publicly to
accept or enter into, any agreement, understanding or arrangement
related to any IUC Acquisition Proposal;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make any public announcement or take any other
action inconsistent with, or which could reasonably be likely to be
regarded as detracting from, the recommendation of the directors of IUC
to approve the transactions contemplated hereto in Article&nbsp;6,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provided, however, that, notwithstanding the preceding part of this Section
6.04(a), but subject to the following provisions of Article&nbsp;6 of this
Agreement, nothing shall prevent or restrict the directors of IUC from,
prior to the approval of the Arrangement by IUC Shareholders, considering or
negotiating any unsolicited <I>bona fide </I>IUC Acquisition Proposal that would be
an IUC Superior Proposal or, in the event of a bona fide IUC Acquisition
Proposal that would be an IUC Superior Proposal, from withdrawing,
modifying, qualifying or changing its recommendation to the IUC Shareholders
in respect of the Arrangement contemplated hereby<B>, </B>or from approving,
recommending to the IUC Shareholders or entering into an</TD>
</TR>


</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->57<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>agreement in respect of an IUC Superior Proposal from any person in
accordance with the provisions of the following subsections of this Article
6 but in each case only if the IUC Acquisition Proposal did not result from
a breach of this Agreement by IUC and if the directors of IUC determine in
good faith after consulting with outside counsel (which may include written
opinions or advice, copies of which shall have been provided to Denison)
that such action is required for such directors to comply with fiduciary
duties under applicable law.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IUC represents and warrants that it has not entered into any confidentiality
agreements with any third parties since September&nbsp;30, 2005 and it is not currently
engaged in any discussions or negotiations with any parties (other than Denison) in
connection with any proposal that constitutes, or may reasonably be expected to
constitute, an IUC Acquisition Proposal and it shall, and shall cause the officers,
directors, employees, representatives and agents of IUC and the IUC Material
Subsidiaries to, continue to not have discussions or negotiations with any parties
(other than Denison) with respect to any proposal that constitutes, or may reasonably
be expected to constitute, an IUC Acquisition Proposal. IUC agrees not to release any
third party from any confidentiality agreement relating to a potential IUC Acquisition
Proposal to which such third party is a party. IUC further agrees not to release any
third party from any standstill agreement or provision to which such third party is a
party.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Within 24 hours of the receipt by any director or officer of IUC of any IUC
Acquisition Proposal, or any amendment to the foregoing, or any request for non-public
information relating to IUC or any of the IUC Material Subsidiaries in connection with
any potential IUC Acquisition Proposal or for access to the properties, books or
records of IUC or any of the IUC Material Subsidiaries by any person that informs IUC
or any of the IUC Material Subsidiaries that it is considering making, or has made, an
IUC Acquisition Proposal, IUC shall notify Denison thereof, at first orally and then,
as soon as possible thereafter, in writing. Such written notice shall include the
identity of the person(s) making such proposal and all material terms and conditions of
the IUC Acquisition Proposal and provide such other details of the IUC Acquisition
Proposal, inquiry or contact as Denison may reasonably request.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If IUC receives a request for material non-public information from a person who
is considering making or has made a <I>bona fide </I>IUC Acquisition Proposal (the existence
and content of which have been disclosed to Denison), and the directors of IUC
determine that such proposal would be, if consummated in accordance with its terms, an
IUC Superior Proposal or does constitute an IUC Superior Proposal and IUC is permitted,
subject to and as contemplated under this Section&nbsp;6.04 then, and only in such case, the
directors of IUC may, subject to the execution of a confidentiality agreement on terms
which are not more favourable to the person making or considering making the IUC
Acquisition Proposal than those set forth in the Confidentiality Agreement and
providing for a standstill agreement other than to effect an IUC Superior Proposal,
provide such person with access to information regarding IUC; provided, however, that
the person who is considering making the IUC Acquisition Proposal shall not be
precluded thereunder from making the IUC Acquisition Proposal, and provided further
that IUC sends a copy of any such confidentiality agreement to Denison immediately upon
the execution thereof and Denison is provided with a list of or a copy of the
information, if any, provided to such person that was not previously provided to
Denison and Denison is immediately provided with access to similar information.</TD>
</TR>


</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->58<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IUC shall ensure that its officers, directors and employees and any financial
advisors or other advisors or representatives retained by IUC are aware of the
provisions of this Section&nbsp;6.04, and IUC shall be responsible for any material breach
of this Section&nbsp;6.04 by its financial advisors or other advisors or representatives.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nothing in this Agreement shall be interpreted to extend to acts or omissions
of any person acting in his capacity as a director of IUC or otherwise to fetter the
proper exercise of discretion by such person. Without limitation nothing in this
Section&nbsp;6.01 shall preclude IUC from providing information or otherwise responding to
an unsolicited proposal with respect to an IUC Acquisition Proposal if to do so would,
in the opinion of the board of directors of IUC, acting reasonably, be a proper
exercise of the director&#146;s fiduciary duties.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;6.05 Notice of IUC Superior Proposal Determination</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IUC and the directors of IUC shall not accept, approve, recommend or enter
into any agreement in respect of an IUC Acquisition Proposal (other than a
confidentiality agreement and a standstill agreement contemplated by Section
6.04(d) hereof) on the basis that it would constitute an IUC Superior
Proposal, unless (i)&nbsp;IUC has complied with its obligations under Section
6.04 and the other provisions of this Article&nbsp;6, (ii)&nbsp;it has provided
Denison with the information about such IUC Acquisition Proposal as required
under Section&nbsp;6.04(b) which the directors of IUC have determined would be an
IUC Superior Proposal pursuant to Section&nbsp;6.04(a) hereof; and (iii)&nbsp;two
Business Days shall have elapsed from the later of the date Denison received
notification of the determination of the directors of IUC to accept,
approve, recommend or enter into an agreement in respect of such IUC
Superior Proposal and the date Denison received the documents pursuant to
Section&nbsp;6.04(b) hereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;6.06 IUC Break Fee Event</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event that any of the following occurs:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>this Agreement is terminated by Denison pursuant to Section&nbsp;7.03(f);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>this Agreement is terminated by Denison pursuant to Section&nbsp;7.03(b) including
without limitation, due to IUC having breached its obligations under Section&nbsp;6.03 or
Section&nbsp;6.04; and/or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>this Agreement is terminated by IUC pursuant to Section&nbsp;7.03(j); or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an IUC Acquisition Proposal shall have been made to IUC and made known to IUC
Shareholders generally or shall have been made directly to IUC Shareholders generally
or any person shall have publicly announced an intention to make an IUC Acquisition
Proposal in respect of IUC (a &#147;Pending IUC Acquisition Proposal&#148;) and such Pending IUC
Acquisition Proposal or announced intention shall not have been publicly withdrawn
prior to the IUC Meeting and, thereafter, the IUC Shareholders do not approve the
Arrangement at the IUC Meeting, this Agreement is terminated by either Denison or IUC
pursuant to Section&nbsp;7.03(g) hereof and IUC completes an IUC Acquisition Proposal with
the party or parties who announced the Pending IUC Acquisition Proposal within nine
months following the termination of this Agreement,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>then IUC shall pay to Denison in the circumstances set forth in Section&nbsp;6.06(a) or (b)
above, at the time of the termination of this Agreement, and, in the circumstances set forth
in Section&nbsp;6.06(c) above, within five days following the completion of such Pending IUC
Acquisition Proposal, an</TD>
</TR>


</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->59<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>amount in cash equal to $16.0&nbsp;million, in immediately available funds. IUC shall not be
obligated to make more than one payment pursuant to this Section&nbsp;6.06. IUC hereby
acknowledges that the payment amount set out in this section is a payment of liquidated
damages which are a genuine pre-estimate of the damages which Denison will suffer or incur
as a result of the event giving rise to such damages and the resultant non-completion of the
Arrangement and are not penalties. IUC hereby irrevocably waives any right it may have to
raise as a defence that any such liquidated damages are excessive or punitive. Upon receipt
of payment of the amount set out in this subsection by Denison, Denison shall have no
further claim against IUC in respect of the failure to complete the Arrangement, provided
that nothing herein shall preclude Denison from seeking injunctive relief to restrain any
breach or threatened breach by IUC of any of its obligations hereunder or otherwise to
obtain specific performance without the necessity of posting a bond or security in
connection therewith.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 7<BR>
AMENDMENT AND TERMINATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;7.01 Amendment</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may, at any time and from time to time before or after the holding of the
Denison Meeting or the IUC Meeting be amended by mutual written agreement of the parties hereto
without, subject to applicable Law, further notice to or authorization on the part of the Denison
Shareholders or the IUC Shareholders and any such amendment may, without limitation:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>change the time for the performance of any of the obligations or acts of any of
the parties hereto;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>waive any inaccuracies in or modify any representation or warranty contained
herein or in any document delivered pursuant hereto;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>waive compliance with or modify any of the covenants herein contained and waive
or modify the performance of any of the obligations of any of the parties hereto; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>waive compliance with or modify any condition herein contained,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">provided, however, that notwithstanding the foregoing, the terms of Section&nbsp;3.01(d) of the Plan of
Arrangement shall not be amended without the approval of the Denison Securityholders given in the
same manner as required for the approval of the Arrangement or as may be ordered by the Court. This
Agreement and the Plan of Arrangement may be amended in accordance with the Final Order, but in the
event that the terms of the Final Order require any such amendment, the rights of the parties
hereto under Section&nbsp;5.01, Section&nbsp;5.02, Section&nbsp;5.03, Section&nbsp;6.03, Section&nbsp;6.06 and Article&nbsp;7
hereof shall remain unaffected.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;7.02 Mutual Understanding Regarding Amendments</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In addition to the transactions contemplated hereby or at the request of a
party hereto, the parties hereto will continue from and after the date hereof and
through and including the Effective Date to use their respective commercially
reasonable best efforts to maximize present and future planning opportunities for
Denison, the Denison Shareholders, the Denison Subsidiaries, IUC and the IUC
Subsidiaries as and to the extent that the same shall not prejudice any party hereto or
the shareholders thereof. The parties hereto will ensure that such planning activities
do not impede the progress of the Arrangement in any material way.</TD>
</TR>



</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->60<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The parties hereto mutually agree that if a party hereto proposes any other
amendment or amendments to this Agreement or to the Plan of Arrangement, Denison on the
one hand, and IUC and IUC Subco on the other hand, will act reasonably in considering
such amendment and if the other of them and the shareholders thereof are not prejudiced
by reason of any such amendment they will co-operate in a reasonable fashion with the
party hereto proposing the amendment so that such amendment can be effected subject to
applicable Laws and the rights of the Denison Securityholders.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;7.03 Termination</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Agreement may be terminated at any time prior to the Effective Date:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by the mutual written consent of the parties hereto;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by either Denison or IUC if at any time the other has committed a material
breach of any provision of this Agreement, subject to Section&nbsp;5.04;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if any of the conditions in Section&nbsp;5.01, Section&nbsp;5.02 or Section&nbsp;5.03 hereof
for the benefit of the terminating party is not satisfied or waived in accordance with
those sections, subject to Section&nbsp;5.04;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by IUC and IUC Subco if there is a Denison Superior Proposal in respect of
Denison and the directors of Denison (i)&nbsp;shall have withdrawn or modified in a manner
adverse to IUC and IUC Subco their approval or recommendation of the Arrangement, (ii)
shall have failed, after being requested by IUC in writing, to reaffirm its approval or
recommendation of the Arrangement and the transactions contemplated herein as promptly
as possible (but in any event within two Business Days) after receipt of such written
request from IUC, or (iii)&nbsp;shall have accepted, approved, recommended or entered into
an agreement in respect of any Denison Superior Proposal;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by IUC and IUC Subco or by Denison if the Denison Meeting shall have been held
and completed and the Arrangement or, where required, any other material matter
contemplated herein or necessary to complete the Arrangement, is not approved by the
requisite majority of the Denison Securityholders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by Denison if there is an IUC Superior Proposal in respect of IUC and the
directors of IUC (i)&nbsp;shall have withdrawn or modified in a manner adverse to Denison
their approval or recommendation of the IUC Shareholder Approval Matters, (ii)&nbsp;shall
have failed, after being requested by Denison in writing, to reaffirm its approval or
recommendation of the IUC Shareholder Approval Matters and the transactions
contemplated herein as promptly as possible (but in any event within two Business Days)
after receipt of such written request from Denison, or (iii)&nbsp;shall have accepted,
approved, recommended or entered into an agreement in respect of any IUC Superior
Proposal;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by Denison or by IUC if the IUC Meeting shall have been held and completed and
the IUC Shareholder Approval Matters are not approved by the requisite majority of the
IUC Shareholders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by: (i)&nbsp;IUC if Denison shall have failed to hold the Denison Meeting on or
before November&nbsp;30, 2006 unless such failure results from: (A)&nbsp;an adjournment of the
Denison Meeting for not less than four Business Days due to its obligation to adjourn
the Denison Meeting in the circumstances described in Section&nbsp;4.01(d) or an adjournment
required pursuant to Section&nbsp;5.04; or (B)&nbsp;for reasons beyond the</TD>
</TR>


</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->61<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>control of Denison (including any order or ruling of a Governmental Entity
or the TSX) so long as Denison is in compliance with the terms and
conditions of this Agreement and it has been and continues to be using all
reasonable best efforts to hold the Denison Meeting as soon as practicable
after November&nbsp;30, 2006; or (ii)&nbsp;Denison if IUC shall have failed to hold
the IUC Meeting on or before November&nbsp;30, 2006 unless such failure results
from: (A)&nbsp;an adjournment of the Denison Meeting for not less than four
Business Days due to its obligation to adjourn the IUC Meeting in the
circumstances described in Section&nbsp;4.02(d) or an adjournment required
pursuant to Section&nbsp;5.04; or (B)&nbsp;for reasons beyond the control of IUC
(including any order or ruling of a Governmental Entity or the TSX) so long
as IUC is in compliance with the terms and conditions of this Agreement and
it has been and continues to be using all reasonable best efforts to hold
the IUC Meeting as soon as practicable after November&nbsp;30, 2006;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by Denison in order to enter into a definitive written
agreement with respect to a Denison Superior Proposal, subject to compliance
with Sections&nbsp;6.01 and 6.02 and the payment of any fee required to be paid
pursuant to Section&nbsp;6.03; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by IUC in order to enter into a definitive written agreement
with respect to an IUC Superior Proposal, subject to compliance with Sections
6.04 and 6.05 and the payment of any fee required to be paid pursuant to
Section&nbsp;6.06,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">provided that any termination by a party hereto in accordance with paragraphs (b)&nbsp;to (i)&nbsp;above
shall be made by such party delivering written notice thereof to the other party or parties hereto
prior to the Effective Date and specifying therein in reasonable detail the matter or matters
giving rise to such termination right. If the completion of the Arrangement does not occur on or
prior to end of business on the Completion Deadline, then this Agreement shall terminate. In the
event of any such termination, subject to the obligations of Denison and IUC contained in Article&nbsp;6
hereof, including the payment required by Section&nbsp;6.03 or Section&nbsp;6.06, as the case may be, each
party hereto shall be deemed to have released, remised and forever discharged the other parties
hereto in respect of any and all claims arising in respect of this Agreement, except as otherwise
provided herein.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 8<BR>
GENERAL</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;8.01 Notices</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any notice, consent, waiver, direction or other communication required or permitted to be
given under this Agreement by a party hereto shall be in writing and shall be delivered by hand to
the party hereto to which the notice is to be given at the following address or sent by facsimile
to the following numbers or to such other address or facsimile number as shall be specified by a
party hereto by like notice. Any notice, consent, waiver, direction or other communication
aforesaid shall, if delivered, be deemed to have been given and received on the date on which it
was delivered to the address provided herein (if a Business Day or, if not, then the next
succeeding Business Day) and if sent by facsimile be deemed to have been given and received at the
time of receipt (if a Business Day or, if not, then the next succeeding Business Day) unless
actually received after 4:00 p.m. (Toronto time) at the point of delivery in which case it shall be
deemed to have been given and received on the next Business Day.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The address for service of each of the parties hereto shall be as follows:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if to Denison:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">595 Bay Street<BR>
Suite&nbsp;402<BR>
Toronto, Ontario M5G 2C2
</DIV>

</DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->62<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Attention: E. Peter Farmer<BR>
Facsimile: (416)&nbsp;979-5893
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">with a copy (which shall not constitute notice) to:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Blake, Cassels &#038; Graydon LLP<BR>
3500 855 &#150; 2<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP> Street S.W.<BR>
Calgary, Alberta T2P 4J8
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Attention: Daniel J. McLeod<BR>
Facsimile: (403)&nbsp;260-9700
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if to IUC or IUC Subco:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">885 West Georgia Street<BR>
Suite&nbsp;2101<BR>
Vancouver, B.C. V6C 3E8
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Attention: Ronald Hochstein<BR>
Facsimile: (604)&nbsp;689-4250
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">with a copy (which shall not constitute notice) to:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Cassels Brock &#038; Blackwell LLP<BR>
2100 Scotia Plaza<BR>
40 King Street West<BR>
Toronto, Ontario M5H 3C2
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Attention: John H. Craig<BR>
Facsimile: (416)&nbsp;360-8877
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;8.02 Remedies</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties hereto acknowledge and agree that an award of money damages may be inadequate for
any breach of this Agreement by any party hereto or its representatives and advisors and that such
breach may cause the non-breaching party hereto irreparable harm. Accordingly, the parties hereto
agree that, in the event of any such breach or threatened breach of this Agreement by one of the
parties hereto, Denison (if either IUC or IUC Subco is the breaching party) or IUC and IUC Subco
(if Denison is the breaching party) will be entitled, without the requirement of posting a bond or
other security, to seek equitable relief, including injunctive relief and specific performance.
Subject to any other provision hereof including without limitation, Section&nbsp;6.03 and Section&nbsp;6.06
hereof, such remedies will not be the exclusive remedies for any breach of this Agreement but will
be in addition to all other remedies available hereunder or at law or in equity to each of the
parties hereto.
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->63<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;8.03 Expenses</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties hereto agree that all out-of-pocket expenses incurred in connection with this
Agreement and the transactions contemplated hereby, the Denison Meeting, the IUC Meeting, and the
preparation and mailing of the Denison Proxy Circular and the IUC Proxy Circular, including legal
and accounting fees, printing costs, financial advisor fees and all disbursements by advisors,
shall be paid by the party hereto incurring such expense and that nothing in this Agreement shall
be construed so as to prevent the payment of such expenses. The provisions of this Section&nbsp;8.03
shall survive the termination of this Agreement. Notwithstanding the foregoing: (i)&nbsp;in the event
that (a)&nbsp;this Agreement is terminated prior to the Completion Deadline as a result of the Denison
Securityholders having voted not to approve the Arrangement at the Denison Meeting; or (b)&nbsp;IUC has
terminated the Agreement under Section&nbsp;7.03(h)(i), then in either case Denison shall pay to IUC the
sum of $2.0&nbsp;million as and by way of liquidated damages representing a reasonable pre-estimate of
IUC&#146;s expenses incurred in respect of the transactions contemplated by this Agreement and not by
way of a penalty; and (ii)&nbsp;in the event that (a)&nbsp;this Agreement is terminated prior to the
Completion Deadline as a result of the IUC Shareholders having voted not to approve the IUC
Shareholder Approval Matters; or (b)&nbsp;Denison has terminated the Agreement under Section
7.03(h)(ii), then in either case IUC shall pay to Denison the sum of $2.0&nbsp;million as and by way of
liquidated damages representing a reasonable pre-estimate of Denison expenses incurred in respect
of the transactions contemplated by this Agreement and not by way of a penalty. Any amount paid by
a party to the other party pursuant to this Section&nbsp;8.03 shall be deducted from the amount which
may become payable pursuant to Section&nbsp;6.03 or Section&nbsp;6.06.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;8.04 Obligations Regarding Personal Information</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each of Denison and IUC shall ensure that, unless otherwise exempted by law, it
has the consent of its employees to the collection, use and disclosure of all personal
information required for any reasonable and necessary purpose related to this
Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the purpose of this Section&nbsp;8.04, &#147;Personal Information&#148; means information
about an identifiable individual collected or created as a result of this Agreement,
but does not include the name, title or business address or telephone number of an
employee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless this Agreement or the law otherwise specifies, each party shall only
collect, create, use and disclose Personal Information in respect of its own employees
or in respect of the employees of contractors which is necessary for the due
performance of this Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless this Agreement or the law otherwise specifies, each party shall not
collect, use or disclose Personal Information about an individual without the consent
of the individual to whom the information relates.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each party agrees to protect all Personal Information collected or stored by it
pursuant to paragraph (c)&nbsp;above by taking reasonable security measures, in accordance
with the sensitivity of the information in question, to protect the Personal
Information against loss, unauthorized access thereto, theft, and any unauthorized
collection, use, disclosure, copying, modification or disposal thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each party further agrees to comply with all applicable laws that relate to the
collection, use, disclosure, storage and disposal of Personal Information.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;8.05 Time of the Essence</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Time shall be of the essence of this Agreement.</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->64<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;8.06 Entire Agreement</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement, together with the agreements and other documents herein or therein referred
to, constitute the entire agreement between the parties hereto pertaining to the subject matter
hereof and supersede all prior agreements, understandings, negotiations and discussions, whether
oral or written, between the parties hereto with respect to the subject matter hereof. There are
no representations, warranties, covenants or conditions with respect to the subject matter hereof
except as contained herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;8.07 Further Assurances</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each party hereto shall, from time to time, and at all times hereafter, at the request of the
other of them, but without further consideration, do, or cause to be done, all such other acts and
execute and deliver, or cause to be executed and delivered, all such further agreements, transfers,
assurances, instruments or documents as shall be reasonably required in order to fully perform and
carry out the terms and intent hereof including without limitation, the Plan of Arrangement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;8.08 Governing Law</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be governed by, and be construed in accordance with, the laws of the
Province of Ontario and the laws of Canada applicable therein but the reference to such laws shall
not, by conflict of laws rules or otherwise, require the application of the law of any jurisdiction
other than the Province of Ontario.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;8.09 Execution in Counterparts</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed in one or more counterparts, each of which shall conclusively
be deemed to be an original and all such counterparts collectively shall be conclusively deemed to
be one and the same. Delivery of an executed counterpart of the signature page to this Agreement by
facsimile shall be effective as delivery of a manually executed counterpart of this Agreement, and
any party delivering an executed counterpart of the signature page to this Agreement by facsimile
to any other party shall thereafter also promptly deliver a manually executed original counterpart
of this Agreement to such other party, but the failure to deliver such manually executed original
counterpart shall not affect the validity, enforceability or binding effect of this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;8.10 Waiver</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No waiver or release by any party hereto shall be effective unless in writing and executed by
the party granting such waiver or release and any waiver or release shall affect only the matter,
and the occurrence thereof, specifically identified and shall not extend to any other matter or
occurrence. Waivers may only be granted upon compliance with the provisions governing amendments
set forth in Section&nbsp;7.01 hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;8.11 No Personal Liability</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No director or officer of Denison shall have any personal liability whatsoever (other than in
the case of fraud, negligence or willful misconduct) to IUC or IUC Subco under this Agreement or
any other document delivered in connection with this Agreement or the Arrangement by or on behalf
of Denison. No director or officer of IUC or IUC Subco shall have any personal liability whatsoever
(other than in the case of fraud, negligence or willful misconduct) to Denison under this Agreement
or any other document delivered in connection with this Agreement or the Arrangement by or on
behalf of IUC or IUC Subco.
</DIV>

