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<SEC-DOCUMENT>0001362310-09-004652.txt : 20090401
<SEC-HEADER>0001362310-09-004652.hdr.sgml : 20090401
<ACCEPTANCE-DATETIME>20090331174304
ACCESSION NUMBER:		0001362310-09-004652
CONFORMED SUBMISSION TYPE:	40-F
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20081231
FILED AS OF DATE:		20090401
DATE AS OF CHANGE:		20090331

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DENISON MINES CORP.
		CENTRAL INDEX KEY:			0001063259
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS METAL ORES [1090]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33414
		FILM NUMBER:		09720633

	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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERNATIONAL URANIUM CORP
		DATE OF NAME CHANGE:	19980603
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-F
<SEQUENCE>1
<FILENAME>c83333e40vf.htm
<DESCRIPTION>40-F
<TEXT>
<HTML>
<HEAD>
<TITLE>40-F</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<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: 14pt; margin-top: 10pt"><B>UNITED STATES<BR>
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: 18pt; margin-top: 10pt"><B>FORM 40-F</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">(Check One)

</DIV>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 10pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><B>Registration statement pursuant to Section&nbsp;12 of the Securities Exchange Act of 1934</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 10pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT face="Wingdings">&#254;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><B>Annual report pursuant to Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt; margin-left: 0%"><B><B>For the twelve months ended: December&nbsp;31, 2008</B>
</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Commission
file number: 001-33414</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 10pt"><B>DENISON MINES CORP.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Ontario, Canada</B><BR>
(Province or other jurisdiction of incorporation or organization)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>1090</B><BR>
(Primary standard industrial classification code number)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Not Applicable</B><BR>
(I.R.S. employer identification number)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Atrium on Bay, 595 Bay Street, Suite&nbsp;402, Toronto, Ontario M5G 2C2; Phone number: 416-979-1991</B><BR>
(Address and telephone number of registrant&#146;s principal executive offices)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Denison Mines (USA)&nbsp;Corp.<BR>
1050 17</B><B><SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Street, Suite&nbsp;950<BR>
Denver, CO 80265<BR>
Phone: 303-628-7798</B><BR>
(Name, address and telephone number of agent for service in the United States)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Securities registered pursuant to Section 12(b) of the Act: <B>Not applicable.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Securities registered pursuant to Section 12(g) of the Act: <B>Common Stock without par value.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: <B>Not
applicable.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">For annual reports, indicate by check mark the information filed with this form:
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><FONT face="Wingdings">&#254;</FONT>
Annual  Information Form &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Wingdings">&#254;</FONT> Audited Annual Financial Statements</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Indicate the number of outstanding shares of each of the issuer&#146;s classes of capital or common
stock as of the close of the period covered by the annual report: <U> 197,295,415</U> Common
Shares
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Indicate by check mark whether the registrant by filing the information contained in this form is
also thereby furnishing the information to the Commission pursuant to Rule&nbsp;12g3-2(b) under the
Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;). If &#147;Yes&#148; is marked, indicate the file number
assigned to the registrant in connection with such rule.
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Yes <FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No <FONT face="Wingdings">&#254;</FONT></DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Indicate by check mark whether the registrant: (1)&nbsp;has filed all reports required to be filed by
Section 13(d) or 15(d) of the Exchange Act during the proceeding 12&nbsp;months (or for such shorter
period that the registrant has been required to file such reports); and (2)&nbsp;has been subject to
such filing requirements in the past 90&nbsp;days.
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Yes
<FONT face="Wingdings">&#254;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No
<FONT face="Wingdings">&#111;</FONT></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>





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

<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; margin-left: .25in; width: 7.20in">
<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>TABLE OF CONTENTS </B></U>
</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="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&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"><A href="#101"><B>DISCLOSURE CONTROLS AND PROCEDURES</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#102"><B>AUDIT COMMITTEE FINANCIAL EXPERT</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#103"><B>CODE OF ETHICS</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#104"><B>PRINCIPAL ACCOUNTANT FEES AND SERVICES</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#105"><B>OFF-BALANCE SHEET ARRANGEMENTS</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#106"><B>TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#107"><B>IDENTIFICATION OF THE AUDIT COMMITTEE</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#108"><B>UNDERTAKING AND CONSENT TO SERVICE OF PROCESS</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#109"><B>SIGNATURES</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#110"><B>EXHIBIT INDEX</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<tr style="font-size: 10pt">
<TD>&nbsp;</TD>
</tr>

<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c83333exv99w1.htm">Exhibit 99.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c83333exv99w2.htm">Exhibit 99.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c83333exv99w3.htm">Exhibit 99.3</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c83333exv99w4.htm">Exhibit 99.4</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c83333exv99w5.htm">Exhibit 99.5</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c83333exv99w6.htm">Exhibit 99.6</A></FONT></TD></TR>
<!-- End Table Body --></TABLE>
</DIV>
<DIV align="left">
<!-- /TOC -->
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="101"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>DISCLOSURE CONTROLS AND PROCEDURES</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>A.&nbsp;Evaluation of Disclosure Controls and Procedures</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company maintains disclosure controls and procedures to ensure that information required to be
disclosed in the Company&#146;s filings under the Securities Exchange Act of 1934, as amended (the
&#147;Exchange Act&#148;) is recorded, processed, summarized and reported in accordance with the requirements
specified in the rules and forms of the Securities and Exchange Commission (the &#147;SEC&#148;). The
Company carried out an evaluation, under the supervision and with the participation of its
management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness
of the design and operation of the Company&#146;s &#147;disclosure controls and procedures&#148; (as defined in
the Exchange Act Rule&nbsp;13a-15(e)) as of the end of the period covered by this report. Based upon
that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the
Company&#146;s disclosure controls and procedures as of December&nbsp;31, 2008, are effective to ensure that
information required to be disclosed by the Registrant in reports it files or submits under the
Exchange Act is recorded, processed, summarized and reported within the time periods specified in
the SEC&#146;s rules and forms and is accumulated and communicated to the Registrant&#146;s management,
including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely
required disclosure.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s disclosure controls and procedures are designed to provide reasonable assurance of
achieving their objectives and, as indicated in the preceding paragraph, the CEO and CFO believe
that the Company&#146;s disclosure controls and procedures are effective at that reasonable assurance
level, although the CEO and CFO do not expect that the disclosure controls and procedures or
internal control over financial reporting will prevent or detect all errors and all fraud. A
control system, no matter how well conceived or operated, can provide only reasonable, not
absolute, assurance that the objectives of the control system are met. The Company will continue to
periodically review its disclosure controls and procedures and internal control over financial
reporting and may make such modifications from time to time as it considers necessary.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>B. Management&#146;s Annual Report on Internal Control Over Financial Reporting</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s management is responsible for establishing and maintaining an adequate system of
internal control over financial reporting. Internal control over financial reporting is a process
to provide reasonable assurance regarding the reliability of the Company&#146;s financial reporting for
external purposes in accordance with accounting principles generally accepted in Canada and the
United States of America. Management conducted an assessment of the Company&#146;s internal control
over financial reporting based on the framework established by the Committee of Sponsoring
Organizations of the Treadway Commission on Internal Control &#151; Integrated Framework. Based on this
assessment, management concluded that, as of December&nbsp;31, 2008, the Company&#146;s internal control over
financial reporting is effective. The effectiveness of the Registrant&#146;s internal control over
financial reporting as of December&nbsp;31, 2008 has been audited by PricewaterhouseCoopers LLP, an
independent registered public accounting firm, as stated in their report included with the
Registrant&#146;s Audited Financial Statements, which are an exhibit to this Annual Report on Form 40-F.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>C. Report of the Independent Auditors, PricewaterhouseCoopers LLP</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The report of the Company&#146;s independent auditors regarding the audit of the Company&#146;s internal
control over financial reporting is included with the Registrant&#146;s Audited Financial Statements,
which are an exhibit to this Annual Report on Form 40-F .
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>D. Changes in Internal Control Over Financial Reporting</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">There was no change in the Company&#146;s internal control over financial reporting that occurred during
the twelve month period covered by this annual report that has materially affected, or is
reasonably likely to materially affect, the Company&#146;s internal control over financial reporting.
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="102"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>AUDIT COMMITTEE FINANCIAL EXPERT</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s Board of Directors has determined that all three members of its Audit Committee (Mr.
Paul F. Little, Ms.&nbsp;Catherine Stefan, and Mr.&nbsp;William A. Rand), are audit committee financial
experts, within the meaning of the note to paragraph 8(a) of General Instruction B of Form 40-F,
and are also independent within the meaning of United States and Canadian securities regulations.
A description of the education and experience of these persons is set forth in the table 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="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Education &#038; experience relevant to</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Member Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>performance of audit committee duties</B></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">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Paul F. Little
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp; Chartered Accountant (ICAO)</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp; M.B.A. (Finance)</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="justify" valign="top"><DIV style="margin-left:20px; text-indent:-20px"><div align="justify"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;Held position of Chief Financial Officer of one
public company and two private companies.</DIV></div></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Catherine J.G.
Stefan,
Chair of the Audit
Committee
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp; Chartered Accountant (ICAO)</DIV>
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp; B.Comm</DIV>
<DIV style="margin-left:21px; text-indent:-21px"><div align="justify"><B>&#149;</B>&nbsp;&nbsp;&nbsp; Held position of Senior Vice President of O&#038;Y
Properties Inc., President of Stefan &#038; Associates and
Executive Vice-President of Bramalea Group, Chair, Tax
Committee of the Canadian Institute of Public Real
Estate Companies (CIPREC).</DIV></DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">William A. Rand
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp; B.Comm (Accounting)</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp; Has served on audit committees of a number of
public companies</DIV></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Through such education and experience, each of these three members has experience overseeing and
assessing the performance of companies and public accountants with respect to the preparation,
auditing and evaluation of financial statements, and has: (1)&nbsp;an understanding of generally
accepted accounting principles and financial statements; (2)&nbsp;the ability to assess the general
application of such principles in connection with the accounting for estimates, accruals and
reserves; (3)&nbsp;experience analyzing and evaluating financial statements that present a breadth and
level of complexity of accounting issues that are generally comparable to the breadth and
complexity of issues that can reasonably be expected to be raised by the Company&#146;s financial
statements; (4)&nbsp;an understanding of internal controls over financial reporting; and (5)&nbsp;an
understanding of audit committee functions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The SEC has provided that the designation of an audit committee financial expert does not make him
or her an &#147;expert&#148; for any purpose, impose on him or her any duties, obligations or liability that
are greater than the duties, obligations or liability imposed on him or her as a member of the
Audit Committee and the Board of Directors in the absence of such designation, or affect the
duties, obligations or liability of any other member of the Audit Committee or Board of Directors.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="103"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>CODE OF ETHICS</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has adopted a code of ethics that applies to the Company&#146;s directors, officers and
employees, including the chief executive officer, principal financial officer, principal accounting
officer or controller, persons performing similar functions and other officers, directors and
employees of the Company. A current copy of the code of ethics is on the Company&#146;s website at
http://www.denisonmines.com.
</DIV>
<DIV align="left">
<A name="104"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 0%"><B>PRINCIPAL ACCOUNTANT FEES AND SERVICES</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following table discloses the fees billed to the Company by its external auditor during the
financial year ended December&nbsp;31, 2008. Services were billed and paid in Canadian dollars and have
been translated into U.S. dollars using an average Cdn$/US$ annual exchange rate of: $1.0660 for
2008 and $1.0749 for 2007.
</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="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">Periods</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Audit Related</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Ending</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Audit Fees(1)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Fees(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Tax Fees(3)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">All Other Fees(4)</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">December&nbsp;31, 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">301,882</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">247,832</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">108,889</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">29,710</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December&nbsp;31, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">402,586</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">163,037</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">203,403</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">38,884</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Notes:

</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 3pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The aggregate fees billed for audit services.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The aggregate fees billed for assurance and related services that are reasonably related to the
performance of the audit or review of the company&#146;s financial statements and are not disclosed in
the Audit Fees column.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The aggregate fees billed for tax compliance, tax advice, and tax planning services.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The aggregate fees billed for professional services other than those listed in the other three
columns. For 2008, &#147;All Other Fees&#148; relates to assisting the Company with the adoption of
International Financial Reporting Standards. For 2007, &#147;All Other Fees&#148; relates to due diligence
reporting with respect to the combination of International Uranium Corporation and Denison Mines
Inc. by way of arrangement under the Ontario Business Corporations Act.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s audit committee mandate provides: &#147;All auditing services and non-audit services
provided to the Corporation by the Corporation&#146;s auditors shall, to the extent and in the manner
required by applicable law or regulation, be pre-approved by the Audit Committee of the
Corporation. In no circumstances shall the Corporation&#146;s auditors provide any non-audit services
to the Corporation that are prohibited by applicable law or regulation.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following sets forth the percentage of services described above that were approved by the audit
committee pursuant to paragraph (c)(7)(i)(C) of Rule&nbsp;2-01 of Regulation&nbsp;S-X:
</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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</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">Audit Related Fees:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax Fees:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">All Other Fees:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</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 align="left">
<A name="105"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>OFF-BALANCE SHEET ARRANGEMENTS</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company does not have any off-balance sheet arrangements.
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="106"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At December&nbsp;31, 2008, the Company had a reclamation liability of $19,346,000, consisting of
$11,436,000 for U.S. mill and mine obligations, $6,734,000 for Elliot Lake and $1,176,000 for the
McClean Lake and Midwest joint ventures.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In addition, the Company&#146;s contractual obligations at December&nbsp;31, 2008 are as follows (amounts in
thousands):
</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="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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="2">After</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Total</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">1 Year</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2-3 Years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">4-5 Years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">5 Years</TD>
    <TD>&nbsp;</TD>
</TR>

 <tr style="font-size: 10pt">
<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">Debt Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">100,523</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">464</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">100,030</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating lease obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">953</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,271</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">196</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>IDENTIFICATION OF THE AUDIT COMMITTEE</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has a separately-designated standing audit committee established in accordance with
Section&nbsp;3(a)(58)(A) of the Exchange Act. The committee members are Mr.&nbsp;Paul F. Little, Ms.
Catherine J. G. Stefan, and Mr.&nbsp;William A. Rand. For further information on these members, see
discussion above under &#147;Audit Committee Financial Experts.&#148;
</DIV>
<DIV align="left">
<A name="108"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>UNDERTAKING AND CONSENT TO SERVICE OF PROCESS</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>A. Undertaking</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company undertakes to make available, in person or by telephone, representatives to respond to
inquiries made by the staff of the SEC, and to furnish promptly, when requested to do so by the SEC
staff, information relating to the securities in relation to which the obligation to file an annual
report on Form 40-F arises; or transactions in said securities.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>B. Consent to Service of Process</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has previously filed with the SEC a Form F-X in connection with its common stock. Any
change to the name or address of the Company&#146;s agent for service shall be communicated promptly to
the SEC by amendment to the Form F-X referencing the file number of the Company.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="109"></A>
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Pursuant to the requirements of the Exchange Act, the Company certifies that it meets all of the
requirements for filing on Form 40-F and has duly caused this annual report to be signed on its
behalf by the undersigned, thereto duly authorized.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Registrant: Denison Mines Corp.
</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="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>/s/ E. Peter Farmer</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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>
    <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">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date: March&nbsp;31, 2009</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="110"></A>
</DIV>

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


<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">99.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Annual Information Form for the Year Ended December&nbsp;31, 2008</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">99.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Management&#146;s Discussion and Analysis of Results of Operations and Financial Condition for the
Year ended December&nbsp;31, 2008 (Exhibit&nbsp;2 of the Registrant&#146;s Form 6-K furnished to the
Commission on March&nbsp;18, 2009)</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">99.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Audited Financial Statements for the Years Ended December&nbsp;31, 2008 and 2007 (Exhibit&nbsp;1 of the
Registrant&#146;s Form 6-K furnished to the Commission on March&nbsp;26, 2009) together with the
Independent Auditors&#146; Report thereon</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">99.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Consent of PricewaterhouseCoopers LLP</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">99.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Officers&#146; Certifications Required by Rule&nbsp;13a-14(a) or Rule&nbsp;15d-14(a) of the Securities
Exchange Act of 1934</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">99.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Officers&#146; Certifications Required by Rule&nbsp;13a-14(b) or Rule&nbsp;15d-14(b) and Section&nbsp;1350 of
Chapter&nbsp;63 of Title 18 of the United States Code</DIV></TD>
</TR>

</TABLE>
</DIV>

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


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

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>c83333exv99w1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 99.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;99.1</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><IMG src="c83333c8333301.gif" alt="(DENISON MINES LOGO)">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Annual<BR>
Information<BR>
Form

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">For the Financial Year Ended December&nbsp;31, 2008

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">March&nbsp;26, 2009

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

<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; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><FONT style="font-variant: SMALL-CAPS"><B>Table Of Contents</B></FONT>
</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="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Currency</FONT></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:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Basis Of Presentation</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">

<TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Note Regarding Forward-Looking Information</FONT></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:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Note To United States Investors Concerning Estimates Of Measured, Indicated
And Inferred Resources</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Incorporation And Subsidiaries</FONT></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"><FONT style="font-variant: SMALL-CAPS">General Development Of The Business Three-Year Highlights</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Denison&#146;s Business</FONT></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"><FONT style="font-variant: SMALL-CAPS">Overview</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Marketing</FONT></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"><FONT style="font-variant: SMALL-CAPS">Operations</FONT></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:45px; text-indent:-15px">McClean Lake Mining and Processing
Facilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Mining Equipment Development
Program</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Midwest
Project Development</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:45px; text-indent:-15px">White Mesa Mill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Alternate Feed Processing</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:45px; text-indent:-15px">U.S. Mines</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Mineral Properties</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Summary of Reserves and
Resources</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">McClean Lake</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:45px; text-indent:-15px">Midwest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Henry Mountains Complex</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Arizona Strip</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Colorado Plateau</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:45px; text-indent:-15px">Gurvan Saihan Joint Venture</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Mutanga Project</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Mineral Exploration</FONT></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:45px; text-indent:-15px">General</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">McClean Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Midwest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Moore Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Wheeler River</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Wolly</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Park Creek</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Bell Lake Joint Venture</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Huard-Kirsch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Murphy Lake Project</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Hatchet Lake Project</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Bachman Lake Project</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Crawford Lake Project</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Brown Lake Project</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Ford Lake Project</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Jasper Lake Project</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Stevenson River Project</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Ahenakew Lake Project</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">North Wedge Project</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">JNR Operated Projects</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Gold Properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">U.S. Properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Mongolia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Mutanga</DIV></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:45px; text-indent:-15px">Quality Assurance and Quality Control
Procedures and Protocols</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Manager of</FONT> UPC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Urizon Joint Venture</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Denison Environmental Services</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Environmental and Safety Matters</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Canada</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">U.S. Environmental Regulation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Mongolia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Zambia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Employees</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Government Regulation</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Canadian Uranium Industry</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">U.S. Uranium Industry</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Land Tenure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Canadian Royalties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Canadian Income and Other Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">U.S. Income and Other Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Risk Factors</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Description of Securities</FONT></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"><FONT style="font-variant: SMALL-CAPS">Common Shares</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">2004 Warrants</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">2006 Warrants</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Dividend Policy</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Market For Securities</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Directors and Officers</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Standing Committees</FONT></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:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">The Audit Committee</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Other Board committees</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Legal Proceedings</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Interest Of Management And Others In Material Transactions</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Registrar And Transfer Agent</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Material Contracts</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Names And Interests Of Experts</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Additional Information</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">114</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Exhibit&nbsp;1 &#150; Organizational structure</FONT></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">&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"><FONT style="font-variant: SMALL-CAPS">Schedule&nbsp;A</FONT></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:30px; text-indent:-15px">Audit Committee Mandate and Charter</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">&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"><FONT style="font-variant: SMALL-CAPS">Schedule&nbsp;B</FONT></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">Glossary of Terms</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



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

<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; margin-left: .25in; width: 7.20in">



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><FONT style="font-variant: SMALL-CAPS"><B>Currency </B></FONT>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All amounts stated in this Annual Information Form (&#147;<B>AIF</B>&#148;) are in United States dollars, unless
otherwise indicated.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><FONT style="font-variant: SMALL-CAPS"><B>Basis of Presentation </B></FONT>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Financial information is presented in accordance with Canadian generally accepted accounting
principles. Differences between generally accepted accounting principles in Canada and in the
United States, as applicable to Denison Mines Corp. (&#147;<B>Denison</B>&#148; or the &#147;<B>Company</B>&#148;), are explained in
Note 29 in the consolidated financial statements of the Company for the year ended December&nbsp;31,
2008, which note is incorporated herein by reference.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><FONT style="font-variant: SMALL-CAPS"><B>Note Regarding Forward-Looking Information</B></FONT>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Certain information contained in this AIF and certain documents incorporated by reference into it
constitutes forward looking information within the meaning of the United States Private Securities
Litigation Reform Act of 1995 and similar Canadian legislation, concerning the business, operations
and financial performance and condition of Denison.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The use of any of the words &#147;anticipate&#148;, &#147;continue&#148;, &#147;estimate&#148;, &#147;expect&#148;, &#147;may&#148;, &#147;will&#148;,
&#147;project&#148;, &#147;should&#148;, &#147;believe&#148; and similar expressions are intended to identify forward-looking
information. This information involves known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from those anticipated in such
forward-looking statements. Denison believes that the expectations reflected in this
forward-looking information is reasonable but no assurance can be given that these expectations
will prove to be correct and such forward-looking information included in, or incorporated by
reference into, this AIF should not be unduly relied upon. This information speaks only as of the
date of this AIF or as of the date specified in the documents incorporated by reference.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In particular, this AIF and the documents incorporated by reference contain forward-looking
information pertaining to the following:
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the estimates of Denison&#146;s mineral reserves and mineral resources;<BR></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">expectations regarding future uranium and vanadium production levels;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">capital expenditure programs, estimated production costs, exploration expenditures
and reclamation costs;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">expectations of market prices and costs;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">supply and demand for uranium and vanadium;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">possible impacts of litigation on Denison;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">exploration, development and expansion plans and objectives;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Denison&#146;s expectations regarding raising capital and adding to its mineral reserves
through acquisitions and development; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">receipt of regulatory approvals, permits and licenses and treatment under
governmental regulatory regimes.</DIV></TD>
</TR>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s actual results could differ materially from those anticipated in this forward-looking
information as a result of the following and as a result of the risk factors set forth below and
elsewhere in this AIF and the documents incorporated by reference herein:
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">volatility in market prices for uranium and vanadium;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">ability to access capital;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">changes in foreign currency exchange rates;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">liabilities inherent in mining operations;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">uncertainties associated with estimating mineral reserves and resources;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">failure to obtain industry partner, government and other third party consents and
approvals, when required;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">delays in obtaining permits and licenses for development properties;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">competition for, among other things, capital, acquisitions of mineral reserves,
undeveloped lands and skilled personnel;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">incorrect assessments of the value of acquisitions; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">geological, technical and processing problems.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">These factors are not, and should not be construed as being, exhaustive. Statements relating to
&#147;mineral reserves&#148; or &#147;mineral resources&#148; are deemed to be forward-looking information, as they
involve the implied assessment, based on certain estimates and assumptions, that the mineral
reserves and mineral resources described can be profitably produced in the future. The
forward-looking information contained in this AIF and the documents incorporated by reference
herein are expressly qualified by this cautionary statement. Denison does not undertake any
obligation to publicly update or revise any forward-looking information after the date of this AIF
to conform such information to actual results or to changes in Denison&#146;s expectations except as
otherwise required by applicable legislation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><FONT style="font-variant: SMALL-CAPS"><B>Note To United States Investors Concerning </B></FONT><BR>
<FONT style="font-variant: SMALL-CAPS"><B>Estimates Of Measured, Indicated And Inferred Resources</B></FONT>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">This AIF uses the terms &#147;Measured,&#148; &#147;Indicated&#148; and &#147;Inferred&#148; Resources. United States investors
are advised that while such terms are recognized and required by Canadian regulations, the United
States Securities and Exchange Commission does not recognize them. &#147;Inferred Mineral Resources&#148;
have a great amount of uncertainty as to their existence, and as to their economic and legal
feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be
upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may
not form the basis of feasibility or other economic studies. <B>United States investors are cautioned
not to assume that all or any part of Measured or Indicated Mineral Resources will ever be
converted into Mineral Reserves. United States investors are also cautioned not to assume that all
or any part of an Inferred Mineral Resource exists, or is economically or legally mineable.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The definitions of certain technical terms used in this AIF are set forth in Schedule&nbsp;B &#150; Glossary
of Technical Terms.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">This AIF is dated March&nbsp;26, 2009. Except as otherwise indicated, the information contained in this
AIF is stated as at December&nbsp;31, 2008.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><FONT style="font-variant: SMALL-CAPS"><B>Incorporation And Subsidiaries</B></FONT>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Incorporation</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison, formerly International Uranium Corporation, was formed by articles of amalgamation
effective May&nbsp;9, 1997 pursuant to an amalgamation under the <I>Ontario Business Corporations Act </I>(the
&#147;<B>OBCA</B>&#148;) involving two companies: International Uranium Corporation, incorporated on October&nbsp;3,
1996 under the OBCA, and Thornbury Capital Corporation, incorporated under the laws of the Province
of Ontario by Letters Patent on September&nbsp;29, 1950. The amalgamated companies were continued under
the name &#147;International Uranium Corporation&#148; (&#147;<B>IUC</B>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On December&nbsp;1, 2006, IUC and Denison Mines Inc. (&#147;<B>DMI</B>&#148;) combined their business operations by way
of arrangement under the OBCA (the &#147;<B>Denison Arrangement</B>&#148;). Pursuant to the Denison Arrangement,
DMI amalgamated with a subsidiary of IUC, 2113537 Ontario Inc. (&#147;<B>IUC Subco</B>&#148;). The amalgamated
companies continued as &#147;Denison Mines Inc.&#148; Under the Denison Arrangement, IUC acquired all of the
shares of the newly amalgamated DMI in exchange for IUC shares on the basis of 2.88 IUC shares for
each DMI share. Effective December&nbsp;1, 2006, IUC&#146;s articles were amended to change its name to
&#147;Denison Mines Corp.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The registered and head office of Denison is located at Atrium on Bay, Suite&nbsp;402, 595 Bay Street,
Toronto, Ontario, M5G 2C2, Canada.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison is a reporting issuer in all of the Canadian provinces. Denison&#146;s common shares (the
&#147;<B>Common Shares</B>&#148;) are listed on the Toronto Stock Exchange (the &#147;<B>TSX</B>&#148;) under the symbol &#147;DML&#148; and on
the NYSE Amex (formerly the American Stock Exchange) under the symbol &#147;DNN.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s Common Shares are registered under the Securities Exchange Act of 1934, as amended, and
Denison files periodic reports with the United States Securities and Exchange Commission.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Subsidiaries</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company conducts its business through a number of subsidiaries. A diagram depicting the
organizational structure of the Company and its subsidiaries, including the name, country of
incorporation and proportion of ownership interest is included as Exhibit&nbsp;1 to this AIF.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All of the Company&#146;s U.S. assets are held directly or indirectly through the Company&#146;s wholly-owned
subsidiary Denison Mines Holdings Corp. (&#147;<B>DMH</B>&#148;). DMH holds its uranium mining and milling assets
through a series of Colorado limited liability companies, as follows:
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the White Mesa mill, a 2,000-ton per day uranium and vanadium processing plant near
Blanding, Utah through Denison White Mesa LLC;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Colorado Plateau mines, straddling the Colorado and Utah border, through Denison
Colorado Plateau LLC;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Arizona Strip properties through Denison Arizona Strip LLC;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Henry Mountains uranium complex in southern Utah and other exploration properties
through Denison Henry Mountains LLC; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">miscellaneous properties through Denison Properties LLC.</DIV></TD>
</TR>