</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->65<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;8.12 Enurement and Assignment</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall enure to the benefit of the parties hereto and their respective
successors and permitted assigns and shall be binding upon the parties hereto and their respective
successors. This Agreement may not be assigned by any party hereto without the prior written
consent of each of the other parties hereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;8.13 Invalidity</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any provision of this Agreement is determined to be invalid or unenforceable by a court of
competent jurisdiction from which no further appeal lies or is taken, that provision shall be
deemed to be severed herefrom, and the remaining provisions of this Agreement shall not be affected
thereby and shall remain valid and enforceable.
</DIV>

</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->66<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the date first above
written.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>INTERNATIONAL URANIUM CORPORATION</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>&#147;Ronald Hochstein&#148;</I></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Ronald Hochstein</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: President and Chief Executive Officer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>2113537 ONTARIO INC.</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>&#147;Ronald Hochstein&#148;</I></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Ronald Hochstein</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: President</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>DENISON MINES INC.</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>&#147;E. Peter Farmer&#148;</I></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: E. Peter Farmer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: President and Chief Executive Officer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->A-1<!-- /Folio -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE A<BR>
PLAN OF ARRANGEMENT<BR>
UNDER SECTION 182 OF THE<BR>
ONTARIO BUSINESS CORPORATIONS ACT</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE ONE<BR>
DEFINITIONS AND INTERPRETATION</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;1.01 <I>Definitions</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this Plan of Arrangement, unless the context otherwise requires, the following words and
terms with the initial letter or letters thereof capitalized shall have the meanings ascribed to
them below:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;affiliate&#148; shall have the meaning ascribed to such term under
the OBCA but shall not include IUC Subco;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Amalgamating Corporations&#148; means IUC Subco and Denison
collectively and &#147;Amalgamating Corporation&#148; means either one of them;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Amalgamation&#148; has the meaning ascribed thereto in 3.01(b) of
this Plan of Arrangement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Arrangement&#148; means the arrangement under the provisions of
Section&nbsp;182 of the OBCA on the terms and subject to the conditions set forth in
this Plan of Arrangement, subject to any amendment or supplement hereto made in
accordance with the provisions hereof or at the direction of the Court in the
Final Order;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Arrangement Agreement&#148; means the arrangement agreement dated
as of September&nbsp;18, 2006, as amended and restated on October&nbsp;16, 2006, with
effect as and from September&nbsp;18, 2006 between IUC, IUC Subco and Denison, as
amended or supplemented prior to the Effective Date, entered into in connection
with the Arrangement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Business Day&#148; means any day, other than a Saturday, a Sunday
or a statutory holiday in Toronto, Ontario;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Common Shares&#148; means the common shares which the Corporation
is authorized to issue and having the rights, privileges, restrictions and
conditions set forth in Section&nbsp;4.04 hereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Corporation&#148; means the corporation continuing from the
Amalgamation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Court&#148; means the Superior Court of Justice of Ontario;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Denison&#148; means Denison, a corporation existing under the OBCA;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Denison Common Shares&#148; means the common shares in the capital
of Denison;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Denison Meeting&#148; means the special meeting, including any
adjournments or postponements thereof, of the holders of Denison Common Shares
held, among other things, to consider and, if deemed advisable, approve the
Arrangement;</TD>
</TR>


</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->A-2<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Denison Options&#148; means the outstanding options to purchase
Denison Common Shares issued pursuant to the Denison Share Option Plan and
otherwise;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Denison Proxy Circular&#148; means the management information
circular prepared by Denison with the assistance of IUC in respect of the
Denison Meeting;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Denison Share Option Plan&#148; means the share option plan of
Denison adopted on March&nbsp;5, 2004;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Depositary&#148; means the depositary which shall be appointed by
IUC for the purpose of, among other things, exchanging certificates
representing Denison Common Shares for IUC Common Shares in connection with the
Arrangement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Director&#148; means the Director appointed under Section&nbsp;278 of
the OBCA;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(r)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Dissent Procedures&#148; means the procedures set forth in Section
185 of the OBCA required to be taken by a registered holder of Denison Common
Shares to exercise the right of dissent in respect of such Denison Common
Shares in connection with the Arrangement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(s)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Dissenting Optionholders&#148; means the holders of Denison Options
who dissent in respect of the Arrangement in strict compliance with the Dissent
Procedures;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(t)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Dissenting Shareholders&#148; means the registered holders of
Denison Common Shares who dissent in respect of the Arrangement in strict
compliance with the Dissent Procedures;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(u)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Effective Date&#148; means the date on which the Final Order and
all other required documents are accepted for filing by the Registrar;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Effective Time&#148; means 12:01&nbsp;a.m. (Toronto time) on the
Effective Date;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(w)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Final Order&#148; means the order of the Court approving the
Arrangement pursuant to the OBCA, as such order may be amended at any time
prior to the Effective Date or, if appealed, then unless such appeal is
withdrawn or denied, as affirmed;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Former Denison Shareholders&#148; means the holders of Denison
Common Shares immediately prior to the Effective Time;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(y)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;IUC&#148; means IUC, a corporation existing under the CBCA;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(z)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;IUC Common Shares&#148; means the common shares in the capital of
IUC; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(aa)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;IUC Subco&#148; means 2113537 Ontario Inc.<B>, </B>a wholly-owned
subsidiary of IUC existing under the OBCA.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(bb)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Interim Order&#148; means the interim order of the Court, as such
order may be amended in connection with the Arrangement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(cc)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Meeting Date&#148; means the date of the Denison Meeting;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(dd)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;OBCA&#148; means the <I>Business Corporations Act </I>(Ontario);</TD>
</TR>


</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->A-3<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ee)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Plan of Arrangement&#148; means this plan of arrangement, as
amended, modified or supplemented from time to time in accordance herewith and
with any order of the Court;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ff)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Subject Shares&#148; means the Denison Common Shares held, directly
or indirectly, by or for the benefit of IUC or its affiliates immediately prior
to the Effective Time, together with the Denison Common Shares deemed to be
transferred to IUC in subsection 3.01(b) hereof;</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, words and phrases used herein and defined in the OBCA shall have the same meaning
herein as in the OBCA unless the context otherwise requires.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;1.02 <I>Interpretation Not Affected by Headings</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The division of this Plan of Arrangement into articles, sections, paragraphs and subparagraphs
and the insertion of headings herein are for convenience of reference only and shall not affect the
construction or interpretation of this Plan of Arrangement. The terms &#147;this Plan of Arrangement&#148;,
&#147;hereof&#148;, &#147;herein&#148;, &#147;hereto&#148;, &#147;hereunder&#148; and similar expressions refer to this Plan of Arrangement
and not to any particular article, section or other portion hereof and include any instrument
supplementary or ancillary hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;1.03 <I>Number, Gender and Persons</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this Plan of Arrangement, unless the context otherwise requires, words importing the
singular shall include the plural and <I>vice versa</I>, words importing the use of either gender shall
include both genders and neuter and the word person and words importing persons shall include a
natural person, firm, trust, partnership, association, corporation, joint venture or government
(including any governmental agency, political subdivision or instrumentality thereof) and any other
entity of any kind or nature whatsoever.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;1.04 <I>Date for any Action</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the date on which any action is required to be taken hereunder is not a Business Day, such
action shall be required to be taken on the next succeeding day which is a Business Day.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;1.05 <I>Statutory References</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any reference in this Plan of Arrangement to a statute includes all regulations made
thereunder, all amendments to such statute or regulation in force from time to time and any statute
or regulation that supplements or supersedes such statute or regulation.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE TWO<BR>
ARRANGEMENT AGREEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;2.01 <I>Arrangement Agreement</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Plan of Arrangement is made pursuant to, and is subject to the provisions of, the
Arrangement Agreement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE THREE<BR>
ARRANGEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;3.01 <I>Arrangement</I>
</DIV>


</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->A-4<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the Effective Time, the following shall occur, and shall be deemed to occur in the
following order, without any further act or formality:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each Denison Option which is not already exercisable for
Denison Shares in accordance with its terms shall immediately become
exercisable and all Denison Options shall remain exercisable for the remainder
of their respective terms;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each Denison Common Share and Denison Option in respect of
which Dissent Procedures have been exercised shall be deemed to be transferred
by the holder thereof, without any further act or formality on its part, free
and clear of all liens, claims and encumbrances, to IUC, with IUC being obliged
to pay therefor the amount determined and payable in accordance with Section&nbsp;5
hereof, and the name of such holder will be removed from the register of
holders of Denison Common Shares or Denison Options, as the case may be, and
IUC will be recorded as the registered holder of the Denison Common Shares and
Denison Options so transferred and will be deemed to be the legal and
beneficial owner of such Denison Common Shares and Denison Options;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Amalgamating Corporations shall be amalgamated to form the
Corporation and continue as one corporation under the OBCA on the terms
prescribed in this Plan of Arrangement (the &#147;Amalgamation&#148;) and:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Corporation shall have the characteristics
set forth in Article&nbsp;Four of this Plan of Arrangement and shall possess
all of the property, rights, privileges and franchises and shall be
subject to all of the liabilities, including civil, criminal and
quasi-criminal, and all contracts, disabilities and debts of each of
the Amalgamating Corporations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a conviction against, or ruling, order or
judgment in favour of or against an Amalgamating Corporation may be
enforced by or against the Corporation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Articles of Arrangement shall be deemed to
be the articles of incorporation of the Corporation and, except for the
purposes of subsection 104(1) of the OBCA, the Certificate shall be
deemed to be the certificate of incorporation of the Corporation; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Corporation shall be deemed to be the party
plaintiff or the party defendant, as the case may be, in any civil
action commenced by or against an Amalgamating Corporation before the
Effective Time;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>immediately upon the Amalgamation as set forth in subsection
(c), all Denison Common Shares held by IUC Subco shall be cancelled without any
repayment of capital in respect thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>immediately upon the Amalgamation as set forth in subsection
(c), all Denison Common Shares (other than the Subject Shares) held by Former
Denison Shareholders (other than Dissenting Shareholders) shall be exchanged
with IUC for IUC Common Shares on the basis of 2.88 IUC Common Shares for each
one Denison Common Share, subject to Sections&nbsp;3.03 and 5.01 hereof, and shall
thereafter be cancelled without any repayment of capital in respect thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>immediately upon the Amalgamation as set forth in subsection
(c), each Subject Share shall be cancelled and the holders thereof shall
receive, for each Subject Share, 2.88 IUC Common Shares;</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->A-5<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>immediately upon the Amalgamation as set forth in subsection
(c), (i)&nbsp;each Denison Option shall entitle the holder thereof to receive (and
such holder shall accept) upon the exercise thereof, in lieu of the number of
Denison Common Shares otherwise issuable upon the exercise thereof, the number
of IUC Common Shares which the holder would have been entitled to receive as a
result of the transactions contemplated by this Plan of Arrangement if,
immediately prior to the Effective Time, such holder had been the registered
holder of the number of Denison Common Shares to which such holder was
theretofore entitled upon such exercise, subject to necessary adjustments to
the option exercise price, and (ii)&nbsp;other than the changes set forth in
subsection (a)&nbsp;and subsection (g)(i), such Denison Option shall continue to be
governed by and be subject to the terms of the Denison Share Option Plan and
applicable agreement thereunder; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>immediately upon the Amalgamation as set forth in subsection
(c), each common share of IUC Subco shall be exchanged for one Common Share.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;3.02 <I>Post-Effective Time Procedures</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On or promptly after the Effective Date, IUC shall deliver or
arrange to be delivered to the Depositary certificates representing the IUC
Common Shares required to be issued to Former Denison Shareholders in
accordance with the provisions of Section&nbsp;3.01 hereof, which certificates shall
be held by the Depositary as agent and nominee for such Former Denison
Shareholders for distribution to such Former Denison Shareholders in accordance
with the provisions of Article&nbsp;6 hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the provisions of Article&nbsp;6 hereof, Former Denison
Shareholders shall be entitled to receive delivery of the certificates
representing the IUC Common Shares to which they are entitled pursuant to
subsection 3.01(e) hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IUC and its affiliates shall be entitled to receive delivery of
the certificates representing the IUC Common Shares to which they are entitled
pursuant to subsection 3.01(f) hereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;3.03 <I>No Fractional IUC Common Shares</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No fractional IUC Common Shares shall be issued to Former Denison Shareholders. Any
fractional number of IUC Common Shares shall be rounded up or down to the nearest whole number.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE FOUR<BR>
THE CORPORATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;4.01 <I>Name</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name of the Corporation shall be &#147;Denison Mines Inc.&#148; or such other name containing the
word &#147;Denison&#148; as may be approved by the directors of each of IUC and Denison or such other number
company name as may be assigned to the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;4.02 <I>Registered Office</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registered office of the Corporation shall be located in the City of Toronto in the
Province of Ontario and the address of the registered office of the Corporation shall be 595 Bay
Street, Suite&nbsp;402, Toronto, Ontario, M5G 2C2.
</DIV>
</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->A-6<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;4.03 <I>Authorized Capital</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall be authorized to issue an unlimited number of common shares (being the
Common Shares).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;4.04 <I>Share Provisions</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rights, privileges, restrictions and conditions attaching to the Common Shares shall be as
follows:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Voting.</U> Holders of Common Shares shall be entitled to
receive notice of and to attend any meeting of the shareholders of the
Corporation and shall be entitled to one vote in respect of each Common Share
held at such meeting, except a meeting of holders of a particular class or
series of shares other than Common Shares who are entitled to vote separately
as a class or series at such meeting.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Dividends.</U> Subject to the rights, privileges,
restrictions and conditions attaching to any other class of shares of the
Corporation ranking in priority to or rateably with the Common Shares, holders
of Common Shares shall be entitled to receive dividends if, as and when
declared by the directors of the Corporation out of the assets of the
Corporation properly applicable to the payment of dividends in such amounts and
payable in such manner as the directors of the Corporation may from time to
time determine.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Liquidation.</U> In the event of the liquidation,
dissolution or winding up of the Corporation or any other distribution of the
property or assets of the Corporation among its shareholders for the purpose of
winding up its affairs, holders of Common Shares shall, subject to the rights
of the holders of any other class of shares of the Corporation entitled to
receive the property or assets of the Corporation upon such a liquidation,
dissolution, winding up or other distribution in priority to or rateably with
holders of Common Shares, be entitled to receive the remaining property and
assets of the Corporation.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;4.05 <I>Restrictions on Transfer</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There shall be restrictions upon the right to transfer Common Shares approval of either the
board of directors of the Corporation or the shareholders of the Corporation (by resolution passed
at a meeting or by signed resolution) shall be required in respect of each transfer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;4.06 <I>Stated Capital</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the Effective Time, the stated capital account maintained by the Corporation for the Common
Shares shall be an amount equal to the aggregate of the stated capital account maintained by IUC
Subco in respect of the common shares of IUC Subco immediately prior to the Effective Time and the
stated capital account maintained by Denison in respect of the Denison Common Shares immediately
prior to the Effective Time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;4.07 <I>Directors and Officers</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Minimum and Maximum.</U> The directors of the Corporation
shall, until otherwise changed in accordance with the OBCA, consist of a
minimum number of one and a maximum number of ten directors.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Initial Directors.</U> The number of directors on the
board of directors shall initially be set at two. The initial directors of the
Corporation immediately following the</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->A-7<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amalgamation shall be the persons whose names and residential addresses
appear below:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Municipality of Residence</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">E. Peter Farmer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Toronto, Ontario</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ronald Hochstein
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vancouver, British Columbia</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The initial directors shall hold office until the next annual meeting of the shareholders of the
Corporation or until their successors are elected or appointed.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Initial Officers.</U> The initial officers of the
Corporation shall be as follows:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">E. Peter Farmer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ronald Hochstein
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">James Anderson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sheila Colman
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Secretary</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">William Shaver
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice-President</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;4.08 <I>Business and Powers</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There shall be no restriction on the business which the Corporation is authorized to carry on
or on the powers which the Corporation may exercise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;4.09 <I>By-Laws</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The by-laws of the Corporation, until repealed, amended or altered, shall be the by-laws of
IUC Subco.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;4.10 <I>Qu&#233;bec Charging Power</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without restricting any of the powers and capacities of the Corporation, whether under the
OBCA or otherwise, the Corporation may mortgage, hypothecate, pledge or otherwise create a security
interest in all or any present or future, real or personal, movable or immovable, legal or
equitable property of the Corporation (including without limitation, its book debts, rights,
powers, franchises and undertaking) for any purpose whatsoever.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">A- 8
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE FIVE<BR>
DISSENT PROCEDURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;5.01 <I>Dissent Procedures</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of Denison Common Shares and Denison Options may exercise Dissent Procedures with
respect to Denison Common Shares and Denison Options, respectively, in connection with the
Arrangement, provided that, notwithstanding the provisions of subsection 185 of the OBCA, the
written objection to the special resolution to approve the Arrangement contemplated by section 185
of the OBCA must be received by Denison not later than 5:00 p.m. (Toronto time) on the Business Day
immediately prior to the date of the Denison Meeting and provided further that holders who exercise
such rights of dissent and who:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>are ultimately entitled to be paid fair value for their Denison Common Shares
or Denison Options, as the case may be, which fair value, notwithstanding anything to
the contrary contained in section 185 of the OBCA, shall be determined as of the close
of business on the day before the Final Order becomes effective, shall be paid an
amount equal to such fair value by Denison; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>are ultimately not entitled, for any reason, to be paid fair value for their
Denison Common Shares or Denison Options, as the case may be, shall be deemed to have
participated in the Arrangement, as of the Effective Time, on the same basis as a
non-dissenting holder of Denison Common Shares or Denison Options, as the case may be,
and shall be entitled to receive only the consideration contemplated in subsection
3.01(e) or subsection 3.01(g) hereof, as applicable, which such holder would have
received pursuant to the Arrangement if such holder had not exercised Dissent
Procedures,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">but further provided that in no case shall Denison, IUC Subco, IUC or any other person be required
to recognize Dissenting Shareholders as holders of Denison Common Shares after the Effective Time
or Dissenting Optionholders as holders of Denison Options after the Effective Time, and the names
of such Dissenting Shareholders and Dissenting Optionholders shall be deleted from the registers of
holders of Denison Common Shares and Denison Options, respectively, at the Effective Time.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE SIX<BR>
DELIVERY OF IUC COMMON SHARES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;6.01 <I>Delivery of IUC Common Shares</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon surrender to the Depositary for cancellation of a
certificate which immediately prior to the Effective Time represented one or
more outstanding Denison Common Shares which were exchanged for IUC Common
Shares in accordance with Section&nbsp;3.01(e) or (f)&nbsp;hereof, together with such
other documents and instruments as would have been required to effect the
transfer of the Denison Common Shares formerly represented by such certificate
under the OBCA and the by-laws of Denison and such additional documents and
instruments as the Depositary may reasonably require, the holder of such
surrendered certificate shall be entitled to receive in exchange therefor, and
the Depositary shall deliver to such holder following the Effective Time, a
certificate representing the IUC Common Shares which such holder is entitled to
receive in accordance with Section&nbsp;3.02 hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>After the Effective Time and until surrendered for cancellation
as contemplated by subsection 6.01(a) hereof, each certificate which
immediately prior to the Effective Time represented one or more Denison Common
Shares shall be deemed at all times to represent only the right to receive in
exchange therefor a</TD>
</TR>