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


</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All of the U.S. properties are operated by Denison Mines (USA)&nbsp;Corp., a wholly-owned subsidiary of
DMH.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s 70% interest in the Gurvan Saihan Joint Venture in Mongolia is held through
International Uranium Company (Mongolia) Ltd, which is wholly owned by Denison Mines (Bermuda) I
Ltd., a wholly-owned subsidiary of the Company. The remaining interests in this Joint Venture are
held by the Mongolian Government and Geologorazvedka, a Russian government entity, as to 15% each.
In addition to its interest in the Gurvan Saihan Joint Venture, the Company also holds other
uranium exploration licenses in Mongolia through Denison Mines Mongolia XXK, which is also wholly
owned by International Uranium Company (Mongolia) Ltd.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s Mutanga project in Zambia is held through a wholly-owned subsidiary of OmegaCorp Limited
(&#147;<B>OmegaCorp</B>&#148;), which, in turn, is a wholly-owned subsidiary of the Company. Denison acquired this
project in 2007 upon completion of its acquisition of OmegaCorp.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s Canadian uranium exploration properties are held directly, except those properties
which belonged to DMI prior to the Denison Arrangement; these are still held through DMI. DMI is a
wholly-owned subsidiary of the Company. It holds a 22.5% interest in the McClean Lake project and a
25.17% interest in the Midwest project, both of which are operated by Denison&#146;s joint venture
partner, AREVA Resources Canada Inc. (&#147;<B>ARC</B>&#148;), a subsidiary of the AREVA Group (&#147;<B>AREVA</B>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">DMI owns 30% of the outstanding common shares of McClean Uranium Limited (&#147;<B>MUL&#148;</B>). The balance of
the common shares of MUL is held by ARC. ARC and Denison jointly marketed their respective shares
of Canadian production from McClean Lake to electrical utilities around the world through MUL. The
marketing activities of MUL were terminated effective the end of 2008. ARC and DMI continue to
deliver a limited amount of uranium through MUL under one contract which will be completed at the
end of 2010. See &#147;Denison&#146;s Business &#150; Marketing&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s 50% interest in Urizon Recovery Systems, LLC is held through Denison Recovery LLC,
which is owned as to 1% by DMH and as to 99% by DMH&#146;s wholly-owned subsidiary, Denison Mines
Recovery Corp. See &#147;Denison&#146;s Business &#150; Urizon Joint Venture.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 2008 the Company established Denison Mines Argentina S.A. to pursue potential opportunities in
Argentina. This corporation is held by two wholly-owned subsidiaries of Denison, Denison Mines
(Argentina I) Ltd. and Denison Mines (Argentina II) Ltd., holding 95% and 5% of the Argentine
subsidiary respectively.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><FONT style="font-variant: SMALL-CAPS"><B>General Development Of The Business</B></FONT>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Three-Year Highlights</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>2006</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Spot uranium prices continued to steadily increase during 2006 from $36.25 to $72.00 per pound of
triuranium octoxide (&#147;<B>U</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>&#148;) by year-end.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In March, the Company signed a letter of intent with Cameco Corporation (&#147;<B>Cameco</B>&#148;) to earn an
aggregate 75% interest in the Park Creek uranium property in the Athabasca Basin, Saskatchewan.
The earn-in agreement required the Company to spend Cdn$2.8&nbsp;million over 3&nbsp;years to earn 49%, and
then an
option to earn an additional 26% by incurring expenditures of Cdn$3.0&nbsp;million over the next two
years<B>. </B>The Company is the operator during the earn-in period.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In March, new estimates of mineral resources at the Sue D deposit on the McClean Lake lease were
prepared by Scott Wilson Roscoe Postle Associates Inc. (&#147;<B>Scott Wilson RPA</B>&#148;), which was retained to
independently review and audit the resources in accordance with the requirements of National
Instrument 43-101 &#151; <I>Standards of Disclosure for Mineral Projects</I>, Companion Policy 43-101CP and
Form 43-101F (collectively, &#147;<B>NI 43-101</B>&#148;) of the Canadian Securities Administrators. The report
identified indicated mineral resources for the Sue D deposit of 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> (the Company&#146;s share, 0.6&nbsp;million pounds) and inferred mineral resources
containing 0.2&nbsp;million pounds (the Company&#146;s share, 0.05&nbsp;million pounds) based on a 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. See &#147;Denison&#146;s Business &#150; Mineral Properties &#150; McClean
Lake.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In May, the Company initiated a 65,000 meter drilling campaign in Mongolia after years of reduced
activity in that country due to depressed 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.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In June, the Company announced the re-opening of its U.S. uranium/vanadium mines in the south
western United States, including the Pandora, Topaz, Sunday/St. Jude and West Sunday mines in the
Colorado Plateau.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In June, the Utah Department of Environmental Quality (&#147;<B>UDEQ</B>&#148;) issued an amendment to the Company&#146;s
radioactive materials licence, allowing the mill to receive and process up to 32,000 tons of
alternate feed material from FMRI Inc.&#146;s Muskogee Facility, located in Oklahoma. The amendment was
challenged by the Glen Canyon Group of the Utah Chapter of the Sierra Club. In February&nbsp;2007, the
State of Utah Radiation Control Board voted in favour of upholding the licence amendment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In October, new estimates of mineral resources at the Henry Mountains Complex, in south eastern
Utah, were prepared by Scott Wilson RPA, which was retained to independently review and audit the
resources in accordance with the requirements of NI 43-101. Scott Wilson RPA reported an indicated
mineral resource of 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> and an inferred mineral resource
of 6.05&nbsp;million pounds at its Bullfrog deposit at a 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>. The report also identified historical mineral resources of 5.3
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>, at a 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> cut-off grade, at
the Tony M deposit, which are considered to be equivalent to indicated under the definition
standards of the Canadian Institute of Mining, Metallurgy and Petroleum (&#147;<B>CIM</B>&#148;). See &#147;Denison&#146;s
Business &#150; Mineral Properties &#150; Henry Mountains Complex.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On November&nbsp;20, the Company&#146;s shareholders approved certain matters relating to the Denison
Arrangement and amendments to the Company&#146;s stock option plan. At the same time, shareholders of
DMI also approved matters pertaining to the Denison Arrangement. Shortly thereafter, the Ontario
Superior Court of Justice approved the Denison Arrangement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On December&nbsp;1, IUC and DMI combined their businesses and operations. Pursuant to the Denison
Arrangement, DMI amalgamated with IUC Subco and the amalgamated company continued as DMI. IUC
acquired all of the shares of DMI on the basis of 2.88 IUC shares for each DMI share. Effective
December&nbsp;1, IUC&#146;s articles were amended to change its name to &#147;Denison Mines Corp.&#148; On December&nbsp;7,
the Common Shares started trading on the TSX under the symbol &#147;DML.&#148;
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>2007</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Spot uranium prices during 2007 continued to rise during the first half of the year from $72.00 per
pound 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 a record high of $136.00 per pound in June. Prices
subsequently weakened to $75.00 per pound before recovering to end the year at $90.00 per pound
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 align="justify" style="font-size: 10pt; margin-top: 10pt">In January, Denison closed a private placement of 9,010,700 Common Shares at a price of Cdn$11.75
per share for gross proceeds of approximately Cdn$105.9&nbsp;million. Net proceeds of the private
placement were used by the Company towards the acquisition of OmegaCorp, the purchase of other
uranium assets, and for general working capital purposes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In February, Denison acquired five uranium deposits from Pathfinder Mines Corporation
(&#147;<B>Pathfinder</B>&#148;), a subsidiary of AREVA, located in the Arizona Strip district in north eastern
Arizona for cash consideration of $5.5&nbsp;million plus a 1% yellowcake royalty. The historical
resource estimates of these deposits are 1.3&nbsp;million tons at an average grade of 0.28%
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 an estimated 7.1&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>. The deposits are located within hauling distance of Denison&#146;s White
Mesa mill and near its existing Arizona Strip mines. See &#147;Denison&#146;s Business &#150; Mineral Properties
&#150; Arizona Strip&#148;. Denison also entered into an agreement to sell to AREVA up to 6.5&nbsp;million pounds
of production from the White Mesa mill. The sales agreement provides for a price equal to 95% of
the long-term uranium price with a floor price of $45.00 per pound.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In March, new estimates of mineral resources at the McClean North deposit, on the McClean Lake
property, were received from Scott Wilson RPA, which was retained to independently review and audit
the resources in accordance with the requirements of NI 43-101. The report identified indicated
mineral resources for the McClean North deposit containing 11.48&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> (the Company&#146;s share 2.58&nbsp;million pounds) and inferred mineral resources
containing 0.05&nbsp;million pounds (the Company&#146;s share 0.01&nbsp;million pounds) based on a 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 using an open pit mining method. The McClean North
deposit resources had previously been estimated based on mining by blind boring. See &#147;Denison&#146;s
Business &#150; Mineral Properties &#150; McClean Lake.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In March, new estimates of mineral resources at the Hairhan deposit in Mongolia were received from
Scott Wilson RPA, which was retained to independently review and audit the resources in accordance
with the requirements of NI 43-101. The report identified indicated mineral resources for the
Hairhan deposit containing 7.89&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 5.52
million pounds) and inferred mineral resources containing 3.48&nbsp;million pounds (Denison&#146;s share 2.44
million pounds) based on a 0.02% 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. The report also
identifies historical mineral resources of 6.4&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> (Denison
portion 4.48&nbsp;million pounds) at a 0.01% 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 at the Haraat
deposit, which are considered to be equivalent to inferred mineral resources under the definition
standards of the CIM. See &#147;Denison&#146;s Business &#150; Mineral Properties &#150; Gurvan Saihan Joint Venture.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In March, new estimates of mineral resources at the breccia pipe deposits in Arizona were prepared
by Scott Wilson RPA, which was retained in accordance with the requirements of NI 43-101. The
report identified inferred mineral resources for the Arizona 1, Canyon, and Pinenut deposits of
0.96&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>, 1.52&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>and 0.87&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> respectively, based on a 0.2%
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 grade. See &#147;Denison&#146;s Business &#150; Mineral Properties &#150; Arizona
Strip.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In April, Denison closed a non-brokered private placement of 1,104,295 flow-through Common Shares
priced at Cdn$16.30, for gross proceeds of approximately Cdn$18&nbsp;million. Proceeds of the private
placement were used for the Company&#146;s exploration program in Saskatchewan.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In April, the Company commenced trading its Common Shares on the NYSE Amex under the ticker symbol
&#147;DNN.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In June, historical estimates of mineral resources on the Company&#146;s Elliot Lake properties were
prepared by Scott Wilson RPA which was retained to independently review and audit the resources in
accordance with the requirements of NI 43-101. The report identified a historical mineral resource
of 205&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>, based on a cut-off grade of 0.04%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. See &#147;Denison&#146;s Business &#150; Mineral Properties- Elliot Lake.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In July, the Company announced the start of a uranium and uranium/vanadium ore buying program to
supplement feed for the White Mesa mill, which involves the Company purchasing ore from independent
third parties at a price based on a published schedule, providing an additional source of mill
feed.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Effective September&nbsp;4, 2007 Denison acquired 98.45% of the shares of OmegaCorp and proceeded with
compulsory acquisition of the remaining shares of OmegaCorp. OmegaCorp was de-listed from the
Australian Securities Exchange on September&nbsp;14, 2007. OmegaCorp became a wholly-owned subsidiary
of the Company. The total amount paid for the shares of OmegaCorp was $167.2&nbsp;million dollars.
Denison is now the sole owner of a 946 square kilometre prospecting licence in southern Zambia,
which includes the advanced stage Mutanga uranium project. See &#147;Denison&#146;s Business &#150; Mineral
Properties- Mutanga Project.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In December, Denison, together with its joint venture partners, ARC and OURD (Canada) Co., Ltd.
(&#147;<B>OURD</B>&#148;), made the decision to proceed with the development of the Midwest Project in northern
Saskatchewan. Denison has a 25.17% interest in Midwest, which is located approximately 15
kilometres west of the McClean Lake mill and is proposed to be mined by open pit methods.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>2008</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Since the beginning of 2008, the spot price and long term-price 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>
decreased significantly. Spot prices decreased from $90.00 per pound at December&nbsp;31, 2007 to as
low as $44.00 in October&nbsp;2008, and ended the year at $53.00 per pound. The long-term price 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>also decreased from $95.00 per pound at December&nbsp;31, 2007 to as low as
$70.00 in October, 2008 and remained at this level through year end. The decrease in the market
price of uranium has had a negative effect on the financial condition and outlook of uranium
producers such as Denison compared to the condition and outlook of these companies in 2007 and
early 2008. The reduction in market price has also made the development of uranium projects,
including certain of Denison&#146;s projects, less economical. See &#147;Risk Factors.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On February&nbsp;22, Denison announced an independent resource estimate on the Midwest A deposit
(formerly called the Mae Zone) on the Midwest joint venture property in the Athabasca Basin of
northern Saskatchewan. The resource estimate was prepared by Geostat Systems International Inc.
(&#147;<B>Geostat</B>&#148;) in accordance with the requirements of NI 43-101. The report identified indicated
mineral resources for the Midwest A deposit of 5.8&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>
(the Company&#146;s share, 1.5&nbsp;million pounds) at an average grade of 0.57% 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 inferred mineral resources containing 4.3&nbsp;million pounds (the Company&#146;s share, 1.1&nbsp;million
pounds) at an average grade of 21.2% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> based on a 0.05% eU (or 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>) cut-off grade. See &#147;Denison&#146;s Business &#150; Mineral Properties &#150; McClean
Lake.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On April&nbsp;15, Denison purchased 5,465,000 units of Uranerz Energy Corporation (&#147;<B>Uranerz</B>&#148;), each unit
consisting of one common share and one-half of one common share purchase warrant, for $2.40 per
unit or $13,116,000. As a result, Denison owns approximately 9.9% of the issued and outstanding
common shares of Uranerz as of the date hereof.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During 2008, Denison completed the major refurbishment of its White Mesa mill and expansion of its
tailings capacity. Processing of conventional ore began on April&nbsp;28, 2008. Production of vanadium
began in July&nbsp;2008 following completion of the refurbishment of the vanadium circuit.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Effective June&nbsp;30, Denison entered into a credit agreement with The Bank of Nova Scotia (&#147;<B>Credit
Facility</B>&#148;) with respect to a $125,000,000 revolving term credit facility. The Credit Facility is
repayable in full on June&nbsp;30, 2011. The borrower under the Credit Facility is DMI and the Company
has provided an unlimited full recourse guarantee and a pledge of all of the shares of DMI. DMI
has provided a first priority security interest in all present and future personal property and an
assignment of its rights and interests under all material agreements relative to the McClean Lake
and the Midwest projects. In addition, each of the Company&#146;s material U.S. subsidiaries has
provided an unlimited full recourse guarantee secured by a pledge of all of its shares and a first
priority security interest in all of its present and future personal property.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison Environmental Services (&#147;<B>DES</B>&#148;), a division of DMI, was awarded a three-year contract for
care and maintenance at the Faro Mine Complex in the Yukon Territory.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On November&nbsp;25, 2008 the Company and its partners in the Midwest joint venture determined that the
development of the Midwest project would be postponed due to economic conditions, delays and
uncertainties associated with the regulatory approval process and the increasing capital and
operating costs. At the same time, the Company announced that production at Denison&#146;s Tony M mine
located in Ticaboo, Utah would be placed on stand-by due to economic conditions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On December&nbsp;23, Denison closed an underwritten private placement offering of 7,275,000 Common
Shares at a price of Cdn$1.10 per share for gross proceeds of Cdn$8,002,500. The common shares
were issued on a &#147;flow-through&#148; basis for the purposes of the <I>Income Tax Act </I>(Canada). Gross
proceeds of the offering are being used to advance Denison&#146;s Canadian exploration programs.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s production for 2008 was 1,616,000 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> and 1,223,000
pounds of vanadium pentoxide (V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB>).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>2009 &#150; Recent Developments</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On January&nbsp;27, Denison completed a public offering of 28,750,000 Common Shares at an issue price of
Cdn$1.65 per share for gross proceeds of Cdn$47,437,500.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On February&nbsp;17, Denison announced positive results from its 2009 drilling campaign in the newly
identified zone of unconformity hosted mineralization at its 60% owned Wheeler River Project, which
included two high-grade intercepts. See &#147;Denison&#146;s Business &#150; Mineral Exploration &#150; Wheeler
River&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On March&nbsp;12, Denison announced that it had received independent estimates of mineral resources of
its Mutanga project in Zambia prepared by CSA Global (UK)&nbsp;Pty Ltd. (&#147;<B>CSA Global</B>&#148;), which was
retained to independently review and audit the resources in accordance with the requirements of NI
43-101. For the Mutanga deposit, the report identified measured resources of 1.9&nbsp;million tonnes at
481 ppm U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> for 1,992,000 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>, indicated
resources of 8.4&nbsp;million tonnes at 314 ppm U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> for 5,817,000 pounds, and
inferred resources of 7.23&nbsp;million tonnes at 206 ppm U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> for 3,287,000
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>. For the Dibwe deposit, the report identified an inferred mineral
resource containing 9.0&nbsp;million pounds at an average grade of 234 ppm U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>
based on a 100 ppm 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. In addition, inferred mineral
resources of 400,000 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> for the Mutanga Extension, 100,000 pounds
for the Mutanga East deposit and 400,000 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> for the Mutanga West
deposit, based on a 200 ppm 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, were reported. See &#147;Denison&#146;s
Business &#150; Mineral Properties &#150; Mutanga Project.&#148;<BR>
<BR>

On March&nbsp;18, Denison announced that it was placing the Rim and Sunday mines on stand-by. The
Company also announced that the White Mesa mill would suspend processing of conventional ore in
2009 once it has reached production of 500,000 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>, unless new sales
contracts are signed.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On March&nbsp;23, Peter Farmer, the Chief Executive Officer of Denison, announced his resignation
effective April&nbsp;30.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On March&nbsp;26, Denison announced that it had received independent estimates of mineral resources at
its Tony M and Southwest deposits, which are part of the Henry Mountains complex in southeastern
Utah. Scott Wilson RPA, retained to independently review and audit the resources in accordance with
the requirements of NI 43-101, reported an indicated mineral resource of 8.1&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> and an inferred mineral resource of 2.8&nbsp;million pounds at a cut-off of
0.10% eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. See &#147;Denison&#146;s Business &#150; Mineral Properties &#150; Henry Mountains
Complex.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><FONT style="font-variant: SMALL-CAPS"><B>Denison&#146;s Business</B></FONT>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Overview</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison is engaged in uranium exploration, development, mining and milling with active uranium
mining projects in both the United States and Canada and development projects in Canada, Zambia and
Mongolia. Denison&#146;s assets include an interest in two of the four licensed and operating
conventional uranium mills in North America, with its 100% ownership of the White Mesa mill in Utah
and its 22.5% ownership of the McClean Lake mill in Saskatchewan. Both mills are fully permitted
and operating. Denison also produces vanadium as a co-product from some of its mines in Colorado
and Utah and recycles uranium-bearing waste materials, referred to as &#147;alternate feed materials&#148;,
for the recovery of uranium, alone or in combination with other metals, at its White Mesa mill.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company entered the uranium industry in May&nbsp;1997 by acquiring substantially all of the uranium
producing assets of Energy Fuels Ltd., Energy Fuels Exploration Company and Energy Fuels Nuclear,
Inc. (collectively &#147;<B>EFN</B>&#148;). EFN was a uranium producer with properties in the United States and
Mongolia. EFN went bankrupt in 1995 and ceased to carry on business at that time. The Company
acquired EFN&#146;s uranium assets as part of EFN&#146;s bankruptcy proceedings.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The EFN assets acquired included several developed mines that were shut down, several partially
developed properties and exploration properties within the states of Colorado, Utah, Arizona,
Wyoming and South Dakota, as well as the 2,000 ton per day White Mesa mill near Blanding, Utah. In
addition to the U.S. properties, the Company also acquired a 70% interest in the Gurvan Saihan
Joint Venture with the government of Mongolia and a Russian government entity to explore for
uranium in Mongolia.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Due to deteriorating commodity prices at the time and other factors, the Company ceased its uranium
mining and exploration activities in 1999, shut down all of its mines and suspended its Mongolian
uranium joint venture activities. The Company also sold its uranium property in Wyoming and
released its properties in South Dakota.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As a result of subsequent increases in uranium prices, the Company acquired and staked uranium
exploration properties in Canada and commenced exploration on a number of those properties. The
Company also recommenced its uranium exploration program in Mongolia. In addition, the Company
purchased uranium properties in the U.S. and recommenced its U.S. mining activities.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In December&nbsp;2006, the Company combined its business and operations with DMI by way of the Denison
Arrangement whereby DMI became a wholly-owned subsidiary of the Company. DMI or its predecessor
companies have been in the uranium exploration, development, mining and milling business since
1954. As a result of the combination, the Company, through DMI, holds a 22.5% interest in the
McClean Lake uranium project, a 25.17% interest in the Midwest uranium project in northern
Saskatchewan, interests in a number of exploration properties for uranium and other minerals and
DES. DES provides services such as ongoing monitoring of closed mine sites, effluent treatment and
maintenance services, hazardous material abatement and demolition of closed mines. See &#147;Denison
Environmental Services&#148;. The Company, through DMI, is also the manager of Uranium Participation
Corporation (&#147;<B>UPC</B>&#148;). UPC is an investment holding company which invests substantially all of its
assets in uranium, either in the form 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> or uranium hexafluoride
(&#147;<B>UF</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>6</B></SUB>&#148;), with the primary investment objective of achieving appreciation in the value of
its uranium holdings. See &#147;Manager of UPC&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s principal assets as at December&nbsp;31, 2008 include the following:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In United States:
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the White Mesa mill, a 2,000 ton per day uranium and vanadium processing plant near
Blanding, Utah;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Arizona Strip uranium properties, in north central Arizona;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Colorado Plateau uranium/vanadium properties, straddling the south western
Colorado and Utah border;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Henry Mountains Complex uranium properties, in south central Utah; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">various uranium alternate feed processing contracts and joint venture contracts.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In Canada:
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">22.50% interest in the McClean Lake uranium processing facility in northern
Saskatchewan;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">22.50% interest in the McClean Lake uranium deposits;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">a 25.17% interest in the Midwest uranium project, including the Midwest and the
Midwest A deposits;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">60% interest in the Wheeler River Project;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">13% interest in the Wolly project with an option to earn a further 9.5% interest
therein;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">75% interest in the Moore Lake property;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">49% interest in the Park Creek property;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">various exploration properties in the Athabasca Basin;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">management services agreement with UPC; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">environmental services business (DES).</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In Mongolia:
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">a 70% interest in the Gurvan Saihan Joint Venture, which holds 686,000 hectares of
uranium exploration properties in Mongolia; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">an exploration licence held by Denison Mines Mongolia XXK totalling 13,500 hectares.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In Zambia:
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">a 100% interest in the Mutanga uranium project, which holds a 946 square kilometre
prospecting licence in the southern part of Zambia.</DIV></TD>
</TR>

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

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


</TABLE>
</DIV>

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

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">an 8.1% equity interest in Energy Metals Limited, an exploration company whose
securities are listed on the Australian Stock Exchange. Energy Metals Limited has
uranium exploration
and development properties in both Western Australia and the Northern Territory of
Australia; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">a 9.9% interest in Uranerz Energy Corporation, an exploration company whose
securities are listed on the TSX, NYSE Amex and Frankfurt stock exchanges. The Company
has uranium properties in Saskatchewan and Wyoming.</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Marketing</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>The Uranium Industry</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Commercial nuclear power generation began over 50&nbsp;years ago and now generates as much global
electricity as was produced in 1960 by all sources. The low operating cost of nuclear power
generation and the increasing concern for the environment and climate change are driving a nuclear
renaissance. China, India and Russia are proceeding with ambitious plans for new nuclear power
plants. Many companies in the United States have filed applications for a combined construction
and operating licence to build new nuclear reactors. Countries such as Egypt, the United Arab
Emirates, Thailand and Turkey are actively considering building nuclear power plants.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">There are now 104 operating nuclear reactors in the United States and a total of 436 operating
worldwide in 30 countries, representing a total world nuclear capacity of 371.9 gigawatts. A
further 43 reactors with a capacity of 37.7 gigawatts are under construction in 12 countries and an
additional 106 reactors (118.1 gigawatts) are planned. With the only significant commercial use
for uranium being fuel for nuclear reactors, it follows that the nuclear renaissance will have a
significant effect on future uranium demand.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Uranium Supply and Demand</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The world&#146;s operating nuclear power reactors currently require an average of approximately 180
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> per year. As nuclear power capacity increases, the
world&#146;s uranium fuel requirement also increases and is estimated to rise to approximately 193
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 2014 and approximately 234&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 2020. Demand for uranium can be supplied through either primary
production (newly mined uranium) or secondary sources (inventories, down blending of weapons grade
material and reprocessing spent fuel rods). Secondary sources are of particular importance to the
uranium industry when compared to other commodity markets.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Over the four-year period from 2000 through 2003, annual global primary uranium production averaged
93.1&nbsp;million pounds of uranium. In response to increasing uranium prices, worldwide uranium
production rose to 104.6&nbsp;million pounds in 2004 and to 108.4&nbsp;million pounds in 2005 before
decreasing, in 2006, to 102.5&nbsp;million pounds as a result of problems at several production centres.
In 2007, production increased to 107.3&nbsp;million pounds with the start-up of the Langer Heinrich
mine and ramp-up of production in Kazakhstan. Global production in 2008 is estimated at 114
million pounds. Canada and Australia currently account for 40% of the world&#146;s production. The
United States&#146; production represents about 4.0%. During the last decade, takeovers, mergers and
closures have consolidated the uranium production industry. Based on 2008 production figures,
seven companies accounted for over 82% of primary production while the five largest uranium mines
produced over 48% of the aggregate global production.
</DIV>

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Primary uranium production only supplies approximately 63% of the total annual requirements of
nuclear power generators. The balance of requirements are met from secondary sources of supply,
which include inventories held by producers and utilities, government inventories, uranium recycled
from government stockpiles and uranium recycled from nuclear weapons. The recycling of highly
enriched uranium (&#147;<B>HEU</B>&#148;) from former warheads in the Russian Federation is a unique subset of
secondary supply. Surplus fissile military materials are converted in Russia from HEU into low
enriched uranium (&#147;<B>LEU</B>&#148;)
suitable for use in nuclear reactors. In February&nbsp;1993, the United States and Russia entered into
an agreement (&#147;<B>Russian HEU Agreement</B>&#148;) which provided for the United States to purchase 500 metric
tons of Russian HEU over a 20-year period. In April&nbsp;1996, the USEC Privatization Act gave Russia
and three western companies, Cameco, AREVA and NUKEM, Inc. (the &#147;<B>Western Companies</B>&#148;), the authority
to sell the natural uranium feed component (in the form of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>) derived from the LEU
(&#147;<B>HEU Feed</B>&#148;) in the United States over the 20-year period into the commercial U.S. uranium market
under defined annual quotas. The USEC Privatization Act provides a framework for the introduction
of this Russian HEU Feed into the U.S. commercial uranium market. Russia has been selling
approximately 18.0 to 24.0&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> equivalent of this HEU Feed
through long-term supply agreements directly with U.S. utilities and the Western Companies.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Russian HEU Agreement terminates in 2013, and Russia has formally stated that the agreement
will not be renewed, as had once been anticipated.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Based upon recent assessments of future secondary uranium supply, the uranium industry&#146;s scheduled
uranium production forecast and expected nuclear generating capacity, there is a growing
requirement for increased uranium production to meet the forecasted needs of reactors world-wide.
Based upon the Q1 2009 edition of &#147;The Uranium Market Outlook&#148; published by The U<SUB style="font-size: 85%; vertical-align: text-bottom">X
</SUB>Consulting Company LLC, world uranium demand, in the base case, is forecast to increase from
its 2008 level of 181&nbsp;million pounds to 234&nbsp;million pounds by 2020. At the same time, supply from
secondary sources, such as HEU Feed, government inventories and reprocessing, is expected to drop
from 47&nbsp;million pounds in 2008 to 15&nbsp;million pounds in 2020. As a consequence, uranium production
will need to expand significantly to meet the increasing demand.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Uranium Prices</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Most of the countries that use nuclear-generated electricity do not have a sufficient domestic
uranium supply to fuel their nuclear power reactors, and their electric utilities secure most of
their required uranium supply by entering into medium-term and long-term contracts with foreign
uranium producers and other suppliers. These contracts usually provide for deliveries to begin one
to three years after they are signed and to continue for several years thereafter. In awarding
medium-term and long-term contracts, electric utilities consider, in addition to the commercial
terms offered, the producer&#146;s uranium reserves, record of performance and costs, all of which are
important to the producer&#146;s or supplier&#146;s ability to fulfill long-term supply commitments. Under
medium-term and long-term contracts, prices are established by a number of methods, including base
prices adjusted by inflation indices, reference prices (generally spot price indicators, but also
long-term reference prices) and annual price negotiations. Contracts may also contain floor
prices, ceiling prices and other negotiated provisions which affect the amount paid by the buyer to
the seller. Under these contracts, the actual price mechanisms are usually confidential.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Electric utilities procure their remaining requirements through spot and near-term purchases from
uranium producers and other suppliers, including other utilities holding excess inventory and
governments.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Over the period from 1996 through 2004, annual spot market demand averaged just under 20&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> or about 12% of the annual world consumption, but had jumped to
about 35&nbsp;million pounds in 2005 and 2006 as the rebuilding of utility inventories commenced and
investors and hedge funds entered the market as significant buyers. Spot market volume returned to
its traditional level of approximately 20&nbsp;million pounds in 2007. In 2008, spot market volume
increased to a record level of 43&nbsp;million pounds, driven in large part by the world financial
crisis which forced investment and hedge funds to push a sizeable amount of material into the
market. Nearly half of the 2008 spot market volume occurred during the three months from September
to November.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Historically, spot prices have been more volatile than long-term contract prices. In December
2000, the spot price reached an all time low of $7.10 per pound. The uranium price then increased
at a moderate rate reaching $14.50 per pound 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 the end of 2003. The
spot price increased steadily from that date, influenced by the entrance of investment and hedge
funds into the market, reaching $72.00 by the end of 2006. A further market impact in October&nbsp;2006
was the announcement of the flooding and indefinite postponement of the start-up of the Cigar Lake
mine in northern Saskatchewan. The Cigar Lake mine was scheduled to ramp-up to an annual
production rate of 18.0&nbsp;million pounds by 2008. Producers were also active in the spot market,
purchasing material to fill contractual demand, which they could not supply due to production
issues at their respective operations. During the first half of 2007, the spot price continued its
rapid rise, reaching a peak of $136.00 in June&nbsp;2007. At the end of June&nbsp;2007, the spot price
dropped $3.00, the first decline in the spot price since May of 2003. In the last half of the
year, the spot price was very volatile, dropping to $75.00 in October, then rebounding to $95.00 in
December. Prices continued to be volatile in 2008. The spot price started the year at $90.00 per
pound U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>, followed by a steep decline to $57.00 per pound by June. It
recovered briefly in July to $64.50 per pound before declining again to $44.00 per pound
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 September, as investment and hedge funds began destocking. The spot
price ended the year at $53.00 per pound.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The long-term uranium price has undergone a similar pattern over the past several years, but with
significantly less volatility, rising from just under $11.00 per pound U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>,
at the end of 2002, to $95.00 per pound in May&nbsp;2007. The long-term price remained at this level
until May&nbsp;2008, when it dropped to $85.00. The long-term price dropped steadily over the rest of
the year, reaching $70.00 at the end of 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Future uranium prices will be influenced by increased demand from new reactors being constructed or
planned in many parts of the world, as well as the amount of incremental supply made available to
the market from the remaining excess inventories, HEU feed supplies, other stockpiles and the
availability of increased or new production from other uranium producers. All of these factors
will be influenced by the world financial crisis and the availability of financing for the
construction of reactors and the exploration and development of new production.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Competition</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Uranium production is international in scope and is characterized by a relatively small number of
companies operating in only a few countries. In 2008, four Western companies, Cameco, AREVA, Rio
Tinto plc and BHP Billiton Limited produced approximately 56% of total world output. Most of the
world&#146;s production was from Canada and Australia which produced a combined 40% of global uranium
output in 2008. In 2008, Kazakhstan, Russia and Uzbekistan produced a combined 26% of worldwide
uranium while supplying significant quantities of uranium into Western World markets. The Canadian
uranium industry has been the leading world supplier in recent years, producing over 21% of the
world supply.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Marketing Uranium</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The sale of Denison&#146;s uranium has traditionally been through long-term contracts and not on the
spot market. These long-term contracts have a variety of pricing methods, including fixed prices,
base prices adjusted by inflation indices, changes in reference prices (spot price indicators or
long-term contract reference prices) and annual price negotiations. Prices in the long-term market
have normally been higher than those in the spot market at the time the contracts are entered into
and are normally less volatile.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison marketed its uranium from the McClean Lake joint venture jointly with ARC until the end of
2008. Commencing in 2009, Denison will market its share of McClean Lake production directly except
for one joint contract under which it will deliver approximately 400,000 pounds in 2009 and 40,000
pounds in 2010, all of which is priced at 80% to 85% of the quoted spot price.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company currently has two other long-term contracts in place, as follows:
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The first is for the sale of 17% of the White Mesa mill production commencing in 2008
up to a total of 6.5&nbsp;million pounds with a minimum of 250,000 pounds in 2008, 500,000
pounds in 2009, 750,000 pounds in 2010 and 1,000,000 pounds in 2011. The sales price is
95% of the published long-term price for the month prior to delivery with a floor price of
$45.00.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <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="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The second contract is for 20% of production from the White Mesa mill during the years
2012 to 2017 inclusive, but not less than 200,000 pounds per year. Pricing under this
contract is 95% of the long-term price at the time of delivery with an escalated floor
price of $50.00 per pound.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Delivery scheduling (or timing) under long-term contracts is at the discretion of the customer so
the Company&#146;s delivery obligations may vary markedly from quarter to quarter.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Future long-term sales agreements for the Company&#146;s uranium inventory and production are expected
to be primarily under market related contracts.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>The Vanadium Market</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Vanadium is an essential alloying element for steels and titanium, and its chemical compounds are
indispensable for many industrial and domestic products and processes. The principal uses for
vanadium are: (i)&nbsp;carbon steels used for reinforcing bars; (ii)&nbsp;high strength, low alloy steels
used in construction and pipelines; (iii)&nbsp;full alloy steels used in castings; (iv)&nbsp;tool steels used
for high speed tools and wear resistant parts; (v)&nbsp;titanium alloys used for jet engine parts and
air frames; and (vi)&nbsp;various chemicals used as catalysts.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Principal sources of vanadium are (i)&nbsp;titaniferous magnetites found in Russia, China, Australia and
South Africa; (ii)&nbsp;sludges and fly ash from the refining and burning of U.S., Caribbean and Middle
Eastern oils; and (iii)&nbsp;uranium co-product production from the Colorado Plateau. While produced
and sold in a variety of ways, vanadium production figures and prices are typically reported in
pounds of an intermediate product, vanadium pentoxide (&#147;<B>V</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>2</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>5</B></SUB>,&#148; &#147;flake,&#148;
&#147;black flake,&#148; or &#147;tech flake&#148;). The White Mesa mill is capable of producing three products,
ammonium metavanadate (&#147;<B>AMV</B>&#148;) and vanadium pregnant liquor (&#147;<B>VPL</B>&#148;), both intermediate products, and
vanadium pentoxide. The majority of sales are as V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB>, with AMV and VPL
produced and sold on a request basis only.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In the United States, although vanadium is produced through processing petroleum residues, spent
catalysts, utility ash, and vanadium bearing iron slag, the most significant source of production
historically has been as a by-product of uranium production from ores in the Colorado Plateau
District, accounting for more than half of historic U.S. production. Vanadium in these deposits
typically occurs at an average ratio of five to six pounds of vanadium for every pound of uranium,
and the financial benefit derived from the by-product sales has helped make the mines in this area
profitable in the past.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The market for vanadium has fluctuated greatly over the last 20&nbsp;years. During the early 1980s,
quoted prices were in the range of $3.00 per pound V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB>, but increased
exports from China and Australia, coupled with the continued economic recession of the 1980s, drove
prices to as low as $1.30 per pound. Prices stabilized in the $2.00 to $2.45 per pound range until
perceived supply problems in 1988 caused by cancellation of contracts by China and rumours of South
African production problems resulted in a price run-up to a high of nearly $12.00 per pound in
February of 1989. This enticed new producers to construct additional capacity, and oversupply
problems again depressed the price in the early 1990s to $2.00 per pound and below. Late in 1994,
a reduction in supplies from Russia and China, coupled with concerns about the political climate in
South Africa and a stronger steel market, caused the price to climb to $4.50 per pound early in
1995. In the beginning of 1998, prices had climbed to a nine-year high of $7.00 per pound caused
by supply being unable to keep pace with record demand from steel and aerospace
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">industries.
However, during the second half of 1998, prices began to decline to
$2.56 per pound by December&nbsp;1998. This was due to sudden decreases in Far East steel production, along with suppliers
from Russia and China selling available inventories at low prices in order to receive cash. Since
that time, prices fell dramatically to a range of $1.20 to $1.50 per pound
V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB> due in part to the difficult economic conditions being experienced
throughout the Pacific Rim and new sources of supply coming into the market. In the third quarter
of 2003, vanadium prices started to increase because of increased steel consumption and the
shutdown of an Australian primary producer. This trend continued through 2004. In 2005, demand
from China resulted in a significant price run-up culminating in all time highs of $23.00 to $27.00
per pound V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB>. Subsequently, prices declined to a range of $8.00 to $10.00
per pound V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB>, at the end of 2005, due to the ramp-up of Chinese vanadium
production. Prices continued to decline during 2006 to the $7.00 to $8.00 range and remained in
that range throughout 2007. In early 2008, vanadium prices increased significantly to $14.00 to
$15.00 per pound due to South African producers claiming <I>force majeure </I>as a result of power supply
issues in South Africa. South Africa is a major supply source of vanadium, representing
approximately 39% of the world&#146;s production. The vanadium price remained in the $14.00 to $16.00
pound range until September and then it began to decline due to a drop in steel production in
response to the world economic decline. By the end of 2008, vanadium prices were $6.50 to $7.00
per pound V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">World demand will continue to fluctuate in response to changes in steel production. Supply and
demand, however, are difficult to predict, as vanadium consumption and production are both
inextricably linked to steel production, with a significant quantity of vanadium coming from
refinement of steel slag.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Marketing Vanadium</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Prices for the products that are produced by the Company are generally based on weekly quotations
published in Ryan&#146;s Notes or Platt&#146;s Metals Weekly. Vanadium production from the White Mesa mill
has and will be sold into the worldwide market both through traders, who take a 2% to 3% commission
for their efforts and, to a lesser extent, through direct contacts with domestic converters and
consumers. While priced in U.S. dollars per pound of V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB>, the product is
typically sold by the container, which contains nominally 40,000 pounds of product packed in 55
gallon drums, each containing approximately 660 pounds of product.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Operations</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>McClean Lake Mining and Processing Facilities</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">McClean Lake is a state-of-the-art uranium mining and processing facility located on the eastern
edge of the Athabasca Basin in northern Saskatchewan approximately 26 kilometres west of the Rabbit
Lake mine and approximately 750 kilometres north of Saskatoon. Development of the McClean Lake
project began in March&nbsp;1995. Construction and commissioning were completed in 1997. The JEB
deposit was mined out and the ore stockpiled. The JEB pit was then converted in 1999 into the JEB
Tailings Management Facility (&#147;<B>TMF</B>&#148;). The McClean Lake uranium processing facility (&#147;<B>McClean Lake
mill</B>&#148;) began production of uranium concentrates in 1999, processing ore from the JEB deposit. The
first ore was fed to the processing facilities on June&nbsp;22, 1999 and commercial production was
achieved on November&nbsp;1, 1999.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">McClean Lake is owned by Denison (22.5%) and its joint venture partners, ARC (70.0%) and OURD
(7.5%). ARC is the operator/manager of the facility. Denison, ARC and OURD also jointly own the
nearby Midwest project, although ownership ratios are slightly different. See &#147;Mineral Properties
&#150; Midwest.&#148; It is planned that the Midwest ore will be milled at the McClean Lake mill.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>McClean Lake Mill</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The McClean Lake surface facilities consist of a modern mill licensed to produce 8.0&nbsp;million pounds
of uranium per year. The McClean Lake mill uses sulphuric acid and hydrogen peroxide leaching and
a
solvent extraction recovery process to extract and recover the uranium product from the ore. In
addition to the mill facility, other infrastructure on the site includes a sulphuric acid plant, a
ferric sulphate plant, an oxygen plant, warehouses, shops, offices and living accommodations for
site personnel. The facilities have been expanded to a capacity of 12.0&nbsp;million pounds per year to
permit the processing of ore from Cigar Lake. Construction of this expansion was completed in
2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Mining</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The McClean Lake facility consists of at least eight ore deposits classified as reserves or
resources, five of which have been mined out with some of the ore still stockpiled on the surface.
The JEB pit was converted into the TMF designed to receive tailings from Midwest and Cigar Lake
ores in addition to the tailings from the McClean Lake deposits.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Mining of the Sue C ore body was completed in February&nbsp;2002 and all of the ore was stockpiled on
the surface. Approximately 24% more uranium than had been expected from the results of the surface
drilling was recovered during the mining operations. Mining was suspended following completion of
the mining of the Sue C deposit until the third quarter of 2005 when mining began on the Sue A, Sue
E and Sue B deposits. Mining was completed at Sue A in the first quarter of 2006, at Sue E in the
first quarter of 2008 and at Sue B at the end of 2008. The Caribou deposit is the next deposit to
be mined by open pit. Mining of this deposit, which was originally expected to commence in 2009,
has been delayed at least a year after a review of the project economics at current uranium prices.
Ore from the Sue E, Sue A and Sue B deposits is stockpiled at the McClean Lake mill and will be
processed through 2009 and 2010.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Low-grade special waste from the mining of the JEB, Sue C, Sue A, Sue E and Sue B deposits has been
disposed of in the mined-out Sue C pit. There is also an agreement with the Cigar Lake joint
venture to dispose of special waste from its mining operations in the Sue C pit. The costs of
dewatering the Sue C pit at that time and the handling and disposing of the Cigar Lake wastes will
be paid by the Cigar Lake joint venture.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Test mining had been successfully conducted on the McClean North deposit using hydraulic borehole
mining methods being developed under the Mining Equipment Development Program (&#147;<B>MED</B>&#148;). See &#147;Mining
Equipment Development Program.&#148; Studies are now underway to review underground methods, as well as
the MED method, to determine the preferred method for the exploitation of this deposit.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Operations</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The stockpiled ore from JEB and Sue C and a small amount of Sue A ore provided the mill feed from
start-up through to the end of 2005. In 2006, the grade of ore being fed to the McClean Lake mill
declined considerably due to a combination of the remaining low-grade portion of Sue C ore and the
Sue A ore. This low-grade feed continued through 2007 with Sue E material being added to the mix
toward the end of the year. The grade of ore processed during 2008 improved somewhat over the
2006-2007 levels, as mill feed consisted primarily of the higher grade Sue E ore.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Unit operating costs had generally declined until the end of 2005; however, these costs increased
significantly in 2006 and 2007 as very low-grade ore was processed with a resulting sharp drop in
production. The majority of the mill operating costs are fixed; therefore, the reduced production
from processing lower grade ores resulted in a significant increase in unit costs. Unit milling
costs declined in 2008 as the ore feed grade improved, but were negatively affected by high prices
for petroleum products and reagents.
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The table below shows the operation of the McClean Lake uranium facilities over the last five years
of production:
</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="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</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">Ore Milled (thousand tonnes)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">152</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average Grade (% 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></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.96</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.86</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Production (thousand 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>)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,248</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,907</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,794</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,490</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,005</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Production in 2009 is expected to be approximately 3.4&nbsp;million pounds with the mill feed consisting
principally of Sue E ore combined with a small amount of the stockpiled Sue A and Sue B ores.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">For information pertaining to markets and the sale of production, see &#147;Marketing.&#148; For taxes and
royalties, see &#147;Government Regulation &#150; Canadian Royalties&#148; and &#147;Government Regulation &#150; Canadian
Income and Other Taxes.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Tailings Disposal</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The disposal of mill tailings in an environmentally acceptable manner has led to advances in the
design and construction of new tailings management facilities. In the state-of-the-art TMF,
tailings are deposited subaqueously in a paste form from a barge. This procedure minimizes
tailings segregation, eliminates concerns of freezing and dust generation, and controls radiation
and radon emissions from the pond. This facility has been designed to receive tailings from
processing high-grade Midwest and Cigar Lake ores in addition to tailings from the McClean Lake
deposits.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Property</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All of the surface facilities and the mine sites are located on lands owned by the Province of
Saskatchewan. The right to use and occupy the lands was granted in a surface lease agreement with
the Province of Saskatchewan. The original surface lease agreement of 1991 was replaced by a new
agreement in 2002. This new surface lease is valid for a period of 33&nbsp;years. Obligations under
the surface lease agreement primarily relate to annual reporting regarding the status of the
environment, the land development and progress made on northern employment and business
development. The McClean Lake surface lease covers an area of approximately 3,677 hectares.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Mill Licence</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The McClean Lake site is operated under various permits, licences, leases and claims granted and
renewed from time to time, all of which are currently in good standing. On July&nbsp;25, 2005, the
Canadian Nuclear Safety Commission (&#147;<B>CNSC</B>&#148;) issued Mine Operating Licence, UMOL &#150; MINEMILL &#150;
McCLEAN.02/2009 for a four year term which will expire on May&nbsp;30, 2009. In September, 2008 ARC
submitted the renewal application for a ten year licence to operate the McClean Lake mill. A Day
One Hearing for the Licence Renewal took place on February&nbsp;18, 2009. At this hearing, the CNSC&#146;s
questions related to the term of the Licence and on the Fire Protection Program. A Day Two Hearing
is scheduled for April&nbsp;30, 2009. The final decision on the application is expected prior to the
expiry of the current term. The Approval to Operate Pollutant Control Facilities 10&#150;205 has been
issued by Saskatchewan Environment and is valid until August&nbsp;31, 2010. For additional information
on licensing, see &#147;Government Regulation &#150; Canadian Uranium Industry.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Environmental</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During the original licensing process, a significant amount of attention was paid to environmental
matters. As a result, a number of design changes were made in the processing facilities, both to
address environmental concerns and to enable the facilities to process much higher grade ores from
Midwest and Cigar Lake in the future. Special attention was given to providing protection for the
workers from exposure to high levels of radiation. Environmental results have continued to improve
and to exceed regulatory expectations. See &#147;Environmental and Safety Matters &#151; Canada.&#148;
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Cigar Lake Toll Milling</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 2002, Denison and its partners entered into an agreement with the Cigar Lake joint venture to
process Cigar Lake ore at the McClean Lake mill. Pursuant to that agreement, all Cigar Lake ore is
to be leached at the McClean Lake mill with the pregnant aqueous solution being divided between the
McClean Lake and Rabbit Lake facilities for processing into uranium concentrates. In order to
process this Cigar Lake ore, an expansion of the McClean Lake mill was required. All costs of the
expansion and modifications of the McClean Lake mill have been paid for by the Cigar Lake joint
venture. This expansion was completed in 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As a result of the flood that occurred at Cigar Lake in October&nbsp;2006 and subsequent problems with
the water inflows, the Cigar Lake joint venture announced that processing of its ore at the McClean
Lake mill will be delayed. The exact date has not been determined due to the uncertain nature of
the dewatering efforts. In the meantime, the expanded capacity will be available for use by the
McClean Lake joint venture.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Mining Equipment Development Program</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The MED Program was designed to develop a mechanical prototype to achieve a viable alternate mining
method from surface drilling using drilling and bore hole mining technology. The system has low
capital costs and has a number of benefits, including safety, ease of licensing and a small
environmental footprint.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Hydraulic borehole mining is a technique used to extract materials through a small access borehole,
typically less than one-half of a metre in diameter, resulting in a very small disturbance to the
surface. A mining tool containing a high-pressure water jet nozzle is lowered through the access
borehole in the overburden and sandstone to the mineralized horizon. The high-pressure water jet
is used to cut or erode the mineral bearing ore and create a slurry, enlarging the hole to three to
four metres in diameter. The slurry is sent to surface using a slurry pump or an air lift system.
On the surface, through a series of settling ponds, the water is separated from the cuttings and
returned back to the hole. Each mined out cavity is backfilled after completion with a cemented
mixture in the mineralized horizon, and with unmineralized drill cuttings in the remainder of the
hole through the overlying sandstone and glacial overburden layers.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The MED Program focused on developing and optimizing the mining tool system. As a result of this
work, patents were obtained on the resulting bore hole mining design.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During 2008, three access holes were cased and cemented at the McClean North deposit ready to mine.
The MED optimized mining system will be field tested in the summer of 2009 and, if successful,
mining at McClean North could begin immediately.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Midwest Project Development</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Midwest Project, owned 25.17% by Denison, 69.16% by ARC and 5.67% by OURD, is host to two
significant uranium deposits. The Midwest deposit, discovered in 1978, was followed in 2004/2005,
by the discovery of the Midwest A deposit. Several other mineralized intersections, located
between the Midwest and Midwest A deposits, are the subject of ongoing exploration activities.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Midwest is located approximately 15 kilometres from the McClean Lake mill where the Midwest ore is
planned to be processed. See &#147;McClean Lake Mining and Processing Facilities&#148;.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c83333c8333302.gif" alt="(MAP)">