</TABLE>
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->A- 9<!-- /Folio -->



<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>certificate representing the IUC Common Shares which the
holder of such certificate is entitled to receive in accordance with Section
6.01(a) hereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;6.02 <I>Lost Certificates</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that any certificate which immediately prior to the Effective Time represented
one or more outstanding Denison Common Shares which were exchanged for IUC Common Shares in
accordance with Section&nbsp;3.01(e) or (f)&nbsp;hereof shall have been lost, stolen or destroyed, upon the
making of an affidavit of that fact by the holder claiming such certificate to be lost, stolen or
destroyed, the Depositary shall deliver in exchange for such lost, stolen or destroyed certificate,
a certificate representing the IUC Common Shares which such holder is entitled to receive in
accordance with Section&nbsp;3.02 hereof. When authorizing such delivery of a certificate representing
the IUC Common Shares which such holder is entitled to receive in exchange for such lost, stolen or
destroyed certificate, the holder to whom a certificate representing such IUC Common Shares is to
be delivered shall, as a condition precedent to the delivery of such IUC Common Shares, give a bond
satisfactory to IUC and the Depositary in such amount as IUC and the Depositary may direct, or
otherwise indemnify IUC, IUC Subco and the Depositary in a manner satisfactory to IUC and the
Depositary, against any claim that may be made against IUC, IUC Subco or the Depositary with
respect to the certificate alleged to have been lost, stolen or destroyed and shall otherwise take
such actions as may be required by the by-laws of the Corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;6.03 <I>Distributions with Respect to Unsurrendered Certificates</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No dividend or other distribution declared or made after the Effective Time with respect to
IUC Common Shares with a record date after the Effective Time shall be delivered to the holder of
any unsurrendered certificate which, immediately prior to the Effective Time, represented
outstanding Denison Common Shares unless and until the holder of such certificate shall have
complied with the provisions of Section&nbsp;6.01 or Section&nbsp;6.02 hereof. Subject to applicable law and
to Section&nbsp;6.04 hereof, at the time of such compliance, there shall, in addition to the delivery of
a certificate representing the IUC Common Shares to which such holder is thereby entitled, be
delivered to such holder, without interest, the amount of the dividend or other distribution with a
record date after the Effective Time theretofore paid with respect such IUC Common Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;6.04 <I>Withholding Rights</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IUC, IUC Subco and the Depositary shall be entitled to deduct and withhold from all dividends
or other distributions otherwise payable to any Former Denison Shareholder such amounts as IUC, IUC
Subco or the Depositary is required or permitted to deduct and withhold with respect to such
payment under the <I>Income Tax Act </I>(Canada), the United States Internal Revenue Code of 1986 or any
provision of any applicable federal, provincial, state, local or foreign tax law, in each case, as
amended. To the extent that amounts are so withheld, such withheld amounts shall be treated for all
purposes hereof as having been paid to the Former Denison Shareholder in respect of which such
deduction and withholding was made, provided that such withheld amounts are actually remitted to
the appropriate taxing authority.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;6.05 <I>Limitation and Proscription</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that a Former Denison Shareholder shall not have complied with the provisions of
Section&nbsp;6.01 or Section&nbsp;6.02 hereof on or before the date which is six years after the Effective
Date (the &#147;final proscription date&#148;), then the IUC Common Shares which such Former Denison
Shareholder was entitled to receive shall be automatically cancelled without any repayment of
capital in respect thereof and the certificates representing such IUC Common Shares shall be
delivered to IUC by the Depositary for cancellation and shall be cancelled by IUC, and the interest
of the Former Denison Shareholder in such IUC Common Shares shall be terminated as of such final
proscription date.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE SEVEN<BR>
AMENDMENTS</B>
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->A- 10<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Section&nbsp;7.01 <I>Amendments to Plan of Arrangement</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IUC and Denison reserve the right to amend, modify or
supplement this Plan of Arrangement at any time and from time to time, provided
that each such amendment, modification or supplement must be (i)&nbsp;set out in
writing, (ii)&nbsp;agreed to in writing by IUC and Denison, (iii)&nbsp;filed with the
Court and, if made following the Denison Meeting,
approved by the Court, and (iv)&nbsp;communicated to Denison Optionholders and
Former Denison Shareholders if and as required by the Court.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any amendment, modification or supplement to this Plan of
Arrangement may be proposed by Denison at any time prior to the Denison Meeting
provided that IUC shall have consented thereto in writing, with or without any
other prior notice or communication, and, if so proposed and accepted by the
persons voting at the Denison Meeting (other than as may be required under the
Interim Order), shall become part of this Plan of Arrangement for all purposes.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any amendment, modification or supplement to this Plan of
Arrangement that is approved by the Court following the Denison Meeting shall
be effective only if (i)&nbsp;it is consented to in writing by each of IUC and
Denison, and (ii)&nbsp;if required by the Court, it is consented to by holders of
the Denison Common Shares and Denison Options voting in the manner directed by
the Court.</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->B- 1<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE B<BR>
DESCRIPTION OF DENISON SUBSIDIARIES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of the date of the Arrangement Agreement to which this Schedule&nbsp;B is attached, the following are
the Denison Subsidiaries.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Denison Subsidiaries
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Company</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Jurisdiction</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Percentage Ownership(%)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dengold Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DML Broadcasting Limited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Ontario</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stanatomic Uranium Mines Limited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Ontario</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">69.52</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE C<BR>
DESCRIPTION OF IUC SUBSIDIARIES AND IUC MATERIAL SUBSIDIARIES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of the date of the Arrangement Agreement to which this Schedule&nbsp;C is attached, the following are
the IUC Subsidiaries and the IUC Material Subsidiaries:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">IUC Subsidiaries
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Company</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Jurisdiction</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Percentage Ownership(%)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">International Uranium Alberta Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Federal</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">International Uranium (Sask) Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Ontario</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IUC Reno Creek LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Colorado</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IUC Rim Mine LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Colorado</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rio Frio Holdings Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Federal</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">El Capitan Holdings Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Federal</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mongolia Resources Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Ontario</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Concours Resources Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Ontario</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Together with the IUC Material Subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">IUC Material Subsidiaries
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Company</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Jurisdiction</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Percentage Ownership(%)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">International Uranium Holdings Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">International Uranium (USA)&nbsp;Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">International Uranium Recovery Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IUC White Mesa LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Colorado</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IUC Sunday Mine LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Colorado</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IUC Colorado Plateau LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Colorado</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IUC Henry Mountains LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Colorado</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IUC Arizona Strip LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Colorado</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IUC Recovery LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Colorado</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IUC Properties LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Colorado</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">International Uranium (Bermuda) I Ltd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Bermuda</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">International Uranium Company (Mongolia) Ltd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Bermuda</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">International Uranium Mongolia, XXK</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Mongolia</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gurvan Salhan XXK</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Mongolia</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->F-1<!-- /Folio -->
<DIV align="left">
<A name="179"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE F &#150; PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NOTE: The following compilation report is provided solely to comply with the applicable
requirements of Canadian securities laws. The Canadian auditing standards specify the procedures
that should be performed which are outlined in the report. These procedures would not be sufficient
to allow for an expression of opinion under the standards of the Public Company Accounting
Oversight Board (United States) (&#147;PCAOB&#148;). The procedures that would be performed to allow for an
expression of an opinion under the standards of the PCAOB would be more extensive and greater in
scope than those required by the Canadian auditing standards. Accordingly, no opinion is expressed
on the pro forma information under the standards of the PCAOB.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>COMPILATION REPORT ON PRO FORMA COMBINED FINANCIAL STATEMENTS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the Directors of International Uranium Corporation
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have read the accompanying unaudited pro forma combined balance sheet of International Uranium
Corporation (the &#147;Company&#148; or &#147;IUC&#148;) as at June&nbsp;30, 2006 and the unaudited pro forma combined
statements of earnings for the nine months then ended and for the year ended September&nbsp;30, 2005,
and have performed the following procedures.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Compared the figures in the columns captioned &#147;IUC&#148; to the unaudited consolidated financial
statements of the Company as at June&nbsp;30, 2006 and for the nine months then ended, and the
audited consolidated financial statements of the Company for the year ended September&nbsp;30, 2005
respectively, and found them to be in agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Compared the figures in the columns captioned &#147;Denison CAD$&#148; to the unaudited consolidated
financial statements of Denison Mines Inc (&#147;Denison&#148;) as at June&nbsp;30, 2006, and found them to
be in agreement. Recalculated the figures in the columns captioned &#147;Denison CAD$&#148; for the nine
months ended June&nbsp;30, 2006 as the sum of the audited consolidated financial statements of
Denison for the year ended December&nbsp;31, 2005, less the nine months ended September&nbsp;30, 2005,
plus the six months ended June&nbsp;30, 2006, both taken from the unaudited financial statements of
Denison for the respective periods, and found them to be in agreement. Recalculated the
figures in the columns captioned &#147;Denison CAD$&#148; for the year ended September&nbsp;30, 2005 as the
sum of the audited consolidated financial statements of Denison for the year ended December
31, 2004, less the nine months ended September&nbsp;30, 2004, plus the nine months ended September
30, 2005, both taken from the unaudited financial statements of Denison for the respective
periods, and found them to be in agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Recalculated the translation of the figures in the columns captioned &#147;Denison CAD$&#148; as at
June&nbsp;30, 2006 and for the nine months then ended, and for the year ended September&nbsp;30, 2005,
and found the amounts in the columns captioned &#147;Denison US$&#148; to be arithmetically correct.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Made enquiries of certain officials of the Company who have responsibility for financial and
accounting matters about:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the basis for determination of the pro forma adjustments; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether the pro forma combined financial statements comply as to form in all
material respects with the regulatory requirements of the various Securities
Commissions and similar regulatory authorities in Canada.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The officials:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>described to us the basis for determination of the pro forma adjustments, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>stated that the pro forma combined financial statements comply as to form in
all material respects with the regulatory requirements of the various Securities
Commissions and similar regulatory authorities in Canada.</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->F-2<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Read the notes to the pro forma combined financial statements, and found them to be
consistent with the basis described to us for determination of the pro forma adjustments.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Recalculated the application of the pro forma adjustments to the aggregate of the amounts in
the columns captioned &#147;IUC&#148; and &#147;Denison US$&#148; as at June&nbsp;30, 2006 and for the nine months then
ended, and for the year ended September&nbsp;30, 2005, and found the amounts in the columns
captioned &#147;Pro Forma IUC&#148; to be arithmetically correct.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A pro forma financial statement is based on management assumptions and adjustments which are
inherently subjective. The foregoing procedures are substantially less than either an audit or a
review, the objective of which is the expression of assurance with respect to management&#146;s
assumptions, the pro forma adjustments, and the application of the adjustments to the historical
financial information. Accordingly, we express no such assurance. The foregoing procedures would
not necessarily reveal matters of significance to the pro forma combined financial statements, and
we therefore make no representation about the sufficiency of the procedures for the purposes of a
reader of such statements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="o33165o3316503.gif" alt="-s- PricewaterhouseCoopers LLP">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(Signed) &#147;PricewaterhouseCoopers LLP&#148;<BR>
Chartered Accountants

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Vancouver, British Columbia

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">October&nbsp;18, 2006

</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->F-3<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>INTERNATIONAL URANIUM CORPORATION<BR>
(To be renamed &#147;Denison Mines Ltd.&#148;)</B><BR>
Pro Forma Combined Balance Sheet<BR>
As at June&nbsp;30, 2006<BR>
(Unaudited, in thousands of dollars)

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Pro</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Forma</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Pro</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Adjust</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Forma</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">IUC</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 0px solid #000000">Denison</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Note</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">-ments</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">IUC</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(US$)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">(CAD$)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(US$)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">3</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(US$)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(US$)</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">B</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">C</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">A&#043;B&#043;C</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ASSETS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Current</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">32,808</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">86,815</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">77,777</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">110,585</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Trade and other receivables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,218</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,418</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,749</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,967</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,608</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,425</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,716</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(b</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,340</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Prepaid expenses and other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">182</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">359</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">541</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,816</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110,058</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98,601</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,433</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,035</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,773</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,380</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(b</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">655</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,070</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,528</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,738</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,270</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(b</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,309</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107,107</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mineral properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,390</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,957</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,422</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(b</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">334,283</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">387,095</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(b</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,643</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,221</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restricted investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,246</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,116</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,895</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,141</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">90,593</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">221,642</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">198,568</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">389,906</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">679,067</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>LIABILITIES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Current</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts payable and accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,086</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">9,197</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">8,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(a</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,584</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">17,418</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(b</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,508</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,878</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,878</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of long-term liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,030</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,991</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,317</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,243</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,092</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,326</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Notes payable, net of current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for post-employment benefits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,480</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,597</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(b</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,765</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,832</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reclamation obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,970</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,453</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,368</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Future income tax liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(b</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97,827</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other long-term liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,524</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,828</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95,603</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142,475</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>SHAREHOLDERS&#146; EQUITY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Share capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94,419</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">181,215</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">162,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(b</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(162,350</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">545,508</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(a</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">451,089</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Warrants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,398</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,107</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(b</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(11,107</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Contributed surplus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,065</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,930</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(b</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,930</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,499</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(a</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,537</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(a</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,897</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Retained earnings (deficit)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(31,415</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,046</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,833</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(b</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,833</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(31,415</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,069</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">197,814</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">294,303</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">536,592</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">90,593</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">221,642</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">198,568</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">389,906</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">679,067</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">See accompanying notes to the pro forma combined financial statements
</DIV>


</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->F-4<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>INTERNATIONAL URANIUM CORPORATION<BR>
(To be renamed &#147;Denison Mines Ltd.&#148;)</B><BR>
Pro Forma Combined Statement of Operations<BR>
For the Nine Months Ended June&nbsp;30, 2006<BR>
(Unaudited, in thousands of dollars except for per share amounts)

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Pro</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Forma</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Pro</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Adjust</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Forma</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">IUC</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 0px solid #000000">Denison</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Note</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">-ments</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">IUC</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(US$)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">(CAD$)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(US$)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">3</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(US$)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(US$)</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">B</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">C</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">A&#043;B&#043;C</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>REVENUES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,399</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">29,836</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">27,354</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>EXPENSES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Process milling expenditures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,398</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,106</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,491</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(c</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,862</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,816</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(d</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Royalties and provincial capital tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,837</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,598</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,598</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">General and administrative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,845</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,078</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,548</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(d</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(200</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,193</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">General exploration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,088</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,557</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(d</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">355</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(e</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,337</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,243</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,194</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(475</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,962</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,844</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(273</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(239</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,608</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>OTHER INCOME AND EXPENSES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net interest and other income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,425</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,632</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,420</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,845</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gain on foreign exchange</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,240</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss on sale of restricted investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(17</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(17</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity in loss of Fortress Minerals Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(394</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(394</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dilution gain</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,319</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,319</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings before income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,729</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,359</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,181</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,385</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax recovery (expense):</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(58</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(50</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(50</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Future</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(696</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(605</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(c</TD>
    <TD nowrap>)(e)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(147</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(752</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income for the period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,729</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">605</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">526</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">328</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,583</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings per share:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.01</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.01</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted-average number of shares
outstanding, in thousands:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87,940</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,032</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,032</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">175,659</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,271</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,413</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,413</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177,990</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">See accompanying notes to the pro forma combined financial statements
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->F-5<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>INTERNATIONAL URANIUM CORPORATION<BR>
(To be renamed &#147;Denison Mines Ltd.&#148;)</B><BR>
Pro Forma Combined Statement of Operations<BR>
For the Year Ended September&nbsp;30, 2005<BR>
(Unaudited, in thousands of dollars except for per share amounts)

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Pro</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Forma</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Pro</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Adjust</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Forma</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">IUC</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 0px solid #000000">Denison</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Note</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">-ments</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">IUC</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(US$)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">(CAD$)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(US$)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">3</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(US$)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(US$)</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">B</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">C</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">A&#043;B&#043;C</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>REVENUES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">131</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">33,839</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">27,670</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">27,801</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>EXPENSES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Process milling expenditures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,439</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,737</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,228</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(c</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,148</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,888</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(d</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mill stand-by expenditures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,038</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,038</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Royalties and provincial capital tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,089</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,707</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,707</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">General and administrative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,602</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,814</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,937</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(d</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(179</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,360</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">General exploration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,292</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,874</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(d</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">249</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(e</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,828</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Write-down of mineral property</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,870</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,047</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,932</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,746</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,319</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,112</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8,916</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(93</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(76</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,319</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(11,311</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>OTHER INCOME AND EXPENSES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net interest and other income (expense)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">699</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(875</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(717</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(18</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gain on sale of short-term investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,939</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,939</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gain on foreign exchange</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">560</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">560</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gain on sale of land and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss on sale of restricted investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(63</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(63</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity in loss of Fortress Minerals Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(679</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(679</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dilution gain</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,098</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,098</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">917</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">917</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings (loss)&nbsp;before income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,345</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(968</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(793</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,319</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5,457</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax recovery (expense):</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(132</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(108</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(108</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Future</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(27</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,872</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,984</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(c</TD>
    <TD nowrap>)(e)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">719</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,676</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income (loss)&nbsp;for the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(2,372</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,772</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,083</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(1,600</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(889</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings (loss)&nbsp;per share:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(0.03</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(0.01</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(0.03</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(0.01</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted-average number of shares
outstanding, in thousands:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,575</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,787</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,787</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">168,294</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,575</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,540</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,540</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">168,294</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">See accompanying notes to the pro forma combined financial statements
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->F-6<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>INTERNATIONAL URANIUM CORPORATION<BR>
(To be renamed &#147;Denison Mines Ltd.&#148;)</B><BR>
Notes to Pro Forma Combined Financial Statements<BR>
(Unaudited, in thousands of U.S. dollars except for per share amounts, unless otherwise noted)

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Basis of Presentation</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>These unaudited pro forma combined financial statements have been compiled for the purpose of
inclusion in the information circulars of International Uranium Corporation (&#147;IUC&#148;) dated
October&nbsp;18, 2006 and of Denison Mines Inc. (&#147;Denison&#148; or &#147;DEN&#148;) dated October&nbsp;18, 2006. These
pro forma financial statements have been prepared by management of IUC in accordance with
generally accepted accounting principles in Canada (&#147;GAAP&#148;) and give effect to a proposed plan
of arrangement under which all of the issued and outstanding shares of Denison are acquired by
IUC as described in Note 2 (the &#147;Arrangement&#148;). These pro forma financial statements include:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a pro forma combined balance sheet as at June&nbsp;30, 2006 prepared from information
derived from IUC&#146;s unaudited consolidated balance sheet at June&nbsp;30, 2006 and Denison&#146;s
unaudited consolidated balance sheet at June&nbsp;30, 2006, converted to U.S. dollars at the
June&nbsp;30, 2006 Canadian/U.S. dollar exchange rate of 1.1162, as if the Arrangement was
completed on June&nbsp;30, 2006 and giving effect to the assumptions as described in Note 3; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pro forma combined statements of operations for the nine months ended June&nbsp;30, 2006 and
for the year ended September&nbsp;30, 2005 prepared from information derived from:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IUC&#146;s unaudited consolidated statement of operations for the nine months ended
June&nbsp;30, 2006 and audited consolidated statement of operations for the year ended
September&nbsp;30, 2005; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Denison&#146;s unaudited consolidated statement of operations for the nine months
ended June&nbsp;30, 2006 and for the twelve months ended September&nbsp;30, 2005 prepared as
described in Note 5;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as if the Arrangement was completed on October&nbsp;1, 2004 and giving effect to the assumptions
as described in Note 3.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>These pro forma financial statements are provided for illustrative purposes only, and do not
purport to represent the financial position that would have resulted had the Arrangement
actually occurred on June&nbsp;30, 2006 or the results of operations that would have resulted had the
Arrangement actually occurred on October&nbsp;1, 2004. Further, these pro forma financial statements
are not necessarily indicative of the future financial position or results of operations of IUC
as a result of the Arrangement and should be read in conjunction with the following interim and
year-end consolidated financial statements prepared in accordance with GAAP:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IUC&#146;s unaudited interim consolidated financial statements for the nine months ended
June&nbsp;30, 2006 and the audited consolidated financial statements for the year ended
September&nbsp;30, 2005, all incorporated by reference in IUC&#146;s information circular dated
October&nbsp;18, 2006; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Denison&#146;s unaudited interim consolidated financial statements for the six months ended
June&nbsp;30, 2006 and 2005 and the audited consolidated financial statements for the years
ended December&nbsp;31, 2005 and 2004, all incorporated by reference in Denison&#146;s information
circular dated October&nbsp;18, 2006.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Plan of Arrangement</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pursuant to an arrangement agreement dated September&nbsp;18, 2006, as amended and restated on
October&nbsp;16, 2006, IUC and Denison propose to effect a business combination by way of a plan of
arrangement, subject to approval by the security holders of IUC and Denison, applicable
regulatory authorities and the Superior Court of Justice of Ontario. IUC proposes to acquire
all of the issued and outstanding shares of Denison in exchange for IUC shares at a ratio of
2.88 common shares of IUC for each common share of Denison. Upon completion, the
pre-combination shareholders of IUC and Denison will own approximately 50.2% and 49.8%,
respectively, of the combined company excluding the exercise of outstanding stock options and
warrants. It is proposed that the combined company will change its name to Denison Mines Ltd.
immediately following the Arrangement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This business combination would be accounted for under the purchase method of accounting with
IUC as the acquirer for accounting purposes. In making this determination, management
considered the relative shareholdings of the combined company, the proposed premium paid by IUC
to acquire Denison and the proposed composition of the board of directors and the executive
management team.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Pro Forma Adjustments and Assumptions</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following pro forma adjustments, and assumptions including the determination of IUC as the
acquirer for accounting purposes as described in Note 2 and the allocation of the purchase price
to the assets and liabilities acquired, are preliminary and subject to change. Additionally,
detailed restructuring plans for combining the operations of IUC and Denison upon completion of
the Arrangement have yet to be developed. Any cost savings realized or any additional
liabilities incurred as a result of such restructuring have not been reflected in these pro
forma financial statements.</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->F-7<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>INTERNATIONAL URANIUM CORPORATION<BR>
(To be renamed &#147;Denison Mines Ltd.&#148;)</B><BR>
Notes to Pro Forma Combined Financial Statements<BR>
(Unaudited, in thousands of U.S. dollars except for per share amounts, unless otherwise noted)

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Pro Forma Adjustments and Assumptions </B>(continued)</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase of Denison Common Shares</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The total preliminary purchase price of $475,107 for the Arrangement was determined as
follows:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Denison common shares outstanding, in thousands</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,458</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Exchange ratio</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.88</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">IUC common shares proposed to be issued, in thousands</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87,719</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Market price per share of IUC common shares, in CAD$</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5.74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Fair value of IUC common shares, in thousands of CAD$</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">503,505</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Canadian/U.S. dollar exchange rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.1162</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Preliminary fair value of IUC common shares proposed to be issued</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">451,089</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Fair value of IUC stock options to replace Denison stock options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,537</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Fair value of IUC warrants to replace Denison warrants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,897</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Estimated transaction fees and expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,584</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Preliminary purchase price</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">475,107</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The market price per share of the IUC common shares represents the weighted-average closing
price of the two days before, the day of and two days after the day the Arrangement was
announced on September&nbsp;18, 2006. The calculation of the fair value of the IUC stock options
to replace those of Denison assumes no exercise and was determined using the Black-Scholes
option pricing model. The calculation of the fair value of the IUC warrants to replace
those of Denison assumes no exercise and was based on closing trading prices. Each Denison
stock option and warrant will provide the holder the right to acquire a common share of IUC
when presented for exercise adjusted by the exchange ratio above.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Preliminary Purchase Price Allocation</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following table allocates the preliminary purchase price based on management&#146;s estimate
of the fair values after giving effect to (a)&nbsp;above:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Denison</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Denison</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Book</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Fair</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Fair</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Value at</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Value</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Value at</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">June 30,</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Adjust-</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">June 30,</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2006</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">ments</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2006</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">98,601</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">98,617</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,380</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">655</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,035</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,270</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,309</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102,579</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mineral properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,422</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">334,283</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">364,705</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,643</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,643</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restricted investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,895</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,895</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">198,568</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">389,906</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">588,474</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,243</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,508</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,751</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for post-employment benefits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,597</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,765</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,832</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reclamation obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,453</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,453</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Future income tax liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,331</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,019</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,367</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net assets purchased</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">177,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">297,887</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">475,107</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->F-8<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>INTERNATIONAL URANIUM CORPORATION<BR>
(To be renamed &#147;Denison Mines Ltd.&#148;)</B><BR>
Notes to Pro Forma Combined Financial Statements<BR>
(Unaudited, in thousands of U.S. dollars except for per share amounts, unless otherwise noted)

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Pro Forma Adjustments and Assumptions </B>(continued)</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Arrangement is accounted for using the purchase method whereby Denison&#146;s assets and
liabilities are measured at their individual fair values on the date of the Arrangement.
The future income tax liability as a result of these fair value adjustments has been
estimated based on a statutory income tax rate of 31%.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In arriving at the fair values of the assets and liabilities acquired, management has made
assumptions, estimates and assessments which are based on publicly available information at
the time these pro forma financial statements were prepared. The actual fair values of the
assets and liabilities will be determined as of the closing date of the Arrangement and may
differ materially from the amounts disclosed in the Preliminary Purchase Price Allocation
set out in the table above as more information becomes available for assessment. Once the
allocation of the excess purchase price, along with the related potential tax effect, to the
individual fair values of each asset and liability has been made, any remaining unallocated
purchase price will be allocated to goodwill and be subject to an annual impairment test at
a future date as determined by management.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The book value of Denison&#146;s shareholders&#146; equity accounts has been eliminated.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Impact of Fair Value Adjustments</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Process milling expenditures and other operating expenses increased by $2,862 for the nine
months ended June&nbsp;30, 2006 and by $4,148 for the year ended September&nbsp;30, 2005 due to
amortization of the fair value increments allocated to plant and equipment and management
service contracts, as well as the discontinuance of the amortization of the transitional
surplus and experience gains associated with Denison&#146;s post retirement plan liabilities. To
reflect these adjustments on an after-tax basis, future income tax recoveries of $887 for
the nine months ended June&nbsp;30, 2006 and $1,286 for the year ended September&nbsp;30, 2005 have
been estimated based on a statutory income tax rate of 31%.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Stock-Based Compensation</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>General and administrative expense decreased by $200 for the nine months ended June&nbsp;30, 2006
and by $179 for the year ended September&nbsp;30, 2005 to conform with IUC&#146;s accounting policy of
capitalizing mineral property expenditures related to exploration activities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exploration Expenditures</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>General exploration expense decreased by $3,337 for the nine months ended June&nbsp;30, 2006 and
by $1,828 for the year ended September&nbsp;30, 2005 to conform with IUC&#146;s accounting policy of
capitalizing mineral property expenditures related to exploration activities. To reflect
these adjustments on an after-tax basis, future income tax charges of $1,034 for the nine
months ended June&nbsp;30, 2006 and $567 for the year ended September&nbsp;30, 2005 have been
estimated based on a statutory income tax rate of 31%.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The accounting policies used in the preparation of these pro forma financial statements are
those as set out in IUC&#146;s audited consolidated financial statements for the year ended
September&nbsp;30, 2005. Although a review was undertaken to identify the accounting policy
differences between IUC and Denison where the impact was potentially material and could be
reasonably estimated, further accounting policy differences may be identified leading up to and
subsequent to the closing of the Arrangement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Share Capital</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>After giving effect to the pro forma adjustments and assumptions as described in Note 3, the
issued and outstanding share capital of IUC will be as follows:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Number of</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Common Shares,</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">in Thousands</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Amount</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at June&nbsp;30, 2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88,472</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">94,419</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proposed acquisition of Denison by the issuance of IUC common
shares (Note 3(a))</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87,719</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">451,089</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pro forma balance, June&nbsp;30, 2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">176,191</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">545,508</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->F-9<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>INTERNATIONAL URANIUM CORPORATION<BR>
(To be renamed &#147;Denison Mines Ltd.&#148;)</B><BR>
Notes to Pro Forma Combined Financial Statements<BR>
(Unaudited, in thousands of U.S. dollars except for per share amounts, unless otherwise noted)

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Consolidated Statements of Operations of Denison</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The unaudited consolidated statement of operations of Denison for the nine months ended June&nbsp;30,
2006 was prepared by adjusting the unaudited consolidated statement of operations of Denison for
the six months ended June&nbsp;30, 2006 by the following:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adding the unaudited consolidated statement of operations of Denison for the three
months ended December&nbsp;31, 2005, derived by subtracting the unaudited consolidated statement
of operations for the nine months ended September&nbsp;30, 2005 from the audited consolidated
statement of operations for the year ended December&nbsp;31, 2005; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>translating the results to U.S. dollars based on the average Canadian/U.S. dollar
exchange rate for the nine months ended June&nbsp;30, 2006 of 1.1495.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The adjustments as outlined above are summarized in the following table:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Six</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Nine</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Nine</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Nine</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Months</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Year</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Months</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Months</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Months</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Ended</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Ended</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Ended</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Ended</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Ended</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">June 30,</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Dec. 31,</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Sept. 30,</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">June 30,</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">June 30,</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2006</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2005</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2005</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2006</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2006</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(CAD$)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(CAD$)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(CAD$)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(CAD$)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">(US$)</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">A</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">B</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">C</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">A&#043;B-C</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>REVENUES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">16,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">36,992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">24,013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">29,836</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25,955</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>EXPENSES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,827</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,604</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,325</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,106</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,491</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Royalties and provincial capital tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">982</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,291</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,436</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,837</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,598</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">General exploration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,803</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,353</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,068</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,088</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,557</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">General corporate expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,175</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,705</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,690</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,190</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,775</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock-based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">617</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,204</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">888</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">773</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">237</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">182</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other expense (income)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,512</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">301</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,724</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,500</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,929</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,483</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,935</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,477</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,774</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings before income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">928</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">509</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,359</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,181</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax recovery (expense):</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(22</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(158</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(122</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(58</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(50</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Future</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(361</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(84</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">251</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(696</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(605</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income for the period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">545</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">267</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">605</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">526</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The unaudited consolidated statement of operations of Denison for the twelve months ended
September&nbsp;30, 2005 was prepared by adjusting the unaudited consolidated statement of operations
of Denison for the nine months ended September&nbsp;30, 2005 by the following:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adding the unaudited consolidated statement of operations of Denison for the three
months ended December&nbsp;31, 2004, derived by subtracting the unaudited consolidated statement
of operations for the nine months ended September&nbsp;30, 2004 from the audited consolidated
statement of operations for the year ended December&nbsp;31, 2004; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>translating the results to U.S. dollars based on the average Canadian/U.S. dollar
exchange rate for the year ended September&nbsp;30, 2005 of 1.2229.</TD>
</TR>





</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->F-10<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>INTERNATIONAL URANIUM CORPORATION<BR>
(To be renamed &#147;Denison Mines Ltd.&#148;)</B><BR>
Notes to Pro Forma Combined Financial Statements<BR>
(Unaudited, in thousands of U.S. dollars except for per share amounts, unless otherwise noted)

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Consolidated Statements of Operations of Denison </B>(continued)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The adjustments as outlined above are summarized in the following table:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Nine</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Nine</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Twelve</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Twelve</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Months</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Year</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Months</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Months</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Months</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Ended</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Ended</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Ended</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Ended</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Ended</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Sept. 30,</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Dec. 31,</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Sept. 30,</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Sept. 30,</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Sept. 30,</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2005</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2004</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2004</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2005</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2005</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(CAD$)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(CAD$)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(CAD$)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(CAD$)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">(US$)</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">A</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">B</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">C</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">A&#043;B-C</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>REVENUES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">24,013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">37,124</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">27,298</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">33,839</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">27,670</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>EXPENSES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,325</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,221</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,809</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,737</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,228</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Royalties and provincial capital tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,436</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,453</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,089</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,707</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">General exploration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,068</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">368</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,292</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,874</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">General corporate expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,690</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,371</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,421</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,640</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,978</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock-based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">911</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,174</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">959</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">182</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,777</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,545</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">414</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">338</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other expense (income)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">301</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(32</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(192</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">461</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">379</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,935</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,310</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,807</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,463</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings (loss)&nbsp;before income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,186</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,140</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(968</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(793</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax recovery (expense):</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(122</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(125</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(115</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(132</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(108</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Future</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">251</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,304</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(317</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,872</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,984</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income (loss)&nbsp;for the period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,993</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(1,572</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,772</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,083</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Pro Forma Earnings Per Share</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The calculation of pro forma earnings per share in the pro forma combined statement of
operations for the nine months ended June&nbsp;30, 2006 and for the year ended September&nbsp;30, 2005 is
based on the weighted-average number of common shares outstanding of IUC for the nine months
ended June&nbsp;30, 2006 and the year ended September&nbsp;30, 2005, plus the additional 87,719,000 common
shares of IUC that would have been outstanding for those periods as if the Arrangement was
completed on October&nbsp;1, 2004.</TD>
</TR>