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Ore Deposits</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Midwest ore deposit (see &#147;Mineral Properties &#150; Midwest&#148;) will be the first to be mined.
Various studies since its discovery in 1978 have examined the feasibility of mining by open pit,
hydraulic bore-hole mining and underground methods. Mining by open pit has been selected as the
preferred method.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Following the significant increase in the price of uranium since 2001, exploration resumed in an
area about 3 kilometres north-east of the Midwest deposit as a follow-up to a hole drilled in the
early 1980s which reported an intersection of 6.9% 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 3.8 metres.
This work led to the discovery of the Midwest A deposit (see &#147;Mineral Properties &#150; Midwest&#148;) as
well as a number of other significant mineralized zones. An active exploration and development
drilling program is continuing in this area. See &#147;Mineral Exploration &#150; Midwest.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Development</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In December&nbsp;2005, the project description for the development of the Midwest deposit was submitted
to the CNSC, the Environmental Assessment Branch of Saskatchewan Environment and the Canadian
Environmental Assessment Agency. This project description contemplated the Midwest deposit being
mined by open pit and a further expansion of the McClean Lake mill.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The development of this deposit involves draining the Mink Arm of the South McMahon Lake in
northern Saskatchewan to construct an open pit mine. The pit, as currently designed, is expected
to produce an estimated 36&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>. Other deposits and
extensions located to the north, south and in the basement could be developed once the pit is
nearing completion. Ore from this deposit will be trucked over a dedicated haul road to the
McClean Lake mill.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In November&nbsp;2007, the Midwest joint venture partners made the formal production decision to proceed
with development of the Midwest deposit. The capital cost, including surface facilities, the water
treatment plant, the haul road and the related mill expansion, was estimated at approximately
Cdn$435&nbsp;million. Expenditures were estimated to be as follows: Cdn$75&nbsp;million for the water
treatment plant, Cdn$115&nbsp;million for de-watering wells, Cdn$100&nbsp;million for infrastructure, Cdn$35
million for mobile equipment and maintenance facilities, Cdn$100&nbsp;million for modification to the
mill and Cdn$10&nbsp;million for miscellaneous capital expenses.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In November&nbsp;2008, the Midwest joint venture partners announced that the development of the Midwest
project will be delayed for an indefinite period. The status of the project will be reviewed every
six months. The delay was the result of the global economic climate, delays and uncertainties
associated with the regulatory approval process, increasing capital and operating costs and the
depressed state of the uranium market. Based on an update of the capital cost estimates completed
in 2008, the capital cost increased approximately 50% from the previous estimate of Cdn$435
million. Efforts to optimize the capital expenditures will continue to be made.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Midwest partners decided to complete the environmental assessment for the project, which has
been ongoing since December&nbsp;2005, and to complete the engineering for the Midwest site. This will
enable the project to be advanced to the stage that it is ready to be developed quickly when the
market conditions improve. Expenditures on Midwest will be approximately Cdn$12.4&nbsp;million in 2009,
of which Denison&#146;s share is Cdn$3.1&nbsp;million.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The infrastructure for the Midwest deposit &#150; haul road, power, water treatment and mill expansion &#150;
will also serve for the future development for the Midwest A deposit.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>White Mesa Mill</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The White Mesa mill, a fully licensed uranium mill with a vanadium co-product recovery circuit, is
located in south eastern Utah near the Colorado Plateau District, the Henry Mountains Complex and
the Arizona Strip. The mill is approximately six miles south of the city of Blanding, Utah.
Access is by state highway.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Construction of the White Mesa mill started in 1979, and conventionally-mined, uranium/vanadium ore
was first processed in May&nbsp;1980. To the end of 2007, the mill has produced over 30&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> and 33&nbsp;million pounds of V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB>. The mill uses
sulphuric acid leaching and a solvent extraction recovery process to extract and recover uranium
and vanadium. The mill has been operated on a campaign basis since its construction due to
variable uranium market conditions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The mill is licensed to process an average of 2,000 tons per day of ore and produce up to 8.0
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> per year. In full operation, the mill employs
approximately 130 people.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Current Condition and Operating Status</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The mill was on standby from June&nbsp;2003, following completion of an alternate feed processing
campaign, to mid-March&nbsp;2005. The mill began processing alternate feed materials in March&nbsp;2005
which continued through to March&nbsp;2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company began a program to refurbish the mill in late 2006. The mill capital program included
the purchase of mobile equipment, restoration of the vanadium roasting, fusion and packaging
circuits, replacement of major pumps and component drives, modernization of the mill&#146;s
instrumentation and process control systems, and completion of the relining of tailings Cell 4A.
The total cost of the refurbishment program was approximately $31.0&nbsp;million.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Processing of conventional ore at the White Mesa mill began on April&nbsp;28, 2008 and production of
vanadium began in July&nbsp;2008, following completion of the refurbishment of the vanadium circuit.
The mill is currently operating, processing ores from Denison&#146;s Colorado Plateau and Henry
Mountains Complex mines.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Production at the mill over the past five years is shown 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="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</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">Alternate Feed Milled (tons)</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">44,136</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">214</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Conventional Ore Milled (tons)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">248,744</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 align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Uranium Production (&#146;000s
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>)</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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Alternate Feed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">254</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">242</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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Conventional Ore</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">791</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 align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Uranium Production</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">885</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">254</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">242</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>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Vanadium Production (&#146;000s
pounds
V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB>)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,223</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 align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Year-end Ore Stockpile (tons<B>)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122,477</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84,943</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 align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Mill Licence</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The mill operates under a Radioactive Materials Licence issued by the State of Utah. The mill&#146;s
licence expired on March&nbsp;31, 2007. The Licence Renewal Application was submitted to the UDEQ,
Division of Radiation Control (&#147;<B>DRC&#148;</B>) on February&nbsp;28, 2007. The licence remains in effect in its
current form during the licence renewal process.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Tailings Disposal</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Synthetic lined cells are used to contain tailings and, in one case, solutions for evaporation. As
each tailings cell is filled with tailings, the water is drawn off and pumped to the evaporation
pond and the tailings solids allowed to dry. As each cell reaches final capacity, reclamation will
begin with the placement of interim cover over the tailings. Additional cells are excavated, and
the overburden is used to reclaim previous cells. In this way, there is an ongoing reclamation
process.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In June&nbsp;2007, the Company began refurbishment of Cell 4A, which was originally built in 1989. The
refurbishment was completed in August&nbsp;2008 and Denison received the operating permit from the DRC
in September&nbsp;2008. The cell has been in operation since that time and provides approximately 2.0
million tons of tailings capacity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">To ensure sufficient volume for tailings and area for tailings solution evaporation, the Company
has begun the licensing for tailings cell 4B. The design documents, a licence amendment
application and an environmental assessment have been submitted to the DRC in support of the
approval for the construction of Cell 4B adjacent to Cell 4A. Based on current estimates, this
cell will be needed by 2011.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Environmental Statement for the mill currently contemplates construction of two additional
tailings cells, including Cell 4B, each of which can provide further tailings capacity of
approximately 2&nbsp;million tons, when necessary.
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Environmental</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has detected some chloroform contamination at the White Mesa mill site that appears to
have resulted from the operation of a temporary laboratory facility that was located at the site
prior to and during the construction of the mill facility, and from septic drain fields that were
used for laboratory and
sanitary wastes prior to construction of the mill&#146;s tailings cells. In April&nbsp;2003, the Company
commenced an interim remedial program of pumping the chloroform contaminated water from the
groundwater to the mill&#146;s tailings cells. This will enable the Company to begin clean up of the
contaminated areas and to take a further step towards resolution of this outstanding issue.
Pumping from the wells continued in 2008. Denison is continuing to work with the State of Utah to
develop a long-term corrective action plan. A draft of an action plan was submitted by Denison and
is currently being reviewed by the State.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Associated with the chloroform contamination are some elevated concentrations of nitrate, which
have been assumed to have resulted from the septic drain fields and which have been included in the
investigation and remedial action to date. Recent sample results suggest, however, that there may
be other contributing historic or off-site sources of nitrate, which are currently under
investigation, although at this time there has been no change to the interim remedial action.
While the investigations to date indicate that this chloroform and nitrate contamination appears to
be contained in a manageable area, the scope and costs of final remediation have not yet been
determined and could be significant. See &#147;Environmental and Safety Matters &#151; U.S. Environmental
Regulation.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Alternate Feed Processing</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s State of Utah Radioactive Materials Licence gives the Company the right to process
other uranium-bearing materials known as &#147;alternate feed materials&#148; pursuant to an Alternate Feed
Guidance adopted by the U.S. Nuclear Regulatory Commission (&#147;<B>NRC</B>&#148;) in 1995 and amended in 2000.
Alternate feed materials are uranium-bearing materials, which usually are classified as waste
products by the generators of the materials. Requiring a routine amendment to its licence for each
different alternate feed, the Company can process these uranium-bearing materials and recover
uranium, in some cases, at a fraction of the cost of processing conventional ore, alone or together
with other valuable metals such as niobium, tantalum and zirconium. In other cases, the generators
of the alternate feed materials are willing to pay a recycling fee to the Company to process these
materials to recover uranium and then dispose of the remaining by-product in the mill&#146;s licensed
tailings cells, rather than directly disposing of the materials at a disposal site. By working
with the Company and taking the recycling approach, the suppliers of alternate feed materials can
significantly reduce their remediation costs, as there are only a limited number of disposal sites
for uranium-bearing materials in the United States.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">To date, the mill has received 15 licence amendments, authorizing the mill to process 18 different
alternate feed materials. Of these amendments, nine involve the processing of feeds provided by
nuclear fuel cycle facilities and private industry and one has involved the processing of material
from the United States Department of Energy (&#147;<B>DOE</B>&#148;). These ten feed materials have been relatively
high in uranium content and relatively low in volume. The remaining five amendments have been to
allow the mill to process uranium-bearing soils from former defence sites, known as FUSRAP sites,
which are being remediated by the U.S. Army Corps of Engineers. These materials are typically
relatively low in uranium content but relatively high in volume.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company intends to continue to devote resources to the development of the alternate feed
business as a source of feed for the White Mesa mill. The Company has announced that it is
constructing a parallel alternate feed circuit to enable the mill to process conventional ore and
alternate feeds simultaneously. The capital cost is estimated to be approximately $5.2&nbsp;million and
production is scheduled to start-up in June&nbsp;2009.
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>U.S. Mines</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Colorado Plateau District </U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Colorado Plateau district is an area encompassing approximately 20,000 square miles and
straddles the border of south eastern Utah and south western Colorado. The Company&#146;s principal
mining complexes in the Colorado Plateau District consist of the La Sal, Van 4, Sunday, and East
Canyon (Rim)
zones. The bulk of the mineral deposits in the Colorado Plateau District are contained in three
areas: the Sunday Mine complex, which includes the Sunday/St. Jude, West Sunday, Topaz and
Carnation mines; the La Sal complex, which includes the La Sal, Beaver and Pandora mines; and the
East Canyon Area, which includes the Rim mine. All of these areas have developed permitted mines
that had been shut down in the 1990&#146;s. There was limited mining activity on the Sunday Mine
complex in 1998 and 1999.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The mines are located approximately 65 to 100 miles northwest of the Company&#146;s White Mesa mill.
Haulage of the ore from the mines to the mill is along County and State highways.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Uravan mineral belt in the Colorado Plateau (&#147;<B>Colorado Plateau District</B>&#148;) has a lengthy mining
history, with the first shipment of mined materials made to France in 1898. World War II brought
increased attention to the uranium mineralization in the Uravan area, and by the 1950s this
district was one of the world&#146;s foremost producers of both uranium and vanadium. Production
continued more or less uninterrupted until 1984 when low uranium prices forced the closure of all
operations. Production resumed in 1987, but ceased in 1990. Except for limited production in 1998
and 1999, all operations were shut down until 2006 when several of the mines re-opened. Total
historical production, prior to 2000, from the Union Carbide mines in the Uravan area (many of
which were later acquired by EFN, and hence the Company) is reported at 47&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> and 273&nbsp;million pounds of vanadium, yielding an overall
V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB>/U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> ratio of 5.79:1.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The uranium/vanadium deposits in the Colorado Plateau District were deposited as alluvial fans by
braided streams. The shape and size of the mineralized seams are extremely variable. As a result,
exploration and mining have historically involved conducting exploration to find a seam and then
merely following its erratic path, with little exploration other than development drilling in the
course of following the seam. The unusual nature of these deposits has therefore traditionally
resulted in a limited amount of resources being dedicated to delineate mineral resources or
reserves prior to mining.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Colorado Plateau District mining properties are held by a combination of U.S. Bureau of Land
Management (&#147;<B>BLM</B>&#148;) unpatented claims and leases with third parties. On the leased properties,
there are uranium royalties payable ranging from 2.5% to 10.0% and vanadium royalties payable
ranging from 4% to 12.5%. It should be noted that these royalties are only payable on ore
recovered from specific claim areas and do not necessarily apply to the entire deposit.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Operations</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In June&nbsp;2006, the Company announced that it was restarting mining activity in the United States
with the re-opening of several mines on the Colorado Plateau.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /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; margin-left: .25in; width: 7.20in">

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


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c83333c8333303.gif" alt="(MAP)">

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Sunday/St. Jude, Topaz, West Sunday and Pandora mines are all accessed by declines from the
surface. The Beaver mine is accessed by a shaft and is connected underground to the Pandora mine.
The Rim mine is a combination of a shaft and decline access. At the present time, this mine is
only being accessed through the decline. The Sunday/St. Jude, West Sunday, Pandora, Rim and Beaver
mines are mature operating mines with extensive underground workings. The Topaz mine is relatively
new with the initial development drift completed in 2007. The mining method is random room and
pillar in which no set pillar pattern is established but rather both the size of the rooms and the
pillars are variable and are defined by the deposit geometry. A typical room is about 20 feet wide
with pillars as small as 12 feet square in highly mined areas.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Because of the limited height of the ore, mining must be quite selective in order to maintain a
satisfactory production grade. This is done by following the mineralized zones closely and by the
technique of &#147;split shooting&#148; wherein the ore and waste are blasted separately in a two-stage
operation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In September&nbsp;2006, the Company reached an agreement with an independent mining contractor, Reliance
Resources LLC, to conduct contract mining at the Pandora mine, and with another independent
contractor, Tomcat Mining Corporation, for the Topaz and West Sunday mines. After some development
work, mining began and the first ore shipments were received and stockpiled at the White Mesa mill
in the fourth quarter of 2006. At the Sunday/St. Jude mine, the Company engaged E &#038; D Mining LLC
as its
contract miner early in 2007. First ore shipments from the Sunday mine were received at the mill
in October&nbsp;2007, after several months of rehabilitation work.
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Late in 2007, rehabilitation work began at the Rim mine, and this mine was brought into production
in June&nbsp;2008. The Rim mine is operated directly by Denison. In addition to the Rim mine, the
Company also began rehabilitation of the Beaver mine in late 2008, and this mine began shipping ore
in February&nbsp;2009.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The ore production by mine for 2007 and 2008 is shown in the table 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="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Tons</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>% U</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>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>% V</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>2</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>5</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Tons</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>% U</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>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>% V</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>2</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>5</B></SUB></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">Pandora</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,444</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.34</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,623</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.23</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.22</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sunday/St. Jude</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,879</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.16</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.86</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,497</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.19</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.04</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">West Sunday</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,526</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.17</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.92</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,121</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.21</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.13</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Topaz</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,753</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.16</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.86</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,707</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.13</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.70</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rim</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">&#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 align="right">2,238</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.04</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.40</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Beaver</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">&#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 align="right">729</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.26</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.41</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The uranium grades in the above table are based on probe grades taken when the ore arrives at the
White Mesa mill. The vanadium grades are based on historical uranium/vanadium ratios.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In addition to the mine production detailed above, a number of low grade stockpiles from the
Colorado Plateau mines have been transported to the mill. During 2007 a total of 7,973 tons were
shipped to the mill grading 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> and 0.43% V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB>
and in 2008 a total of 6,801 tons were shipped to the mill grading 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>
and 0.39% V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In January&nbsp;2009, the Company placed the Topaz mine on temporary standby. In March&nbsp;2009, the
Company also placed the Rim and Sunday/St. Jude mines on standby. Until new sales contracts are
negotiated, these higher cost mines will remain on standby. The mines will be maintained so that
they can be restarted with minimal effort.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company currently has no plans to bring the Van 4 into production, the last remaining mine on
the Colorado Plateau.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Permitting</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Colorado Division of Reclamation, Mining and Safety (&#147;<B>CDRMS</B>&#148;) has approved the conversion of
the Topaz mine 110 permit to a 112 Permit, which allows additional disturbance as needed for
development and production at Topaz. In February&nbsp;2009, the BLM approved an amended Plan of
Operations (&#147;<B>PO</B>&#148;) for the Topaz mine, which incorporated all of the mines in the Sunday Complex.
The BLM also determined that there was a Finding of No Significant Impact (&#147;<B>FONSI</B>&#148;), in performing
the Environmental Assessment (&#147;<B>EA</B>&#148;) on the project.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On March&nbsp;2, 2009 the Sheep Mountain Alliance, the Colorado Environmental Coalition, the Information
Network for Responsible Mining and the Center for Biological Diversity jointly filed a petition to
the BLM State Director for review of the approved PO and the FONSI and requested a stay of the
Decision Record. The petition is focused on BLM&#146;s alleged failure to review indirect and
cumulative impacts, as well as inadequate review of water quality impacts. The State Director has
45&nbsp;days to respond.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Pandora/Snowball, La Sal/Beaver Complex and the Rim mine are all permitted for operations. At
all the Colorado Plateau mines, air permits have been obtained or are in process. The air permits
are not generally needed prior to resuming operations, but are needed to sustain ongoing
operations. Storm Water as well as Spill Prevention and Pollution Control Plans were also updated
for all Colorado Plateau mines. These Plans require regular monitoring and reporting.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During 2008, operating permit amendments were obtained for the Pandora mine to allow installation
of two new ventilation shafts. These amendments required approvals from the US Forest Service, the
BLM and the Utah Division of Oil, Gas and Mining (&#147;<B>UDOGM</B>&#148;). On several occasions, the Forest
Service, BLM, and UDOGM also allowed replacement of existing ventilation shafts, which had become
unusable over time. These replacement shafts were located on the same sites as the unusable
shafts, and after completing the new shafts, the old shafts were plugged and sealed. This rapid
turnaround on approval of replacement ventilation shafts facilitated ongoing operations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The State of Colorado has passed a law that provides that the CDRMS can determine that a mine is a
Designated Mining Operation (&#147;<B>DMO</B>&#148;) if it is a mining operation at which &#147;toxic or acidic chemicals
used in extractive metallurgical processing are present on site or acid or toxic forming materials
will be exposed or disturbed as a result of mining operations.&#148; If a mine is determined to be a
DMO, the most significant result is the requirement that it submit an Environmental Protection Plan
(&#147;<B>EPP</B>&#148;). The EPP must identify the methods the operator will utilize for the protection of human
health, wildlife, property and the environment from the potential toxic or acid forming material or
acid mine drainage associated with the operations. The EPP must be submitted to the CDRMS for
review and, after approval by CDRMS, will be subject to public comment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On February&nbsp;11, 2008, the Company was notified that CDRMS has designated operations at the Sunday
Mine Complex and the Van 4 mine as DMOs. The Company is eligible to file for an exemption from the
need to prepare an EPP if materials characterization and testing, to be performed by the Company,
can demonstrate that any toxic materials exposed or disturbed at the mines will not adversely
affect human health, property or the environment. Upon joint consultation with CDRMS, plans were
developed to collect the necessary data and perform characterization testing and prepare
assessments of toxic substance exposures and transport.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Representative samples were collected of ore, waste rock, and soils surrounding the mine sites.
These samples were analyzed, and generally the only constituent of possible concern is arsenic.
Studies are continuing on the mechanisms of arsenic liberation, transport, and possible exposure to
the environment and biota. The surface and ground water environments are also being investigated
under the DMO assessment. Groundwater sampling wells have been installed in the West Sunday mine
to obtain samples of undisturbed groundwater and to assess possible impacts to water in contact
with mine workings and the atmosphere.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The deadline for submittal of the EPP has been extended to June&nbsp;2009 to allow for continuation of
groundwater data collection. The Company is also drafting the EPP in the event that it is not
eligible for an exemption to file an EPP; this will help ensure that operations are not later
affected while the EPP is undergoing final approval.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Notice level activities were approved for three exploration drilling programs during 2008. At the
Pandora mine, drilling was conducted late in the year to avoid disruptions to seasonal spring
wildlife activities and migratory birds. Drilling was conducted under a BLM and CDRMS Approved
Notice on Monogram Mesa and under a UDOGM approved Notice at the Rim mine in Utah. In all cases
where exploration drilling was conducted in 2008, drill hole plugging and reclamation bonds were
provided by the Company in amounts established by the various agencies.
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Notice was received in September&nbsp;2008 from the San Miguel County Planning Commission that the
Company was in violation of its Special Use Permit and Road Permit for Country Road 20R. This is
the county road travelled by ore haul trucks from the Sunday Complex operations to the White Mesa
mill. The notice stated that the Company had been exceeding the 12 trucks per day limitation
imposed under the Permit.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Following two public comment hearings on this issue, the San Miguel County Planning Commission
issued Denison an amended Special Use Permit and Road Permit for Country Road 20R. The amended
permit enables Denison to haul an average of 22 to 26 trucks per day with a maximum of 34 trucks in
any 24 hour period. Denison also accepted responsibility for gravelling and watering the road to
minimize dusting from the mine operations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Henry Mountains Complex</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Henry Mountains Complex is one contiguous property located in eastern Garfield County, Utah, 15
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 Bullfrog on the north end of the property, hosting the Indian
Bench, Copper Bench and Southwest uranium deposits, and Tony M located on the south end of the
property, hosting the Tony M deposit and mine. See &#147;Mineral Properties &#150; Henry Mountains Complex.&#148;
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c83333c8333304.gif" alt="(MAP)">