</TABLE>
</DIV>

</DIV>

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<DIV align="left">
<A name="180"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE G &#151; ADDITIONAL DISCLOSURE REGARDING INTERNATIONAL URANIUM CORPORATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following additional disclosure provides material information not otherwise included in the
Circular to which this Schedule is attached.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC recently filed on SEDAR an independent technical report (the &#147;<B>Henry Mountains Technical
Report</B>&#148;) prepared by Scott Wilson Roscoe Postle Associates Inc. (&#147;<B>RPA</B>&#148;) to the standards of
National Instrument 43-101 (&#147;<B>NI 43-101</B>&#148;) with respect to its Henry Mountains Complex which consists
of the Bullfrog Property and the Tony M Property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reference should be made to the Henry Mountains Technical Report for all of the qualifications,
exclusions and assumptions relied upon by the authors in preparing the Henry Mountains Technical
Report, a full copy of which can be found as <U>www.sedar.com</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Property Description and Location</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Henry Mountains Complex is one contiguous property located in eastern Garfield County, Utah, 15
miles to 20 miles north of Bullfrog Basin Marina on Lake Powell and approximately 40 air miles
south of the village of Hanksville, Utah. It is situated three miles west of Utah State Highway
276. The Henry Mountains Complex includes the Bullfrog Property located to the north, hosting the
Indian Bench, Copper Bench, and Southwest uranium deposits, and the Tony M Property located to the
south, hosting the Tony M deposit and mine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Henry Mountains Complex is comprised of 193 unpatented Federal lode mining claims totalling
approximately 3,560 acres (the &#147;<B>Federal Claims</B>&#148;) and one 640-acre Utah State Mineral Lease (the
&#147;<B>Utah State Mineral Lease</B>&#148;). The surface rights are owned by the federal government and
administered by the U.S. Bureau of Land Management, with the exception of the Utah State Mineral
Lease which has associated state surface rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All of the Henry Mountains Complex properties are reported by IUC to be in good standing. IUC
anticipates that holding costs for the Henry Mountains Complex properties for 2006 will be
US$191,181. All unpatented mining claims are subject to an annual mining claim maintenance fee of
US$125/claim.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Of the 193 total claims, the 176 which comprise the Bullfrog Property have no associated royalties.
The remaining 17 claims, comprising a portion of the Tony M property, are subject to an escalating
annual advance minimum royalty based on the uranium spot price, and a 4% yellowcake royalty, less
taxes and certain other deductions. There is also a vanadium production royalty which is a 2% gross
royalty less certain deductions. The Utah State Mineral Lease has an annual rental of US$640 and is
subject to royalties set by the State of Utah including: an escalating annual advance minimum
royalty based on the uranium spot price; a uranium royalty of 8% of gross value less certain
deductions; and, a vanadium royalty of 4% of gross value less certain deductions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC has also indicated that there are no outstanding environmental liabilities for the Henry
Mountain Complex.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Accessibility, Climate, Local Resources, Infrastructure and Physiography</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Means of Access to the Henry Mountains Complex</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Road access to the Henry Mountains Complex is by paved Highway 276, running between Hanksville and
Bullfrog Basin Marina, Utah. A gravel road, maintained by Garfield County and extending west from
Highway 276, provides access to the northern end of the property. An unimproved county road passes
by the portal of the Tony M mine and extends northerly across the property to the northern road. A
network of unimproved, dirt exploration roads provide access over the property except for the areas
of rugged terrain. The Bullfrog Basin Marina airstrip is located approximately 15 miles south of
the Henry Mountains Complex.
</DIV>
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Local Resources and Infrastructure</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Henry Mountains Complex is located in a relatively remote area of Utah, and the infrastructure
is limited. The town site of Ticaboo, Utah, is located approximately five miles south of the
property. The next closest community is Hanksville, Utah, a small town of a few hundred people,
located about 40 miles north of the Henry Mountains Complex.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During historical operation of the Tony M mine, electricity was generated locally. Skilled labour
can be recruited from the region which has a tradition of uranium mining. Materials and supplies
are transported to the site by truck about 275 miles from Salt Lake City, and about 190 miles from
Grand Junction, Colorado. The distance to IUC&#146;s White Mesa uranium mill near Blanding, Utah, is
117 miles.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Climate and Vegetation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The climate is distinctly arid, with an average annual precipitation of approximately 8 inches,
including about 12 inches of snow. Local records indicate the temperature ranges from a minimum of
- -10&#176;F to a maximum of 110&#176;F. The vegetation consists primarily of small plants including some of
the major varieties of blackbrush, sagebrush, and rabbit brush. A few small junipers are also
present.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Topography and Elevation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Relief over the combined Bullfrog-Tony M property is about 2,250 feet. The elevation on the
property ranges from 4,550 feet above sea level at the portal of the Tony M mine, near the southern
end of the property, to 6,800 feet above sea level over the northern end of the property. The
terrain is typical canyon lands topography, with some areas deeply dissected by gullies and
headwalls of canyons and the rest consisting of gently sloping gravel benches covering the northern
one-half of the property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>History</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Bullfrog Property was initially explored by Exxon Minerals Company (&#147;<B>Exxon</B>&#148;), while the Tony M
Property was explored and developed by Plateau, a subsidiary of Consumers Power Company of
Michigan. U.S. Energy Corporation (&#147;<B>USEC</B>&#148;) subsequently acquired ownership of Plateau.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC acquired the Bullfrog Property when it purchased substantially all of the uranium producing
assets of Energy Fuels Ltd., Energy Fuels Exploration Company and Energy Fuels Nuclear Inc.
(collectively, &#147;<B>Energy Fuels</B>&#148;) in 1997. In or around February&nbsp;2005, IUC acquired the Tony M
Property thus bringing it under common ownership with the Bullfrog Property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Prior to 2005, all exploration, mine development, and related activities for the two properties
were conducted independently. The Bullfrog and Tony M properties are therefore discussed
separately, except where correlations and comparisons are made.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Bullfrog Property History</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Exxon conducted reconnaissance in the area in 1974 and 1975, and then staked its first &#147;Bullfrog&#148;
claims in 1975 and 1976. A first phase drilling program conducted in 1977 resulted in the discovery
of what became the &#147;Southwest&#148; uranium deposit. Additional claims were subsequently staked and
drilling was continued by Exxon. Several uranium and vanadium zones were discovered in the
Southwest and Copper Bench and Indian Bench areas. With the declining uranium markets of the early
1980s, Exxon prepared a prefeasibility report and then discontinued development of the property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 1982, Atlas Minerals Corporation (&#147;<B>Atlas</B>&#148;) entered into a definitive agreement to purchase the
Bullfrog Property from Exxon. From July&nbsp;1982 to July&nbsp;1983, Atlas completed 112 drill holes
delineating the Southwest and Copper Bench deposits on approximately 100 foot centers. In August,
1983, Atlas commissioned Pincock, Allen and Holt, Inc., to conduct a bankable feasibility study for
the development of the Southwest and Copper Bench deposits (the &#147;<B>PAH Study</B>&#148;). From July&nbsp;1983 to
March&nbsp;1984, Atlas completed a core drilling program throughout the Bullfrog Property and completed
133 rotary drill holes to delineate the Indian Bench deposit on approximately 200 foot centers.
</DIV>
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 1990, Mine Reserves Associates, Inc. was retained to prepare mineral inventory and mineable
reserve estimates for the Indian Bench deposit and incorporate the results into a project-wide
reserve base. Milne and Associates was engaged in November&nbsp;1990 to update the PAH Study and to
complete an optimization study on selected mining/milling scenarios (the &#147;<B>Milne Study</B>&#148;). The Milne
Study was submitted to Atlas in December&nbsp;1990.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 1991 Atlas returned the Bullfrog Property to Exxon. In late 1992, Energy Fuels, acting through
its subsidiary Energy Fuels Exploration Company, purchased the Bullfrog Property from Exxon. Energy
Fuels conducted a geologic review and internal economic analysis of the Bullfrog Property. In 1997,
IUC became the owner of the Bullfrog Property as set forth above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC has performed no exploration activities on the Bullfrog Property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Tony M Property History</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Exploration drilling in the Shootaring Canyon area was initiated by Plateau during 1976 in the
vicinity of outcropping uranium mineralization. In February&nbsp;1977, drilling commenced in what was to
become the Tony M mine. Plateau drilled more than 2,000 rotary drill holes totalling about one
million feet.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Development of the Tony M mine started in September, 1977. By mid-1984, nearly 20 miles of
underground workings were developed in the Tony M mine. During development of the Tony M entryways
and crosscuts, a total of 237,441 tons of muck with an average grade of 0.121%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> was extracted and stockpiled. In or around 1985, when work on the mine
was suspended, the mine was allowed to flood.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 1989, Nuclear Fuel Services Inc. (&#147;<B>NFS</B>&#148;) entered into an agreement to acquire the Tony M
Property from Plateau. During its ownership, NFS conducted various investigations including
delineation drilling and geologic analysis of the property. Drilling by NFS consisted of 30 to 40
rotary holes and was targeted to delineate zones of high grade uranium mineralization. A report was
prepared in 1989 by Nuclear Assurance Corporation (the &#147;<B>NAC Report</B>&#148;) which documented a geologic
analysis of the uranium and vanadium ore reserves in the Tony M orebody. RPA is of the opinion that
the NAC Report&#146;s diluted, chemically adjusted estimate for the Tony M deposit as shown in the
following table is a relevant estimate that meets the CIM classification of an Indicated Mineral
Resource.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade eU</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Contained eU</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>CATEGORY</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Million Tons</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><SUB style="font-size: 85%; vertical-align: text-bottom"><B>(%)</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(Million Pounds)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Indicated Resource</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.3</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Notes: The mineral resource estimate does not comply with the requirements of
National Instrument 43-101. In the opinion of Scott Wilson RPA, the Tony M
historical mineral resource is the most reasonable and reliable of several
historical estimates, and the classification complies with CIM definition
standards.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>The cut-off grade is 0.15% eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8.</SUB></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>The term eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> refers to equivalent
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> grade derived by gamma logging of drill holes.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This estimate is based on results of gamma logging of surface drill holes. However, a detailed
mine segment by mine segment adjustment of the radiometric equivalent log values of uranium was
made based on the statistics of chemical analyses from 1,763 samples. Many of the samples were
composites collected from the various mineralized zones of the Tony M deposit. RPA is of the
opinion that this most recent historical estimate is the most relevant and reliable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In or around 1994, USEC entered into an agreement to acquire the Tony M Property from NFS. USEC
held the mineral properties until 2003-2004 when the company abandoned them because of continued
low uranium market prices. USEC conducted a program to close the Tony M mine and reclaim disturbed
surface areas. This included closing the portals and capping the mine vent holes. The buildings and
structures were removed and the terrain was reclaimed and recultivated.
</DIV>
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In February&nbsp;2005, the State of Utah offered the Utah State Mineral Lease, for auction. Both the
portal of the Tony M mine and the southern part of the Tony M deposit are located on this state
section. IUC was the successful bidder, and the State of Utah leased Section&nbsp;16 to IUC.
Subsequently, IUC entered into an agreement to acquire the TIC unpatented mineral claims located
between Section&nbsp;16 and the Bullfrog Property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Geological Setting</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Regional Geology</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Henry Mountains Complex uranium deposits occur within the Salt Wash Member of the Morrison
Formation, located within the Colorado Plateau. The Morrison Formation is a complex fluvial deposit
of Late Jurassic age that occupies an area of approximately 600,000 square miles, including parts
of 13 western states and small portions of three Canadian provinces, far to the north and east of
the boundary of the Colorado Plateau.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Salt Wash Member is subdivided into three major facies: (i)&nbsp;conglomeratic sandstone facies,
(ii)&nbsp;sandstone and mudstone facies, and (iii)&nbsp;mudstone and lenticular sandstone facies.
Uranium-vanadium orebodies have been found in each of the three facies, but the great majority of
ore has been mined from the interbedded sandstone and mudstone facies. The Henry Mountain Complex,
together with adjoining deposits, constitutes the largest Salt Wash-hosted uranium concentration on
the Colorado Plateau.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Local and Property Geology</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Bullfrog Property and Tony M Property are situated in the southeastern flank of the Henry
Mountains Basin, a subprovince of the Colorado Plateau physiographic province. Host rocks for the
Bullfrog and Tony M deposits are Upper Jurassic sandstones of the Salt Wash Member of the Morrison
Formation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Bullfrog and Tony M deposits consist of two extensive elongate, tabular zones containing a
large concentration of mineralization. Together the Southwest deposit of the Bullfrog deposit and
the Tony M deposits extend for a distance of about three miles along a north-south trend and have a
maximum width of about one-half mile. The larger Indian Bench and Copper Bench deposits within the
Bullfrog property extend about 3.5 miles along a northwesterly trend.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mineralization in the Bullfrog Property deposit occurs over three stratigraphic zones of the Salt
Wash Member of the Morrison Formation, while mineralization at the Tony M Property occurs over four
zones. The Southwest deposit (like most of the adjacent Tony M Property) occurs in the lowermost 35
feet to 40 feet of the Salt Wash Member sandstone. Mineralization forming the Copper Bench and
Indian Bench deposits occurs between about 60 feet and 100 feet above the base of the Salt Wash
Member.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The depth below the surface to the base of the three deposits ranges from about 475 feet (Southwest
deposit) to nearly 1,100 feet in both the Copper Bench and Indian Bench deposits. In contrast the
three deposits are located over a relatively narrow range of elevation above sea level. The base
elevation of the deposits ranges between about 4,300 feet in the Southwest deposit to about 4,500
feet in the Copper Bench deposit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Exploration</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Surface drilling using rotary tricone technology, together with radiometric gamma logging, was the
primary exploration method used to discover and delineate uranium on the Bullfrog and Tony M
Properties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During development of the Tony M mine, Plateau also conducted an intensive mine geology program to
collect detailed information on the occurrence of uranium, including its thickness, grade, and
lateral extent. This was done through geological mapping, together with face and rib scanning, as
well as gamma probing of short up and down holes extending to about eight feet. Probing was also
done using long-hole drilling to test target zones up to about 150 feet from mine openings. The
results of this program are recorded on a systematic set of cross sections through the Tony M mine
developed at a scale of 10 feet to the inch. RPA did not have access to the detailed information
collected underground in the Tony M mine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC carried out no work on the Bullfrog and Tony M Properties, with the exception of a review of
available data and critical evaluation, until the end of 2005 when certain activities including
underground reconnaissance and
</DIV>
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">permitting were initiated. A Notice of Intent to Conduct Exploration
E/017/044 was issued by the Utah Division of Oil, Gas and Mining, Department of Natural Resources
on December&nbsp;2, 2005. In addition, IUC filed a Notice of Intent to Conduct Mineral Exploration with
the U.S. Bureau of Land Management, UTU-80017 on March&nbsp;6, 2006. A Notice of Exploration Activities
was sent to the Utah State Institutional and Trust Land Administration, the owner of Section&nbsp;16 of
the Utah State Mineral Lease, on September&nbsp;7, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Mineralization</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The uranium-vanadium mineralization in the Henry Mountains Complex is similar to ores observed
elsewhere in the Colorado Plateau. It occurs as intragranular disseminations within the fluvial
sand facies of the Salt Wash Member. It also forms coatings on sand grains and organic associated
masses. A significant portion of the uranium occurs in a very fine-grained phase whose mineralogy
is best defined with the aid of an electron microscope.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Coffinite is the dominant primary uranium mineral in the mineralized horizons, with uraninite
occurring in only trace amounts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Vanadium occurs as montroseite (hydrous vanadium oxide) and vanadium chlorite in primary
mineralized zones located below the water table, (i.e., the northern portion of the Tony M
Property). Above the water table to the south, vanadium chlorite is absent, while montroseite and a
suite of secondary uranium/vanadium minerals are present.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Drilling</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Bullfrog Property</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Most of the drilling done on the Southwest, Copper Bench, and Indian Bench deposits was conducted
by rotary drilling using a tricone bit with a nominal diameter of 5.1 inches. Additional drilling
was done to collect core samples.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Indian Bench Deposit is delineated by drilling on approximately 200 foot centers, while the
Southwest and Copper Bench Deposits were drilled on 100 foot centers. In some areas, the rugged
terrain made access difficult, resulting in an irregular drill pattern.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A total of 2,232 drill holes were completed on the Bullfrog Property. Exxon commenced drilling in
1977 and before it sold the property to Atlas in July&nbsp;1982, Exxon had drilled 1,782 holes. Between
July&nbsp;1982 and July&nbsp;1983, Atlas completed 112 drill holes delineating the Southwest and Copper Bench
deposits on approximately 100 foot centers. After July&nbsp;1983 Atlas completed an additional 49 core
hole drilling program throughout the Bullfrog Property, as well as a 133 rotary drill hole program
to delineate the Indian Bench deposit on approximately 200 foot centers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mineralization is approximately horizontal, and all of the drilling was vertical. Deviation
surveys were conducted on most drill holes providing an indication of how far the holes have
drifted from vertical. The vertical holes provide a reliable estimate of the thickness of the
deposits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Tony M Property</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In February&nbsp;1977, drilling commenced in what was to become the Tony M Property deposit. Plateau
drilled more than 2,000 rotary drill holes totalling about 1,000,000 feet. The holes were drilled
using rotary tricone technology with a nominal hole diameter of 5.1 inches. The rugged terrain over
much of the Tony M Property made drilling access difficult, resulting in an irregular drill
pattern. The drilling conducted by Plateau includes 24 core holes completed in the Tony M Property
area. The core holes provided samples of the mineralized zone for chemical and amenability testing
and to determine geologic and engineering properties of the mineralized zone.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC has done no drilling on either the Bullfrog Property or the Tony M Property.
</DIV>
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Sampling and Analysis</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Bullfrog Property</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Downhole gamma logging of surface holes was done on the Bullfrog Property. Standard logging suites
included radiometric gamma, resistivity and self-potential measurements, supplemented by
neutron-neutron surveys for dry holes. Deviation surveys were conducted for most of the holes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Assays of samples from core drilling were collected by company geologists and submitted to various
commercial labs for analysis. Results of these analyses were compared to
eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> values from gamma logs to evaluate radiometric equilibrium, logging
tool performance, and validity of gamma logging.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Atlas also prepared composite samples from core recovered by Exxon for the Indian Bench, Copper
Bench, and Southwest deposits for metallurgical testing. Testing done included leach amenability
studies, settling, and filtration tests. The report does not indicate where the analytical and test
work was performed, however, at the date of the report, Atlas had its own laboratories at its Moab,
Utah, uranium/vanadium processing plant, and RPA is of the opinion that the analyses were conducted
there.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Resource estimates for the Bullfrog Property are based on the eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>% gamma
log conversion values used to identify the mineralized zone, its thickness, and calculate an
average grade. The procedures implemented to identify the minimum grade and cut-off GT product for
resource estimation are described below under the heading &#147;<I>Mineral Resource and Mineral Reserves</I>&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Tony M Property</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the Tony M Property the same suite of logging surveys and procedures as employed at the
Bullfrog Property was conducted by Plateau. Deviation surveys were conducted for most of the holes.
Assays of samples from core drilling were collected and submitted for analysis. RPA did not have
access to the gamma logs for the Tony M Property drill holes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Resource estimates for the Tony M Property are based on composites of eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>%
gamma log values adjusted to reflect radiometric disequilibrium in the deposit. The gamma log
values were used to identify the mineralized zone and its thickness, and to calculate average
grade. The adjustment is based on the analyses of a large number of samples, many of which are
composite samples collected underground within the Tony M Property deposit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Confirmation assays of chemical U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>% were completed on drill core samples
for comparison and calibration with eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>% values from gamma logging.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No drilling, logging, or core sampling has been conducted by IUC at either the Bullfrog or Tony M
Properties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Status Of Chemical Equilibrium Of Uranium</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Bullfrog Deposit</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Exxon conducted analyses of samples from core drilling in the Southwest and Copper Bench deposits
and found that the radioactive disequilibrium of potentially economic grade intercepts in cores,
measured as the ratio of chemical U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>% to log radiornetric equivalent
(eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>%), varied from 0.80 to 1.35 and averaged 1.06, close to the
equilibrium value of 1.0. The Milne Study reported that, while the investigation by Atlas of
samples from core from an additional 40 drill holes was incomplete at the time, Atlas had
identified no significant disequilibrium problem.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Tony M Deposit</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Plateau conducted an extensive investigation of the state of chemical disequilibrium of uranium in
the Tony M Property deposit. In 1989, Nuclear Assurance Corporation reported that in 1983, Bhatt
completed an analysis of results from 1,763 samples, including 1,137 composite samples collected
from buggies coming from the Tony M mine. Based on the analysis, Bhatt concluded: 1) the state of
disequilibrium varies from location to location within the deposit; 2) with the exception of one
small area in the southern part of the deposit, the equilibrium factor is
</DIV>
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">positive; 3) low grade
material with less than 0.06% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> is depleted in uranium; and 4) higher
grade material containing more than 0.06% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> is enriched in uranium.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Bhatt also concluded that the overall weighted equilibrium factor of chemical to radiometric
uranium grade (at a grade x thickness cut-off of 0.28 feet%) for the Tony M Property deposit is
about 1.09. The
disequilibrium factor for the Tony M Property is similar to the factor of 1.06 determined by Exxon
for the Southwest and Copper Bench deposits of the Bullfrog Property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">RPA is of the opinion that based on the information available, the original gamma log data and
subsequent conversion to eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>% values are reliable but slightly conservative
estimates of the uranium U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>% grade. Furthermore, there is no evidence that
radiometric disequilibrium would be expected to negatively affect the uranium resource estimates of
the Henry Mountains Complex.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>DATA VERIFICATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based on its review of the grade and thickness of uranium mineralization determined in the original
gamma logs and a comparison with the computer generated GT composites, RPA is of the opinion that
the original gamma log data and subsequent conversion to eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>values are
reliable. Furthermore, RPA reviewed the chemical analyses of core from diamond drill holes from the
Bullfrog Property. Based on this review, RPA is of the opinion that the gamma logging results for
the Bullfrog Property provide a reliable, but conservative, estimate of the uranium content of the
Bullfrog Property. The review suggests that the resource estimate may underestimate the uranium
content of the Bullfrog Property by up to about 5%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Security of Samples</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Procedures followed by Exxon, Atlas and Plateau, together with their contractors were well
documented and at the time followed best practices and standards of companies participating in
uranium exploration and development. Onsite collection of the downhole gamma data and onsite data
conversion limit the possibility of sample contamination or tampering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Mineral Resources and Mineral Reserves</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Tony M Property</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are no current estimates of mineral resources or mineral reserves, as such terms are defined
under NI 43-101 for the Tony M Property. Historical mineral resources for the Tony M are described
in the &#147;<I>Tony M Property History&#148; </I>above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Bullfrog Property</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>General Statement</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There is no current estimate of mineral reserves for the Bullfrog Property deposit. RPA has
audited the 1993 Energy Fuels mineral resource estimate of the Bullfrog Property and accepted it as
a current resource estimate, as discussed below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Resource Estimation Database</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The basis for resource estimation on the Bullfrog Property is the gamma logs from 1,801 rotary
drill holes located on the properties comprising the Southwest, Copper Bench and Indian Bench
deposits. This represents about 80% of the 2,232 total holes drilled on the Bullfrog Property. A
total of 81 core holes were drilled to recover samples for chemical and geologic analysis and to
establish stratigraphic relationships. All of the drilling and analyses were conducted by past
owners (i.e., prior to IUC&#146;s tenure) of the Bullfrog Property. IUC has logs from all of the
historical drilling, as well as the results of chemical and geologic analyses. This information was
made available to RPA but none of the original core or samples were available to RPA. See
&#147;<I>Drilling</I>&#148; for further detail on the Bullfrog drilling.
</DIV>
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Mineral Resource Estimation</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The grades of the mineralized zones were calculated on a polygonal block-by-block basis. The pounds
of eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> for each polygon were then tabulated along with the area and
calculated volume for each block. The total number of tons and pounds of eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8
</SUB>contained in the blocks were summed to provide a total inventory for each of the three
deposits. Average grades for each deposit were estimated from the grades of the drill hole
intersections used in the resource estimate weighted by tonnage.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Energy Fuels resource estimate was audited by RPA and accepted as a current mineral resource
estimate. RPA performed the following check in the course of its audit:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reviewed a number of drill hole intersection calculations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reviewed the geological interpretation and correlation of mineralized intervals.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Compared elevations of adjacent drill hole intersections and groups of intersections
as plotted on plans.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Compared both the average grade and the elevations for a number of drill hole
intercepts on original gamma logs with intercepts used to estimate resources.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Compared a number of chemical analyses of drill core with the equivalent gamma logs
for the drill hole.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reviewed the collar coordinates of a number of drill logs and compared them
locations on the drill holes on the resource base map.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Cut-Off Grade and Mining Considerations</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The selection of a 0.20% eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> cut-off was made by Mr.&nbsp;Thomas Pool, P.E.,
based on evaluations of current mining and processing costs made by both IUC and other operators in
the region. Preliminary estimates for mining and processing costs are in the order of US$150/ton.
IUC&#146;s mining costs are based on company experience with underground mining of Salt Wash ores in the
company&#146;s Colorado Plateau Uravan Mineral Belt mines of Western Colorado and Eastern Utah. The
processing costs are based on IUC&#146;s experience at its operating White Mesa Mill located in
Blanding, Utah.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The 0.20% eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> cut-off maximizes the tonnage of higher grade mineralization
while maintaining strong positive value at current uranium prices. Based on the extensive review of
the drilling of the Bullfrog Property, RPA notes that lowering the cut-off criteria will increase
total tonnage by increasing the number of drill hole intercepts meeting the cut-off, while also
increasing the apparent continuity of mineralization between adjacent drill holes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Mineral Resources</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">RPA has classified the Bullfrog Property mineral resources as Indicated and Inferred as such terms
have been defined under NI 43-101.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">RPA estimates the indicated resources for the Southwest, Copper Bench, and Indian Bench deposits at
the Bullfrog Property to be 1.06&nbsp;million tons at an average grade of 0.324%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> containing 6.87&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. In addition,
RPA estimates inferred uranium resources of 0.88&nbsp;million tons at an average grade of 0.345%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> containing 6.05&nbsp;million pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. RPA used a
minimum cut-off grade of 0.20 %eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> and a minimum thickness of 4 feet, for a
GT (grade x thickness) of 0.8 feet% that does not include any intervals with less than a 0.5 feet
intercept of 0.08% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.
</DIV>
</DIV>
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<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade eU</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Contained eU</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Million Tons</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><SUB style="font-size: 85%; vertical-align: text-bottom"><B>(%)</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(Million Pounds)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Indicated Resource</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.87</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inferred Resource</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.88</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.05</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Notes: The Bullfrog mineral resource estimate complies with the requirements
of National Instrument 43-101 and the classification complies with CIM
definition standards.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>The term eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> refers to equivalent
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> grade derived by gamma logging of drill holes.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The details of distribution of resources among the Indian Bench, Copper Bench, and Southwest