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Bullfrog property was extensively explored by Exxon and Atlas Minerals in the period from 1974
to 1990. Development of the Tony M mine started in September, 1977. By mid-1984, nearly 17 miles
of underground workings had been developed in the Tony M mine. In or around 1985, when work on the
mine was suspended, the mine was allowed to flood. The Tony M mine is located approximately 117
miles west of the Company&#146;s White Mesa mill. Haulage of the ore from the mine to the mill is along
County and State highways.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison acquired the Bullfrog property when it purchased substantially all of the uranium producing
assets of EFN in 1997. In February&nbsp;2005, Denison acquired the Tony M property, thus bringing it
under common ownership with the Bullfrog property. Prior to 2005, all exploration, mine
development and related activities for the two properties were conducted independently.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Henry Mountains Complex is comprised of 202 unpatented BLM mining claims and one 640 acre Utah
State Mineral Lease. Seventeen of the claims, comprising a portion of the Tony M property, are
subject to an escalating annual advance minimum royalty based on the uranium spot price, which
totalled approximately $207,000 in 2008, 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 advance minimum royalties are
deductible against the uranium and vanadium royalties payable. The Utah State Mineral Lease has an
annual rental of $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, which in 2008 totalled $504,000; a
uranium royalty of 8% of gross value less certain deductions; and a vanadium royalty of 4% of gross
value less certain deductions. The advance royalties on the State Lease are only deductible
against the uranium and vanadium royalties paid within the same year.
</DIV>

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Operations</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Upon receipt of the initial exploration permit, the Company engaged Dynatec Mining Corporation
(&#147;<B>DMC</B>&#148;) as its mine contractor for the Tony M operation. In May&nbsp;2007, DMC began limited
rehabilitation work on the existing Tony M workings.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">With the receipt of the operating permit in September&nbsp;2007, DMC shifted from rehabilitation work to
mining of the Tony M deposit. As of the end of 2007, 9,368 tons of ore grading 0.10%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> has been shipped to the White Mesa mill from the Tony M mine.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 2008 87,421 tons grading 0.15% 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 shipped to the White Mesa mill, as
well as 64,755 tons of ore from the historic stockpiles, grading 0.11% 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 align="justify" style="font-size: 10pt; margin-top: 10pt">In addition to re-opening the mine, the Company also constructed a number of surface facilities
including a power generation station, compressor station, fuel storage facilities, maintenance
building, offices and dry. An evaporation pond, which was originally constructed when the Tony M
mine was in operation in the 1980&#146;s, which is used for storage and evaporation of mine water, was
reconstructed to allow for dewatering of the mine.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In November&nbsp;2008, the Company announced that operations at the Tony M mine were being placed on
temporary stand-by due to high operating costs and the weakening of the uranium spot price. The
mine was put on care and maintenance, and dewatering activities are continuing so that mining
operations can resume quickly, if and when Denison is able to obtain favourable uranium contracts.
In March&nbsp;2009, shipping of the ore stockpile to the White Mesa mill was completed.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Permitting</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Tony M mine permit was allowed to lapse by the previous operator. The Company filed for
exploration permits with the UDOGM and the BLM. These permits were granted by UDOGM and the BLM on
December&nbsp;2, 2005 and March&nbsp;6, 2006, respectively. These permits enabled the Company to regain
access, inspect and begin rehabilitation of the Tony M underground workings. The Company also
began the permitting process for a mine permit for the Henry Mountains Complex, which comprises
both the Tony M mine and the Bullfrog property. The permit application was submitted in November
2006 and a Record of Decision and approved PO was received in September&nbsp;2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The PO was challenged by the Center for Water Advocacy and the Utah Chapter of the Sierra Club,
which requested a Utah State BLM Director Review and a Stay of the decision approving the Final
Plan of Operations for the Tony M Mine. On November&nbsp;21, 2007, the BLM State Director issued a
decision vacating the previously issued permit and remanded the case to the Field Office in order
that the Environmental Assessment for the Tony M Mine PO could be amended and a new Record of
Decision issued. As a result of this decision to vacate and renew, the request for stay was
considered moot. The new decision was issued by the BLM on November&nbsp;23, 2007 approving the PO for
the mine. The new decision was once again appealed by the Center for Water Advocacy and the Utah
Chapter of the Sierra Club. The Utah State Director issued a decision denying the appeal and
upholding the PO on February&nbsp;19, 2008.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Phase 2 PO has been filed with the BLM and UDOGM. The Phase 2 activities will include addition
of ventilation shafts, upgrading of the shaft and site access road, installation of a production
shaft and expansion of the mine water evaporation reservoir.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Arizona Strip</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Arizona Strip is an area largely bounded on the north by the Arizona/Utah state line; on the
east by the Colorado River and Marble Canyon; on the West by the Grand Wash cliffs; and on the
south by a midpoint between the city of Flagstaff and the Grand Canyon. The area encompasses
approximately 13,000 square miles.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company owns four developed and partially developed mines in the Arizona Strip, being the
Arizona 1, Canyon, Pinenut and Kanab North mines, all of which had been shut down since the 1980s.
In February&nbsp;2007, the Company purchased from Pathfinder five additional uranium deposits in the
Arizona Strip: the EZ1, EZ2, DB, WHAT and Moonshine Springs properties. The Company recommenced
development work on the Arizona 1 mine in April&nbsp;2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Since 1980, when mine development first began at Hack Canyon II, the Arizona Strip has produced in
excess of 19&nbsp;million pounds of uranium from seven mines, each of which was owned and operated by
EFN. Of these mines, Hack Canyon I, II, and III, Pigeon and Hermit are mined out and have been
reclaimed.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Ore from the Arizona Strip mines is hauled by truck from the mine sites to the White Mesa mill.
The Arizona 1 and Pinenut mines are approximately 307 road miles, and the Canyon Mine is 325 road
miles from the mill.
</DIV>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c83333c8333305.gif" alt="(MAP)">

</DIV>

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

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Arizona 1, Pinenut and Canyon mines are held by unpatented BLM claims. There is a 3.5%
yellowcake royalty on the Canyon property.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Operations</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison engaged J.S. Redpath Corporation (&#147;<B>Redpath</B>&#148;) as its mining contractor for the Arizona 1
operation. In April&nbsp;2007, Redpath began work on site including rehabilitation of the surface
facilities and the hoist and headframe.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In the mid-1980s, the shaft at Arizona 1 was sunk approximately 1,200 feet below surface before
activity at the mine was shut down due to depressed uranium prices. The original target depth was
1,600 feet in order to reach the bottom of the ore body. The Company has decided to ramp down from
the bottom of the existing shaft rather than deepen the shaft to access the lower parts of the ore
body.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Work began on the rehabilitation of the shaft in mid-2007. The rehabilitation of the shaft,
underground development, sinking of an internal raise, which will be used as an ore pass, and the
sinking of a ventilation shaft was completed in September&nbsp;2008. Due to ongoing delays in receipt
of an air quality permit, Redpath was demobilized from the site, and the site remains on care and
maintenance until the air quality permit is received. Once the permit is received it will take
approximately six months of underground development before ore production can begin.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Pinenut and Canyon mine sites have been cleaned up and the buildings re-opened. Both of these
sites also remain on care and maintenance.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Permitting</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Arizona 1 mine has all but one of the permits necessary for mining. An air quality permit,
which is required under new State requirements, is currently being applied for from the State of
Arizona, Department of Environmental Quality (&#147;<B>ADEQ</B>&#148;) and Department of Air Quality (&#147;<B>DAQ</B>&#148;). DAQ
has expanded the scope of the permit to include evaluation of the impact of ore haulage trucks
traveling from the mine along the county and BLM roads. Modelling data has been submitted to DAQ
and it is anticipated that the permit will be issued for public comment before mid-2009. All other
permits are in place for the Arizona 1 mine.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 1992, the State of Arizona updated its laws relating to groundwater issues, requiring that an
Aquifer Protection Permit be obtained. The Company prepared documents applying for groundwater
general permits for the on-site ponds, ore storage and development waste storage pads and
stormwater collection for the Pinenut and Canyon mines. The initial applications for each of the
mine sites were denied. The Company is revising the permit applications and will be submitting
them for review in 2009. Air quality permits will also be required for each of the operations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Ore Purchase</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In July&nbsp;2007, the Company initiated an ore purchase program to provide additional mill feed for the
White Mesa mill. A schedule listing the price to be paid per ton is posted on the Company&#146;s
website at www.denisonmines.com from time to time. The Company adjusts the buying schedule from
time to time in response to changing factors such as uranium and vanadium prices, milling cost and
uranium and vanadium recoveries.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The mill did not receive any ore under the program in 2007 and received 2,423 tons in 2008 at an
average grade of 0.19% 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 1.0%V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In April&nbsp;2008, the Company entered into an ore purchase and toll milling agreement with Blue Rock
Resources Ltd. (&#147;<B>Blue Rock</B>&#148;). The term of the agreement was for three years and Blue Rock was
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->30<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In April&nbsp;2008, the Company entered into an ore purchase and toll milling agreement with Blue Rock
Resources Ltd. (&#147;<B>Blue Rock</B>&#148;). The term of the agreement was for three years and Blue Rock was
required to deliver 25,000 tons of ore under the Company&#146;s ore purchase program. Any additional
ore would be milled under the terms of the toll milling agreement. In 2008, Blue Rock delivered
only 661 tons at an average grade of 0.11% 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 0.58%
V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In March&nbsp;2009, Denison agreed to terminate the ore purchase and toll milling agreement with Blue
Rock and to relieve Blue Rock of its obligations in exchange for the issuance of common shares in
the capital of Blue Rock equal to 19.75% of Blue Rock&#146;s then outstanding capital, at a deemed price
of Cdn$0.015 per share. As of the date hereof, the settlement is subject to approval of the TSX
Venture Exchange.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Mineral Properties</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">William C. Kerr, the Company&#146;s Vice President, Exploration who is a &#147;Qualified Person&#148; in
accordance with the requirements of NI 43-101, is responsible for the Mineral Reserves and Mineral
Resources estimates for the Company&#146;s properties and is responsible for the information of a
scientific or technical nature concerning Mineral Properties and Mineral Exploration in the
following sections.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Summary of Reserves and Resources</B><BR><BR>

The following tables show the Company&#146;s estimate of mineral reserves and mineral resources as of
December&nbsp;31, 2008. NI 43-101 requires mining companies to disclose reserves and resources using
the subcategories of proven reserves, probable reserves, measured resources, indicated resources
and inferred resources. Denison reports reserves and resources separately. Several of the tables
below identify &#147;historic resource estimates,&#148; prepared prior to the implementation of NI 43-101.
See &#147;Mineral Properties &#151; Gurvan Saihan Joint Venture&#148; and &#147;Mineral Properties &#151; Elliot Lake&#148; for
the Company&#146;s disclosure regarding these estimates, including a discussion as to their relevance
and reliability.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Mineral Reserve Estimates</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="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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="2"><B>Company</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>100% Basis</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Share</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pounds of U</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>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pounds of U</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>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Deposit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>% U</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>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
</TR>

 <tr style="font-size: 10pt">
<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">McClean &#151; Ore Stockpile</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">375.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.79</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,505</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,464</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Measured Mineral Resource Estimates</B><SUP style="font-size: 85%; vertical-align: text-top">(1) (2<B>)</B></SUP>
</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="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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="2"><B>Company</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>100% Basis</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Share</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pounds of U</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>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pounds of U</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>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Deposit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>% U</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>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
</TR>

 <tr style="font-size: 10pt">
<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">Mutanga &#151; Mutanga</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,880.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.048</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,992</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->31<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Indicated Mineral Resource Estimates</B><SUP style="font-size: 85%; vertical-align: text-top">(1)(2<B>)</B></SUP>
</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="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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="2"><B>Company</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>100% Basis</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Share</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pounds of U</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>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pounds of U</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>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Deposit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>% U</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>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 10pt">
<TD>&nbsp;</TD>
</tr>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McClean &#151; Caribou</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,724</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">613</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">

<TD><DIV style="margin-left:15px; text-indent:-15px">McClean &#151; Sue D</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,840</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">639</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McClean North</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">186.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,480</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,583</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Midwest<SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">354.0</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">42,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,800</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Midwest A</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">464.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,460</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Henry Mountains &#151; Bullfrog</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">651.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,674</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,674</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Henry
Mountains &#151; Tony M</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,527.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,140</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,140</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mongolia &#151; Hairhan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,726.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,891</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,524</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mutanga &#151; Mutanga</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,400.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 0px solid #000000">5,817</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">5,817</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Indicated Resources</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 align="right">40,250</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Inferred Mineral Resource Estimates</B><SUP style="font-size: 85%; vertical-align: text-top">(1)(3<B>)</B></SUP>
</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="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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="2"><B>Company</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>100% Basis</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Share</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pounds of U</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>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pounds of U</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>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Deposit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>% U</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>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 10pt">
<TD>&nbsp;</TD>
</tr>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McClean &#151; Sue E <SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">483.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,643</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McClean
&#151; Sue D</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">209</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McClean North</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Midwest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.80</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">101</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Midwest A</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,082</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Henry Mountains &#151; Bullfrog</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">685.2</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">5,332</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,332</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Henry
Mountains &#151; Tony M</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">779.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,750</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Arizona Strip</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">217.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,352</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,352</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mongolia &#151; Hairhan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,848.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,484</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,439</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mutanga &#151; Mutanga</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,230.0</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">3,287</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,287</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mutanga &#151; Dibwe</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,040.0</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">8,967</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,967</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mutanga &#151; Mutanga Ext</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.03</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">400</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mutanga &#151; Mutanga East</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mutanga &#151; Mutanga West</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.03</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" style="border-bottom: 1px solid #000000">400</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Inferred Resources</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 align="right">29,911</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD colspan="3"><DIV style="text-align: justify"><B>Notes:</B></DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Mineral resources that are not mineral reserves do not have demonstrated economic viability.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The measured and indicated resources were estimated at various block cut-off grades and 0.10%
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 selected as most reasonable for the McClean deposits, 0.35%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>for the Caribou deposit, 0.30% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> for
Midwest, 0.05% eU (0.059% 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 Midwest 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> with a minimum thickness of 4 feet for Henry Mountains &#151; Bullfrog,
a 0.10% eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> with a minimum thickness of 2 feet for Henry Mountains
Tony M, a 0.02% U (0.024% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>) with a minimum thickness of 1.0 metre
for Mongolia, and a 100 ppm cutoff for Mutanga.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The inferred resources were estimated at various block cut-off grades and 0.10%
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 selected as most reasonable for the McClean deposits, 0.05% eU
(0.059% 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 Midwest 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> with a
minimum thickness of 4 feet for Henry Mountains &#151; Bullfrog, 0.10% eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>
with a minimum thickness of 2 feet for Henry Mountains &#151; Tony M, 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> for the Arizona Strip, 0.02% U (0.024% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>)
with a minimum thickness of 1.0 metre for Mongolia, 100 ppm for Mutanga and Dibwe, and 200 ppm
for Mutanga Ext, Mutanga East and Mutanga West.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The operator conducted confirmatory drilling on a portion of these resources outside the
designed pit and late in 2006 submitted a preliminary analysis detailing an inferred resource
of 2&nbsp;million pounds on a 100% basis in this area, as compared to the 7&nbsp;million pounds that
Scott Wilson RPA has estimated. As at December&nbsp;31, 2008, Scott Wilson RPA has not
re-estimated the resource using the new drill information.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company&#146;s share of the indicated resources at Midwest also contains 4.35% Nickel (8.55
million pounds) and 0.34% Cobalt (0.68&nbsp;million pounds).</DIV></TD>
</TR>

</TABLE>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->32<!-- /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; margin-left: .25in; width: 7.20in">





<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Except as stated below, the reserve and resource information shown above is as reported in the
various technical reports prepared in accordance with NI 43-101 (the &#147;<B>Reports</B>&#148;) by Scott Wilson
RPA, Geostat and CSA Global. See &#147;Mineral Properties &#151; McClean Lake,&#148; &#147;Mineral Properties &#151;
Midwest,&#148; &#147;Mineral Properties &#151; Henry Mountains Complex,&#148; &#147;Mineral Properties &#151; Arizona Strip&#148;,
&#147;Mineral Properties &#151; Gurvan Saihan Joint Venture&#148;, and &#147;Mineral Properties &#151; Mutanga.&#148;
Information on the Ore Stockpile was prepared from the year-end stockpile survey, mill feed and
mine production data reported by ARC, the operator of the McClean Lake joint venture. Reserve and
Resource information in the Reports has been adjusted to reflect ore mined into Ore Stockpile. The
Midwest Probable Reserves have been reclassified, by the Company, to Indicated Mineral Resources as
a result of the decision not to proceed with the project at this time.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The reconciliations shown below detail the changes from the Mineral Reserves and Mineral Resources
reported as of December&nbsp;31, 2007. The 2008 additions and deletions result from ore mined to
stockpile, additional information provided by mining and milling results, new or updated technical
reports and reclassification of reserves and resources.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Reconciliation of Denison&#146;s Share of Uranium Reserves<BR>
(in thousands of pounds U</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><B>)</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="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2008 Additions</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Reserves</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Throughput</B><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Deletions)</B><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>
<tr style="font-size: 10pt">
<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">McClean &#151; Ore Stockpile</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">472</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(762</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,754</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,464</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McClean
&#151; Sue E</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,600</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Midwest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,487</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,487</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Reserves</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,559</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(762</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,333</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,464</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD colspan="3" ><DIV style="text-align: justify"><B>Notes:</B></DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Corresponds to mill feed. The difference between the 2008 mill feed and Denison&#146;s share of
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> produced is due to mill recovery and changes of
in-process circuit inventory.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Additions or deletions of reserves include ore mined to stockpile, reassessment of geological
data, results of information provided from mining and milling and reclassification of reserves
or resources.</DIV></TD>
</TR>

</TABLE>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->33<!-- /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; margin-left: .25in; width: 7.20in">





<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Reconciliation of Denison&#146;s Share of Uranium Resources<BR>
(in thousands of pounds U</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><B>)</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="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2008 Additions</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Resources</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Throughput</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Deletions)</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>
<tr style="font-size: 10pt">
<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"><I>McClean &#151; Sue B</I></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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="right"><DIV style="margin-left:30px; text-indent:-15px">indicated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">264</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(264</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="right"><DIV style="margin-left:45px; text-indent:-15px">inferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(57</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>McClean &#151; Caribou</I></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>
</TR>
<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:30px; text-indent:-15px">indicated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">613</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">613</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:45px; text-indent:-15px">inferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>McClean &#151; Sue E</I></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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="right"><DIV style="margin-left:30px; text-indent:-15px">indicated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="right"><DIV style="margin-left:45px; text-indent:-15px">inferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,651</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,008</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,643</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>McClean &#151; Sue D</I></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>
</TR>
<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:30px; text-indent:-15px">indicated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">639</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">639</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:45px; text-indent:-15px">inferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>McClean North</I></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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="right"><DIV style="margin-left:30px; text-indent:-15px">indicated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,583</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,583</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="right"><DIV style="margin-left:45px; text-indent:-15px">inferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</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"><I>Midwest</I></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>
</TR>
<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:30px; text-indent:-15px">indicated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,800</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:45px; text-indent:-15px">inferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Midwest A</I></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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="right"><DIV style="margin-left:30px; text-indent:-15px">indicated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,460</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,460</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="right"><DIV style="margin-left:45px; text-indent:-15px">inferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,082</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,082</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Henry Mountains &#151; Bullfrog</I></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>
</TR>
<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:30px; text-indent:-15px">indicated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,866</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,192</TD>
    <TD nowrap>)<SUP style="font-size: 85%; vertical-align: text-top">(2)(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,674</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:45px; text-indent:-15px">inferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,046</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(714</TD>
    <TD nowrap>)<SUP style="font-size: 85%; vertical-align: text-top">(2)(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,332</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Henry Mountains &#151; Tony M</I></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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="right"><DIV style="margin-left:30px; text-indent:-15px">indicated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8,140</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(2)(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,140</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="right"><DIV style="margin-left:45px; text-indent:-15px">inferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2,750</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(2)(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,750</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Arizona Strip</I></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>
</TR>
<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:30px; text-indent:-15px">indicated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:45px; text-indent:-15px">inferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,352</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,352</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Mongolia &#151; Hairhan</I></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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="right"><DIV style="margin-left:30px; text-indent:-15px">indicated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,524</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,524</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="right"><DIV style="margin-left:45px; text-indent:-15px">inferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,439</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,439</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Mutanga</I></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>
</TR>
<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:45px; text-indent:-15px">measured</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,992</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:30px; text-indent:-15px">indicated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,817</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,817</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:45px; text-indent:-15px">inferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,154</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,154</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD colspan="3"><DIV style="text-align: justify"><B>Notes:</B></DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Additions or deletions of resources include ore mined to stockpile and reassessment of
geological data and reclassification of reserves or resources.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Henry Mountains &#151; Bullfrog includes the Indian Bench and Copper Bench deposits. The Henry
Mountains &#151; Tony M includes the Southwest and Tony M deposits. See &#147;Mineral Properties -
Henry Mountains Complex.&#148;</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Southwest deposit, which was included in the Bullfrog resources in the Henry Mountains
Technical Report, was re-estimated as part of the Tony M report and these resources were moved
from Henry Mountains &#151; Bullfrog to Henry Mountains &#151; Tony M. See &#147;Mineral Properties &#151; Henry
Mountains Complex.&#148;</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Historical Resources</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On several of Denison&#146;s mineral properties, where there are no current estimates of mineral
resources or mineral reserves, as such terms are defined under NI 43-101, historical estimates
exist. Several of these historical estimates have been reviewed and are considered reasonable and
reliable.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On the Haraat deposit in Mongolia, Geologorazvedka prepared an estimate of mineral resources in
1998. These estimates are considered historical mineral resources under Section&nbsp;2.4 of NI 43-101.
The methodology for the Haraat resource estimate is considered reliable to the level of
classification specified. Scott Wilson RPA considers that the mineral resources, as shown in the
following table, in the Haraat area are equivalent to inferred and, because they are potentially
economic, they are relevant. See &#147;Mineral Properties &#151; Gurvan Saihan Joint Venture.&#148;
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->34<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Haraat Historical Mineral Resources</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="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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="2"><B>Company</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>100% Basis</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Share</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pounds 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>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pounds 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>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(% U)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<tr style="font-size: 10pt">
<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">Inferred Resources</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.023</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,398</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,479</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD colspan="3"><DIV style="text-align: justify"><B>Notes</B>:</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The mineral resource estimate does not comply with the requirements of NI 43-101.
In the opinion of Scott Wilson RPA, the classification complies with CIM definition
standards.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The cut-off grade is 0.01% eU (0.012%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></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The historic resource estimates cannot be verified and the estimates are not
necessarily indicative of the mineralization on the property.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In June&nbsp;2007. the Company received a technical report entitled &#147;Technical Report on the Elliot Lake
Property, Elliot Lake District, Ontario&#148; from Scott Wilson RPA (the &#147;<B>Elliot Lake Report</B>&#148;), a copy
of which is available on Denison&#146;s profile on the SEDAR website at www.sedar.com. Scott Wilson RPA
compiled the historic mineral resources for the Elliot Lake deposits and reported in accordance
with the requirements of NI 43-101. The resource estimate is based on historical mine records at
the time of the shutdown of the mines in 1992. No subsequent work has been carried out since that
time.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Elliot Lake Historical Mineral Resources</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="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>100% Basis and Company Share</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Tons</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pounds of U</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>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(pounds/ton)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
</TR>

 <tr style="font-size: 10pt">
<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">Developed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Undeveloped</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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 nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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 align="right">205,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD colspan="3"><DIV style="text-align: justify"><B>Notes:</B></DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The mineral resource estimate does not comply with the requirements of NI 43-101.
CIM definitions are not used.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The cut-off grade is 0.8 lb/ton 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></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">A minimum mining width of 6 feet was used and no mining recovery factors were
applied.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The historic resource estimates cannot be verified and the estimates are not
necessarily indicative of the mineralization on the property.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In the opinion of Scott Wilson RPA, although the historical estimate cannot be verified, the
estimate is considered to be reasonable based on the estimation methods at the time. The current
historical resource, without access to the drilling information, cannot be classified directly
under the CIM classification standards incorporated under NI 43-101. The mineral resource
estimates were originally classified for the purposes of the Elliot Lake Report as Developed and
Undeveloped. Developed resources are those resources that have been developed for mining and
represent total mineralization remaining after partial extraction during the previous mining
operations. Undeveloped resources are located in blocks beyond existing development workings where
no mining has taken place.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison is investigating the possibility of extracting uranium from the water that has seeped into
the old mine over the past 15&nbsp;years.
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>Property Description and Location</U>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">McClean Lake is owned by Denison (22.5%) and its joint venture partners, ARC (70.0%) and OURD
(7.5%). ARC is the operator/manager of the facility. Denison, ARC and OURD also jointly own the
nearby Midwest project. It is planned that the Midwest ore will be milled at McClean Lake.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The McClean Lake facility is located approximately 26 kilometres west of the Rabbit Lake mine and
approximately 750 kilometres north of Saskatoon.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The mineral property consists of four mineral leases covering an area of 1,147 hectares and 13
mineral claims covering an area of 3,111 hectares. The right to mine the McClean Lake deposits was
acquired under these mineral leases, as renewed from time to time. Mineral leases are for terms of
10&nbsp;years with the right to renew for successive 10-year periods provided that the leaseholders are
not in default pursuant to the terms of the lease. The terms of the four mineral leases must be
renewed between November&nbsp;2015 and August&nbsp;2016. A mineral claim grants the holder the right to
explore for minerals within the claim lands and the right to apply for a mineral lease. Title to
the mineral claims is secure until at least 2023. It is expected that the leases will be renewed
in the normal course, as required, to enable all the McClean Lake deposits to be fully exploited.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">For additional information on mineral leases, mineral claims and surface leases, see &#147;Government
Regulation &#151; Land Tenure.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The uranium produced from the McClean Lake deposit is subject to Saskatchewan uranium royalties
under the terms of Part&nbsp;III of the Crown Mineral Royalty Schedule, 1986 (Saskatchewan), as amended,
see &#147;Government Regulation &#151; Canadian Royalties.&#148; In addition, a royalty of 2% of the spot market
price on all U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> produced from the Sue E deposit is payable to the previous
owner of a portion of the deposit.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Accessibility, Climate, Infrastructure and Physiography</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Access to the McClean Lake site is by both road and air. Goods are transported to the site by
truck over an all-weather road connecting with the provincial highway system. Air transportation
is provided through the Points North airstrip about 25 kilometres from the project site.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The nearest permanent community is Wollaston Post, about 50 kilometres from the property. Workers
commute to and from the site by aircraft landing at Points North then by bus to the site. While at
the site, workers reside in permanent camp facilities. Personnel are recruited from the northern
communities and major population centres, such as Saskatoon, and normally work one week on and one
week off.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Site activities are carried out all year, despite the cold weather during the winter months. Mean
daily temperatures range from -25&#176;C in January to &#043;15&#176;C in July. The average length of the
frost-free period is about 90&nbsp;days.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Water for industrial activities is obtained from one of the many lakes and ponds that surround the
area. Electric power is obtained from the provincial grid with stand-by power available as
required.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All tailings from the McClean Lake processing facility are deposited in the TMF in the mined out
JEB pit. In addition, the TMF has been designed to receive tailings from the processing of the
high-grade Midwest and Cigar Lake ores.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The terrain at McClean Lake is typical of the Athabasca basin area with glacial drift features
following northeast-southwest trends to produce sand and gravel ridges. These ridges are
surrounded by low-lying ground which is often water logged and dominated by muskeg. Small ponds
and lakes cover over 25% of the area. Jack pine and spruce, rarely more than 10 metres high, are
the predominant trees. Surface elevations range from 400 to 500 metres above sea level.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>History</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Canadian Occidental Petroleum Limited (&#147;<B>CanadianOxy</B>&#148;) began exploring for uranium in northern
Saskatchewan in 1974 in the area between the Rabbit Lake deposit and the Midwest Lake area where
uraniferous boulder trains had been found previously. In April&nbsp;1977, CanadianOxy entered into a
joint venture agreement with Inco Limited (&#147;<B>Inco</B>&#148;). During a diamond drilling program in 1977, one
of the 47 drilled holes encountered encouraging uranium mineralization. During the next two years,
extensive exploration work, including airborne geophysics, electromagnetic surveys and diamond
drilling was carried out.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Mineralization was discovered at McClean Lake (the McClean North deposit) in January&nbsp;1979 and
follow up drilling later that year confirmed the existence of significant unconformity type uranium
mineralization. Subsequent exploration resulted in the discovery in 1980 of the McClean South zone
and the JEB deposit in 1982. The Sue trend deposits were discovered between 1988 and 1991, and the
Caribou deposit in 2002.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 1993, the owners of the Midwest and McClean Lake projects agreed to combine the two projects and
develop them as a complementary development. Ownership interests in the respective joint ventures
were interchanged, with a predecessor in title to the Company, which owned an interest in the
Midwest project, resulting in the Company acquiring a 22.5% interest in McClean Lake.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Geological Setting</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The McClean Lake uranium deposits lie near the eastern margin of the Athabasca basin in the
Churchill Structural Province of the Canadian Shield. The bedrock geology of the area consists of
Precambrian gneisses unconformably overlain by flat lying, unmetamorphosed sandstones and
conglomerates of the Athabasca Group. The Precambrian basement complex is composed of an overlying
Aphebian aged supracrustal metasedimentary unit infolded into the older Archean gneisses. The
younger Helikian aged, Athabasca sandstone was deposited onto this basement complex. The basement
surface is marked by a paleoweathered zone with lateritic characteristics referred to as regolith.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Mineralization</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Excluding the JEB deposit, which was mined out several years ago and which is now used as the TMF,
the McClean Lake reserves and resources are located along two &#147;trends&#148; of mineralization, the Sue
trend and the McClean trend. The Caribou pod is a singular deposit at this time.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The mineralized zones in the McClean trend occur as sausage-shaped pods straddling the unconformity
between the Athabasca sandstones and the crystalline basement. The high grade part of the
mineralized pods undulates from 13 metres above to 13 metres below the unconformity contact which
is, on average, 160 metres below the surface in this area. The host rocks for the mineralization
are altered sandstones and Aphebian basement rocks usually altered to clay-rich rocks. A zone of
illite alteration forms a mushroom-shaped envelope tilted to the north in the McClean North zone.
There are 11 discrete pods, arranged along two separate but parallel trends (termed the North and
South zones) separated by approximately 500 metres. Generally, mineralization in the basement is
at the eastern extremity of the combined zone. Uranium mineralization is hosted in hematitically
altered clay-rich zones in which illite forms massive layers. Uranium occurs as fine-grained
coffinite, as veinlets and nodules of pitchblende and as massive masses of pitchblende/uraninite.
Highly variable but generally small amounts of nickel arsenides are associated with the uranium.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The deposits of the Sue trend are along a linear trend on the western flank of the Collins Bay
dome. These deposits trend north-south along or near a steeply east-dipping unit of graphitic
gneiss within a 4.2 kilometre long basement conductor. Mining has been completed at Sue A, Sue B,
Sue C and Sue E. The Sue D deposit lies north of Sue E and south of the Sue C pit along the Sue
trend. Uranium mineralization is hosted by faulted/fractured brecciated and altered graphitic
paragneiss.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Caribou is an unconformity and sandstone-hosted egress-type deposit similar to such deposits as
Cigar Lake, McArthur, Collins Bay and Midwest. The Caribou mineralization consists primarily of
uranium oxides (uraninite and pitchblende) with a suite of nickel-cobalt arsenides in a
clay-altered matrix within the sandstones and fault breccias in the basement. The mineralization
is concentrated along the Athabasca sandstone basement unconformity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Drilling</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As of April&nbsp;30, 1990, when the diamond drilling of the McClean trend ceased, 416 diamond drill
holes totalling 81,800 metres had been drilled into the McClean North and McClean South zones. A
total of 81 diamond drill holes totalling 8,006 metres have been drilled in the Sue A deposit. A
total of 71 holes totalling 7,094 metres have been drilled into the Sue B deposit.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The JEB deposit was discovered by CanadianOxy and Inco in 1982. A total of 92 diamond drill holes
totalling 11,779 metres were drilled on this deposit by the time of the feasibility study in 1990.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A total of 128 diamond drill holes were drilled into the Sue C deposit prior to the development
decision, totalling 21,749 metres of core.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Sue D was explored by diamond drilling from surface from 1989 to 2001 with 70 holes totalling
13,395 metres drilled.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At Sue E, a total of 135 diamond drill holes have been cored for a total of 23,757 metres. Drill
spacing was at 10 metre centres on 12.5 metre lines on all of the above properties.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Caribou deposit was explored in 2002 with the drilling of 44 diamond drill holes with 7,022
metres. Holes were drilled on 12.5-metre sections at a spacing of 5 metres.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Sampling and Analysis</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following description applies to all exploration on the McClean Lake property.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Following the completion of a drill hole, the hole was radiometrically logged using a downhole
slim-line gamma probe. The gamma-log results provide an immediate equivalent uranium value
(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 the hole, which, except in high grade zones, is reasonably
accurate. The gamma-log results, however, have not been used for the purposes of estimating
reserves.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Sample intervals are generally 500 millimetres long, except where higher or lower grade
mineralization boundaries fall within the interval. In that case, two 250 millimetre samples are
collected. Flank samples of 1.0 metre are always collected where mineralization is located. A
background geochemistry sample is collected every 10 metres down the hole.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All sampled core is split in half, one half retained and the other sent to an independent
laboratory. Lost core is not an issue at the McClean project as core recovery has been good.
Control samples were routinely assayed with each batch of core samples analyzed.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The mineralization in the various McClean deposits is highly variable in both mineralogy and
uranium content. The principal minerals identified in the deposits are pitchblende, uraninite and
niccolite. As a result of the highly variable uranium content, a variable density formula was
developed for the McClean deposits. This formula was modified over the years to account for the
fact that it originally tended to underestimate U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> content where the
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> values were associated with high values of nickel and arsenic.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Security of Samples</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">No opinion can be given regarding security of samples in the mid to late 1970s and the late 1980s
other than to indicate that subsequent geological work and all metallurgical and geotechnical work
have confirmed the results. All procedures reviewed follow generally accepted industry practice.
A good demonstration of the reliability is that both the JEB and Sue C deposits have been mined out
and more uranium has been recovered into stockpiles than had been estimated from surface drilling.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Mineral Reserve and Mineral Resource Estimates</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Mineral reserve estimation procedures have evolved over the years. At the time of the feasibility
study in 1990, polygonal methods were used for the JEB, the Sue A, the Sue B, the Sue C deposits
and for the McClean zones. Prior to the start of mining at the JEB deposit, the reserves were
re-evaluated using computerized methods whereby block models were constructed and geostatistical
methods were implemented. Much more recently, these figures have been further fine tuned using
Whittle pit optimization software. Throughout all this, the reserve numbers have not changed
materially. Appropriate tests and audits of the databases on all the McClean deposits have been
carried out by qualified Denison personnel. In the case of JEB, Sue C and Sue B, the amount 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> recovered into stockpiles was 12%, 24% and 13% respectively higher than
that estimated from surface drilling.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company received a technical report from Scott Wilson RPA dated November&nbsp;21, 2005, as revised
February&nbsp;16, 2006<B>, </B>on its mineral reserves and mineral resources at certain of the deposits at
McClean Lake in which it has an interest entitled &#147;Technical Report on the Denison Mines Inc.
Uranium Properties, Saskatchewan, Canada&#148; (the &#147;<B>McClean Technical Report</B>&#148;), a copy of which is
available on the Company<FONT style="font-variant: SMALL-CAPS">&#145;</FONT>s profile on the SEDAR website at <U>www.sedar.com</U>. The
mineral resource estimates, as reported in the McClean Technical Report, for Caribou and McClean
North are as shown in &#147;Mineral Properties &#151; Summaries of Reserves and Resources<I>.</I>&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In preparing the McClean Technical Report, Scott Wilson RPA reviewed previous estimates of mineral
reserves and mineral resources at the applicable properties, and examined and analyzed data
supporting the previous estimates, as well as other available data regarding the properties,
including extensive information from ARC. The analysis for the McClean North deposit in this
Report was based on the blind shaft boring mining method.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">For the Sue B deposit, Scott Wilson RPA evaluated the previously developed 2003 resource model
which was based on a total of 71 drill holes. Scott Wilson RPA accepted and reclassified the
previously developed resource model and estimate. At the date of the McClean Technical Report, Sue
B was not planned to be developed, so Scott Wilson RPA did not evaluate the economic potential of
the deposit and did not estimate reserves. Sue B was mined in 2008 and recovered 13% more uranium
than had been estimated.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">For the Sue E deposit, Scott Wilson RPA constructed a block model using indicator kriging to both
map out and geologically constrain mineralized areas. A block that had at least one nearby
composite within 10 metres of its centre, and that had composites from at least two different drill
holes in its search neighbourhood was classified as part of the indicated resource. The indicated
resource was evaluated by Scott Wilson RPA using Whittle economic evaluation software showing that
the Sue E pit economics were robust and mineral reserves were estimated. Mining was completed at
the Sue E pit during 2008 recovering about 91% of the probable reserves estimated by Scott Wilson
RPA. Scott Wilson RPA classified approximately 7.3&nbsp;million of the pounds outside the current pit
as inferred. Confirmatory drilling in 2006 by the operator has indicated that this may be reduced
to 2.0&nbsp;million pounds. Scott Wilson RPA has not re-estimated the resources based on this drilling.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Scott Wilson RPA&#146;s estimation of the McClean North deposit was carried out by 2-D block modeling
with inverse distance cubed (ID<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>) interpolation of drill hole composites spanning the
vertical thickness of the pod, and 3 x 3 block model cells were developed. Potentially economic
uranium mineralization, using the blind-shaft boring method, was correlated on longitudinal and
cross sections and in plan to define the plan boundaries of the pods, effectively providing a
contour of mineralization grading 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> over three metres vertically.
Resources were estimated based on a grade thickness (&#147;<B>GT</B>&#148;) cut-off of 24% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8
</SUB>x metres.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company received a technical report from Scott Wilson RPA dated March&nbsp;31, 2006 on its mineral
resources at the Sue D deposit entitled &#147;Technical Report on the Sue D Uranium Deposit Mineral
Resource Estimate, Saskatchewan, Canada&#148; (the &#147;<B>Sue D Report</B>&#148;), a copy of which is available on the
Company<FONT style="font-variant: SMALL-CAPS">&#145;</FONT>s profile on the SEDAR website at <U>www.sedar.com</U>. Scott Wilson RPA carried
out an independent resource estimate for Sue D by conventional 3-D computer block modeling. A
minimum vertical mining width of two metres was employed with a 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.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The resource estimate for the Caribou deposit is based on a block model for which grade was
interpolated using ordinary kriging. Since there were no plans for the mining of this deposit at
the date of the McClean Technical Report, the economic potential was not evaluated and reserves
were not estimated.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Due to the significant increase in the price of uranium, Denison requested Scott Wilson RPA to
re-evaluate the uranium resources in the McClean North trend that are amenable to other methods of
mining. The original McClean Technical Report had only evaluated Mineral Resources and Mineral
Reserves of the high grade portions under the assumption of the blind shaft mining method. The
Company received a technical report from Scott Wilson RPA dated January&nbsp;31, 2007, on its mineral
reserves and resources at the McClean North uranium project entitled &#147;Technical Report on the
McClean North Uranium Deposit Mineral Resource Estimate, Saskatchewan, Canada&#148; (the &#147;<B>McClean North
Technical Report</B>&#148;), a copy of which is available on the Company<FONT style="font-variant: SMALL-CAPS">&#145;</FONT>s profile on the SEDAR
website at <U>www.sedar.com</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The re-evaluation of McClean North was carried out by conventional 3-D computer block modeling.
Wire frames were constructed for each of pods 1, 2 and 5. The estimate included internal dilution,
but not external dilution, and was carried out at a 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. This
resource estimate is based entirely on diamond drill information. Block cell dimensions were
selected at eight metre model grid east west x 5 metre model grid north south and a 2 metre bench
height or approximately 180 tonnes/block. Scott Wilson RPA constructed a resource wireframe based
on kriging, and constructed a special waste wireframe, that generally surrounds the resource
wireframe, using similar kriging parameters but with larger search distances.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Midwest</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>Property Description and Location</U>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Midwest and Midwest A uranium deposits at the Midwest project are two of several high-grade
deposits at or near the contact between the basement complex and the sandstone in the Athabasca
Basin in northern Saskatchewan. Midwest is owned by Denison (25.17%) and its joint venture
partners, ARC (69.16%) and OURD (5.67%). ARC is the operator/manager. Denison, ARC and OURD are
also the joint venture partners in the McClean Lake joint venture and the owners of the McClean
Lake mill where the Midwest ore is planned to be milled.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Midwest project is located near South McMahon Lake approximately 15 kilometres from the McClean
Lake mill, which began operating in 1999. The site is approximately 750 kilometres north of
Saskatoon.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Since the completion of the test mine at the Midwest deposit in 1988 and 1989, the site has been
under an environmental monitoring and site security surveillance program. At present, there is an
inactive water treatment plant, two water storage ponds and a core storage area on the site and a
dam in the Mink Arm of South McMahon Lake. All of the facilities used in the test mine program and
all of the existing surface facilities are located on lands owned by the Province of Saskatchewan.
The right to use and occupy the lands was granted in a surface lease agreement with the Province of
Saskatchewan. The original surface lease agreement of 1988 was replaced by a new agreement in
2002. This new surface lease is valid for a period of 33&nbsp;years. Obligations under the surface
lease agreement primarily relate to annual reporting regarding the status of the environment, the
land development and progress made on northern employment and business development. The Midwest
surface lease covers an area of approximately 646 hectares.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The mineral property consists of three contiguous mineral leases covering an area of 1,426
hectares. The right to mine the Midwest deposit was acquired under these mineral leases, as
renewed from time to time. The mineral leases are for terms of 10&nbsp;years with the right to renew
for successive subsequent 10&nbsp;year periods, provided that the leaseholders are not in default
pursuant to the terms of the lease. The term of one of the mineral leases expires in December&nbsp;2013
and the other two expire in December&nbsp;2018. The Company expects that the leases will be renewed in
the normal course, as required, to enable the Midwest deposit to be fully exploited.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">For additional information on mineral leases and surface leases, see &#147;Government Regulation &#151; Land
Tenure.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The uranium produced from the two Midwest deposits will be subject to Saskatchewan uranium
royalties under the terms of Part&nbsp;III of the Crown Mineral Royalty Schedule, 1986 (Saskatchewan),
as amended, see &#147;Government Regulation &#151; Canadian Royalties.&#148; In addition, a portion of Denison&#146;s
interest in the Midwest project (i.e. 5.5% of the project reducing to 3.44% after payout) is
subject to a sliding-scale, gross overriding royalty ranging from 2% to 4% payable to two previous
owners of a portion of the Midwest project.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Accessibility, Climate, Infrastructure and Physiography</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Access to the Midwest project is by both road and air. Goods are transported to the site by truck
over an all-weather road connecting with the provincial highway system. Air transportation is
provided through the Points North airstrip approximately 4 kilometres from the project site.
The nearest permanent community is Wollaston Post, about 70 kilometres from the property on the
other side of Wollaston Lake.

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Site activities are carried out all year despite the cold weather during the winter months. Mean
daily temperatures range from -25&#176;C in January to &#043;15&#176;C in July. The average length of the
frost-free period is about 90&nbsp;days.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Water for industrial activities is obtained from one of the many lakes and ponds that surround the
area. Electric power can be accessed from the provincial grid through nearby Points North.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">No tailings storage areas are expected to be required at Midwest since it is planned that all
Midwest ore will be transported to the McClean Lake mill for processing, with all resulting
tailings being disposed of in McClean Lake&#146;s licensed TMF.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Surface facilities and infrastructure at the Midwest project will consist of a water treatment
plant and those necessary to support the mining operation and the ore shipment activities. Ample
area for these facilities is available on the existing surface lease.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The terrain at Midwest is typical of the Athabasca Basin area with glacial drift features following
northeast-southwest trends to produce sand and gravel ridges. These ridges are surrounded by low
lying ground which is often water logged and dominated by muskeg. Over 25% of the area is covered
by small ponds and lakes. Jack pine and spruce, rarely more than 10 metres high, are the
predominant trees. Surface elevations range from 400 to 500 metres above sea level.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>History</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Initial exploration work in the vicinity of the two Midwest deposits began in 1966. Canada Wide
Mines Ltd, a subsidiary of Esso Resources Canada Ltd. was operator of the project from 1968 to
1982. From 1968 to 1975, exploration was carried out on an exploration permit which included the
area covered by the current mineral leases. Most of the work was concentrated on the area near
South McMahon Lake where uranium mineralized boulders were found. In 1974, the exploration permit
was changed to mineral leases.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During the winter season of 1977, one of the holes drilled through the unconformity encountered
radioactive mineralization. In January&nbsp;1978, the Midwest deposit was intersected by the first
drill holes. During 1978 through 1980, a further 439 holes were drilled (for a total of about 650)
to delineate the deposit and to explore the surrounding area of the mineral leases.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 1987, Denison acquired a 45% interest in the Midwest project and became the operator. An
underground test mine program was completed in 1989 which confirmed the results of the surface
drilling program and identified a high-grade mineral reserve containing 35.7&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> at an average diluted grade of 99 pounds per tonne, mineable by
underground methods.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 1993, the respective owners of McClean Lake and Midwest combined their interests to make one
complementary project with one mill at McClean Lake. In order to accomplish this, a portion of
Denison&#146;s interest in Midwest was exchanged for an interest in McClean Lake. This transaction,
together with several related ownership changes, resulted in Denison&#146;s ownership interest in
Midwest being reduced to 19.5% and Minatco, ARC&#146;s predecessor in title, becoming the operator.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 1999, Denison increased its interest in Midwest by 5.50% through the exercise of first refusal
rights. With the increase in uranium reserves recovered into stockpiles at McClean Lake, the
uncertainty of the timing and costs of the Midwest development and the desire to eliminate the
obligation to pay advance and future royalties on production from Midwest, Denison decreased its
interest in Midwest from 25% to 19.96% effective March&nbsp;31, 2001. ARC, the operator/manager of
Midwest, also reduced its interest from 70.5% to 54.84% for the same reason.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At the end of 2004, in order to take advantage of uranium prices rapidly increasing and the supply
demand balance becoming tighter, Denison again increased its interest at Midwest, along with its
joint venture partners, by buying the 20.70% interest in Midwest then held by Redstone Resources
Inc. This purchase permitted Denison to acquire a further 5.21% interest in Midwest, bringing its
interest to 25.17% and adding 1.7&nbsp;million pounds to the Company&#146;s uranium resource base. ARC&#146;s
interest increased to 69.16% and OURD&#146;s interest increased to 5.67%.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Exploration activities resumed in 2004 some three kilometres to the northeast of the Midwest
deposit to test ground around a historic hole MW338 that had returned an isolated intercept of 3.8
metres at 6.9% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. Continuing exploration identified the Midwest A deposit
and several other mineralized areas, including the Josie Zone, lying between the Midwest and the
Midwest A deposits.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Geological Setting</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Midwest uranium deposits lie near the eastern margin of the Athabasca Basin in the Churchill
Structural Province of the Canadian Shield. The bedrock geology of the area consists of
Precambrian gneisses unconformably overlain by flat lying, unmetamorphosed sandstones and
conglomerates of the Athabasca Group. The Precambrian basement rocks are Aphebian-aged, are termed
the Wollaston Group, and are essentially graphitic pelitic metasediments. These pelitic
metasediments form a steeply dipping syncline which trends northeast. The basement surface is
marked by a paleoweathered zone with lateritic characteristics referred to as regolith.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Exploration</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Initial work on the property was a regional airborne geophysical survey, which located conductors
below the sandstone cover. Ground prospecting identified a radioactive boulder field and
subsequent drill testing of the conductors located the mineralization in 1978.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">After Denison acquired a 45% interest in the project and became the operator in 1987, an
underground exploration test mine program was initiated at the Midwest deposit. From the fall of
1988 through April&nbsp;1989, a 3.7 metre diameter shaft was sunk to a depth of 185 metres on the west
shore of the Mink Arm of South McMahon Lake. From a depth of 170 metres, a crosscut was driven a
total of 180 metres east. At the end of the crosscut, a blind-hole boring rig was installed to
test the unconformity and related mineralization. Blind-hole boring of two 1.2 metre diameter
holes through the mineralization was then carried out.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All three known uranium occurrences in the area (Midwest deposit, Josie Zone and Midwest A deposit)
lie along a long resistivity low corresponding to a conductor associated to the graphite-bearing
gneissic units of the basement. The other exploration tool of choice is rock geochemistry and clay
mineralogy in drill hole core samples, mostly to define alteration haloes in the overlying
Athabasca sandstone.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Mineralization</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Midwest deposit is lens to cigar-shaped, 215 metres long with two main pods of high-grade
mineralization separated by a 50 metre long section of low grade disseminated mineralization. The
average width is 80 metres with a maximum of 128 metres. Thickness of the zone averages 10 metres
with a maximum of 30 metres. Overall, the deposit is high grade at 5.47%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. Nickel and arsenic average grades are high, at 3.2% and 5.3%
respectively.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Midwest deposit is representative of a typical unconformity type zone, whereby 99.5% of the
resources are located at the basement sandstone contact either in the basal conglomerate or in the
upper basement unit.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Locally, mineralized lenses occur along steep faults above and below the main unconformity
mineralization. These are termed &#147;perched&#148; and &#147;deep basement mineralization&#148; respectively.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Midwest A deposit is located at a depth of between 175 and 210 metres below the surface. It
consists of several sub-parallel high-grade mineralized zones. These structures are surrounded by
low-grade remobilized and clay-rich mineralization that has formed in the typical &#145;pancake&#146;
morphology. This occurs on several layers, with the most pronounced being located in the sandstone
just under the contact with the chlorite zone, immediately under a conglomerate marker horizon
located at approximately 175 metres below surface. This conglomerate layer has been somewhat
disturbed and locally destroyed by the quartz dissolution associated with the mineralization.
Another layer, more poorly defined, occurs just above the unconformity. The mineralized structures
also exhibit structurally controlled roots that go well down into the basement (as far as 70 metres
beneath the unconformity).
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Drilling</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Over 650 drill holes had tested the Midwest property prior to 2004, of which 100 surface (and
wedged extensions) and three underground holes have been used for resource estimations for the
Midwest deposit. Eighty of these are NQ diamond drill holes from the surface, 20 are PQ holes
drilled for metallurgical test work, and three are confirmation holes drilled from the underground
crosscut. All of the surface holes were geologically and geotechnically logged and sampled by
previous owners of Midwest, while the underground holes were logged and sampled by Denison.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Of the 103 holes used for estimation of the Midwest resources, 22 did not have downhole survey
information and therefore were assumed to be vertical. A statistical analysis carried out in 1982
indicated that at the 285 metre level, these supposedly vertical holes could have deviated by as
much as 12 metres with an average of roughly five metres. Sensitivity studies have been carried
out and indicate that, if the block boundaries remain fixed, the uncertainty in hole location for
these 22 holes causes a fluctuation of 8% in tonnes, 5% in metal content and 3% on grade.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The resource estimate for Midwest A is based on 85 new core holes drilled between 2005 and 2007, as
well as 29 old vertical core holes drilled in 1979 and 1980, and in 1989. Additional drilling has
been carried out since the date of the resource estimate.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Sampling and Analysis</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Due to the nature of the mineralization, lost core is a significant issue. Lost core ranges
between 0% and 50% with an average core loss of 33% for the drill holes included in the resource
estimation for the Midwest deposit. The original owners initiated a convention which is
conservative and has withstood many audit procedures over the years. The value assigned to lost
core is the lowest assay of recovered material from one of three samples. These samples are: (1)
the sample within which the lost core occurs; (2)&nbsp;the sample immediately above the one containing
the lost core; and (3)&nbsp;the sample immediately below the one containing the lost core.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Core recovery from the 2005 to 2007 Midwest A drilling was substantially improved in relation to
earlier drilling, with 86% overall core recovery. The sections of poor core recovery occur with
more frequency in the sandstone just above the unconformity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Geochemical rock samples from the 2005 to 2007 drilling were shipped to and analysed by
Saskatchewan Research Council Geoanalytical Laboratories (&#147;<B>SRC</B>&#148;) in Saskatoon. Quality control
procedures in place at SRC include a systemic insertion of blanks, duplicates and standards.
Radiometric data are converted into % eU in a standard manner.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Security of Samples</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">No opinion can be given regarding security of samples by the previous owners in the mid to late
1970s, other than to indicate that subsequent geological work, and all metallurgical and
geotechnical work, including the sinking of a shaft and a test mining program in the late 1980s,
have given no cause to doubt the veracity of the samples from which the resource estimations are
based. The best confirmation that proper security of samples was maintained is the previously
mentioned report on the assay data, where the assay data base was checked at two external labs and
found to contain an average variation of only 4% for values greater than 0.5%
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 align="justify" style="font-size: 10pt; margin-top: 10pt">No special security measures were enforced for the core samples from drilling since 2005. They are
transported to the core shack and logging facility in sealed, standard, wooden core boxes, where
they are photographed, logged, radiometrically scanned and, in some cases, split or chipped.
Bagged samples are shipped to SRC in plastic pails or metallic containers.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Mineral Reserve and Mineral Resource Estimates</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">From June of 1978 up to and including October of 1980, there were a total of 13 discrete &#147;reserve
estimation&#148; reports published on the Midwest deposit by the previous owners.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company retained Scott Wilson RPA to independently review and audit its previously reported
mineral reserves and resources in accordance with the requirements of NI 43-101. The Company
received a technical report from Scott Wilson RPA dated June&nbsp;1, 2005, revised on February&nbsp;14, 2006,
on its mineral reserves and resources at the Midwest uranium project entitled &#147;Technical Report on
the Midwest Uranium Deposit Mineral Resource and Mineral Reserve Estimates, Saskatchewan, Canada&#148;
(the &#147;<B>Midwest Technical Report</B>&#148;), a copy of which is available on the Company&#146;s profile on the
SEDAR website at <U>www.sedar.com</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In preparing the Midwest Technical Report, Scott Wilson RPA reviewed previous estimates of mineral
reserves and mineral resources, and examined and analyzed data supporting the previous estimates,
as well as other available data regarding the properties, including extensive information from ARC.
For the purpose of the economic analysis for determining reserves for the open pitable deposit,
Scott Wilson RPA used a 0.3% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> mining cut-off, mining costs based on
previous actual operating experience at Sue C, historical milling costs at the JEB mill and a
uranium price of $23.20 per pound 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>. Scott Wilson RPA constructed a
block model based on a total of 265 surface drill holes. Scott Wilson RPA adopted the ARC
unconformity and sandstone mineralization interpretation with some minor modifications. The total
reserve in the Scott Wilson RPA estimate is approximately 24% greater than the previously reported
estimates due to the addition of the South Extension Zone and increased 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 estimates due to the application of a density weighted methodology. This block model was
then used as the basis for evaluation of open pit economics using industry standard Whittle
software analysis program. As a result, of increased costs and other economic factors, the Midwest
reserves were reclassified to resources in 2008 pending a decision to proceed with the development
of the Midwest deposit.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Midwest Mineral Resources </B><SUP style="font-size: 85%; vertical-align: text-top">(1) (2) (3)</SUP>
</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="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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="2"><B>Company</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>100% Basis</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Share</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pounds of U</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>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pounds of U</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>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(000&#146;s)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(% U</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><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(000&#146;s)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(000&#146;s)</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">Indicated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">354.0</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">42,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,800</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.80</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">101</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD colspan="3"><DIV style="text-align: justify"><B>Notes:</B></DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Midwest Technical Report estimated Probable Reserves but they have been reclassified, by
the Company, to indicated mineral resources in 2008 as a result of the decision not to proceed
with the development of the project at this time.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The cut-off grade for the Midwest indicated resources is 0.30% 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></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The indicated resources also contain 4.35% nickel (Company share of 8.5&nbsp;million pounds) and
0.34% cobalt (Company share of 0.68&nbsp;million pounds).</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Geostat was retained to complete an independent technical review of the Midwest A uranium deposit.
Geostat&#146;s review was carried out and a report was prepared in compliance with the standards of NI
43-101. The Company received Geostat&#146;s report on the mineral resources of the Midwest A deposit,
dated January&nbsp;31, 2008, entitled &#147;Technical Report on the Midwest A Uranium Deposit of
Saskatchewan, Canada&#148; (the &#147;<B>Midwest A Technical Report</B>&#148;), a copy of which is available on the
Company&#146;s profile on the SEDAR website at <U>www.sedar.com</U>.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->45<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In preparing the Midwest A Technical Report, Geostat delineated mineralized envelopes on drill
section planes at 25 metre intervals, mostly based on equivalent uranium grades and a cut-off of
0.05% eU. As a general rule, the mineralized shapes look simple on both extremities of the zone
while they seem to have a more complex geometry in the centre part of the zone. In that centre
part, a small high-grade pod is defined within the outline of the mineralized zone itself around a
few intercepts of significant length and consistently showing high grades, generally above 10%e U.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Once mineralized solids and the location and cut grades of composites within those solids were
defined, the next step was to fill the solids with small blocks on a regular grid and interpolate
the grade of each block from the grades of composites close to the blocks. Blocks of the current
resource model are 10 x 10 x 3 metres and they are oriented along the strike of the deposit. The
procedure used calculates the proportion of each mineralized solid in each resource block on the
regular grid. All together, 1,461 resource blocks have some mineralized material with proportions
ranging from 0.6% to 100%, and an average of 47.6%.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Volumes of mineralized material of each solid, obtained by adding block fractions, are reasonably
close to the mineralized solid volumes. For the low-grade solids , the interpolation of the uranium
grade of the block fraction in a given solid is done with ordinary kriging following search
conditions as defined by variography routines. With the above conditions, the grade of all
low-grade fractions in the 1,461 blocks can be interpolated. For the high-grade solid (only 73
blocks with some fraction of that material from 0.2% to 49.2%), no local block grade interpolation
was attempted. An 18% U fixed value (reasonably close to the average composite grade of 18.6% U)
has been assigned to all block fractions. This approach corresponds to kriging with a pure nugget
effect variogram.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The resource block model leads to resource estimates provided that volumes are converted into
tonnages. Since at this time, there are no density measurements from Midwest A core samples,
densities used are based on the density model defined for the nearby Midwest deposit. In this
model, fixed densities (from 2.24 to 2.34 tonnes per cubic metre) are assigned to material in given
uranium grade categories (from 0 to 6% U), and a fixed density of 2.8 tonnes per cubic metre is
used for the high-grade material.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Geostat classified the Midwest A resources as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Midwest A Mineral Resources</B><SUP style="font-size: 85%; vertical-align: text-top">(1) (2)</SUP>
</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="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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="2"><B>Company</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>100% Basis</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Share</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pounds of U</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>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pounds of U</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>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(000&#146;s)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(% U</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><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(000&#146;s)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(000&#146;s)</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">Indicated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">464.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,460</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,082</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD colspan="3"><DIV style="text-align: justify"><B>Notes:</B></DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The mineral resource estimates comply with the requirements of NI 43-101 and the
classifications comply with CIM definition standards.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The cut-off grade is 0.05% eU.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Other Midwest Information</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">For taxes and royalties, see &#147;Government Regulation &#151; Canadian Royalties&#148; and &#147;Government
Regulation &#151; Canadian Income and Other Taxes.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Henry Mountains Complex</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Henry Mountains Complex is 100% owned by Denison, and is comprised of the Bullfrog property,
hosting the Indian Bench and the Copper Bench deposits, and the Tony M property, hosting the
Southwest deposit and the Tony M deposit and mine.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->46<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On October&nbsp;17, 2006, Denison filed on the SEDAR website at <U>www.sedar.com</U> an independent
technical report entitled &#147;Technical Report on the Henry Mountains Complex Uranium Project, Utah,
U.S.A.&#148; prepared by Scott Wilson RPA in accordance with the requirements of NI 43-101 with respect
to its Henry Mountains Complex (&#147;<B>Henry Mountains Technical Report</B>&#148;). This report provided current
estimates for the Indian Bench, Copper Bench and the Southwest deposits and a historical resource
estimate for Tony M.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On March&nbsp;26, 2009, Denison announced that it had received an independent review of the resource
estimates for the Tony M and Southwest deposits on the Henry Mountains Complex prepared by Scott
Wilson RPA in accordance with NI 43-101 (&#147;<B>Henry Mountains Tony M &#151; Southwest Technical Report</B>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Property Description and Location</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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 town 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 and the Tony M
property located to the south.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Henry Mountains Complex is comprised of 202 unpatented BLM mining claims totalling
approximately 3,665 acres and one 640 acre Utah State Mineral Lease. The surface rights are owned
by the federal government and administered by the BLM, with the exception of the Utah State Mineral
Lease which has associated state surface rights. Seventeen of the 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 $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="justify" style="font-size: 10pt; margin-top: 10pt"><U>Accessibility, Climate, Local Resources, Infrastructure and Physiography</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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. A network of
unimproved, dirt exploration roads provide access over the property except for areas of rugged
terrain. The Bullfrog Basin Marina airstrip is located approximately 15 miles south of the Henry
Mountains Complex. The Henry Mountains Complex is located in a relatively remote area of Utah, and
the infrastructure is limited. The distance to Denison&#146;s White Mesa mill is 117 miles.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The climate is distinctly arid, with 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: 10pt">Relief over the combined Bullfrog and Tony M properties is about 2,250 feet. The elevation 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 properties. 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 half of the
properties.