deposits are detailed below.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="19%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Million</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Ave. Grade %</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Pounds</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Million</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>eU</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>eU</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Deposit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Ave. Thickness (ft)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Tons</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>8</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>8</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Copper</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Indicated</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.93</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Bench</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Inferred</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Indian</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Indicated</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Bench</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Inferred</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.09</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Southwest</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Indicated</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Inferred</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.71</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Additional confirmation drilling and detailed model generation, together with a prefeasibility
study comprising detailed economic and engineering studies and development of a mine plan, will be
necessary to provide the basis for estimation of a proven and probable mineral reserve.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>US Mining Operations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC has reached an agreement with an independent mining contractor to conduct contract mining at
IUC&#146;s Pandora Mine. The Pandora Mine, located near LaSal, Utah, is a previously developed mine
last operated in the late 1980&#146;s. Mining activities are well under way and ore shipments to IUC&#146;s
White Mesa Mill in Blanding, Utah will begin in the fourth quarter of 2006. In addition to the
re-start of mining operations in
existing areas of the mine, the contractor will also conduct additional mine development as needed
to further expand into previously un-developed areas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC has also reached an agreement with another independent contractor for drift development work on
the Topaz Mine, located in the Big Gypsum Valley in western Colorado. The Topaz development work,
which is progressing well, involves approximately 1,300 feet of access drift leading to several
areas of undeveloped ore. Prior to commencement of full-scale mining at the Topaz mine a new vent
hole and consequent expansion of the disturbed area at the mine will require additional permitting,
which IUC expects to complete in early 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This second contractor has also been contracted to begin mining in the West Sunday and St. Jude
Mines in Colorado. The West Sunday and St. Jude mines were last mined in 1999 by IUC and are fully
developed mines ready for production once utilities and ventilation are re-established, which is
nearing completion.
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->G - 10<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC is also in final negotiations with a third contractor for mining and development on the Sunday
and GMG mines.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Initial production rates for the first year of production are currently projected at approximately
3.2&nbsp;million pounds uranium and 4.7&nbsp;million pounds of vanadium, which are expected to be produced in
2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>White Mesa Mill</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC&#146;s White Mesa Mill continues to operate, processing alternate feed materials that are expected
to result in the production of over 500,000 pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8. </SUB> Originally, IUC
had anticipated producing this uranium during 2006, but due to mechanical issues at the Mill a
portion of this production will be pushed to 2007. As of September&nbsp;30, 2006, the Mill has
approximately 47,100 tons of alternate feed materials in stockpile at the Mill. Of these
stockpiled materials, approximately 2,413 tons are high-grade materials, containing approximately
283,956 pounds of uranium. As of September&nbsp;30, 2006 the Mill had produced and currently holds
approximately 160,056 pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> from these high-grade materials and has
approximately 275,137 pounds in process.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC has been working with the State of Utah Department of Environmental Quality (&#147;UDEQ&#148;) for the
engineering design review and issuance of a Construction Permit for the re-lining of tailings Cell
4A at the Mill. This review is taking longer than originally expected, but appears to be nearing
completion. However, because of the longer than anticipated time taken for UDEQ to complete its
review, construction will be pushed off until 2007. This will not impact the Mill&#146;s production
plans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On June&nbsp;13, 2006, UDEQ, granted IUC an amendment to its radioactive materials license to receive
and process up to 32,000 tons of alternate feed material from FMRI Inc&#146;s Muskogee Facility located
in Muskogee, Oklahoma. This represents a new source of alternate feed material for the Mill. On
July&nbsp;13, 2006, the Glen Canyon Group of the Utah Chapter of the Sierra Club filed a request for a
petition to intervene to attempt to have the FMRI license amendment overturned. The issues that
the plaintiffs are raising are very similar to issues raised on several previous license amendment
challenges, which were subsequently dismissed by the United States Nuclear Regulatory Commission
(&#147;NRC&#148;). IUC will defend this action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Mill is working with UDEQ to complete a Background Ground Water Quality Report to establish
background levels for groundwater monitoring parameters under its State of Utah groundwater
discharge permit. This permit was issued by UDEQ in March&nbsp;2005, after the State assumed regulatory
responsibility from NRC over uranium mills in Utah. Pending determination of background levels,
the permit sets drinking
water standards as compliance limits for the site, which will be adjusted once background levels
for these parameters are established and accepted by the State. Pending adjustment of the
compliance limits, groundwater at the Mill will exceed certain of these limits, and the Mill will
be technically out of compliance with the provisions of the Permit. On August&nbsp;24, 2006, IUC
received a Notice of Violation (NOV)&nbsp;to that effect. In response to the NOV, IUC and UDEQ have
agreed on a timetable for completion of the Background Ground Water Quality Report. While IUC&#146;s
independent experts have concluded, based on investigations to date, that all such exceedances of
current compliance limits at the Mill site are due to natural background influences and are not the
result of Mill activities, there can be no assurance that UDEQ will ultimately agree with all of
these conclusions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Moore Lake</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Exercise of Option and Formation of Joint Venture</I></B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During 2005, IUC exercised its option to acquire a 75% interest in the Moore Lake Property from
JNR, subject to a 2.5% net smelter returns (&#147;NSR&#148;) royalty, by incurring a minimum of Cdn$4&nbsp;million
in exploration expenditures and by purchasing common shares of JNR for Cdn$400,000. IUC and JNR
entered into a 75/25 joint venture agreement for this property in early 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Final Results For 2005 Exploration Program</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC and JNR continue to obtain high-grade results from holes testing the Maverick &#147;Main&#148; zone.
ML-100 returned 2% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> over 7.75 metres, including 4.54%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> and 3% nickel over 2.75 metres. ML-88 returned 0.66%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->G - 11<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">over 4.8 metres, including 1.58% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> over 1.5
metres. Uranium mineralization in the Maverick Main zone has now been intersected over a minimum
strike length of 350 metres.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This mineralized zone is one of three; the other two being the newly discovered &#147;527&#148; and &#147;525&#148;
zones, that occur over a 1.7 kilometre length of the minimum 6.5 kilometre long, east-northeast
trending Maverick structural corridor. Over 50% of this corridor has yet to be drill tested. The
summer program successfully expanded the main lens and demonstrated the potential presence of
multiple mineralized zones along this major structural corridor. Multiple mineralized lenses are
common to the major uranium deposits of the Athabasca Basin.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Summer 2005 drilling also tested a number of targets in the western end of the Maverick Main zone,
where two conductors are apparent, in the areas west and northeast of the Maverick Main zone, and
in the Nutana grid, which covers the western and northeastern contact between the Maverick granite
and the lower Wollaston Group sediments. A number of these holes returned geochemically anomalous,
strongly altered and structurally disrupted sandstone columns and anomalous levels of &#147;pathfinder&#148;
elements. The best result was 0.239% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> over 2.0 meters in ML-533
northeast of the Maverick Main zone.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>2006 Winter Exploration Program</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC&#146;s winter program on the Moore Lake project was completed in mid-April, with approximately
14,500 meters drilled on a number of targets. The Moore Lake program followed up on promising
mineralization identified near the end of last summer&#146;s program on the 527 and 525 zones, and, in
total, tested targets on eleven separate grids located in the central and northern parts of the
property. The 527 and 525 zones are located about 450 metres and 1,400 metres, respectively,
northeast of the Maverick Main zone. On March&nbsp;29, 2006 IUC announced that drill hole ML-101 in the
527 zone returned an assay of 1.53% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> over 6.6 metres, including 2.22%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> over 4.0 metres. ML-106, also in the 527 Zone, returned an assay of
0.402% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> over 4.5 metres, including 1.06% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> over
1.5 metres. The results from the 527 zone are encouraging
in that ML-101 represents a significant upgrade from the discovery hole. Geologically and
geochemically the area is analogous to that of the Maverick Main zone. Of particular similarity is
the high metal content (nickel, copper, lead, zinc, cobalt and vanadium) that is associated with
the mineralization. The 525 zone was also tested by three holes, two of which intersected on the
hanging wall side of the target, while the third intersected low-grade basement mineralization.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A number of drill holes were also tested on the Avalon, West Venice, Venice, Nutana and Raratonga
grids, as well as on a number of seismic and/or gravity targets. While none of these holes
returned strong uranium mineralization, a number of them did indicate strongly altered graphic
pelites and graphitic fault zones, which in a number of cases were enriched in uranium and
pathfinder elements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>2006 Summer Exploration Program</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The 14,500 metre summer 2006 diamond drilling program has just been completed at Moore Lake. The
program focused on the Maverick Main zone and the 527 zone, as well as follow-up on the results
obtained during the winter 2006 program on the Avalon and West Venice grids. The results are not
yet available.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Park Creek Property</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC signed a Letter of Intent with Cameco Corporation (&#147;Cameco&#148;) in March&nbsp;2006 for an option to
earn an aggregate 75% interest in Cameco&#146;s Park Creek uranium exploration project. The Letter of
Intent contemplates a potential joint venture opportunity whereby Cameco grants IUC an option to
acquire up to an aggregate 75% interest in the Park Creek project in two stages by incurring
Cdn$2.8&nbsp;million in exploration expenditures over a period of three years to earn 49%, and then an
option to earn an additional 26% by incurring expenditures of Cdn$3.0&nbsp;million over two years. IUC
will be the operator during the earn-in period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Park Creek project is located in the eastern Athabasca Basin of northern Saskatchewan,
approximately 32 kilometres south of Points North Landing, a centrally-located trucking base and
airport facility. The project consists of eight grouped mineral claims totaling 7,798 hectares.
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->G - 12<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Previous exploration work on the Park Creek Project includes airborne geophysics, ground
geophysics, surface boulder sampling, and diamond drilling.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Previous drilling totaling 83 diamond drill holes has confirmed the presence of strong hydrothermal
alteration and anomalous uranium geochemistry along the Bird Lake Fault and on the Esker Grid,
features indicative of uranium deposits. Cameco identified eight high priority drill-ready targets
on the Park Creek project that require testing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ten diamond drill holes totaling 2,742 metres were drilled on the Park Creek project during August
and September&nbsp;2006. The program successfully intersected the fault in several locations but did
not intersect significant anomalous radioactivity. Geochemical results are pending.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Bell Lake Joint Venture</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC entered into an agreement with JNR Resources Inc. (&#147;JNR&#148;) in December&nbsp;2005 to combine a number
of claims in the Bell Lake area of northern Saskatchewan into a newly constituted joint venture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Bell Lake project is located in the Athabasca Basin some 50 to 75 kilometres northwest of the
Rabbit Lake mine. The project consists of nine claims totaling 29,952 hectares and includes all of
IUC&#146;s Ward Creek claims and JNR&#146;s Bell Lake and La Rocque Lake claims. The latter two were under
option to IUC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC will hold a 60% interest in the project and will be the operator. JNR will hold a 40% interest
in the new project and will retain a 2% NSR royalty on the Bell Lake and La Rocque Lake claims.
The Ward Creek claims are also subject to a 2% NSR, payable to a third party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A Cdn$250,000 winter exploration program was undertaken in early 2006 which focused on defining
newly identified electromagnetic (EM)&nbsp;conductors identified by recent airborne surveys, as well as
on inadequately tested historical conductors. Details of a follow-up program will be finalized
once the results of this ground work have been interpreted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sims Lake Property</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC signed an Option Agreement with Consolidated Abaddon Resources Inc. (&#147;Consolidated Abaddon&#148;) in
June&nbsp;2006 pursuant to which IUC has the option to acquire up to a 75% interest in Consolidated
Abaddon&#146;s Sims Lake property. The Sims Lake mineral claims total 4,390 hectares located northwest
of Churchill Falls in Western Labrador, Canada.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC has the Initial Option to acquire a 51% interest in the uranium rights to the Sims Lake
property over a period of two years. As consideration for the grant of the Initial Option, IUC has
paid Consolidated Abaddon the sum of Cdn$20,000 and must incur exploration expenditures in the
amount of Cdn$225,000 on or before January&nbsp;2007, and pay the sum of Cdn$20,000 and incur
exploration expenditures in the amount of Cdn$225,000 on or before January&nbsp;2008. Provided IUC has
exercised the Initial Option, IUC will be entitled to acquire an additional 24% interest in the
Sims Lake property to bring its total interest in the property to 75%. As consideration for the
grant of the Second Option, IUC must incur exploration expenditures on the Property of Cdn$1
million on or before January&nbsp;1, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Consolidated Abaddon will maintain a 2.0% NSR royalty over the Property. IUC has the right to
purchase 0.5% of this royalty for the sum of Cdn$500,000 up to a maximum of 1% of the royalty,
exercisable any time prior to, or within 30&nbsp;days of IUC formally approving commercial development
of the property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An airborne radiometric and electromagnetic survey carried out in July&nbsp;2005 identified conductors
that are interpreted to occur in Knob Lake Group rocks underlying the Sims Group. In October&nbsp;2005,
Consolidated Abaddon completed a ground evaluation of uranium targets consisting of a detailed
scintillometer survey, a VLF survey, and detailed prospecting and mapping.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An initial drilling program consisting of five holes covering two main target areas was completed
in the summer 2006 season to test these conductors. Results of this drilling are pending. IUC
also completed a 28 kilometre grid
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->G - 13<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and conducted magnetometer, VLF-EM, and Max Min (Horizontal
Loop- EM) surveys on the Sims Lake grid, and a reconnaissance boulder survey to further identify
prospective portions of the unconformity for further drilling.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Huard-Kirsch Property</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC acquired an option from Consolidated Abaddon Resources Inc. in October&nbsp;2005 to earn a 51%
interest in the Huard-Kirsch Lakes Property. The Huard-Kirsch Lakes Property is located in the
eastern part of the Athabasca Basin, approximately 20 km northwest of Cameco Corporation&#146;s McArthur
River uranium mine. IUC paid Cdn $25,000 in cash and is required to incur Cdn $1.5&nbsp;million in
exploration expenditures on or before November&nbsp;1, 2008 to earn its interest. IUC is the operator
of the project.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2006, IUC established a 65 line-kilometre cut grid on the property as a follow up to an airborne
MegaTem survey that was completed by Consolidated Abaddon in 2005. IUC has now completed a seven
kilometre time domain moving loop (TEM)&nbsp;survey and a 21 kilometre Titan 24 magnetotelluric (MT)
survey to enhance the airborne geophysical data. IUC is currently interpreting the results of
these surveys to develop a follow-up program.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC also conducted a boulder geochemistry survey over the entire project area in June &#150; July&nbsp;2006.
In addition, because the 2005/2006 winter&#146;s ground surveys were unable to cover the entire grid, a
second 268 line-kilometre MegaTem survey was conducted. Results are currently being interpreted
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Other Canadian Properties</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC completed two drill holes totaling 652 metres at its Brown Lake project in November and
December&nbsp;2005. The holes intersected highly altered sandstone but no significant mineralization.
IUC drilled a total of 1,385 metres in three holes at its Crawford Lake project during January and
February&nbsp;2006. The holes intersected faulting associated with highly altered friable sandstone but
intersected no significant anomalous radioactivity. IUC has an option to earn a 75% interest in
these two Phelps Dodge properties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC completed a 2,010 metre drilling program in ten holes on its wholly owned Key Lake South
project during February and March&nbsp;2006. Although the program successfully intersected a graphitic
conductor and associated faulting, other than a narrow interval of radioactive pegmatite, no
significant anomalous radioactivity was located.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fixed wing and helicopter electromagnetic and magnetometer surveys were carried out on portions of
all of IUC&#146;s Saskatchewan projects during 2006. A number of previously undetected geophysical
anomalies were located and will be followed up in subsequent programs. In addition, during the
period June to September&nbsp;2006, a regional geochemical survey was carried out, under which composite
Athabasca Basin boulder samples sere collected on lines spaced approximately one kilometer apart.
Although statistical analysis of the data has not yet been carried out, a number of anomalies are
evident in the preliminary results.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mongolia</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC has completed, through its various Mongolian affiliates and ventures, the field work portion of
the 2006 uranium exploration program. The 2006 program entailed approximately 70,000 meters of
reconnaissance drilling in several new targets areas. The drilling was directed toward testing and
evaluating areas that have been previously investigated and which exhibit favorable geologic
conditions for sediment-hosted uranium mineralization.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On licenses held by the Gurvan Saihan Joint Venture, drilling was conducted in six areas. On
licenses held by the Erdene Gold Inc.&#150;IUC Joint Venture, drilling was conducted in four areas which
have not been previously drilled. On exploration licenses held solely by IUC, drilling was
conducted in four license areas as well. In all cases, the 2006 drilling was initial
reconnaissance work to determine favorability for further exploration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The 2006 field campaign was completed in the first week of October, and field crews and equipment
are being demobilized. Data are being compiled and analyzed, and no results or conclusions are
presently available.
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->G - 14<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On July&nbsp;8, 2006, the Mongolian parliament passed an amended Mineral Law. The amended Mineral Law
contains a number of issues, such as the right of the government to acquire up to 34% (up to 50% in
the case
of deposits located with State funds) of any deposit &#147;influential to national security, national
and regional economic and social development&#148;, increases in license and mining fees, establishment
of work commitments and an increase in the royalty rate for minerals from 2.5% to 5.0%. Although
the Mineral Law amendments are of concern, the Mongolian parliament also passed an amended tax law
which reduced the Value Added Tax from 15% to 10% and the corporate income tax rate from 30% to 25%
and which instituted other tax incentives. IUC is continuing to evaluate the impact of the amended
Mineral Law on its 100% owned and Erdene Gold Inc. joint venture properties. The Gurvan Saihan
Joint Venture has a Mineral Agreement which IUC believes supersedes these amendments to the Mineral
Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Fortress Activities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fortress is a Canadian corporation whose shares are listed on the TSX Venture Exchange (ticker
symbol: FST) with offices in Vancouver, Canada, Ulaanbaatar, Mongolia and Khabarovsk, Russia. As a
publicly listed company, Fortress&#146; public disclosure documentation can be found on www.sedar.com.
The following is a summary of the material Fortress activities since the date of IUC&#146;s Form 20-F
for the period ended September&nbsp;30, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>IUC&#146;s Interest in Fortress</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In January, 2006, IUC subscribed for 500,000 common shares of Fortress, on a private placement
basis, at the price of Cdn$1.25 per share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In September, 2006, IUC subscribed for 1&nbsp;million common shares of Fortress, on a private placement
basis, at the price of Cdn$900,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of the date hereof, IUC held 30,598,750 Fortress shares, representing 41.6% of the issued and
outstanding Fortress shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Svetloye Project</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To date Fortress has drilled over 3,900 meters in 30 holes in the Elena and Tamara targets.
Results from five holes drilled in 2006 have been released and results from the other 25 holes will
be released as Fortress receives them. IUC is quite encouraged by the results to date including
Hole 34 which returned 50.8 metres grading 1.40 grams per tonne (gpt)&nbsp;gold, including four metres
grading 5.95 gpt gold and Hole 29 which returned 31.5 metres grading 2.64 gpt gold, including 15
metres at 4.06 gpt gold. The results to date are consistent with the previous drilling completed
by Phelps Dodge Exploration Corporation (&#147;Phelps Dodge&#148;) indicating a tabular shaped deposit which
is open to the north east and west. Fortress is currently preparing for the 2006/2007 winter
program with the purchase of fuel and additional equipment for the construction of the winter road.
In addition to the drill program currently underway, Fortress carried out soil sampling of highly
prospective extensions off the known target areas and 1:5,000 scale geologic and alteration
mapping.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Nicaragua</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In Nicaragua, Fortress has begun work on five newly acquired, wholly owned, exploration
concessions, which total 109,482 hectares. The concessions were acquired by targeting areas with
historic gold production and field reviews completed during the past year. Fortress is working
with Global Mine Discovery Partnership (&#147;GMDP&#148;) on the Nicaragua properties. GMDP is responsible
for identifying concessions for acquisition and is acting as Fortress&#146; exploration manager in
Nicaragua. GMDP could receive payments totaling $625,000 and share considerations at various
stages of development of a project and will receive an NSR royalty of
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">0.5% if a property is brought into production. Current work includes stream sediment, rock chip
and soil geochemical surveys and geological mapping, with the objective of identifying drill
targets for future drilling.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Mongolia</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In Mongolia, Fortress completed three drill programs in 2006.
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->G - 15<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the terms of Fortress&#146; agreement with Phelps Dodge, Phelps Dodge exercised its option to fund
further work on the Teltiin Gol copper gold project in the Erdenet District in order to earn a 70%
interest. However, based on the results of the 1,620 metre Teltiin Gol drilling program that was
completed during 2006, Phelps Dodge has decided not to pursue this project any further. Fortress
is currently considering further joint venture opportunities for this project.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On the Oyuut Uul copper gold prospect, a geophysical (IP and Magnetics) survey and a 1,175 metre
drill program were completed in 2006. Based on the drill results, Phelps Dodge has exercised its
option to fund further work on this project to earn a 70% interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The results from the 1,015 metre drill program at the Satyr Hudag copper gold prospect in the
central Gobi Desert have been received and are currently being analyzed and will be released
shortly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a result of the changes to the Mongolian Mineral Law discussed above, Fortress cut back its
planned 2006 program and only carried out a field reconnaissance program in the Huvsgol region in
order to optimize its land position in that area. With the changes in the Mineral Law, Fortress
will continue to monitor the political climate as it re-evaluates its 2007 programs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Change of Year End</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IUC has providcd notice that pursuant to Section&nbsp;4.8 of National Instrument 51-102, IUC has changed
its year end from September&nbsp;30 to December&nbsp;31, effective for fiscal year 2006.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSOLIDATED CAPITALIZATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table sets forth the consolidated capitalization of IUC, effective June&nbsp;30, 2006 both
before and after giving effect to the Arrangement. See the pro forma financial statements of IUC
attached as Schedule&nbsp;F to this Circular.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Outstanding as at</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Outstanding as at</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">June 30, 2006,</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">June 30, 2006</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">after giving effect</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Designation</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Authorized</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">(unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">to the Arrangement</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IUC Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Unlimited</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88,472,066</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">176,190,781</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>MARKET FOR SECURITIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The IUC Shares are listed on the TSX under the symbol &#147;IUC&#148;. The following table sets forth the
high and low prices and trading volumes of the IUC Shares on the TSX for the periods indicated. The
quotations reported are from published financial sources.
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->G - 16<!-- /Folio -->
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000">Toronto Stock Exchange</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">High</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Low</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Volume</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">(Cdn$)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">(Cdn$)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">2006</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">October (1-18)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,924,096</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">September</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,475,320</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">August</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,870,651</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">July</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,646,482</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">June</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.82</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,125,404</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">May</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,855,404</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">April</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.93</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,257,041</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">March</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.92</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,128,841</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">February</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,200,974</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">January</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,984,546</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">2005</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">October &#150; December</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,651,922</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">July &#150; September</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,570,685</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">April &#150; June</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,935,337</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">January &#151; March</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.83</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,259,374</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The closing price of the IUC Shares on September&nbsp;18, 2006, the last trading day prior to the
public announcement of the Arrangement, was Cdn$5.91. The closing price of the IUC Shares on
October&nbsp;18, 2006 was Cdn$6.21.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXECUTIVE OFFICERS&#146; AND DIRECTORS&#146; COMPENSATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Information regarding the compensation of IUC&#146;s directors and executive officers is set forth in
IUC&#146;s Management Information Circular and Proxy Statement dated December&nbsp;19, 2005 relating to the
annual amd special meeting of IUC Shareholders held on February&nbsp;2, 2006, which is incorporated by
reference herein.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RISK FACTORS RELATING TO IUC</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For risk factors associated with the activities of IUC, see the section entitled &#147;Risk Factors&#148; of
the IUC AIF, which is incorporated by reference herein. See also &#147;Risk Factors&#148; in the Circular
for risks relating to the completion of the Arrangment.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DESCRIPTION OF SHARE CAPITAL OF DENISON</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A description of the authorized share capital of Denison is included in the Denison AIF, which is
incorporated by reference herein.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AUDITORS, REGISTRAR AND TRANSFER AGENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The auditors of IUC are PricewaterhouseCoopers LLP, Chartered Accountants, Vancouver, British
Columbia. The registrar and transfer agent for the IUC Shares is Computershare Investor Services
Inc. at its principal office in Vancouver, British Columbia.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RISK FACTORS RELATING TO DENISON AND THE ARRANGEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon completion of the Arrangement, Denison will become a wholly owned subsidiary of IUC. An
investment in the IUC Shares would be subject to certain risks in addition to the risks currently
applicable to an investment in the IUC Shares. IUC Shareholders should carefully consider the risks
described under the heading <I>&#147;Information Concerning</I>
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->G - 17<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Denison Mines Inc. &#150; Risk Factors&#148;</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to the above, IUC Shareholders should consider that IUC and Denison may not realize the
anticipated benefits of the Arrangement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DESCRIPTION OF SHARE CAPITAL OF IUC</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A description of the authorized share capital of IUC is included in the IUC AIF, which is
incorporated by reference herein.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ADDITIONAL INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Additional information relating to IUC is also available under IUC&#146;s profile on the SEDAR website
at www.sedar.com. Financial information in respect of IUC and its affairs is provided in IUC&#146;s
annual audited financial statements as at and for the financial year ended September&nbsp;30, 2005 and
the interim unaudited financial statements as at and for the periods ended March&nbsp;31, 2006 and June
30, 2006, and the related management&#146;s discussion and analysis (&#147;MD&#038;A&#148;). Copies of IUC&#146;s financial
statements and MD&#038;A are available upon request from IUC by: (i)&nbsp;mail at 2101 &#150; 885 West Georgia
Street, Vancouver, British Columbia, V6C 3E8; (ii)&nbsp;telephone at (604)&nbsp;689-7842; or (iii)&nbsp;fax at
(604)&nbsp;689-4250.
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><!-- Folio -->H - 1<!-- /Folio -->
<DIV align="left">
<A name="181"></A>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE H &#151; FAIRNESS OPINION OF DUDNEE SECURITIES CORPORATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="o33165o3316501.gif" alt="(DUNDEE LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">October&nbsp;18, 2006