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

<P align="center" style="font-size: 10pt"><!-- Folio -->47<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>History</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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 Resources Inc. (&#147;<B>Plateau</B>&#148;), at that time a
subsidiary of Consumers Power Company of Michigan.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison acquired the Bullfrog property when it purchased substantially all of the uranium producing
assets of EFN in 1997. In February&nbsp;2005, Denison acquired the Tony M property, thus bringing it
under common ownership with the Bullfrog property.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt"><I>Bullfrog Property</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Exxon conducted reconnaissance in the area in 1974 and 1975, and then staked its first Bullfrog
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="justify" style="font-size: 10pt; margin-top: 10pt">From July&nbsp;1982 to July&nbsp;1983, 112 drill holes were completed by Atlas Corp., under a purchase option
with Exxon, delineating the Southwest and Copper Bench deposits on approximately 100 foot centres.
From July&nbsp;1983 to March&nbsp;1984, a core drilling program was completed throughout the Bullfrog
Property with 133 rotary drill holes to delineate the Indian Bench deposit on approximately 200
foot centres.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In late 1992, EFN purchased the Bullfrog property from Exxon and conducted a geologic review and
internal economic analysis of the property. In 1997, Denison became the owner of the Bullfrog
property.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Tony M Property</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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. More than 2,000 rotary drill holes totaling about one million feet were
drilled.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Development of the Tony M mine started in September, 1977. By mid-1984, nearly 17 miles of
underground workings had been 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.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 1989, 30 to 40 rotary holes were drilled to delineate zones of high grade uranium
mineralization.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Geological Setting</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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 property and
the Tony M deposit 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>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->48<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Mineralization in the Bullfrog property deposits 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="justify" style="font-size: 10pt; margin-top: 10pt">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.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Exploration</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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. Scott Wilson RPA did not have access to the detailed
information collected underground in the Tony M mine.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison 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 permitting were initiated. See &#147;Operations &#151; Henry Mountains
Complex.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Mineralization</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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. Coffinite is the dominant primary uranium mineral in the mineralized horizons, with
uraninite occurring in only trace amounts.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt"><U>Drilling</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>Bullfrog Property</I>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Most of the drilling done on the Southwest, Copper Bench, and Indian Bench deposits on the Bullfrog
property was conducted by rotary drilling using a tricone bit. Additional drilling was done to
collect core samples.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Indian Bench deposit is delineated by drilling on approximately 200 foot centres, while the
Southwest and Copper Bench deposits were drilled on 100 foot centres. In some areas, the rugged
terrain made access difficult, resulting in an irregular drill pattern. A total of 2,232 drill
holes were completed on the Bullfrog property.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->49<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The mineralization is approximately horizontal on the Bullfrog property, so vertical holes provide
a reliable estimate of the thickness of the deposits.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Tony M Property</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In February&nbsp;1977, drilling commenced in what was to become the Tony M deposit. Plateau Resources
Inc. drilled more than 2,000 rotary drill holes totalling about 1.0&nbsp;million feet. The holes were
drilled using rotary tricone technology. The rugged terrain over much of the Tony M property made
drilling access difficult, resulting in an irregular drill pattern. The drilling includes 24 core
holes. 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="justify" style="font-size: 10pt; margin-top: 10pt"><U>Sampling and Analysis</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>Bullfrog Property</I>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">Metallurgical testing included leach amenability studies, settling, and filtration tests.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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;Cut-Off Grade and Mining Considerations.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Tony M Property</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The same suite of logging surveys and procedures as employed at the Bullfrog property were
conducted for Tony M. Assays of samples from core drilling were collected and submitted for
analysis. 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="justify" style="font-size: 10pt; margin-top: 10pt"><U>Status of Chemical Equilibrium of Uranium</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>Bullfrog Property</I>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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 radiometric 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. Other investigations had identified no significant disequilibrium
problem.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Tony M Property</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Plateau conducted an extensive investigation of the state of chemical disequilibrium of uranium in
the Tony M deposit. In 1989, NAC reported that an analysis of results from 1,763 samples,
including 1,137 composite samples collected from buggies coming from the Tony M mine, was completed
in 1983. Based on that analysis, it was concluded: (i)&nbsp;the state of disequilibrium varies from
location to location within the deposit; (ii)&nbsp;with the exception of one small area in the southern
part of the deposit, the equilibrium factor is positive; (iii)&nbsp;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 (iv)&nbsp;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="justify" style="font-size: 10pt; margin-top: 10pt">Scott Wilson 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="justify" style="font-size: 10pt; margin-top: 10pt"><U>Data Verification</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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, Scott Wilson 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, Scott Wilson RPA reviewed the chemical analyses of core
from diamond drill holes from the Bullfrog property and is of the opinion that the gamma logging
results for the Bullfrog property provide a reliable, but conservative, estimate of the uranium
content. The review suggests that the resource estimate may underestimate the uranium content of
the Bullfrog property by up to about 5%.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Security of Samples</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Procedures followed during exploration 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="justify" style="font-size: 10pt; margin-top: 10pt"><U>Mineral Resource Estimation </U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In the Henry Mountains Technical Report, Scott Wilson RPA audited the 1993 EFN mineral resource
estimate of the Copper Bench and Indian Bench deposits on the Bullfrog property and the Southwest
deposit on the Tony M property, accepted them as a current resource estimate and classified them as
indicated and inferred mineral resources in accordance with CIM definitions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The basis for this resource estimation is the gamma logs from 1,801 rotary drill holes located on
the Southwest, Copper Bench and Indian Bench deposits. This represents about 80% of the 2,232
total holes drilled on these deposits. 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 Denison&#146;s tenure). See
&#147;Drilling&#148; above for further detail.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">In the preparation of the Henry Mountains Tony M &#151; Southwest Technical Report, Scott Wilson RPA
audited the mineral resource estimates of the Tony M and Southwest deposits prepared by Denison
using the contour method in 2008 and accepted them as a current resource estimate, and has
classified them as indicated and inferred mineral resources in accordance with CIM definitions.
This new estimate provides an update of the Southwest deposit which was previously included in the
Henry Mountains Technical Report.
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->51<!-- /Folio -->
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The results of 1,671 drill holes were used to prepare the resource estimates for the Tony M and the
Southwest deposits. A total of 32 core holes were drilled to recover samples for chemical and
geologic analysis and to establish stratagraphic relationship.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following table lists the mineral resources by deposit for the entire Henry Mountains Complex:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Henry Mountains Complex Mineral Resource Estimate</B><SUP style="font-size: 85%; vertical-align: text-top">(1) (2) (3)</SUP><BR>
<B>100% Basis and Company Share</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="27%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="38%">&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="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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 nowrap align="center" colspan="2"><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>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><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>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Deposit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Million Tons</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(%)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(million pounds)</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">Tony M</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Indicated Resource</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.83</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tony M</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Inferred Resource</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Southwest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Indicated Resource</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.66</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">3.30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Southwest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Inferred Resource</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">0.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.68</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Indian Bench</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Indicated Resource</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" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Indian Bench</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Inferred Resource</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="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Copper Bench</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Indicated Resource</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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Copper Bench</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Inferred Resource</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>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Notes:</B>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 3pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The mineral resource estimates comply with the requirements of NI 43-101 and the
classifications comply with CIM definition standards.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Tony M and Southwest mineral resources were estimated at a cut-off grade of
0.10% eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> over a minimum thickness of 2 feet and a minimum GT
of 0.2 feet-%.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Indian Bench and Copper Bench mineral resources were estimated at a 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>, a minimum thickness of 4 feet and a
minimum GT of 0.8 feet-% that does not include any intervals with less than a 0.5
foot 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></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Cut-Off Grade and Mining Considerations</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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 for the Copper Bench and Indian Bench
was made by Scott Wilson RPA based on evaluations of current mining and processing costs made by
both Denison and other operators in the region. Preliminary estimates for mining and processing
costs are in the order of $150/ton.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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. Based on the extensive review of the drilling, Scott
Wilson 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="justify" style="font-size: 10pt; margin-top: 10pt">For the Tony M and Southwest deposits, Denison established minimum grade, thickness and GT
parameters based on conventional Colorado Plateau mining practices and recent operating costs at
the Tony M Mine.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As an initial step for compositing of the drill hole assays, minimum grades of 0.10%, 0.08%, 0.05%
and 0.03% eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> were used over a minimum thickness of two feet, with a two
foot minimum for exclusion of waste intervals. This resulted in minimum GT values of 0.20 feet-%,
0.16 feet-%, 0.10 feet-% and 0.06 feet-%, respectively. The two-foot thicknesses are based on the
mining technique of split shooting, which is commonly used in the Uravan district. For inclusion
of blocks in the mineral resource estimate, Denison used a cut-off grade of 0.10%
eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->52<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Arizona Strip</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison has a 100% interest in four significant breccia pipe uranium deposits in the Arizona Strip
district of northern Arizona, being: Arizona 1, Canyon, Pinenut, and Kanab North.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On March&nbsp;26, 2007, Denison filed, on the SEDAR website at www.sedar.com, an independent technical
report entitled &#147;Technical Report on the Arizona Strip Uranium Project&#148; prepared by Scott Wilson
RPA in accordance with the requirements of NI 43-101 with respect to the Company&#146;s Arizona Strip
properties (the &#147;Arizona Strip Report&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Arizona 1 has been substantially developed for underground mining; all surface facilities for shaft
sinking are in place at Canyon, and Pinenut is a fully developed underground mine currently on
standby. Kanab North, mined previously, is reported to have only minor quantities of mineralized
material remaining in place and is not included in the Scott Wilson RPA mineral resource estimate.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Property Description and Location</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Prior to its bankruptcy in 1995, EFN located and developed to various stages, numerous uranium
mineralized breccia pipe structures in north western Arizona, between Utah and the Grand Canyon, an
area termed the &#147;Arizona Strip.&#148; Most of Denison&#146;s breccia pipes are between the town of Fredonia,
on the Arizona Utah state line, and Grand Canyon National Park. These include the Pinenut, and
Arizona 1 pipes. One deposit, Canyon, is located south of the park. The properties are
approximately 320 miles from the White Mesa mill.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Arizona 1 is located in Mojave County, Arizona, about 45 miles south west from Fredonia, Arizona by
unsurfaced road. Denison&#146;s property position consists of 10 unpatented mining claims covering
approximately 207 acres.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Pinenut consists of 10 unpatented mining claims encompassing 207 acres. It is located 45 miles
south of Fredonia in Mojave County, Arizona and is accessible via an unsurfaced road.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Canyon project is in north central Arizona, 153 miles north of Phoenix and 10 miles south of
Grand Canyon Village in the Kaibab National Forest, Coconino County. The Canyon site consists of
nine unpatented mining claims encompassing approximately 186 acres. There is a 3.5% yellowcake
royalty on the Canyon property.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Accessibility, Local Resources, Physiography and Infrastructure</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Climate in northern Arizona is semi-arid, with cold winters and hot summers. January temperatures
range from about 7&#176; F to 57&#176; F and July temperatures range from 52&#176; F to 97&#176; F. Annual
precipitation, mostly in the form of rain but some snow, is about 12 inches. Vegetation on the
plateaus is primarily open pinon juniper woodland and shrubs.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The region north of the Grand Canyon is very sparsely populated. Due to the inaccessibility and
low population, infrastructure is not well developed. The nearest commercial centres to the
Fredonia area are the towns of St. George and Cedar City, Utah, both approximately 88 miles to the
northwest by road. The White Mesa mill is approximately 275 miles by road from Fredonia and about
325 miles by road from the Canyon site.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Arizona 1 is a substantially developed mine with the production shaft completed for 1,250 feet of
the proposed final 1,650 feet depth. Drill stations were cut near the current shaft bottom and
some 40,000 feet of drilling were completed from those stations. A headframe, hoist and compressor
are in place.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Pinenut is a fully developed underground mine that produced about 0.5&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> in 1989 and is now on standby. A hoist, headframe and compressor are in
place.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Only surface development has been completed at the Canyon site with a headframe, hoist and
compressor in place. The shaft has been collared to a depth of 50 feet.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>History</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Uranium exploration and mining of breccia pipe uranium deposits started in 1951 when a geologist
employed by the U.S. Geological Survey noted uranium ore on the dump of an old copper prospect on
the South Rim of the Grand Canyon of Northern Arizona. The prospect was inside the Grand Canyon
National Park, but on fee land that predates the park. A mining firm acquired the prospect and
then mined a significant high grade uranium deposit, the Orphan Mine. By the time mining ended in
the early 1960s, 4.26&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> and some minor amounts of copper
and silver had been produced.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">After the discovery of the first deposit in the 1950s, an extensive search for other deposits was
made by the government and industry, but only a few low grade prospects were found. Exploration
started again in the early 1970s. In the mid 1970s, Western Nuclear acquired the Hack Canyon
prospect located about 25 miles north of the Grand Canyon and found high grade uranium
mineralization offsetting an old shallow copper/uranium site. In the next few years, a second
deposit was found a mile away along a fault.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">EFN leased the Hack Canyon property from Western Nuclear in December&nbsp;1980 as a likely low cost
source 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>. Development started promptly, and the deposits were in
production by the end of 1981.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Kanab North deposit was discovered in 1981, but development did not begin until late 1984.
Kanab North was fully developed in 1988 and operated until December&nbsp;1990 when it was placed on
standby. Production totalled about 2.8&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> at an average
grade of just over 0.50% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. Some minor quantity of mineralized material
remains.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">EFN explored the Arizona 1 pipe with a total of 253 drill holes, including: 18 core holes from
underground drill stations with a total footage of 6,122 feet; 17 rotary holes from surface with a
total footage of 25,289 feet, and 218 long holes from underground drill stations with a total
footage of 36,189 feet. Mine development of the Arizona 1 ore body began in 1990 but was suspended
in 1992, with the shaft at a depth of 1,254 feet.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Canyon deposit is located on mining claims that EFN acquired in 1982. Drilling completed by
EFN in 1983 identified a major deposit. EFN drilled a further 36 holes from May&nbsp;1983 through April
1985 to delineate the uranium mineralization and to determine placement of the mine shaft and water
supply well. Additional drilling of six holes was completed in 1994. Development of the site was
discontinued as a result of low uranium prices.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Pinenut mine was developed in 1989, but saw only minor production, approximately 0.5&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> at an average grade of 1.02% 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 was
then placed on standby.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">EFN identified and investigated more than 4,000 circular features in northern Arizona. Some 110 of
the most prospective features were explored by deep drilling, and approximately 50% of those
drilled were shown to contain uranium mineralization. Ultimately, nine pipes were deemed worthy of
development. Total mine production from the EFN breccia pipes from 1980 through 1991 was
approximately 19.1&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> at an average grade of just over 0.60%
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>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Most of the EFN assets were acquired by the Company in 1997. Since that time, Denison has
maintained its ownership of the Kanab North, Pinenut, Arizona 1, and Canyon pipes. All other EFN
breccia pipe prospects have been dropped, although Denison recently acquired four additional
breccia pipe deposits and one sandstone type deposit from Pathfinder. See &#147;Arizona Strip &#150;
Acquisition&#148; below.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Geological Setting</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Parts of two distinct physiographic provinces are found within Arizona: the Basin and Range
province in the southern and western edge of the state, and the Colorado Plateau province in most
of northern and central Arizona. The Arizona Strip lies within the Colorado Plateau province.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Surface exposures within the Arizona Strip reveal sedimentary and volcanic rocks ranging in age
from upper Paleozoic to Quaternary; the area is largely underlain by Mississippian through Triassic
sedimentary rocks. However, exposed within the Grand Canyon are older rocks reaching Precambrian
in age.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Arizona 1, in common with all other breccia pipes within the Arizona Strip, was believed by EFN to
have had its origin as a solution collapse of the Redwall Limestone. This collapse worked its way
upward through the overlying formations to the surface where the throat diameter is on the order of
200 feet to 300 feet. Vertical displacement in the throat averages some 175 feet. Uranium
mineralization is distributed irregularly over a depth interval of approximately 650 feet mainly at
the level of the Hermit Shale formation to a maximum depth of some 1,400 feet from surface.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At Canyon, the surface expression of the pipe is a broad shallow depression in the Permian Kaibab
Formation. The pipe is essentially vertical with an average diameter of less than 200 feet, but it
is considerably narrower through the Coconino and Hermit horizons (80 feet). The cross sectional
area is probably between 20,000 square feet and 25,000 square feet. The pipe extends for at least
2,300 feet from the Toroweap limestone to the upper Redwall horizons. The ultimate depth of the
pipe is unknown.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Mineralization extends vertically both inside and outside the Canyon pipe over some 1,700 vertical
feet, but ore grade mineralization has been found mainly in the Coconino, Hermit, and Esplanade
horizons and at the margins of the pipe in fracture zones. Sulphide zones are found scattered
throughout the pipe but are especially concentrated (sulphide cap) near the Toroweap Coconino
contact, where the cap averages 20 feet thick and consists of pyrite and bravoite, an iron-nickel
sulphide. The ore assemblage consists of uranium-pyrite-hematite with massive copper sulphide
mineralization common in and near the ore zone. The strongest mineralization appears to occur in
the lower Hermit-upper Esplanade horizons in an annular fracture zone.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Deposit Types</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Paleozoic sedimentary rocks of northern Arizona are host to thousands of breccia pipes. The pipes
are known to extend from the Mississippian Redwall Limestone to the Triassic Chinle Formation,
which makes some 4,000 feet of section. However, because of erosion and other factors, no single
pipe has been observed cutting through the entire section. No pipe is known to occur above the
Chinle Formation or below the Redwall Limestone.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Breccia pipes within the Arizona Strip are vertical or near vertical, circular to elliptical bodies
of broken rock. Broken rock is comprised of slabs and rotated angular blocks and fragments of
surrounding and stratigraphically higher formations. Hence, many geologists consider the pipes to
have been formed by solution collapse of underlying calcareous rocks, such as the Redwall
Limestone. Surrounding the blocks and slabs making up the breccia is a matrix of fine material
comprised of surrounding and overlying rock from various formations. The matrix has been cemented
by silicification and calcification for the most part.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Breccia pipes are comprised of three interrelated features: a basinal or structurally shallow
depression at surface (designated by some as a collapse cone); a breccia pipe which underlies the
structural depression; and annular fracture rings which occur outside of, but at the margin of the
pipes. Annular fracture rings are commonly, but not always, mineralized. The structural
depression may range in diameter up to 0.5 miles or more, whereas breccia pipe diameters range up
to about 600 feet; the normal range is 200 feet to 300 feet.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Mineralized breccia pipes found to date appear to occur in clusters or trends. Spacing between
pipes ranges from some hundreds of feet within a cluster to several miles within a trend. Pipe
location may have been controlled by deep seated faults, but karstification of the Redwall
Limestone in Mississippian and Permian times is considered to have initiated formation of the
numerous and widespread pipes in the region.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Exploration</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison has not carried out any exploration on the properties since the acquisition in 1997.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Mineralization</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In the breccia pipe deposits, uranium occurs largely as blebs, streaks, small veins, and fine
disseminations of uraninite/pitchblende (UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>). Mineralization is mainly confined to
matrix material, but may extend into clasts and larger breccia fragments, particularly where these
fragments are of Coconino sandstone. In addition to uranium, an extensive suite of elements is
reported to be anomalously concentrated in mineralized rock within breccia pipes throughout
northern Arizona. Within many pipes, there is a definite mineralogical zoning in and around the
uranium ore body.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Pipes are surrounded by bleached zones, particularly notable in the Hermit Formation where
unaltered red sediments contrast sharply with grey-green bleached material. Both age dating and
disequilibrium determinations indicate that remobilization of uranium has occurred. Uranium
concentrations in the upper levels of a pipe tend to be in equilibrium, but with depth
disequilibrium in the ore bodies increases in favour of the chemical assays.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Uranium mineralization within Arizona 1 extends significantly in the vertical dimension.
Continuous drill hole intersections of several tens of feet with grades exceeding 1.00%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> or more are not uncommon. The maximum continuous surface drill hole
intersection was 92.5 feet at an average grade of 1.55% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. On average,
the 12 drill holes from surface which had intersected uranium mineralization recorded 75 feet of
0.62% 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 align="justify" style="font-size: 10pt; margin-top: 10pt">Uranium mineralization at Canyon is concentrated in three stratigraphic levels: Coconino,
Hermit/Esplanade, and a lower zone. Mineralization extends vertically from a depth of 600 feet to
over 2,100 feet. Intercepts range widely up to several tens of feet with grades in excess of 1.00%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. Twenty-two drill holes from surface encountered uranium mineralization
averaging 100 feet of 0.45% 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 align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Drilling</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Shallow drilling was often conducted to locate the centre of the collapse feature as a guide to the
throat of the underlying breccia pipe. The basic tool for exploring breccia pipes in northern
Arizona is deep rotary drilling supplemented by core drilling, to a depth of 2,000 feet or more
from surface. Prospective pipes were usually first tested with three drill holes. If no showing
of mineralization was present, the effort was abandoned.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Exploration drilling of breccia pipes is a difficult process. Substantial depths, approximately
2,000 feet, small targets, approximately 200 feet in diameter, and non-homogeneous rock formations
combine to limit the accuracy of the drilling process. The presence of cavernous and brecciated
sediments near the present land surface can result in loss of circulation of drilling fluid; as a
result, much drilling is conducted &#147;blind.&#148; Periodic &#147;spot cores&#148; are taken to determine whether
or not holes are within the target structure or have drifted away from the pipe. Indeed, most
pipes cannot be completely drilled out from the surface due to deviation from desired targets. All
drill holes are surveyed for deviation and logged with gamma logging equipment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If surface drilling provides sufficient encouragement that a mine can be developed, on that basis a
vertical shaft is sunk or drilled to its ultimate depth and underground drill stations are
established at various levels to provide platforms for further exploration and delineation
drilling. Drilling from underground stations typically utilized large bore percussion drills. The
resulting drill holes, out to as much as approximately 200 feet or so, were then gamma logged and
surveyed as a supplement to surface drilling.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Sampling Method and Approach</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All the historical drill holes on Denison&#146;s Arizona Strip breccia pipe properties were gamma logged
and surveyed for deviation. These data provide the basic building blocks from which quantities of
mineralized material are estimated. Core holes were drilled to supplement this data, to provide
information for determination of disequilibrium, and to accommodate material for metallurgical
testing. This process was consistent with industry standards at the time and the work carried out
by EFN is judged by Scott Wilson RPA to have been of superior quality.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All of the basic data for calculation of quantities and grades of mineralized material for the
Arizona 1, Pinenut, and Canyon deposits was derived directly by gamma log interpretation. Numerous
checks were completed on this data by means of chemical assays, closed-can assays, and various beta
gamma analyses.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Sample Preparation, Analyses and Protocols</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Industry standards for uranium exploration in the western United States are based almost completely
on the gamma logging process with a number of checks, including: (i)&nbsp;frequent calibration of
logging tools, (ii)&nbsp;core drilling and chemical analysis of core as a check on gamma log values and
the potential for disequilibrium; (iii)&nbsp;possible closed-can analysis as an adjunct to chemical
assays; and (iv)&nbsp;possible gamma logging by different tools and/or companies.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">EFN used the GAMLOG computer program to interpret gamma-ray logs. The GAMLOG program was developed
by the U.S. Atomic Energy Commission. The essence of the method is a trial and error iterative
process by which U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> grades are determined for a series of 1/2-foot or
1-foot layers which can be considered to comprise the zone under analysis. The objective of the
iterative process is to find a grade for each separate layer such that an imaginary set of separate
gamma-ray anomalies (one from each separate layer) could be composited to form an over all anomaly
which would closely match the real anomaly under analysis.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Security of Samples</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">There are no specific provisions for security of data or samples other than those employed for
confidentiality. The previous property owner, EFN, is deemed to have met or exceeded industry
standards for the exploration process.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Data Verification</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Data verification in uranium exploration in the western United States takes the form of a
combination of logging tool calibration, chemical assays on core, and various checks by other
logging units and outside laboratories. Most of this verification process is internal and company
specific. Independent verification has not been part of the industry standard process. EFN
operations in the Arizona Strip are judged by Scott Wilson RPA to have met or exceeded industry
standards.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Mineral Resource and Mineral Reserve Estimates</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Mineral resource estimates were prepared for the Arizona 1, Canyon, and Pinenut deposits using
historical drill hole data provided by Denison. Scott Wilson RPA interpreted a set of cross
sections and plan views to construct 3-D grade-shell wireframe models at 0.2%
eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. Variogram parameters were interpreted and eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>
grades were estimated in the block model using kriging. The grade-shell wireframes were used to
constrain the grade interpolation. All blocks within the 0.2% eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>
grade-shell wireframes, regardless of grade, were included in the mineral resource estimate. There
are no mineral reserves estimated at any of the three deposits at this time. Scott Wilson RPA
estimates the inferred mineral resources as shown below:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Arizona Strip Inferred Mineral Resource Estimates </B><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP><BR>
<B>100% Basis and Company Share</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="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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="2"><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><SUP style="font-size: 85%; vertical-align: text-top">(2<B>)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><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>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Tons</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(%)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(pounds)</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">Arizona 1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">956,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Canyon</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,523,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pinenut</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">873,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 3pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The mineral resource estimates comply with the requirements of NI 43-101 and the
classifications comply with CIM definition standards.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Interval grades were converted from the gamma log data and are therefore 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> (eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>).</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">High eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> grades were cut to 6% at Arizona 1, 10% at Canyon, and 8% at
Pinenut.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Cut-off Grade</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In its feasibility studies of the various Arizona Strip breccia pipes compiled during the 1980s and
1990s, EFN typically used a cut-off grade of 0.15% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. A reasonable
cut-off grade for long term sustainable market conditions would be approximately 0.20%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. This cut-off grade was applied by Scott Wilson RPA to all the breccia
pipe deposits.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Acquisition</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 2007, Denison acquired five uranium deposits located in the Arizona Strip district in north
eastern Arizona from Pathfinder. In aggregate, the historical resource estimates at these deposits
are 1.3&nbsp;million tons at an average grade of 0.28% 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 an
estimated 7.1&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>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Four of the mineral deposits (EZ 1, EZ 2, WHAT and DB 1) are breccia pipe type deposits. The fifth
deposit, Moonshine Springs, is sandstone hosted with uranium mineralization in reduced zones along
oxidation-reduction fronts occurring at surface and gradually becoming deeper towards the north.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Historical resource estimates of the deposits, as presented by Pathfinder to Denison and estimated
in 1996, are shown below. No cut-off grades have been reported for the breccia pipe deposits,
while a 0.05% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> cut-off has been used for Moonshine Springs.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The uranium produced from these deposits is subject to royalties that aggregate less than 2%.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has initiated the permitting to develop the EZ1 and EZ2 deposits.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->58<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Pathfinder Historical Resource Estimates</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP>
</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="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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="2"><B>Pounds of U</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>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Deposit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Tons</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>% U</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>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(millions)</B></TD>
    <TD>&nbsp;</TD>
</TR>

 <tr style="font-size: 10pt">
<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">EZ1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.66</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EZ2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">216,480</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.44</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DB1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.44</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">WHAT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Moonshine Springs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">775,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.16</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.5</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Notes:</B>

</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 3pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The mineral resource estimate does not comply with the requirements of NI 43-101.
CIM definitions are not used.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The historic resource estimates cannot be verified and the estimates are not
necessarily indicative of the mineralization on the property.</DIV></TD>
</TR>


</TABLE>




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Pathfinder resource estimates are based on data, reports and documentation obtained from and
prepared by previous operators, including AREVA. Denison is not treating the historical mineral
resource estimate as NI 43-101 defined resources verified by a qualified person. The properties
will require considerable further evaluation which Denison&#146;s management and consultants intend to
carry out in due course.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Colorado Plateau</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company mined uranium and vanadium bearing ore from its Sunday and Rim mines in the Colorado
Plateau District from November&nbsp;1997 to mid-1999 and since 2007 mined the Topaz, Pandora, Sunday/St.
Jude and West Sunday mines. To date, the Company has not completed the necessary studies to
classify the existing mineralized material as reserves or resources in accordance with NI 43-101;
hence, these properties should be classified as &#147;mineral deposits.&#148; The quantity and grade must be
treated as conceptual in nature as the quantity of work has been insufficient to define a mineral
resource, and it is uncertain if further exploration work will result in conversion of these
estimates to a mineral resource. The current estimate of the deposit&#146;s tons and grade are shown in
the following table. The estimates are based on historical estimates prepared by EFN.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Colorado Plateau Mineral Deposit Estimates<BR>
100% Basis and Company Share</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="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Mineral Tons</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pounds U</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pounds of V</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>2</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>5</B></SUB></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>% U</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>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>%V</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>2</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>5</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(millions)</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">Colorado Plateau</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.335</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">5.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.9</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The most recent estimation of resources was conducted in November&nbsp;1996. Several estimation
methods, including the long-established &#147;uravan&#148; method of estimation, were compared. This
particular method applies a reduction factor of 0.6 to the tonnage to account for the highly
erratic nature of the mineralization in the Uravan belt.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As part of this estimation process, the resources were re-estimated at part of the West Sunday
complex (West Sunday, Le May, and Leonard-Clark) as a comparison with the EFN uravan estimates. A
total of 275 drill holes from original data sources were input into the BORSURV program for
estimating resources using polygonal, triangular, and inverse distance squared methods. It was
found that the polygonal estimation method was the most robust. A 0.5 foot dilution factor above
and below the mineralized horizon was applied. The EFN estimate of 262,000 tons of material at a
grade of 0.24%<SUB style="font-size: 85%; vertical-align: text-bottom"> </SUB>U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> for a total of 1.261&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> compared favourably with the polygonal estimation of 268,140 tons of
material grading 0.25% 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 totalling 1.354&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>. Cut-off grades used were 0.10% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>for Le May
and West Sunday, and 0.14% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> for Leonard-Clark.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->59<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Although the resources at the Topaz deposit was not estimated, it was concluded that the estimates
by EFN are slightly conservative but are realistic numbers for any possible future mining
operations. Note that the deposits evaluated in 1996 contain 24% of the estimated contained pounds
in the table above as the work was primarily driven by verification of estimation methods and was
not done on all deposits.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The above work represents Denison&#146;s most recent resource estimation at the Colorado Plateau
operations. Therefore, the estimates described herein are classified as historical resources under
NI 43-101.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Gurvan Saihan Joint Venture</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On March&nbsp;13, 2007, Denison filed on the SEDAR website at <U>www.sedar.com</U> an independent
technical report entitled &#147;Technical Report on the Uranium Exploration Properties in Mongolia&#148;
prepared by Scott Wilson RPA in accordance with the requirements of NI 43-101 with respect to its
uranium properties in Mongolia (the &#147;<B>Mongolia Technical Report</B>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Property Description and Location</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison has a significant mineral land position in Mongolia. Denison has been active in Mongolia
for more than 15&nbsp;years, and initial exploration commenced prior to the promulgation of the law on
mineral resources in Mongolia in 1997 (&#147;<B>Mineral Law of Mongolia</B>&#148;). Denison&#146;s property holdings are
divided into three groups: (i)&nbsp;properties obtained prior to the Mineral Law of Mongolia and held
within the Gurvan Saihan Joint Venture (or &#147;<B>GSJV</B>&#148;) with the Government of Mongolia (through the
Ministry of Minerals and Energy Resources) and Geologorazvedka, (ii)&nbsp;exploration licences acquired
by the GSJV since 1997 that are subject to the Mineral Law of Mongolia, and (iii)&nbsp;certain
wholly-owned properties of Denison that are also subject to the Mineral Law of Mongolia. The
following details the resources estimated in the Mongolia Technical Report. The other properties
which Denison holds are covered in further detail in the section &#147;Mineral Exploration &#150; Mongolia.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The GSJV holds four exploration licences that were obtained under an agreement with the Government
of Mongolia (the &#147;<B>Mineral Agreement</B>&#148;) prior to the introduction of the Mineral Law of Mongolia.
The GSJV licences have an area of 685,632 hectares and are located in the South Gobi region of
Mongolia. This area is termed desert steppe and supports nomadic herdsmen.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Properties Obtained Prior to 1997</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The GSJV was formed in 1994 by EFN, the Government of Mongolia (currently represented by the
Ministry of Minerals and Energy Resources), and Geologorazvedka. Denison currently holds a 70%
interest in the GSJV and the Mongolian and Russian participants each hold a 15% interest. Denison
is the Managing Director of the GSJV.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The initial properties obtained by the GSJV were granted under a Mineral Agreement with the
Government of Mongolia. The Mineral Agreement grants properties exclusively to the GSJV and
establishes the fiscal and operating policies under which the GSJV operates. Under the GSJV
Founding Agreement:
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Government of Mongolia entered into the Mineral Agreement, granting the GSJV
exclusive rights and permits to five areas without obligations for further licensing fees.
This includes the obligation of the Government to provide all necessary authorizations,
permits and licences needed by the joint venture to conduct business.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Russian participant contributed all of the exploration data, records, and
information it possessed for the five areas.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Denison was obligated to provide 100% of venture funding until the predetermined total
had been reached (initially it was $4&nbsp;million that then changed to $5.1&nbsp;million).</DIV></TD>
</TR>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->60<!-- /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; margin-left: .25in; width: 7.20in">

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


</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The key provisions and terms of the Mineral Agreement between the GSJV and the Mongolian Government
include:
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Exclusive rights were granted to the GSJV for a period of 15&nbsp;years, commencing in 1994,
and for so long thereafter as the GSJV is conducting exploration, development or production
activities on a specific property. Properties on which the GSJV is conducting exploration
activities after 15&nbsp;years must be put into development for the purposes of production
within two years after cessation of exploration activities. The agreement will continue in
effect after 15&nbsp;years as to any property in development or production so long as such
activities continue.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">When Mongolia enacts new laws, the GSJV will not be subject to conditions,
restrictions, taxes, or fees more severe than those effective at the time of approval of
the Mineral Agreement.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">No areas included in the Mineral Agreement can later be designated as closed,
restricted or open to competitive bidding as long as the Mineral Agreement is in effect.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">After the first four years of work, the GSJV may identify certain lands which are no
longer of exploration interest and may release such lands from the Mineral Agreement.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The GSJV and the Mongolian Government will negotiate a procedure and a schedule to
release any such lands from the Mineral Agreement.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The initial funding obligation by Denison was to be fulfilled within four years in
accordance with a schedule in the Mineral Agreement. This commitment was met in 1997.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">After the initial funding of the first $4&nbsp;million (subsequently changed to $5.1
million) of GSJV expenditures, funding will be on the basis of equity share in the GSJV,
and each partner will receive its equity share of net proceeds from mining operations.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Each participant is required to fund its own share of GSJV expenditures, however, the
Company has been funding 100% of all expenditures of the GSJV after the initial funding
obligation.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">If a participant fails to fund its share of expenditures, such participant will be
suspended from participating in the business and management of the GSJV, and will give up
its rights to its share of profits until the participant providing funding on behalf of any
non-funding participant has recovered from net profits of the GSJV an amount equal to 150%
of contributions made on behalf of the non-funding participant.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Specific tax provisions for the GSJV are defined.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In addition to its 15% equity interest in the GSJV, the Government of Mongolia is
entitled to a 4% production royalty.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Participants cannot assign their interest to another party without the written consent
of the other participants.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Government of Mongolia acknowledges that its 15% equity interest in the GSJV and
its production royalty of 4% are its entire interest and waives any rights it may have had
at the time the Mineral Agreement was entered into or under future law to take a greater
interest or impose a greater royalty in the future.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The GSJV is entitled to apply to receive benefits or favourable provisions under new
laws which contain terms or conditions that are more favourable to the GSJV than the
conditions existing when the Mineral Agreement was approved.</DIV></TD>
</TR>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->61<!-- /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; margin-left: .25in; width: 7.20in">

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


</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Subsequent to the formation of the GSJV, Mongolia enacted the Mineral Law of Mongolia. The Mineral
Law contains some conditions and provisions that are not consistent with the Mineral Agreement.
However, the Mineral Agreement has been recognized as an &#147;International Agreement&#148; under the
Mineral Law, and any inconsistencies between the Mineral Law and the Mineral Agreement have, thus
far, been resolved in favour of the provisions of the Mineral Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The GSJV and the Ministry of Minerals and Energy are currently in the process of extending the
terms of the GSJV&#146;s licences in accordance with the Mineral Law of Mongolia and the terms of the
Mineral Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Accessibility, Climate, Local Resources, Infrastructure and Physiography
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Mongolia is a large, landlocked country with an area of about 1,566,000 square kilometres. The
capital is Ulaanbaatar, which is located in the north central part of the country. Ulaanbaatar is
the site of the only international airport in the country. The Trans-Mongolian Railway connects to
the Trans-Siberian Railway in the north and the China rail system to the south. Much of the
country is open and vehicle access is possible to most of the areas. Distances are large, however,
and roads are often poor or non-existent. The local airline, MIAT, serves about 20 communities.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The climate in Mongolia is extreme continental. Temperatures are extreme in winter (down to -50&#186;
C) and summer (up to 40&#186; C). In Ulaanbaatar, July is the warmest and wettest month, with an
average temperature of 17&#186; C and an average rainfall of 76 mm, while January is the coldest and
driest month, with an average temperature of -25&#186; C and no precipitation. Rainfall and temperature
throughout Mongolia are variable depending on elevation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In the areas where Denison is working, there is essentially no infrastructure currently available
to support mine development.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>History</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During 1988 and 1989, regional scale exploration drilling was commenced by Geologorazvedka in the
Choir Depression. In addition to providing depression-wide stratigraphic profiles, the early
drilling confirmed the presence of large areas of continuous, shallow uranium mineralization
occurring in sands, siltstones, clays, and coals of the Dzuunbayan Formation. The early
exploration clearly established the favourability of the sedimentary basins of the Gobi region as
hosts for uranium deposits.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Following approval of the formation of the GSJV in January&nbsp;1994, work began immediately on a field
program in the summer of 1994. The focus of the GSJV exploration was for deposits amenable to
in-situ recovery (&#147;<B>ISR</B>&#148;) production method, and previous exploration in the Choir Depression had
indicated that the deposits there might be suitable for ISR mining. The 1994 work consisted of
limited delineation drilling at Haraat to expand known resources and to increase confidence in the
resources. A small ISR field test was run in 1994 to determine the ISR favourability of the Haraat
type mineralization.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 1996, the GSJV began a major escalation of exploration work. A total of 30,210 metres were
drilled, and 6,000 kilometres of gamma spectrometric surveys were run. This drilling resulted in
the addition of substantial resources, but as with the previously identified deposits, the majority
of the mineralization was determined to be above the natural water table.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->62<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Initial reconnaissance drilling was conducted in the Gurvan Saihan and Hairhan Depressions in 1996,
following gamma surveys which delineated favourable, anomalous trends. Uranium mineralization was
encountered in all of the profiles, and in several instances ore grade mineralization was
discovered.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Initial reconnaissance drilling in the Hairhan Depression totalled slightly over 1,000 metres in 22
holes, and was conducted near the end of the 1996 field season. The largest ore discovery
encountered by the GSJV to that point in time was made at Hairhan. The discovery hole intersected
a 14-metre thick ore zone grading 0.144% U.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In May&nbsp;1997, the Company acquired the assets of EFN including its interest in the GSJV.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">No estimates were completed at Haraat for the widespread mineralization that occurs above the
natural water table. Historical mineral resource estimates for the mineralization at Haraat that
is below the water table were prepared by Geologorazvedka, as General Contractor, in 1997 and 1998.
The results of the estimates are set out below:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Haraat Historical Resource Mineral Estimate</B><SUP style="font-size: 85%; vertical-align: text-top">(1<B>)</B></SUP>
</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="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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="2"><B>Company</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>100% Basis</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Share</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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="6" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pounds of U</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>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pounds U</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>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Million Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Grade %U</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Tonnes U</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(millions)</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inferred Resource</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.023</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,461</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.5</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 3pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The mineral resource estimate does not comply with the requirements of NI 43-101.
In the opinion of Scott Wilson RPA, the classification complies with CIM definition
standards.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The cut-off grade is 0.01% U.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The historic resource estimates cannot be verified and the estimates are not
necessarily indicative of the mineralization on the property.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The methodology used for the historical mineral resource estimation at Haraat is standard in the
former Soviet Union. It used Russian gamma logs from the 1988 and 1994 drilling and American gamma
logs for the 1996 drilling, which were all converted to a common database and corrected for
disequilibrium using the results of 1,950 core sample chemical analysis. A correction was also
applied for moisture content for mineralization below the water table. The resource estimate was
based on polygons for each drill hole and a density factor of 1.65 tonnes per cubic metre.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Part of the Haraat deposit is above the water table and part is below. The resources below the
water table are presently considered potentially exploitable by ISR methods. Mineralization above
the water table requires further work to confirm its possible economic potential and is not
included in the historical resource estimate.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A major part of the 1996 program was the acquisition, assembly, and operation of an ISR Pilot Plant
at Haraat. This plant was a fully integrated facility, capable of producing a final product,
although drying and packaging equipment were not included. The testing in 1996 included both a
test on mineralization above the water table, as well as a test below the water table, the latter
being the normal operating regime for an ISR project. These tests confirmed that hydraulic control
can be maintained and that uranium solubilization and mobilization can be controlled.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->63<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Work in 1997 expanded beyond the level of 1996, with efforts concentrated on drilling to define
potential ore reserves and to test new exploration targets on the GSJV lands. The bulk of the 1997
drilling was in the Hairhan and Choir Depressions, with a modest amount of initial reconnaissance
drilling conducted in the Ulziit Depression. The Ulziit drilling followed gamma spectrometric
surveys to identify favourable locales. No ISR testing was conducted in 1997.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The 1997 drilling effort was redirected to focus on Hairhan with the goal to delineate and confirm
resources by the end of the 1997 season. In only five months, over 32,000 metres were drilled,
resulting in delineation of a significant uranium deposit. At Hairhan, the natural water table is
near the surface, so all the mineralization of possible commercial interest is below the water
table.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Work in 1998 was once again directed toward the objectives of exploration reconnaissance, resource
delineation, and ISR testing, with over 50,000 metres of drilling, and the first stage ISR testing
at the Hairhan deposit. The Hairhan Depression received the bulk of the exploration drilling
effort in 1998. The mineralization depth ranges from 10 metres to 200 metres, with the average
depth in the 60-metre to 80-metre range. The Hairhan 1998 test confirmed the leachability of the
mineralization at Hairhan.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">With the decline of the uranium price, no drilling was conducted during 1999; however, an extensive
regional geologic reconnaissance program was conducted. In 2000, the GSJV Managing Director placed
the GSJV program on &#147;standby&#148; status.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During 2004 and 2005, the GSJV resumed work and applied for additional Exploration Licences in six
areas. In the Gurvan Saihan depression, previously identified uranium occurrences, as well as
additional target areas within the depression, were tested with 159 holes totalling 12,562 meters.
Results indicated that uranium mineralization was encountered in a variety of settings, which
indicated that additional exploration drilling was warranted.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During 2006, the Company completed over 76,000 metres of drilling on the GSJV properties and 11,600
metres on its 100% owned properties. Based on this drilling, Denison reduced its property position
to focus on its higher priority targets. For a description of the 2007 and 2008 programs, see
&#147;Mineral Exploration &#150; Mongolia&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Geological Setting</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The geology of Mongolia is dominated by the Altaid orogen &#150; an orogenic collage of subduction and
accretion terranes that extend from the Ural Mountains to the Korean Peninsula (Yakubchuk et al.,
2001, Dejidmaa and Badarch, 1999). This orogen formed between the Neoproterozoic and the
Carboniferous. The Altaid rocks of Mongolia lie between the North China Craton and the Siberian
Craton.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Altaid rocks of Mongolia are a m&#233;lange of Neoproterozoic basement areas separated by various
island arc segments and accretionary wedges. These various sedimentary and volcanic terranes have
been intruded by mafic and felsic plutons ranging in age from Cambrian to Mesozoic. Cretaceous and
younger basins unconformably overlie the Altaid rocks.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Late Mesozoic extensional basins are a prominent geological and topographic feature of central east
Asia. The basins are interpreted as having formed in an intracontinental, back-arc tectonic
setting in response to extensional faulting. These basins, likely fault bounded grabens and half
grabens, were filled by eroded sediment during the Jurassic and Cretaceous periods.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->64<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Property Geology</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The GSJV licences cover a number of the internal basins, or depressions, located in central
Mongolia. All of these depressions appear to have similar geological features. The depression
that has received most testing to date is the Choir Depression.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Choir Depression is a linear depression about 150 kilometres long and from 10 kilometres to 20
kilometres wide. The elevation of the depression varies from about 1,100 metres to 1,140 metres
above sea level, while the surrounding upland is from 300 metres to 500 metres higher. Basement
around the Choir Depression comprises Proterozoic schist, gneiss and limestone, Paleozoic granitic
rocks, Permian acid volcanic rocks, and Mesozoic leucogranitic rocks and associated volcanic rocks.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The depression fill is composed of non-lithified sediments with a total thickness of approximately
1,500 metres. The Lower Cretaceous sediments of the Dzuunbayan Formation are divided into two
facies, with the first typically variegated and the second normally grey. The variegated section
is comprised of conglomerate, sandstone, and siltstone, and occurs mainly on the margins of the
depression. The second facies is comprised of lacustrine sediments, typically clays and
argillaceous sandstone, with interbeds of brown coal and disseminated iron sulphides. The Upper
Cretaceous section is comparatively thin in the Choir Depression and is generally from 5 metres to
40 metres thick. It is typically composed of variegated sand and gravel with limonite-goethite
cementation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Drilling</U><BR><BR>

A significant amount of drilling has been completed on the GSJV. The aggregate lengths of the
historical drilling and type of drilling completed in the period 1994-1998 are set out below.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Drilling by Property and Year<BR>
Exploration Drilling (metres)</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="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Depression/Licence</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>1994</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>1996</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>1997</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>1998</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Totals</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Choir</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,439</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,699</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,816</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">52,954</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hairhan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,014</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,426</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,058</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,498</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gurvan Saihan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,495</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">3,495</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ulziit</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 align="right">4,179</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,079</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Undurshil</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 align="right">2,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,360</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exploration Areas
(Ulziit)</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 align="right">672</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">672</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Totals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,439</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,208</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,421</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,990</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">147,058</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->65<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Drilling by Location and Type<BR>
Exploration Drilling (metres)</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="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Rotary Non-</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Depression/Licence</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Core</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Rotary Core</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Hydrology</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>ISR Test Wells</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Water Wells</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</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">Choir</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,453</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,163</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,368</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,536</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">434</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,954</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hairhan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,555</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,531</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,678</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">605</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">129</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,498</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gurvan Saihan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,362</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">3,495</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ulziit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,839</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,096</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">144</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,079</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Undurshil<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">710</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">2,360</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exploration Areas
(Ulziit)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">497</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">175</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">672</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Totals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128,356</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,808</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,046</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,141</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">707</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">147,058</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Notes:</B>
</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 3pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Undurshil project was returned to the Government in 2001 and the Company retains no
interest in this area.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Drilling was carried out by Geologorazvedka working as a drilling contractor to the GSJV in the
period from 1994 to 1998. In the period from 1994 to 1996, down hole logging was carried out by
Geologorazvedka. In the period 1996 to 1998, down hole logging was carried out in-house. Holes
are now logged by a Mongolian contractor using Mount Sopris equipment. Some of the early drilling
was logged using Russian equipment, but the Mount Sopris equipment was in place relatively early in
the program.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A significant amount of drilling has been carried out by Denison during the period from 2005 to
2008. See &#147;Mineral Exploration &#150; Mongolia.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Sampling Method and Approach</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A percentage of the rotary drill holes completed were cored. The purpose of this coring was to
provide samples for testing to allow determination of specific gravity and disequilibrium factors
for the deposits. Coring also allows analysis of various elements and a check of the reliability
of the electric logging equipment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Samples were selected on the basis of down-hole radiometric surveys, the presence of alteration in
the cores, and handheld spectrometry results. Cores were split by hand. Samples ranged in length
from 0.2 metres to 0.9 metres, but the bulk of the samples were either 0.2 metres or 0.3 metres.
Samples were transported to the camp near Haraat for sample preparation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Sample Preparation, Analyses and Security</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Core samples were crushed in the GSJV camp to -200, &#043;300 mesh size and transported to the Central
Analytical Laboratory (&#147;<B>CAL</B>&#148;) of Sosnovgeology, a state geological enterprise in Irkutsk, Russia.
CAL is registered by the Russian Federation and is certified to standard N 41083-95. Analyses
performed by CAL were carried out at a level suitable for the estimation of reserves. Reports
translated from Russian indicate that the laboratory maintained internal quality control programs.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Data Verification</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Uranium data acquisition for the Hairhan ISR project was focused primarily on gamma logging of
rotary non-core drill holes with a small percentage of rotary core holes and accompanying chemical
assays of core as a means of validating the gamma logging process. This is a standard means of
data verification for such projects.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->66<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Other data verification exercises completed by Scott Wilson RPA included: (i)&nbsp;location of drill
hole collars in the field; and (ii)&nbsp;manual checking of the algorithm for converting down hole gamma
readings to uranium grades.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Mineral Resource Estimates</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">For the mineral resource estimate, Scott Wilson RPA accepted and used the drill hole database
compiled by Denison for its 1999 historical estimate. Denison carried out a detailed correlation
of approximately 520 drill holes within the Hairhan deposit. Correlation of the geophysical logs
was accomplished using commonly accepted subsurface exploration methods with a primary emphasis on
identifying sands, interbedded shales, and lignites and assigning them &#147;formation&#148; marker
designations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The raw borehole natural gamma data (counts per second or CPS) were processed using the Denison
in-house GAMLOG program (based on Scott&#146;s AEC Algorithm), with output generated on 10 cm intervals
in percent U. Upon completion of the initial data processing, the borehole logging information was
uploaded into TECHBASE<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>. For each mineralized zone and for each drill hole, thickness (&#147;<B>TH</B>&#148;) and
GT were calculated using the following parameters:
</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="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cut-off Grade</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.02%U</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minimum Thickness (TH)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">1 metre</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Grade X Thickness (GT)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Waste Thickness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">2 metre</TD>
<TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The values for the density and disequilibrium factor are based on calculations completed by
Geologorazvedka. Density is 1.65 tonnes per cubic metre and the disequilibrium factor is 1.0.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Scott Wilson RPA reviewed the correlations of sandstone units hosting the uranium mineralization
and found them to be reasonable. The Denison database was used to plot plans for each mineralized
zone showing the GT and TH values for each drill hole that penetrated the zone, with a minimum GT
value of 0.05 metre %. The GT value and the TH values were contoured by hand on separate plans and
the contours were digitized into AutoCAD.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Each lens within each mineralized zone was classified by the number of drill holes and spacing of
the holes, to reflect confidence in the lens resource estimate. In general, drill hole spacing is
in the order of 100 metres. In some areas where good mineralization was encountered, drill hole
spacing was closed up, and in a few locations, clusters of several holes were drilled at a spacing
of tens of metres. In other areas, two holes are plotted very close together and appear to be
twinned holes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Indicated resource lenses were generally defined by a minimum of three drill holes. Some lenses
had up to twenty or more drill holes. In one case, an indicated resource lens was defined by two
holes spaced in the order of 50-metres apart. In general, the indicated resource lenses were
contourable and were estimated by the contour method described above.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Inferred resource lenses were mostly defined by a single drill hole or by two drill holes clustered
closely together. In a few cases, indicated resource lenses were defined by two drill holes in the
order of 100 metres apart.
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->67<!-- /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; margin-left: .25in; width: 7.20in">
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 2007, Scott Wilson RPA estimated mineral resources for the Hairhan property as summarized in the
table below based on exploration drilling conducted up to 1999. The cut-off is 0.1 metre GT over a
minimum of one metre. The average thickness of the indicated resources is 5.2 metres and of the
inferred resources is 5.7 metres.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Hairhan Mineral Resource Estimates</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="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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="2"><B>Company</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>100% Basis</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Share</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pounds U</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>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pounds of U</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>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>% U</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Tonnes U</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</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">Indicated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,726</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.064</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,036</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,891</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,524</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,848</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.073</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,341</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,484</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,439</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Notes:</B>
</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 3pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The mineral resource estimates comply with the requirements of NI 43-101 and the
classifications comply with CIM definition standards.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The cut-off grade is 0.02% U.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Minimum thickness of 1 metre.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Density is 1.65 tonnes per cubic metre.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">There are no mineral reserves estimated for any of the Denison Mongolia properties at this time.
See &#147;Mineral Exploration &#150; Mongolia&#148; for a discussion of recent exploration activities.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Mutanga Project</B><BR><BR>
Denison acquired the Mutanga Project (&#147;<B>Mutanga</B>&#148;) in 2007 through the acquisition of OmegaCorp.
Mutanga is comprised of the Mutanga and Dibwe deposits plus a number of exploration areas.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Property Description and Location</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Mutanga is located in a sparsely populated region in southern Zambia, in the Siavonga District of
the Southern Province, approximately 200 kilometres south of the nation&#146;s capital, Lusaka.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Mutanga is comprised of a prospecting licence (PL LS 237) encompassing 946.3 square kilometres,
which is held by OmegaCorp Minerals Limited, a wholly-owned subsidiary of Denison. The licence
authorises the Company to carry out prospecting activities for industrial metals, base metals,
precious metals, fuel metals and uranium. The licence was initially granted to Okurusu Florspar
(Pty) Limited on October&nbsp;21, 2004 and formally transferred to OmegaCorp on December&nbsp;20, 2005. The
licence was renewed on October&nbsp;20, 2006 for two years and then again on October&nbsp;20, 2008 for an
additional two years.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Accessibility, Climate, Local Resources, Infrastructure and Physiography</U><BR><BR>

Mutanga is located approximately 200 kilometres south of Lusaka. The main road from Lusaka to
Siavonga (the nearest town to the project site) is in fairly good condition. The mine site itself
is located east of the main road and is accessed via 39 kilometres of poorly maintained gravel
road, for which a four-wheel drive vehicle is required. This road will be upgraded for the
project.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Mutanga site lies to the south of the Zambezi escarpment and is situated in the Zambezi valley
at an altitude of 600 metres above sea level. The climate is warm to hot with dry warm winters and
hot summers during which the seasonal rainfall occurs. The average annual rainfall is approximately
720 mm and occurs from November to March.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The population is very sparse and limited to small family settlements. No service facilities or
accommodation are available in the area.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>History</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Uranium was first identified in the area in 1957 after a ground survey located five anomalous areas
in the vicinity of Bungua Hill, west of Siavonga. Further exploration in 1958 and 1959 then found
low-grade uranium mineralization that could be followed for over 800 metres of strike extent.
Confirmation of this uranium mineralization was further defined in two campaigns after regional
airborne magnetic and radiometric surveys had been flown over the area in 1974. The Geological
Survey of Zambia (&#147;<B>GSZ</B>&#148;) conducted a ground investigation (1973 to 1977) and a second campaign was
conducted by the Italian oil company AGIP S.p.A. (&#147;<B>AGIP</B>&#148;) between 1974 and 1984.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->68<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">GSZ and AGIP completed fairly extensive field programs on several areas within the licence. Both
GSZ and AGIP carried out &#145;resource&#146; estimations on prospects within the current licence area. The
Mutanga and Dibwe deposits were investigated by AGIP during the late 1970s and early 1980s.
Considerable exploration was undertaken by AGIP including extensive resource drilling at both Dibwe
and Mutanga. AGIP estimated a combined resource for Mutanga and Dibwe containing more than 20
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>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Geological Setting</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Mutanga uranium deposits are located within the Zambezi Rift Valley which is hilly with large
fault-bounded valleys filled with Permian, Triassic and possibly Cretaceous sediments of the Karoo
Supergroup. Rocks of the Karoo Supergroup (late carboniferous to Jurassic) occupy the rift trough
of the Zambezi Valley. The Lower Karoo Group comprises a basal conglomerate, tillite and sandstone
overlain unconformably by conglomerate, coal, sandstone and carbonaceous siltstones and mudstones
(the Gwembe Formation), and fine-grained lacustrine sediments of the Madumabasia Formation. The
Upper Karoo sediments unconformably overlay the Lower Karoo and comprise a series of arenaceous
continental sediments overlain by mudstones capped by basalt.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Mineralization</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The uranium mineralization identified to date appears to be restricted to the Escarpment Grit
Formation of the Karoo Supergroup. Within the tenement area, the Karoo sediments are in a
northeast trending rift valley. They have a shallow dip and are displaced by a series of normal
faults, which, in general, trend parallel to the axis of the valley. The Madumabisa Mudstones form
an impermeable unit and are thought to have prevented uranium mineralization from moving further
down through stratigraphy.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Mineralization is associated with iron-rich areas (goethite)&nbsp;as well as secondary uranium being
distributed within mud flakes and mud balls as well in pore spaces, joints, and other fractures.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">It is probable that the uranium was eroded from the surrounding gneissic and plutonic basement
rocks during weathering and deposition of the immature grits and sandstones. The uranium was
transported together with this material in a presumably arid environment. Uranium was precipitated
during reducing conditions in certain favourable units. Later fluctuations in the groundwater
table caused remobilization of this material; uranium was again dissolved and then re-deposited in
reducing often clay-rich areas with a certain degree of enrichment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Drilling</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The first drilling of the Mutanga Project subsequent to Denison&#146;s acquisition of OmegaCorp
commenced on October&nbsp;17, 2007 at the Dibwe deposit. The initial focus of the drilling campaign was
to collect bulk sample material from the Dibwe prospect for metallurgical testing. This program
continued until the onset of the rainy season in the first week of December&nbsp;2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All rigs were relocated to the Mutanga Prospect for the 2007/08 rainy season. The objective of the
program was infill drilling to support an NI 43-101 estimate. Drill hole spacing was 50 x 50
metres. After the end the rainy season in April&nbsp;2008, the rigs returned to Dibwe (Central) for a
50 x 100 metres infill program. Development drilling was completed July&nbsp;17, 2008, and the rig fleet
transferred to exploration drilling.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->69<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Development Drilling Statistics</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="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Development Drilling (October&nbsp;17, 2007&#150; December&nbsp;31, 2007)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,232m</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Development Drilling (January&nbsp;1, 2008 &#150; July&nbsp;17, 2008)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>41,366m</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Denison Development Drilling to end of 2008</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>45,598m</B></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Sampling and Analysis</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Sampling of the drill-holes 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> content has been by the following
methods: (i)&nbsp;down-hole radiometric logging; (ii)&nbsp;riffle splitting of reverse circulation (&#147;<B>RC</B>&#148;)
chips; and (iii)&nbsp;half diamond drill core.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Diamond Core Sampling: On the basis of geological logging and scintillometer readings, mineralized
intercepts from selected holes were cut with a dry diamond blade to minimize core destruction and
loss of uranium mineralization by flushing with water. Half core was sent to Genalysis Analytical
Laboratories (&#147;<B>Genalysis</B>&#148;) in Johannesburg, Republic of South Africa, for sample preparation.
Pulps were sent to Perth, Australia for analysis at Genalysis by pressed powder XRF methods
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">RC Drill Hole Sampling: All percussion chips were collected via a cyclone and split on site at the
time of drilling. The cuttings for each metre are put through a riffle splitter to give a notional
1.5kg primary sample; a notional 1.5kg field duplicate and, depending on the hammer size, a
residual bulk sample of approximately 15 to 20kg. Approximately 10% of anomalous intercepts (more
than twice background level of counts per second (&#147;<B>cps</B>&#148;) as determined by a hand held
scintillometer) in RC holes were selected for assay. Samples of mass approximately 1.5 kg were
sent to Genalysis in Johannesburg for sample preparation. Pulps were sent to Perth, Australia for
analysis at Genalysis by pressed powder XRF methods.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Approximately 1.5 kg primary samples representing anomalous intervals of RC holes that collapsed
before they could be probed were also sent for pressed powder XRF analysis.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Security of Samples</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">RC and diamond drilling campaigns sample were shipped to Genalysis in Johannesburg for preparation.
Once prepared, the assay pulps were forwarded by Genalysis to its Perth assay laboratory where the
samples were held in secure, quarantined storage.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Data Verification: Processes for Determining Uranium Content by Gamma Logging</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Exploration for uranium deposits in Zambia typically involves identification and testing of
sandstones within reduced sedimentary sequences. The primary method of collecting information is
through extensive drilling (both RC and diamond drill coring) and the use of down hole geophysical
probes. The down hole geophysical probes measure natural gamma radiation, from which an indirect
estimate of uranium content can be made.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The radiometric (gamma)&nbsp;probe measures gamma radiation which is emitted during the natural
radioactive decay of uranium. The gamma radiation is detected by a sodium iodide crystal, which
when struck by a gamma ray emits a pulse of light. This pulse of light is amplified by a
photomultiplier tube, which outputs a current pulse. The gamma probe is lowered to the bottom of a
drill hole and data is recorded as the tool is withdrawn up the hole. The current pulse is carried
up a conductive cable and processed by a logging system computer which stores the raw gamma cps
data.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If the gamma radiation emitted by the daughter products of uranium is in balance with the actual
uranium content of the measured interval, then uranium grade can be calculated solely from the
gamma intensity measurement. Down hole cps data is subjected to a complex set of mathematical
equations, taking into account the specific parameters of the probe used, speed of logging, size of
bore hole, drilling fluids and presence or absence of and type of drill hole casing. The result is
an indirect measurement of uranium content within the sphere of measurement of the gamma detector.
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->70<!-- /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; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The basis of the indirect uranium grade calculation (referred to as &#147;eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>&#148;
for &#147;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>&#148;) is the sensitivity of the sodium iodide crystal used
in each individual probe. Each probe&#146;s sensitivity is measured against a known set of standard
&#147;test pits,&#148; with various known grades of uranium mineralization, located at the DOE&#146;s Grand
Junction, Colorado office. The ratio of cps to known uranium grade is referred to as the probe
&#147;K-Factor,&#148; and this value is determined for every gamma probe when it is first manufactured and is
also periodically checked throughout the operating life of each probe. In addition, certain
boreholes at the Mutanga property are cased and the probes are periodically checked for any
instrument drift. Application of the K-Factor, along with other probe correction factors, allows
for immediate grade estimation in the field as each drill hole is logged.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Core Sampling, Processing and Assaying</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Core and RC chip samples are collected for a number of purposes in addition to purely geological
reasons: verification of lithology as determined from geophysical logging and examination of drill
cuttings if RC; determination of uranium content as a general check of gamma probing to determine
if gamma measurement and chemical uranium content are close to balance (this is referred to as
&#147;radiometric disequilibrium&#148;); whole rock analysis; and specific geochemistry for uranium species
and other minerals of interest. Core diameter is typically 76mm. For zones selected for
laboratory analyses, one half of the core will normally be used and the other half retained. The
minimum length of core submitted is usually 0.2 metres and the maximum length per sample is 0.4
metres. Sample intervals are selected by geologists in the field based on lithology,
oxidation/reduction and uranium grade (from gamma logging and from hand-held gamma counters).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Samples are analyzed at the Genalysis in Perth. Samples are transported in a dedicated truck from
Zambia to Johannesburg, where Genalysis operates a dedicated sample preparation facility. The
sample is crushed, pulped and homogenized and a sample pulp is air freighted to the lab in Perth,
Australia.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">This laboratory has been in operation since 1975 and now processes over 1,000,000 samples per
year. It is fully certified and accredited by Australian standards. Genalysis is an accredited
NATA (National Association of Testing Authorities, Australia) laboratory (Number 3244). Genalysis
has been approved by AQIS (Australian Quarantine and Inspection Service) for the receipt and
treatment of samples from interstate and overseas. Genalysis is an Associate Member of the
Association of Mining and Exploration Companies Inc. and a Member of the Standards Association of
Australia.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Quality Assurance and Quality Control Measures</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Drill hole logging is conducted by trained and dedicated personnel devoted solely to this task. The
tools and a complete set of spares, were manufactured by Mount Sopris Instrument Company in Golden,
Colorado and were shipped to Zambia in 2007, ahead of the drilling season. Denison has retained
the services of a senior geophysical consultant, an expert in down hole geophysical probing for
uranium, to oversee training, implementation and quality control protocols with the Zambian logging
personnel. All tools were checked and calibrated before being shipped to Zambia and a variety of
system checks and standards have also been established for routine checking and calibration of
tools. In addition, Denison cased a mineralized hole at one of its centrally located development
areas and this cased hole was logged periodically to ensure exact repeatability of the gamma
probes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Drill hole logging data is stored on digital media in the logging truck at the exploration sites.
The digital data are periodically brought in from the field locations to the Lusaka office. The
raw and converted
logging data are copied and then sent via e-mail to Denison&#146;s Saskatoon office, where all data is
checked and reviewed.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->71<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Samples of drill core are chosen on the basis of radiometric data collected during core logging.
This radiometric data is obtained by using a hand-held scintillometer and on the basis of
subsequent down hole probing. The general concept behind the scintillometer is similar to the
gamma probe except the radiometric pulses are displayed on a scale and the respective count rates
are recorded manually by the geologist logging the core. The hand-held scintillometer provides
quantitative data only and cannot be used to calculate uranium grades; however, it does allow the
geologist to identify uranium mineralization in the core and select intervals for geochemical
sampling.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Additional samples are collected above and below the horizons of interest in order to &#147;close-off&#148;
sample intervals. Sample widths are selected according to radiometric values and lithologic breaks
or changes. All reasonable efforts are made to ensure that splitting of the core is representative
and that no significant sampling biases occur. Once the sample intervals are identified, an
exclusive sample number is assigned each interval and recorded by the on-site geologist.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">After the geological logging of the core and sample selection, all of the selected sample intervals
of drill core are split longitudinally at the drill site. One half of the core is placed in a new
sample bag along with a sample tag corresponding to the sample number. The other half of the core
is re-assembled in the core box and stored for future reference. Samples are transported by
dedicated truck transport and delivered to Genalysis for preparation. As standard procedure, field
duplicates are included in assay suites sent to the laboratory and reference samples are used to
verify laboratory controls and analytical repeatability
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Mineral Resources Estimates</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On March&nbsp;20, 2009, the Company filed on SEDAR, available at www.sedar.com, an independent technical
report entitled &#147;NI 43-101 Technical Report Mutanga Uranium Project, Zambia&#148; (the &#147;<B>Mutanga Report</B>&#148;)
prepared by CSA Global in accordance with the requirements of NI 43-101 with respect to the
Company&#146;s deposits in Mutanga.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In preparing the Mutanga Report, CSA Global carried out the following procedures.
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> grades were estimated into a block model for each deposit, constructed
to honour the interpreted mineralized zones and the surface topography. Blocks within each model
were coded by the relevant domains using the domain wireframes and then constrained to the surface
topography. Blocks situated above the topographic surface were deleted. Adequate waste was built
into the block models to ensure that they were suitable for open pit optimisation and mine
planning. To speed up processing time, waste blocks were filtered out of each block model prior to
grade interpolation and then re-merged into the block file after grades were assigned to each
model.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Ordinary kriging was used to estimate U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> based on the modelled variogram
parameters. Inverse distance squared estimation was completed as a comparison with the kriged
estimate.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The grade interpolation strategy for both deposits involved setting up search parameters in a
search ellipse for each domain, which was then aligned to the geometry of each domain. A series of
grade interpolation &#147;runs&#148; were then completed, at progressively larger search distances until all
blocks received an interpolated grade. Constraints were applied to the number of grade values and
holes used in the interpolations in order to improve the reliability of the estimates.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Upon completion of grade estimation for both deposits, a series of block model validations were
completed to test the robustness of each estimate.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->72<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Mutanga Resource Estimates<BR>
100% Basis and Company Share</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="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>U</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>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Measured</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Lower</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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="2"><B>Pounds</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Cut-off</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>U</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>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>U</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>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Deposit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>ppm</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>ppm</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mutanga</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">1,880</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,992</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></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="23%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>U</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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="10" style="border-bottom: 1px solid #000000"><B>Inferred</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Lower</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Indicated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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="2"><B>Pounds</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Cut-off</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>U</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>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pounds</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>U</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>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>U</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>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Deposit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>ppm</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>ppm</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>U</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>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>ppm</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</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">Mutanga</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">8,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">314</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,817</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,230</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">206</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,287</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mutanga Ext</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200</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 align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">400</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mutanga East</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200</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 align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">320</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mutanga West</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200</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 align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">400</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dibwe</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 align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">234</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,967</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>8,400</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>314</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,817</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>25,470</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>235</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13,154</B></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Notes:</B>
</DIV>