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board of Directors of<BR>
International Uranium Corporation<BR>
Suite&nbsp;2101<BR>
885 West Georgia Street<BR>
Vancouver, British Columbia<BR>
V6C 3E8

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the Board of Directors:

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dundee Securities Corporation (&#147;Dundee Securities&#148;) understands that International Uranium
Corporation (&#147;IUC&#148;) and Denison Mines Inc. (&#147;Denison&#148; and which term shall, to the extent required
or appropriate in the context, include the subsidiaries of Denison Mines Inc.) have agreed to
complete a transaction (the &#147;Transaction&#148;) pursuant to which the businesses of IUC and Denison will
be combined and the holders of securities of Denison will receive securities of IUC in exchange
therefor, all as more fully described in the arrangement agreement dated September&nbsp;18, 2006, as
amended and restated on October&nbsp;16, 2006 with effect as of September&nbsp;18, 2006, between IUC, 2113537
Ontario Inc., a wholly-owned subsidiary of IUC, and Denison (the &#147;Arrangement Agreement&#148; and which
term shall include the schedules attached thereto). The Transaction will be described in detail
in, and the number and type of securities of IUC to be issued to the holders of securities of
Denison in connection with the Transaction will be set forth in, a notice of meeting and management
information circular (collectively the &#147;Information Circular&#148;) to be prepared by IUC and sent to
the shareholders of IUC in connection with the meeting of shareholders of IUC which will be held to
consider the Transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As used in this opinion, &#147;Exchange Ratio&#148; means 2.88 common shares of IUC to be issued in respect
of each common share of Denison on completion of the Transaction, being the exchange ratio provided
in the Arrangement Agreement in respect of the Transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The directors of IUC (the &#147;Board&#148;) have engaged Dundee Securities to render an opinion (this
&#147;Fairness Opinion&#148;) as to the fairness, from a financial point of view, of the Exchange Ratio to
the shareholders of IUC, excluding for this purpose any common shares of IUC which may be held by
Denison or any of its affiliates (such non-excluded holders of IUC common shares being referred to
herein as the &#147;IUC Shareholders&#148;). Dundee Securities has not prepared a valuation of either IUC or
Denison or any of the securities or assets thereof and this Fairness Opinion should not be
construed as such.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Engagement</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dundee Securities was formally engaged by the Board pursuant to an agreement dated August&nbsp;1, 2006
and accepted by IUC on August&nbsp;11, 2006 between IUC and Dundee Securities (the &#147;Advisory
Agreement&#148;). Under the Advisory Agreement, Dundee Securities agreed to render an opinion to the
Board with respect to the fairness, from a financial point of view, of the Exchange Ratio to the
IUC Shareholders. Following the settlement of the terms of the Transaction and the terms of the
Arrangement Agreement between IUC and Denison, and the review of those terms by Dundee Securities,
on September&nbsp;18, 2006 Dundee Securities rendered its oral opinion to the Board as to the fairness,
from a financial point of view, of the Exchange Ratio to the IUC Shareholders. This Fairness
Opinion confirms the oral opinion rendered by Dundee Securities to the Board on September&nbsp;18, 2006.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Four Bentall Centre, Suite&nbsp;3424
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tel: 604-647-2888</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1055 Dunsmuir Street, P.O. Box 49207</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">A Dundee Wealth Management Company
</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vancouver, BC V7X 1 KB
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fax: 604-647-0358</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 2 -<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The terms of the Advisory Agreement provide that Dundee Securities is to be paid fees for its
services under the Advisory Agreement. In addition, Dundee Securities is to be reimbursed for
reasonable out-of-pocket expenses and to be indemnified by IUC in certain circumstances. Dundee
Securities consents to the inclusion of the Fairness Opinion in its entirety and a summary thereof
in the Information Circular and to the filing thereof, as necessary, by IUC with the securities
commissions or similar regulatory authorities in each province and territory of Canada.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Other</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dundee Securities is not an insider, associate, or affiliate of IUC or Denison and is not an
advisor to any other person or company other than to the Board with respect to the Transaction.
Dundee Securities has not entered into any other agreements or arrangements with IUC or Denison or
any of their affiliates with respect to any future dealings. Dundee Securities, however, acts as a
trader and dealer, both as principal and agent, in major financial markets and, as such, may have
had and may in the future have positions in the securities of IUC and Denison or any of their
respective associates of affiliates and, from time to time, may have executed or may execute
transactions on behalf of such companies or clients for which it received or may receive
compensation. As an investment dealer, Dundee Securities conducts research on securities and may,
in the ordinary course of its business, provide research reports and investment advice to its
clients on investment matters, including with respect to IUC, Denison or the Transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Credentials of Dundee Securities</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dundee Securities is one of Canada&#146;s leading independent investment dealers with operations in
corporate finance, equity sales and trading and investment research. The opinion expressed herein
is the opinion of Dundee Securities, the form and content of which have been approved for release
by a committee of its directors and officers, each of whom is experienced in merger, acquisition,
divestiture and fairness opinion matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Scope of Review and Approach to Analysis</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with rendering the Fairness Opinion, we have reviewed and relied upon, or carried
out, among other things, the following
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewed the Arrangement Agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewed the most recent draft dated October&nbsp;18, 2006 of the Information
Circular (the &#147;Draft Information Circular);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewed the audited consolidated financial statements of IUC for the three
financial years ended September&nbsp;30, 2003, 2004 and 2005;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewed the audited consolidated financial statements of Denison for the three
financial years ended December&nbsp;31, 2003, 2004 and 2005;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewed the annual reports to the shareholders of IUC for the three financial
years ended September&nbsp;30, 2003, 2004 and 2005;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewed the annual reports to the shareholders of Denison for the two
financial years ended December&nbsp;31, 2004 and 2005;</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 3 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewed the third quarter reports to the shareholders of IUC containing
management&#146;s discussion and analysis and unaudited consolidated financial statements
for the nine months ended June&nbsp;30, 2006;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewed the second quarter reports to the shareholders of Denison containing
management&#146;s discussion and analysis and unaudited consolidated financial statements
for the six months ended June&nbsp;30, 2006;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewed the proxy circulars of IUC for the three financial years ended
September&nbsp;30, 2003, 2004 and 2005;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewed the proxy circulars of Denison for the two financial years ended
December&nbsp;31, 2004 and 2005;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewed the annual reports on Form 20-F of IUC for the three financial years
ended September, 2003, 2004 and 2005 including the revised annual report on Form 20-F
for the financial year ended September&nbsp;30, 2004;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewed the annual information forms of Denison for the two financial years
ended December&nbsp;31, 2004 and 2005;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewed the technical report dated June&nbsp;1, 2005, as amended February&nbsp;14, 2006,
of Roscoe Postle Associates Inc. prepared for Denison entitled &#147;Technical Report on the
Midwest Uranium Deposit Mineral Resource and Mineral Reserve Estimates, Saskatchewan,
Canada&#148;;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewed the technical report dated November&nbsp;21, 2005, as amended February&nbsp;14,
2006, of Roscoe Postle Associates Inc. prepared for Denison entitled &#147;Technical Report
on the Denison Mines Inc. Uranium Properties, Saskatchewan, Canada&#148;;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewed the technical report dated March&nbsp;31, 2006, of Roscoe Postle Associates
Inc. prepared for Denison entitled &#147;Techincal Report on the Sue D Uranium Deposit
Mineral Resource Estimate, Saskatchewan Canada&#148;;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewed the technical report dated September&nbsp;9, 2006 of Roscoe Postle
Associates Inc. prepared for IUC entitled &#147;Technical Report on the Henry Mountains
Complex Uranium Project, Utah, U.S.A.&#148;;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewed the draft technical report of Roscoe Postle Associates Inc. prepared
for IUC and provided to us by IUC on July&nbsp;6, 2006 entitled &#147;Technical Report on the
Arizona Strip Uranium Project&#148;;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(r)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewed the draft technical report of Roscoe Postle Associates Inc. prepared
for IUC and provided to us by IUC on July&nbsp;6, 2006 entitled &#147;Technical Report on Uranium
Exploration Properties in Mongolia&#148;;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(s)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>conducted a site visit on July&nbsp;27, 2006 to the Denison&#146;s McClean Lake and
Midwest uranium projects in Northern Saskatchewan;</TD>
</TR>

</TABLE>
</DIV></DIV>
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(t)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>conducted discussions with the management of IUC concerning the current
business plan of IUC, its financial condition, its future business prospects and
potential alternatives to the Transaction;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(u)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>conducted discussions with senior executives and managers of Denison;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewed public information relating to the business, financial condition and
trading history of each of IUC and Denison and other selected public companies we
considered relevant;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(w)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewed certain historical financial information and operating data concerning
IUC and Denison which was provided by IUC and Denison respectively;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewed certain projected financial and operating information, including
without limitation, operational forecasts, financial forecasts and internal mine
models, which were prepared and provided by IUC and Denison respectively;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(y)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewed historical market prices and valuation multiples for the common shares
of IUC and the common shares of Denison and compared such prices and multiples with
those of certain publicly traded companies that we deemed relevant for the purposes of
our analysis;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(z)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewed the financial results of IUC and Denison and compared them with
publicly available financial data concerning certain publicly traded companies that we
deemed to be relevant for the purposes of our analysis;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(aa)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewed publicly available financial data for merger and acquisition
transactions that we deemed comparable for the purposes of our analysis;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(bb)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>compared the Exchange Ratio and its implied transaction value to the historical
market prices of the common shares of Denison;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(cc)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>compared the Exchange Ratio to the value per common share of Denison implied by
analyses of market multiples of comparable companies, implied multiples paid in
comparable transactions and net asset value analysis incorporating the discounted cash
flow methodology;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(dd)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewed certain industry reports and statistics as we deemed relevant for
purposes of our analysis;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ee)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewed a letter of representation as to certain factual matters and the
completeness and accuracy of the information upon which the Fairness Opinion is based,
addressed to us and dated the date hereof, provided by senior officers of IUC; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ff)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewed and considered such other financial, market, technical and industry
information, conducted such other investigations, analyses and discussions (including
discussions with senior management, legal counsel to IUC and other third parties) as we
consider relevant and appropriate in the circumstances.</TD>
</TR>

</TABLE>
</DIV></DIV>
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</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In our assessment, we looked at several techniques and used a blended approach to determine our
opinion on the Transaction. We based this Fairness Opinion upon a number of quantitative and
qualitative factors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dundee Securities has not, to the best of its knowledge, been denied access by IUC or Denison to
any information under their control requested by Dundee Securities. Dundee Securities did not meet
with the auditors of IUC or Denison and has assumed the accuracy and fair presentation of and
relied upon the audited consolidated financial statement of each of IUC and Denison and the reports
of the auditor thereon.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Assumptions and Limitations</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With the approval and agreement of the Board, we have relied upon and assumed, without assuming
responsibility or liability for independent verification, the completeness, accuracy and fair
presentation of all financial information, business plans, financial analyses, forecasts and other
information, data, advice, opinions and representations obtained by us from public sources,
including the Transaction, or provided to us by IUC or Denison, their respective subsidiaries and
their respective directors, officers, associates, affiliates, consultants, advisors and
representatives relating to IUC, Denison, their respective subsidiaries, associates and affiliates,
and to the Transaction. The Fairness Opinion is conditional upon such completeness, accuracy and
fair presentation. We have not been requested or, subject to the exercise of professional
judgment, attempted to verify independently the completeness, accuracy or fair presentation of any
such information, data, advice, opinions and representations. We have not conducted or been
provided with any valuation or appraisal of any assets or liabilities, nor have we evaluated the
solvency of IUC or Denison under any provincial or federal laws relating to bankruptcy, insolvency
or similar matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With respect to any financial analyses, forecasts, projections, estimates and/or budgets provided
to Dundee Securities and used in its analyses, Dundee Securities notes that projecting future
results of any company is inherently subject to uncertainty. Dundee Securities has assumed,
however, that such financial analyses, forecasts, projections, estimates and/or budgets were
prepared using the assumptions identified therein and that such assumptions reflect the best
currently available estimates and judgments by management as to the expected future results of
operations and financial condition of IUC and Denison to which such financial analyses, forecasts,
projections, estimates and/or budgets relate. We express no view as to such financial analyses,
forecasts, projections, estimates and/or budgets or the assumptions on which they were based.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have also assumed that the Transaction will have the tax consequences described in discussions
with, and materials furnished to us by, representatives of IUC, and that the other transactions
contemplated by the Arrangement Agreement will be consummated as described in the Arrangement
Agreement. In preparing the Fairness Opinion, we have made several assumptions, including that all
of the conditions required to complete the Transaction will be met and that the disclosure provided
in the Draft Information Circular with respect to IUC, Denison and their respective subsidiaries
and affiliates and the Transaction is accurate in all material respects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have relied as to all legal matters relevant to rendering our opinion upon advice of counsel.
We have further assumed that all material governmental, regulatory or other consents and approvals
necessary for the consummation of the Transaction will be obtained without any adverse effect on
IUC or Denison or on the contemplated benefits of the Transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Senior officers of IUC have represented to Dundee Securities in a certificate delivered as of the
date hereof, among other things, that (i)&nbsp;the information, data and other material (financial or
otherwise)
</DIV>
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">relating to IUC provided to Dundee Securities by, or on behalf of, the Corporation in connection
with the engagement of Dundee Securities under the Advisory Agreement (collectively the
&#147;Information&#148;) is, or in the case of historical information was, at the date of preparation, true
and accurate in all material respects and does not or did not, as the case may be, contain any
untrue statement of a material fact or omit to state any material fact necessary to make the
statements therein not misleading in light of the circumstances in which such statements were made
and that (ii)&nbsp;since the dates of which the Information was provided to Dundee Securities, except as
disclosed in writing to Dundee Securities, there has been no material change, financial or
otherwise, in the financial condition, assets, liabilities (contingent or otherwise), business,
operations or prospects of IUC or any of its subsidiaries and no material change has occurred in
the Information or any part thereof which would have or which would reasonably be expected to have
a material effect on the Fairness Opinion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fairness Opinion is rendered as at the date hereof and on the basis of securities markets,
economic and general business and financial conditions prevailing as at the date hereof and the
conditions and prospects, financial and otherwise, of IUC as they are reflected in the Information
and as they were represented to us in our discussions with the management of IUC. In our analyses
and in connection with the preparation of the Fairness Opinion, we made numerous assumptions with
respect to industry performance, general business, market and economic conditions and other
matters, many of which are beyond the control of Dundee Securities and any party involved in the
Transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have not been asked to prepare and have not prepared a valuation of IUC or Denison or any of the
securities or assets thereof and our opinion should not be construed as a &#147;formal valuation&#148;
(within the meaning of <I>Rule&nbsp;61-501 &#150; Insider Bids, Issuer Bids, Business Combination and Related
Party Transactions </I>of the Ontario Securities Commission).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Fairness Opinion is provided for the use of the Board only and may not be relied upon by any
other person. Dundee Securities disclaims any undertaking or obligation to advise any person of
any change in any fact or matter affecting the Fairness Opinion which any come or be brought to the
attention of Dundee Securities after the date hereof. Without limiting the foregoing, in the event
that there is any material change in any fact or matter affecting the Fairness Opinion after the
date hereof, Dundee Securities reserves the right to change, modify or withdraw the Fairness
Opinion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dundee Securities believes that its analyses must be considered as a whole and that selecting
portions of the analyses or the factors considered by it, without considering all factors and
analyses together, could create a misleading view of the process underlying this Fairness Opinion.
The preparation of an opinion is a complex process and is not necessarily susceptible to partial
analysis or summary description. Any attempt to do so could lead to undue emphasis on any
particular factor or analysis. This Fairness Opinion is not to be construed as a recommendation to
any shareholder of IUC as to whether to vote in favour of the Transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Fairness Conclusion</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based on and subject to the foregoing and such other factors as Dundee Securities considered
relevant, Dundee Securities is of the opinion that, as of the date hereof, the Exchange Ratio is
fair, from a financial point of view, to the IUC Shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Yours truly,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="o33165o3316502.gif" alt="-s- SIGNATURE">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>DUNDEE SECURITIES CORPORATION</B>

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

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<DIV align="left">
<A name="182"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE I &#151; ADDITIONAL DISCLOSURE REGARDING DENISON MINES INC.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Recent Developments</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Normal Course Issuer Bid</I></B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On June&nbsp;16, 2006, Denison initiated a normal course issuer bid to acquire up to 2,000,000 common
shares at market prices through the facilities of TSX. During the month of June, Denison purchased
an aggregate of 200,000 common shares pursuant to the bid at an average cost of approximately
Cdn$12.45 per share. Denison has made no further purchases. Due to the Arrangement, the bid will
terminate upon the Effective Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Investment in Energy Metals Limited</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On March&nbsp;24, 2006, Denison acquired a 12% equity interest in Energy Metals Limited, an exploration
company in Australia whose securities are listed on the Australian Stock Exchange. Energy Metals
Limited has promising exploration properties in both Western Australia and the Northern Territory
of Australia.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Technical Report on Sue D Deposit</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On April&nbsp;10, 2006, Denison filed on SEDAR a new independent technical report dated March&nbsp;31, 2006
entitled the &#147;<I>Technical Report on the Sue D Uranium Deposit Mineral Resource Estimate,
Saskatchewan, Canada</I>&#148; (the &#147;<B>Sue D Technical Report</B>&#148;) on the mineral resources attributable to the
Sue D deposit at its 22.5% owned McClean Lake property in the Athabasca Basin, Saskatchewan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Report was prepared by Roscoe Postle Associates Inc., (&#147;<B>RPA</B>&#148;) which was retained by Denison in
January&nbsp;2006 to independently review and estimate the Mineral Resources of the Sue D uranium
deposit in accordance with the requirements of National Instrument 43-101 (&#147;<B>NI 43-101</B>&#148;), Companion
Policy 43-101CP and Form 43-101F of the Canadian Securities Administrators.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reference should be made to the Sue D Technical Report for all of the qualifications, exclusions
and assumptions relied upon by the authors in preparing the Sue D Technical Report, a full copy of
which can be found as <U><B>www.sedar.com</B></U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Information Regarding the McClean Lake Property and the Sue D Deposit</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Sue D uranium deposit forms part of the McClean Lake property, of which Denison owns 22.5%.
AREVA is the operator of the McClean Lake property and owns 70.0%, with OURD (Canada) Co., Ltd.
owning the remaining 7.5%. A general description of the McClean Lake property, information
regarding the location of the property, information regarding accessibility, climate,
infrastructure and physiography of the McClean Lake property, a history of the McClean Lake
property, and information regarding the geological setting and exploration of the McClean Lake
property are contained under the heading &#147;Information Regarding Mineral Properties &#150; McClean Lake&#148;
in the Denison AIF, which is incorporated herein by reference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Further information regarding the Sue D deposit is set forth below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Mineralization</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the Sue D deposit, the mineralization trends N 12&#176; E for approximately 140 metres, has widths up
to 16 metres and thickness from 10 metres to 30 metres. Mineralization is strongly fault
controlled and occurs in upper and lower zones that are hosted almost entirely in the basement.
The lower zone accounts for most of the Sue D Indicated Mineral Resource and lies at a depth of
approximately 155 metres to 220 metres below surface, or approximately 75 metres to 110 metres
below the sandstone-basement unconformity. The upper zone consists of less continuous lenses
located at or near the unconformity.
</DIV>
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Sue D mineralization consists primarily of pitchblende and uraninite accompanied by nicolite
(nickel sulfarsenides). Some remobilized uranium is present as coffinite. The mineralization
occurs in disseminated thin veins or fracture/breccia fills and as massive patches and nodules
agglomerated along foliation. Nickel, cobalt and arsenic grades are generally low, typical of
basement deposits, but local pockets of higher grades occur ranging up to 25.3% N; and 0.16% Co.
Sue D may be classed as a basement-hosted, ingress type unconformity related uranium deposit
similar to the Sue C and Sue E deposits on the Sue trend and Rabbit Lake, Eagle Point, Claude and
Cluff Lake North deposits elsewhere in the Athabasca Basin.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Drilling</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sue D was explored by diamond drilling from surface from 1989 to 1992. Forty-three holes totalling
8.703 metres were completed in three campaigns. An additional 23 fill-in holes were drilled in
1994 and in 2001.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The resource drilling covers an area of 140 metres by 230 metres or approximately 2.5 hectares.
Holes were collared on nominal 12.5 metre sections and spaced 10 metres apart on section, and most
holes penetrate in excess of 100 metres into the basement. The section spacing at Sue D is similar
to the spacing used for delineation drilling at other McClean Lake deposits.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Sampling and Analysis</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Core sampling is the primary sampling method at Sue D. Hand-held scintillometer readings on ore
guided sampling and provided for sampling on the basis of radiometric responses (uranium grade)
where necessary. Sampling was relatively continuous for mineralized intervals within the
mineralized zone, but above the zone in sandstone only mineralized intervals were analyzed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Core sampling intervals vary from 0.4 metres to 15.3 metres. Sampling was standardized at 0.5
metre intervals and 85% of the sampled intervals are at 0.4 metres to 0.5 metres. Sampling in the
deposit is grade independent, with 90% of the samples taken at 0.5 metre intervals. Longer sample
lengths are all in waste.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Chemical analysis of core samples for U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> were performed by Barringer
Laboratories (Alberta) Ltd. in Calgary until 1992, with later assaying being done at the
Saskatchewan Research Council geochemical laboratory in Saskatoon.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Security of Sampling</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A description of quality assurance programs and quality control measures (QA/QC) applied to
sampling and assaying at McClean Lake, including the exploration of Sue D, are set out in the
Denison AIF under the heading &#147;Information Regarding Mineral Properties &#150; McClean Lake&#148;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Mineral Resources</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">RPA carried out an independent resource estimation of the Sue D deposit by conventional 3-D
computer block modelling. A minimum vertical mining width of two metres was employed. Open pit
mines at the McClean Lake property have historically used an ore cut-off grade of 0.1%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> to define ore scheduled for processing versus discarded material. RPA
reviewed this cut-off grade against current economic factors, including operating costs,
metallurgical recovery and U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> prices and revenue criteria and concluded
that the 0.1% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> cut-off grade is reasonable for resource determination for
Sue D.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">RPA has classified the Sue D deposit mineral resources as Indicated and Inferred as such terms have
been defined under NI 43-101. The Sue D Technical Report identifies Indicated Mineral Resources
for the Sue D deposit totalling 122,800 tonnes at an average grade of 1.05%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> containing 2.8&nbsp;million pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> (Denison&#146;s
share 0.6&nbsp;million pounds) and Inferred Mineral Resources totaling 24,240 tonnes at an average grade
of 0.39% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> containing 0.2&nbsp;million pounds (Denison&#146;s share 0.05&nbsp;million
pounds) based on a 0.1% cut-off grade.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The resource information on the Sue D deposit is as reported in the Sue D Technical Report. James
W. Hendry, P.Eng. and Richard E. Routledge, M.Sc., qualified persons in accordance with the
requirements of NI 43-101, were
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->I - 3<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">responsible for the Sue D Technical Report. The mineral resource
estimates provided herein are consistent with the definitions set out in NI 43-101 and defined by
the Canadian Institute of Mining, Metallurgy and Petroleum Engineers (&#147;CIM&#148;) Standards of Mineral
Resources and Reserves Definitions and Guidelines adopted by the CIM Council on August&nbsp;20, 2000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Elliot Lake Decision</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On September&nbsp;15, 2006, the Ontario Superior Court of Justice (Divisional Court) dismissed the
application for leave to appeal made by the City of Elliot Lake (the &#147;City&#148;) of a decision of the
Ontario Assessment Review Board (the &#147;Board&#148;) regarding the assessed value of Denison&#146;s
decommissioned mine site at Elliot Lake. The City had filed an application for leave to appeal the
Board&#146;s decision in relation to a complaint filed by the City concerning the property assessment
values on and classification of Denison&#146;s Elliot Lake closed mine site. This decision finally
resolves this matter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>New Officer</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Denison appointed Mr.&nbsp;William Shaver as Executive Vice-President and Director, Mining on September
25, 2006. Mr.&nbsp;Shaver brings extensive mining experience to Denison and will have significant
responsibility for New IUC&#146;s mining and environmental services projects and operations after the
Arrangement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>MARKET FOR SECURITIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Denison Shares are listed on the TSX under the symbol &#147;DEN&#148;. The following table sets forth the
high and low prices and trading volumes of the Denison Shares on the TSX for the periods indicated.
The quotations reported are from published financial sources.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Toronto Stock Exchange</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Low</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Volume</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">(Cdn$)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">(Cdn$)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">(000s)</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">2006</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">October (1-18)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,484,874</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">September</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.77</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,393,867</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">August</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.92</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,312,278</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">July</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.93</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,234,298</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">June</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.79</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,245,174</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">May</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.76</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,559,432</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">April</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,694,299</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">March</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.82</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,794,400</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">February</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,396,818</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">January</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,149,535</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">2005</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">October &#150; December</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,343,973</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">July &#150; September</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.76</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,351,536</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">April &#150; June</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,840,627</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">January &#151; March</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,906,208</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The closing price of the Denison Shares on the TSX on September&nbsp;18, 2006, the last trading day
prior to the public announcement of the Arrangement, was Cdn$16.80. The closing price of the
Denison Shares on October&nbsp;18, 2006 was Cdn$17.70.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSOLIDATED CAPITALIZATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table sets forth the consolidated capitalization of Denison Mines Inc. as at June&nbsp;30,
2006:
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->I - 4<!-- /Folio -->
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Outstanding as at June 30, 2006</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Designation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Authorized</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>(unaudited)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Common Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Unlimited</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$181,215,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(30,457,887 shares)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Warrant</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$12,398,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(3,324,151 shares)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Preferred Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Unlimited</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Nil</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Credit Facilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Nil</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXECUTIVE OFFICERS&#146; AND DIRECTORS&#146; COMPENSATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Information regarding the compensation of Denison&#146;s directors and executive officers and regarding
the Denison Share Option Plan is set forth under the headings &#147;Executive Compensation&#148;,
&#147;Compensation of Directors&#148; and &#147;Securities Authorized for Issuance under Equity Compensation
Plans&#148; in Denison&#146;s Management Information Circular and Proxy Statement dated March&nbsp;7, 2006
relating to the annual meeting of Denison Shareholders held on April&nbsp;19, 2006, which is
incorporated by reference herein.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RISK FACTORS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For risk factors associated with the activities of Denison, see the section entitled &#147;Risk Factors&#148;
of the Denison AIF, which is incorporated by reference herein. See also &#147;Risk Factors&#148; in the
Circular for risks relating to the completion of the Arrangment.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DESCRIPTION OF SHARE CAPITAL</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A description of the authorized share capital of Denison is included in the Denison AIF, which is
incorporated by reference herein.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AUDITORS, REGISTRAR AND TRANSFER AGENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The auditors of Denison are PricewaterhouseCoopers LLP, Chartered Accountants, Toronto, Ontario.The
registrar and transfer agent for the Denison Shares is Computershare Investor Services Inc. at its
principal office in Toronto, Ontario.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ADDITIONAL INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Additional information relating to Denison is available under Denison&#146;s profile on the SEDAR
website at www.sedar.com. Financial information in respect of Denison and its affairs is provided
in Denison&#146;s annual audited financial statements as at and for the financial year ended December
31, 2005 and the interim unaudited financial statements as at and for the periods ended March&nbsp;31,
2006 and June&nbsp;30, 2006, and the related management&#146;s discussion and analysis (&#147;MD&#038;A&#148;). Copies of
Denison&#146;s financial statements and MD&#038;A are available upon request from Denison by: (i)&nbsp;mail at 595
Bay Street, Suite&nbsp;402, Toronto, Ontario, M5G 2C2; (ii)&nbsp;telephone at (416)&nbsp;979-1991; or (iii)&nbsp;fax at
(416)&nbsp;979-5893.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<!-- LANDSCAPE -->
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>Proxy</B>
</DIV>


<P><DIV style="position: relative; float: left; width: 45%">

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>SPECIAL MEETING OF SHAREHOLDERS OF</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>INTERNATIONAL URANIUM CORPORATION (the &#147;Corporation&#148;)</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>TO BE HELD AT THE DESIGN EXCHANGE, 234 BAY STREET, TORONTO DOMINION CENTRE, TORONTO, ONTARIO,
CANADA, ON MONDAY, THE 20</B><SUP style="font-size: 85%; vertical-align: text-top"><B>th</B></SUP><B> DAY OF NOVEMBER, 2006 AT 10:30 AM. (TORONTO TIME)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The undersigned shareholder (&#147;Registered Shareholder&#148;) of the Corporation hereby appoints, Ronald
F. Hochstein, President and Chief Executive Officer of the Corporation, or failing this person,
John H. Craig, a Director of the Corporation, or failing these persons, Lukas H. Lundin, the
Chairman of the Board of the Corporation <B>or in the place of the foregoing,</B>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, as proxyholder for and on behalf of the Registered
Shareholder with the power of substitution to attend, act and vote for and on behalf of the
Registered Shareholder in respect of all matters that may properly come before the aforesaid
meeting of the Registered Shareholders of the Corporation (the &#147;Meeting&#148;) and at every adjournment
thereof, to the same extent and with the same powers as if the undersigned Registered Shareholder
were present at the said Meeting, or any adjournment thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Registered Shareholder hereby directs the proxyholder to vote the securities of the Corporation
recorded in the name of the Registered Shareholder as specified herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>If any amendments or variations to the matters identified in the Notice of Meeting are proposed at
the Meeting or any adjournment or adjournments thereof, or if any other matters which are not now
known to management should properly come before the Meeting or any adjournment or adjournments
thereof, this proxy confers discretionary authority on the person voting the proxy to vote on such
amendments or variations or such other matters in accordance with the best judgment of such person.</B>
</DIV>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 1px;">



<DIV align="left" style="font-size: 10pt; margin-top: 0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br>
</DIV>
</DIV>


</DIV>
<DIV style="position: relative; float: right; width: 45%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-size: 14pt"><B>Resolutions </B></FONT>(For full details of each item, please see the enclosed Notice of
Meeting and Circular)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="72%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-left: 3px double #000000; border-top: 3px double #000000">&nbsp;</TD>
                  <TD valign="top" style="border-top: 3px double #000000">
<DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>

    <TD style="border-right: 0px double #000000; border-top: 3px double #000000">&nbsp;</TD>
    <TD style="border-top: 3px double #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD style="border-right: 3px double #000000; border-top: 3px double #000000">&nbsp;</TD>
    <TD style="border-top: 3px double #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 3px double #000000"><B>For</B>
</TD>
    <TD style="border-right: 3px double #000000; border-top: 3px double #000000">&nbsp;</TD>
    <TD style="border-top: 3px double #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 3px double #000000"><B>Against</B></TD>
    <TD width="1%" style="border-right: 3px double #000000; border-top: 3px double #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD width="1%" style="border-left: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">1.
</DIV></TD>
    <TD style="border-right: 0px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">To authorize the issue of up to a maximum
of 102,000,000 common shares in the capital
of the Corporation in connection with the
proposed arrangement including the business
combination of the Corporation and Denison
Mines Inc. The full text of the Share Issue
Resolution is set out in Schedule &#147;A&#148; of the
Circular.</TD>
    <TD style="border-right: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD style="border-right: 0px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>For</B>
</TD>
    <TD style="border-right: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>Withhold</B></TD>
    <TD width="1%" style="border-right: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">2.
</DIV></TD>
    <TD style="border-right: 0px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">To authorize the appointment of three
additional directors to the board of
directors of the Corporation as more
particularly described in the IUC New Board
Resolution set out in Schedule &#147;B&#148; of the
Circular.</TD>
    <TD style="border-right: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD style="border-right: 0px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>For</B>
</TD>
    <TD style="border-right: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>Against</B></TD>
    <TD width="1%" style="border-right: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">3.
</DIV></TD>
    <TD style="border-right: 0px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">To authorize and approve certain
amendments to the IUC incentive stock option
plan as more particularly described in the
IUC SOP Amendment Resolution as set out in
Schedule &#147;C&#148; of the Circular.</TD>
    <TD style="border-right: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD style="border-right: 0px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>For</B>
</TD>
    <TD style="border-right: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>Against</B></TD>
    <TD width="1%" style="border-right: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">4.
</DIV></TD>
    <TD style="border-right: 0px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">To authorize the change of name of the
Corporation to &#147;Denison Mines Ltd.&#148; or such
other name containing the name &#147;Denison&#148; as
shall be authorized by the board of
directors of the Corporation and Denison
Mines Ltd. The full text of the Name Change
Resolution is set out in Schedule &#147;D&#148; of the
Circular.</TD>
    <TD style="border-right: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD style="border-right: 0px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>For</B>
</TD>
    <TD style="border-right: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>Against</B></TD>
    <TD width="1%" style="border-right: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD width="1%" style="border-left: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">5.
</DIV></TD>
    <TD style="border-right: 0px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">To grant the proxyholder authority at his
discretion on any other business or
amendment or variation to the previous
resolutions.</TD>
    <TD style="border-right: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="12" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The undersigned Registered Shareholder hereby revokes any proxy previously given to attend and
vote at said Meeting.</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>SIGN HERE:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><FONT style="white-space: nowrap"> <B>Please Print Name:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Date:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Number of Shares Represented by Proxy </B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><br>
<B>(If the number of shares represented by this Proxy form is not indicated by the Registered
Shareholder, then it shall be deemed to represent that number indicated on the affixed label.)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THIS PROXY FORM IS NOT VALID UNLESS IT IS SIGNED</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SEE IMPORTANT INSTRUCTIONS ON REVERSE</B>

</DIV>
</DIV>
<BR clear="all"><BR>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<!-- LANDSCAPE -->
</DIV>

<DIV align="left" style="font-size: 16pt; margin-top: 12pt"><B>INSTRUCTIONS FOR COMPLETION OF PROXY</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B> This Proxy is solicited by the Management of the Corporation.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>This form of proxy (&#147;Instrument of Proxy&#148;) must be signed by you, the Registered Shareholder,
or by your attorney duly authorized by you in writing, or, in the case of a corporation, by a
duly authorized officer or representative of the corporation; and if executed by an attorney,
officer, or other duly appointed representative, the original or a notarial copy of the
instrument so empowering such person, or such other documentation in support as shall be
acceptable to the Chairman of the Meeting, must accompany the Instrument of Proxy.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>If this Instrument of Proxy is not dated </B>in the space provided, it is deemed to bear the date
on which it is mailed.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>A Registered Shareholder who wishes to attend the Meeting and vote on the resolutions in
person</B>, may simply register with the scrutineers before the Meeting begins.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>A Registered Shareholder who is not able to attend the Meeting or any adjournment
thereof in person but wishes to vote on the resolutions</B>, may do the following:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>appoint one of the management proxyholders </B>named on the Instrument of Proxy, by leaving
the wording appointing a nominee as is (i.e. do not strike out the management proxyholders
shown and do not complete the blank space provided for the appointment of an alternate
proxyholder). Where no choice is specified by a Registered Shareholder with respect to a
resolution set out in the Instrument of Proxy, a management appointee acting as a
proxyholder will vote the resolution as if the Registered Shareholder had specified an
affirmative vote; <B>OR</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>appoint another proxyholder</B><B><I>, </I></B><B>who need not be a Registered Shareholder of the Corporation,
to vote according to the Registered Shareholder&#146;s instructions, by striking out the
management proxyholder names shown and inserting the name of the person you wish to
represent you at the meeting in the space provided for an alternate proxyholder. If no
choice is specified, the proxyholder has discretionary authority to vote as the proxyholder
sees fit</B>.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The securities represented by this Instrument of Proxy will be voted or withheld from
voting in accordance with the instructions of the Registered Shareholder on any poll </B>of a
resolution that may be called for and, if the Registered Shareholder specifies a choice with
respect to any matter to be acted upon, the securities will be voted accordingly. <B>In respect
of proxies in which the shareholders have not specified that the proxy nominees are required
to vote or withhold from voting in respect of the matters identified in the Notice of Meeting
accompanying this Proxy, the shares represented by proxies in favour of management nominees
will be voted in favour of such matters. </B>Further, if so authorized by this Instrument of
Proxy, the securities will be voted by the appointed proxyholder with respect to any
amendments or variations of any of the resolutions set out on the Instrument of Proxy or
matters which may properly come before the Meeting as the proxyholder in its sole discretion
sees fit.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If a Registered Shareholder has submitted an Instrument of Proxy, the Registered Shareholder may
still attend the Meeting and may vote in person. To do so, the Registered Shareholder must record
his/her attendance with the scrutineers before the commencement of the Meeting and revoke, in
writing, the prior votes.
</DIV>

<P>
<DIV style="width: 100%; border: 3px double #000000; padding: 1px;">




<DIV align="left" style="font-size: 10pt; margin-top: 1pt"><B>To be
represented at the Meeting</B><B><I>, </I></B><B>this proxy form must
be received at the office of COMPUTERSHARE INVESTOR SERVICES INC. by mail or by fax no later than forty eight (48)&nbsp;hours
(excluding Saturdays, Sundays and holidays) prior to the time of the
Meeting, or adjournment thereof. The mailing address is:</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 0pt">
<B>Computershare Investor Services Inc.<BR>
Proxy Dept., 100 University Avenue, 9</B><SUP style="font-size: 85%; vertical-align: text-top"><B>th</B></SUP><B> Floor<BR>
Toronto, Ontario M5J 2Y1<BR>
Fax: Within North America: 1-866-249-7775 &#150; Outside North America: (416)&nbsp;263-9524</B>
</DIV>

</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