<DIV style="margin-top: 3pt">
<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="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Mutanga mineral resource estimates comply with the requirements of NI 43-101 and
the classifications comply with CIM definition standards.
</DIV></TD>
    <TD width="4%" style="background: transparent">&nbsp;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Based on the results of recent mining and processing studies, the updated resource estimates for
Mutanga and Dibwe are reported at a 100 ppm 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. Recent drilling at
Mutanga has validated the previous historical drilling data and provided increased confidence in
the 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, geological interpretation and tonnage factors resulting in a
significant portion of Mutanga being classified as Indicated. The remainder of the Mineral Resource
has been assigned to the Inferred category, due to the limited understanding of geological
continuity, low drilling density and the uncertainty surrounding the historical data.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Mineral Exploration</I></B>
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In the Athabasca Basin, Denison is participating in 33 exploration projects, primarily located in
the southeast part of the basin and within trucking distance of the operating mills. During 2008,
over 10,000 metres were drilled on Denison-operated projects, and a further 18,498 metres were
performed by ARC on properties in the McClean mill area.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison is participating in five drill programs in the basin during the 2008-2009 winter season.
Only one drill program is operated by Denison, on the Wheeler project, where a significant
discovery has been made. ARC will undertake winter drill programs at the Midwest, McClean and
Wolly projects and, for the first time in several years, the Waterfound property will be drill
tested with 5 holes planned. A major focus of ARC&#146;s work will be to look for mineralized strike
extensions from a number of deposits along the Midwest trend.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On Denison&#146;s operated and non-operated projects, a total of 29,025 metres of drilling is planned
for 2009. In addition to these major drill campaigns, Denison is carrying out a number of
different geophysical surveys to identify targets for future drill programs. Approximately 1,500
line kilometres of airborne geophysical surveys are being flown over two properties as an initial
screening tool. Denison is also
carrying out a large number of ground geophysical surveys on seven properties, where over 250 line
kilometres of Fixed Loop or Moving Loop Time Domain EM surveys, 125 line kilometres of Horizontal
Loop Electromagnetics and over 100 line kilometres of DC Resistivity surveys are planned for the
2009 season. Over 300 line kilometres of ground magnetic surveys will also be carried out in
conjunction with the above.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->73<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In Mongolia, the Company was successful two years ago in making a significant discovery on the
Hairhan deposit where a deeper zone of relatively thick and permeable sands was discovered
underlying the north half of the deposit. In 2008, over 25,000 metres of drilling, part of an
overall 72,723 metre program, was completed at Hairhan, and work is currently underway to estimate
resources. Drill testing was carried out on five other projects, including the Choir depression&#146;s
Haraat deposit where various studies are underway to determine the most optimum mining and
processing method.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At Mutanga in Zambia, the Company continued a major drilling program, which had been initiated in
late 2007 and, during 2008, completed 41,366 metres of both reverse circulation and diamond
drilling directed towards development drilling, and 27,341 metres directed towards exploration
drilling. Three new areas of significant mineralization were discovered within kilometres of the
proposed pit developments. These discoveries will be the target of future development drill
programs as the Company works towards further resource estimation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>McClean Lake</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The McClean project includes the deposits of the Sue Trend, and the JEB, Caribou and McClean Lake
sandstone hosted deposits. The &#147;Sue Trend&#148; represents an arcuate graphitic gneiss which flanks
various granitic domes, and one of these domes is associated with virtually all of the
mineralization at the property. Depths to basement are relatively shallow, rarely exceeding 175
metres, which is well within the range of open pit mining methods. The Sue Trend is host to five
deposits, including Sue A, Sue C, Sue E and Sue B which have been mined. The Sue E deposit is
geologically similar to the Sue C deposit, in that it is basement hosted and contains an order of
magnitude more pounds than the nearby unconformity hosted deposits (Sue A, B and D).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Work in 2008 tested the Tent-Seal trend, where basement mineralization was discovered during three
previous drill campaigns. The Tent-Seal is a relatively long conductor which has not been
thoroughly drill tested and exhibits good alteration. While no economic intersections were made
this year, the continuity of this mineralization was confirmed, and infill drilling is proposed.
Several drill holes will also test untested areas proximal to the McClean North and South deposits.
The corridor between the Caribou and McClean North/South deposits is also untested and is still
presently targeted for drilling.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Midwest</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">For 2009, drilling will focus on targets within the highly-altered 3 kilometre corridor between the
Midwest and Midwest A deposit. In 2008, the Company prepared mineral resource estimates at Midwest
A. See &#147;Mineral Properties &#151; Midwest&#148;. In addition, there are a number of high potential
alteration zones which remain untested at development drilling spacing. A major 9,400 metre drill
program is slated for winter 2008/2009.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Moore Lake</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Moore Lake property, owned 75% by Denison and 25% by JNR Resources Inc. (&#147;<B>JNR</B>&#148;), comprises 11
contiguous claims totalling approximately 36,000 hectares. The property is located in the
south-eastern portion of the Athabasca Basin in the La Ronge Mining District of Saskatchewan. The
Moore Lake property is subject to a 2.5% net smelter return royalty. The target on the Moore Lake
property is an Athabasca unconformity type deposit.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->74<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The most encouraging discovery to date on the Moore Lake project has been the Maverick zone. While
mineralized intercepts have been recovered along nearly 800 metres of strike, and the mineralized
system has been traced by wide-spaced drilling for over three kilometres, the controls,
distribution and concentration mechanism of the uranium mineralization are not understood. The
2008 program attempted to determine the controls of the Maverick mineralization. A program of 13
holes was drilled in 2008. Twelve of these holes were drilled on the Maverick Zone with the
following purposes: (i)&nbsp;to test the deposit for any extensions of the unconformity mineralization
into the basement rocks; (ii)&nbsp;to closely define the western edge of the known unconformity
mineralized pod; and (iii)&nbsp;to test a perched mineralization target in the upper part of the
overlying Athabasca sandstone. The eighth hole was drilled on a structural and weak resistivity
target at the north eastern end of the Maverick Mineralized Trend. This was unsuccessful in
expanding the Maverick deposit. Future work will focus on identifying repetitions elsewhere on the
Moore Lake property. This work will consist of a focused relogging program and drilling. A
significant program of resistivity surveying will also attempt to create targets by responding to
any sandstone alteration chimneys.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Wheeler River</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison has earned a 60% interest in the Wheeler River joint venture and is operator. The Wheeler
project is favourably located along strike from the McArthur River deposit and is underlain by many
of the same geological features as are present on that producing property. A prime target during
the past three years of Denison-operated work has been the quartzite ridge, where significant but
uneconomic mineralization has been intercepted at a depth of 300 metres on two separate locations
along this ridge separated by 600 metres.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2007 was an important year at Wheeler as it both concluded a three-year earn-in, where Denison
earned an additional 20% interest to hold a 60% interest in the project, and established the
exploration program where Denison will now operate under a five-year plan. A number of areas on
the property have not been tested for years, and the proposed drilling, over five years, represents
a systematic approach to the testing of these high potential targets.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A 7,000 metre drill program was carried out in 2007 on three areas, with the winter program
commencing with a drill test of the M Zone, an unconformity hosted target at a 400 metre depth.
Two years ago, a zone of mineralization was intersected 50 metres above the unconformity, and this
target, in an area of known unconformity related mineralization, remains a priority target.
Further work is also planned in the area of mineralization discovered in the last hole of 2007, on
the west side of the quartzite ridge.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Work during 2008 was successful in discovering a new zone of unconformity hosted mineralization
associated with the hanging wall of the quartzite ridge. This zone was a direct result of testing
DC Resistivity anomalies for sandstone &#147;breaches&#148;, postulated to represent alteration plumes
emanating from mineralization at the unconformity. More significantly, the new mineralized zone
returned the highest grades so far intersected in more than 40&nbsp;years of continuous exploration at
Wheeler. The zone was tested on two sections, 600 metres apart, and remains open along strike.
All drill holes during the summer of 2008 either intersected mineralization, or very strong
alteration close to mineralization.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During the winter of 2008/2009, this zone was tested and significant mineralization was discovered
in several holes. On February&nbsp;17 and March&nbsp;18, 2009, Denison announced the results of the program
to date. The following table outlines the assay results from two of the high-grade intercepts.:
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->75<!-- /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; margin-left: .25in; width: 7.20in">
<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="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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="2">Probe</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">e% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Assay</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">From</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Interval</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">(at 1% cut-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">From</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Interval</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Drill Hole</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(m)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(m)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">off)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(m)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(m)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB></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">WR-258</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">396.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">397.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">24.6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">WR-259</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">395.6</TD>
    <TD>&nbsp;</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">12.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">397.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">19.7</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In addition to the above drill holes, drill hole WR-261 intersected 1.6 metres of 5.6%
eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> at 406.4 metres at a 1% 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. Drill
holes WR-262 through 265 intercepted significant alteration but no mineralization. Drill hole
WR-266 intercepted minor mineralization of 2.61% eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> over 0.6 metres from
415.1 metres in the basement rocks. Three more holes will be drilled to complete the winter
program.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The mineralization is monomineralic, unconformity and basement hosted, and bears striking
similarities to McArthur River style mineralization. The McArthur River model is the target of
choice at Wheeler River. Current plans are to test this structure at 50 metre spacings, and then
to test all sections by fence drilling.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Wolly</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Wolly uranium exploration project is a large and well located property that essentially
surrounds the McClean project and comprises 23,799 hectares (approximately double the size of
Wheeler). In October&nbsp;2004, Denison entered into an agreement to earn up to a 22.5% interest in
this project by spending up to Cdn$5&nbsp;million over a six-year period. To date, Denison has earned
an initial 13% interest, and anticipates earning the remaining 9.5 % interest under the option
during 2009.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The property was first explored in the mid 1970s, due to its proximity to the Rabbit Lake
discoveries. Because of the relatively shallow depths to unconformity, which do not exceed 200
metres, drill testing is inexpensive, and deposits are well within the realm of open pit extraction
methods. Wolly originally included the McClean area until the decision was made to place McClean
into production, at which time McClean was separated out. ARC is the operator of the Wolly
project. Denison believes that the Wolly property, despite containing a total of over 800 drill
holes, is arguably the most geologically prospective in the Athabasca Basin, on the basis of
favourable geology, lack of basement exploration, and shallowness of cover.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 2007, work consisted of a variety of ground geophysical surveying of a number of strongly
anomalous conductors and drill testing of targets relatively proximal to the JEB mill. In 2008,
drill testing was carried out on a number of high quality geophysical targets, proximal to areas of
previous mineralized intersections. Work is expected to continue in 2009 on geophysical
preparation and drilling on previously prepared grids. The Wolly project hosts the geological
strike extension of the JEB deposit. As a general rule, all Athabasca uranium deposits are
podiform, and the JEB is strongly anomalous in its singularity. Denison&#146;s management feels that
further drill testing is warranted.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Park Creek</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison signed a letter of intent with Cameco in March&nbsp;2006 for an option to earn an aggregate 75%
interest in Cameco&#146;s Park Creek uranium exploration project in two stages by incurring Cdn$2.8
million in exploration expenditures over a period of three years to earn a 49% interest, with a
second option to earn an additional 26% interest by incurring expenditures of Cdn$3.0&nbsp;million over
two years. Denison is the operator during the earn-in period and has earned the initial 49%
interest.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The work completed on Park Creek in 2007 included an AeroTEM survey and a winter and summer drill
program for a total of six holes. Four holes were drilled on the Park Creek Property during the
winter
drill program which lasted from February 1 to April&nbsp;1, 2007. The main area of drilling was located
on the Esker grid where previous drill programs had outlined an area of anomalous geochemistry
associated with an apparent intersection of the northeast-southwest trending Bird Lake Fault with
north-south trending Tabbernor faults. The most favourable hole was drilled on the Hook grid which
targeted a conductor and coincident major fault zone, identified during 2006 drilling and which had
low but anomalous radioactivity in a wedge of basal conglomerate below the unconformity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As part of the ongoing exploration on the Park Creek claims, a winter drill program was completed
on the Esker 1995 and 1998 grids from February to April, 2008. Four drill holes on the Esker 1995
grid, PK-75, PK-77, 78 and 79, followed up structural targets and anomalous U concentrations
identified in previous exploration programs. A fifth drill hole on the Esker 1998 grid, PK-76,
followed up faulting, anomalous U concentrations and illite alteration observed in historic holes
in the area. The highest levels of radioactivity intersected were within pegmatite and granitic
intervals associated with significant structural disruptions within the hanging wall in most of the
holes drilled during the winter 2008 season. The maximum value encountered was 2600 CPS, recorded
with a handheld scintillometer at a drill depth of 164 m in PK-75.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Bell Lake Joint Venture</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Bell Lake project is a joint venture with JNR and is located in the Athabasca Basin some 50 to
75 kilometres northwest of the Rabbit Lake mine. Denison holds a 60% interest and is the operator
of the prospect. The project consists of nine claims totalling 26,550 hectares and includes all of
Denison&#146;s Ward Creek claims and JNR&#146;s Bell Lake and La Rocque Lake claims. The latter two were
under option to Denison. Five diamond drill holes totalling 2,050 meters were completed during the
winter of 2008 with no significant results. Four holes were targeted on the east-west trending
conductor outlined by Time Domain Electro-Magnetic (&#147;<B>TEM&#148;</B>) surveys on the Bell Lake North Grid and
one hole on the east-west trending conductor in the Bell Lake South grid. Historic drill holes on
the property indicate that the conductive horizons may be attributed to graphite and sulphides in
the basement lithologies.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Additional line cutting and ground geophysics are recommended on two of the claims with follow-up
drilling to test any targets that may result.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Huard-Kirsch</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">No exploration activities were conducted on this property in 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Murphy Lake Project</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During the summer of 2008, two drill holes were completed on the Murphy Lake property a total of
600.5 metres. Both targeted a TDEM anomaly, outlined by ground geophysics completed during 2008 on
the Murphy Lake Grid.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">One drill hole was cut by a reverse fault and had 40 cm of basement rock thrust into the basal
sandstone. This was accompanied by alteration and anomalous radioactivity. The highest
radioactivity (1,900 cps) was in clay-altered, bleached basement rock just below the reverse fault.
Two 20 cm assays through this zone returned 537 ppm U and 742 ppm U.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Hatchet Lake Project</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During the summer 2008 drill program, three drill holes were drilled on Hatchet Lake for a total of
558.6 metres. All targeted HLEM anomalies, outlined by ground geophysics completed during winter
2008 on the Hatchet South and Richardson Lake Grids. All three holes intersected moderate to
strong sulphides and weak graphite throughout the basement. Weak alteration and a few notable
structures were intersected.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Bachman Lake Project</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As a follow up to the 2005 MegaTEM survey, two ground geophysical field programs were carried out
during the winter of 2007 and the winter of 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During the summer of 2008 one diamond drill hole was completed on the Bachman Lake property. The
hole intersected moderately foliated granitic gneiss in the basement, but no anomalous
radioactivity was noted. This conductor remains unexplained. The hole drilled on the CR-2 grid,
intersected weakly-graphitic pelite in the basement. The extent of the large alteration zone seen
in core needs to be confirmed, as does any possible controlling structures.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Crawford Lake Project</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As a follow-up to the 2005 MegaTEM survey, the Company conducted a ground geophysical field program
during the winter of 2008. The interpretation of the electromagnetic survey data better defined the
ground positioning and orientation of the conductive trends interpreted from the aforementioned
airborne survey. All conductors are interpreted as basement features.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During the summer of 2008 four diamond drill holes were attempted on the Crawford Lake property.
The two holes attempted on the CR4-08 grid failed to reach basement. Drilling on the CR1- 2007 grid
was restarted after the first attempt was lost in overburden. Drilling on the CR1-2007 grid was
targeting graphitic metasediments, weakly foliated granitic gneiss was encountered. No anomalous
radioactivity was recorded. These conductors remain unexplained. The extent of the large alteration
zone seen in core needs to be confirmed, as well as any controlling structures.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Brown Lake Project</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">No exploration activities were conducted on this property in 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Ford Lake Project</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">No exploration activities were conducted on this property in 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Jasper Lake Project</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Jasper Lake property is wholly-owned and operated by Denison. The target on the property is an
unconformity-type uranium deposit at or near the contact between the Athabasca sandstones and
underlying basement rocks.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During the winter 2008/2009 program, one drill hole, targeting an HLEM anomaly outlined by ground
geophysics, was completed to a drill depth of 413 metres and encountered the unconformity at 258.8
metres. The HLEM target was explained by a package of graphitic metasediments encountered at 369.5
metres to 413 metres with friability and alteration increasing towards the end of the hole.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Future drilling is recommended to target the unconformity surface where the graphic metasediments
are suspected to subcrop.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Stevenson River Project</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Stevenson River property is wholly-owned and operated by Denison. The Company completed a
two-hole helicopter supported drill program during the summer of 2008. No mineralization or
significant radiometric peaks were encountered.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Ahenakew Lake Project</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Ahenakew Lake property is wholly-owned and operated by Denison. Four diamond drill holes
totalling 804 metres were completed during the winter of 2008/2009. None of the drill holes had
Athabasca Group sandstone overlying basement rocks. Although all holes encountered varying amounts
of strongly graphitic pelite with locally massive graphite none intersected any significant gamma
anomalies.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>North Wedge Project</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The North Wedge Project is 51% owned by Denison, with JNR holding the balance. Denison is the
operator of this project. The winter 2008/2009 exploration program on the North Wedge claim
consisted of approximately 300 meters of diamond drilling over two holes. The drilling targeted a
weak geophysical anomaly as well as Tabbernor faulting.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>JNR Operated Projects</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On JNR operated projects Dufferin, Kelic Lake, Lazy Edwards and Pendleton, ground geophysical
surveys were carried out on a variety of locations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Gold Properties</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison also holds a 100% interest in a gold prospect at Talbot Lake in Ontario and also maintains
a 37.115% interest in the 630 hectare Sulphide Lake gold prospect in Saskatchewan. There was no
activity on these properties in 2008 and none is planned for 2009.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>U.S. Properties</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The uranium mineralization found in the Colorado Plateau was deposited in alluvial fans by braided
streams. The shape and size of the mineralized lenses are extremely variable. As a result,
exploration and mining have historically involved conducting exploration to find the lens and then
following its erratic path, with little additional surface exploration drilling other than
development drilling in the course of following the lens. This is unlike other types of mining
where mineralization is almost completely delineated by surface drilling prior to mining.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The unusual nature of these deposits has traditionally resulted in a limited amount of resources
being dedicated to delineate reserves prior to mining. Traditionally, there will be some reserves
that have been delineated at the beginning of each year, uranium will be mined during the year and
approximately the same amount of reserves will remain delineated at the end of the year. This
pattern has persisted since the 1940s.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Following an extensive review, it was determined that an exploration drilling program was warranted
to better direct the mining activities and to locate similar deposits with potential for
development. A 90,000 feet (28,000 metres) drill program was planned for 2007. Unfortunately,
unforeseen delays with permitting effectively cancelled the work in 2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison conducted drilling at three sites in 2008. Two of these sites are proximal to existing,
active Denison mines, and the third site, Monogram Mesa, is a block of claims in an area of
extensive historical production by past operators. Total drilling was 11,830 metres in 63 holes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Near the Pandora Mine in the La Sal trend in Utah, 30 holes were completed totalling 4,675 metres.
This drilling targeted two areas of limited past drilling within 60 to 325 metres of currently
active mine workings. Based on preliminary probing of the drill holes, minable grade
mineralization was encountered in both target areas at the same levels as the current mine
workings. These intersections potentially expand the resources available for near term mining at
the Pandora mine. Further drilling is planned to test extensions of both trends, as mineralization
remains open in both areas.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Twelve exploration holes, totalling 2,680 metres were drilled near the Rim Mine in 2008. The Rim
drilling tested a projected extension branching off the main mineralized channel system. Drill
results
were negative. Further drilling is planned to move back to the main mineralized channel and extend
known, open-ended mineralized zones.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Initial exploration drilling was conducted in 2008 on the Monogram Mesa claims in Colorado, which
is near Denison&#146;s Van 4 mine. Monogram Mesa is one of the more prolific historical production
areas in this region, and widespread past drilling has indicated additional mineralized trends that
have not been adequately tested. Drilling on the claims totalled 4,470 metres in 21 holes. A
number of weakly mineralized zones were encountered. Based on the initial drilling results, follow
up drilling is planned.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Mongolia</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In addition to the four GSJV depressions discussed in the section &#147;Mineral Properties &#151; Gurvan
Saihan Joint Venture,&#148; Denison also holds other exploration properties, in the GSJV and through a
wholly-owned subsidiary, Denison Mines Mongolia, XXK.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 2008, a total of 72,356 metres of drilling was carried out on the Hairhan depression, the Choir
depression and other exploration targets. At Hairhan, over 25,000 metres, using seven rigs, was
dedicated to infill drilling and the establishment of hydrogeological wells for baseline
groundwater and monitoring wells.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At the Choir depression, only a limited amount of drilling was carried out, but it was successful
in discovering several small isolated mineralized zones which will be future targets. The Haraat
deposit in the Choir depression contain a very large amount of near surface uranium, which is above
the water table, and is not amenable to conventional ISR operations, so a variety of mining and
recovery procedures are being evaluated. Several drill holes were cored to obtain metallurgical
samples. The preliminary metallurgical test work indicated that recoveries of approximately 90%
could be achieved using either acid or carbonate leach.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At the Ulziit depression, a 25,000 metre program was completed and a new discovery of moderate
mineralization in permeable sands was made. Further evaluation of this new discovery will be the
focus of further infill drilling in 2009.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Late in 2008, the Company submitted to the Mineral Resources Committee of Mongolia a reserve
estimate prepared in accordance with Russian procedures.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 2009, the program in Mongolia will be significantly reduced and will entail a combination of
exploration drilling and continuation of environmental baseline data collection and permitting
activities.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Mutanga</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Work commenced on the Mutanga project late in 2007, and the project was the focus of a major
development drilling effort until mid-2008 when the rigs were turned to exploration.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As a result of this development work, the Company retained CSA Global and mineral resources at this
project were re-estimated, with both the indicated and inferred being substantially increased. See
&#147;Mineral Properties &#151; Mutanga Project &#151; Mineral Resource Estimate&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Following the completion of the development work, the drills concentrated on testing areas
discovered as a result of an airborne radiometric survey over the prospective parts of the project
not covered by a previous survey. This work was successful in discovering three new areas of
mineralization of moderate to strong mineralization which will each require a major infill and
development drill program.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Quality Assurance and Quality Control Procedures and Protocols</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>Athabasca Basin</U>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison has developed Quality Assurance and Quality Control (&#147;<B>QA/QC</B>&#148;) procedures and protocols for
all exploration projects operated by Denison.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following details the protocols used by all Denison staff and consultants. The use of very
large historic databases, and ongoing compilation and evaluation, allows Denison to target both
reconnaissance and detail follow up targets on many of its projects. Selected control points on
historic and newly cut grids are located by differential Global Positional System (&#147;<B>GPS</B>&#148;). Diamond
drill holes are initially located with respect to local grid coordinates, and are located
post-drilling by differential GPS. This GPS allows definition of the surface elevation control,
which is critical in location of any unconformity offsets. Denison also collects down hole spatial
data which allows determination of the true position of the drill hole, as the azimuth and dip down
the hole often varies from that at the collar of the hole.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison collects several types of down hole geochemical data during drilling operations, as
follows:
</DIV>

<DIV style="margin-top: 10pt">
<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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Regular geochemical samples of two types are collected at specific
intervals down the hole, generally at predetermined intervals in the 5.0 metre
range:</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Regular samples are taken for clay analysis by (PIMA)&nbsp;spectrometer.
The speciation of clays determined by this method helps to characterize proximity
to mineralized alteration zones at the unconformity. Less than 10 centimetres of
sample is collected for this work.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Regular samples of core are taken for multi-element geochemical
analysis to determine background levels of 53 elements; elevated concentrations of
certain elements can then aid in economic evaluation of the hole. Three selected
samples of less than 10 centimetres are composited to make up this sample.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Selected samples of drill core are sampled on the basis of radiometric data collected
during core logging, and on the local geology in the hole. This radiometric data is
obtained by using a hand held scintillometer. The scintillometer does not allow
quantification of grades, but it does help to identify mineralization and therefore select
samples for further geochemical analysis and assay. These special samples are selected for
geochemical analysis and are generally less than 10 cm.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Following completion of drilling, the hole is flushed with water for an hour to remove
any material from the bottom of the hole, and then a radiometric probe is lowered through
the rods to within 10 metres of the bottom. Readings are taken both on the way down and on
the way up. Probe results are presented as &#147;grade equivalent&#148; eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.
The correlation 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> versus the true grade, as determined by
assay on split core, is generally assumed to be within 10%. The downhole probes are
calibrated originally by the manufacturer at test pits with known mineralization in the
United States. These probes are also regularly tested in the test pits at a
government-owned facility in Saskatoon.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Assay data is collected where the geologist suspects, on the basis of alteration,
geology, scintillometer and probe results, that the grade of a sample could be greater than
0.01% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. The start and end points of the sample are marked;
Denison strives to keep a constant 0.5 metre sample interval. Flank samples are taken
above and below the suspected mineralized interval to geochemically constrain this
mineralization. These samples are split longitudinally with a mechanical splitter, and
half of the core is archived. The sample is placed in individual plastic bags, a sample
tag is placed in the bag and sealed and a corresponding tag is stapled to the core
box where the core was removed, and the samples are collected in five gallon pails for
shipment to the analytical lab.</DIV></TD>
</TR>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->81<!-- /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; margin-left: .25in; width: 7.20in">

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


</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Once the diamond drill core is geologically logged but before sampling, the core is photographed,
labelled with aluminium tags, and all core is stored in specially constructed core racks out of
doors in the event the core needs to be re-logged or re-sampled in the future.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The geochemical lab routinely inserts and tests known standards inserted with batches of the
Company&#146;s samples as an internal check on their analytical precision. The Company regularly submits
a variety of duplicate samples in the sample stream as a check on the accuracy of the analytical
lab. On Denison operated projects where the Company anticipates definition drilling of potentially
economic mineral deposits, Denison will insert known samples containing known standards into the
sample stream. Following receipt of the analytical results, the Company uses specialized
statistical software to monitor the expected results of the control samples against the actual
results.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Sample pails containing material for clay analysis (PIMA)&nbsp;are transported to Saskatoon to a
contractor who specializes in determination of clay altered sandstones. Sample pails for
geochemical analysis and assay type samples are transported to the analytical laboratories of SRC
in Saskatoon, Saskatchewan by representatives of a licensed and bonded transport company regulated
to transport this type of material.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All analyses are conducted by SRC, a Standards Council of Canada (CCRMP)&nbsp;certified analytical
laboratory. SRC has specialized in the field of uranium research and analysis for over 30&nbsp;years and
is a CNSC licensed laboratory for the analysis of uranium samples.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following outlines SRC&#146;s sample processing and analytical procedures:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All data 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> assaying is obtained under a QA/QC program that involves
sample processing and analysis as follows:
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Drill cores are received by the analytical laboratory from Denison in sealed five-gallon
plastic pails. Each core sample is contained in a sealed plastic bag with a sample tag. A
packing slip is enclosed that contains instructions and a sample number list. Samples are
verified against the packing slip. Any extra samples or missing samples are noted and
Denison is informed.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Samples are sorted by the analytical laboratory according to location (sandstone or
basement origin) radioactivity, and are dried and processed as follows:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Samples are processed from lowest to highest radioactivity.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Crushed to 60% -2 millimetres. Approximately 200 grams of crush is riffled out then ground
in a chrome steel grinding mill to 90% -106 microns.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Replicates are chosen at random and another 200 grams of crush is riffled and ground.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The pulp is digested in aqua regia leach and diluted. The solutions are then analyzed by
ICP 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>.</DIV></TD>
</TR>




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

<P align="center" style="font-size: 10pt"><!-- Folio -->82<!-- /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; margin-left: .25in; width: 7.20in">

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Certified U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> standards are analyzed with samples with
corresponding radioactivities. The detection limit is 0.002 wt% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.
Accuracy at various concentrations 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> are listed below:</DIV></TD>
</TR>



</TABLE>
</DIV>

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


</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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Sample #</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>%U</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>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Typical Accuracy</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">BL-1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.026</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#177;0.004</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BL-4a</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.147</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#177;0.004</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BL-2a</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.502</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#177;0.008</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BL-3</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#177;0.02</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BL-5</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#177;0.10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">RS2-11</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#177;0.7</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Check assays are done on selected pulps by DNC (Delayed Neutron Counting) at SRC. All radioactive
samples are monitored and recorded as per CNSC licence 01784-1-09.0.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Mongolia</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All uranium exploration technical information is obtained, verified and compiled under a formal
quality assurance and quality control program in Mongolia. The following details the protocols
used by all Denison staff and consultants.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Processes for Determining Uranium Content by Gamma Logging</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Exploration for uranium deposits in Mongolia typically involves identification and testing of
permeable sandstones within reduced sedimentary sequences. The primary method of collecting
formation is through extensive drilling and the use of down hole geophysical probes. The down hole
geophysical probes measure natural gamma radiation, from which an indirect estimate of uranium
content can be made.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The radiometric (gamma)&nbsp;probe measures gamma radiation which is emitted during the natural
radioactive decay of uranium. The gamma radiation is detected by a sodium iodide crystal, which
when struck by a gamma ray emits a pulse of light. This pulse of light is amplified by a
photomultiplier tube, which outputs a current pulse. The gamma probe is lowered to the bottom of a
drill hole and data is recorded as the tool is withdrawn up the hole. The current pulse is carried
up a conductive cable and processed by a logging system computer which stores the raw gamma cps
data.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If the gamma radiation emitted by the daughter products of uranium is in balance with the actual
uranium content of the measured interval, then uranium grade can be calculated solely from the
gamma intensity measurement. Down hole cps data is subjected to a complex set of mathematical
equations, taking into account the specific parameters of the probe used, speed of logging, size of
bore hole, drilling fluids and presence or absence of and type of drill hole casing. The result is
an indirect measurement of uranium content within the sphere of measurement of the gamma detector.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The basis of the indirect uranium grade calculation (referred to as &#147;eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>&#148;
for &#147;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>&#148;) is the sensitivity of the sodium iodide crystal used
in each individual probe. Each probe&#146;s sensitivity is measured against a known set of standard
&#147;test pits,&#148; with various known grades of uranium mineralization, located at the U.S. DOE&#146;s Grand
Junction, Colorado office. The ratio of cps to known uranium grade is referred to as the probe
&#147;K-Factor,&#148; and this value is determined for every gamma probe when it is first manufactured and is
also periodically checked throughout the operating life of each probe. Application of the
K-Factor, along with other probe correction factors, allows for immediate grade estimation in the
field as each drill hole is logged.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Core Sampling, Processing, and Assaying</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Core samples are collected for a number of purposes: verification of lithology as determined from
geophysical logging and examination of drill cuttings, determination of uranium content as a
general check of gamma probing to determine if gamma measurement and chemical uranium content are
close to
balance (this is referred to as &#147;radiometric disequilibrium&#148;), whole rock analysis, and specific
geochemistry for uranium species and other minerals of interest. Typically core is only taken over
select intervals of interest as identified from logging of drill holes. This reduces the amount of
core through barren zones or horizons of no interest and greatly reduces overall exploration costs.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->83<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Core diameter is typically 76 millimetres. For zones selected for laboratory analyses, one half of
the core will normally be used. The minimum length of core submitted is usually 0.2 metres and the
maximum length per sample is 0.4 metres. Sample intervals are selected by geologists in the field
based on lithology, oxidation/reduction, and uranium grade (from gamma logging and from hand-held
gamma counters).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Core samples are prepared at either the Central Analytical Laboratory or Activation Laboratories
Ltd.&#146;s facilities in Ulaanbaatar, Mongolia. Samples are crushed and then ground to -200 mesh. The
sample pulps are split to 250 to 300 grams for laboratory work.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Quality Assurance and Quality Control Measures</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Drill hole logging is conducted by an independent Mongolian contractor. The contractor developed
its logging capabilities specifically to meet Denison&#146;s logging requirements in Mongolia. The
tools, and a complete set of spares, were manufactured by Mount Sopris Instrument Company in
Golden, Colorado and were shipped to Mongolia in 2005 ahead of the drilling season. Denison has
retained the services of a senior geophysical consultant to oversee training, implementation, and
quality control protocols with the Mongolian logging contractor. All tools were checked and
calibrated before being shipped to Mongolia, and a variety of system checks and standards are also
established for routine checking and calibration of tools. In addition, Denison cased a
mineralized hole at one of its centrally located exploration areas, and this cased hole can be
logged periodically to ensure exact repeatability of the gamma probes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Drill hole logging data is stored on digital media in the logging truck at the exploration sites.
The digital data are periodically brought in from the field locations to the Ulaanbaatar office.
The raw and converted logging data are copied and then sent via e-mail to Denison&#146;s Denver office,
where all data is checked and reviewed.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Samples of drill core are chosen on the basis of radiometric data collected during core logging.
This radiometric data is obtained by using a hand held scintillometer. The general concept behind
the scintillometer is similar to the gamma probe except the radiometric pulses are displayed on a
scale and the respective count rates are recorded manually by the geologist logging the core. The
hand-held scintillometer provides quantitative data only and can not be used to calculate uranium
grades. However, it does allow the geologist to identify uranium mineralization in the core and
select intervals for geochemical sampling.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Additional samples are collected above and below the horizons of interest in order to &#147;close-off&#148;
sample intervals. Sample widths are selected according to radiometric values and lithologic breaks
or changes. All reasonable efforts are made to ensure that splitting of the core is representative
and that no significant sampling biases occur. Once the sample intervals are identified, an
exclusive sample number is assigned each interval and recorded by the on-site geologist.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">After the geological logging of the core and sample selection, all of the selected sample intervals
of drill core are split longitudinally at the drill site. One half of the core is placed in a new
sample bag along with a sample tag corresponding to the sample number. The other half of the core
is re-assembled in the core box and stored for future reference. Samples are transported to
Ulaanbaatar under the supervision of the project geologists and delivered to either the Central
Analytical Laboratory or Activation Laboratories
Ltd. for preparation. As standard procedure, field duplicates are included in assay suites sent to
the laboratories and reference samples are used to verify laboratory controls and analytical
repeatability.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->84<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Zambia</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All uranium exploration technical information is obtained, verified and compiled under a formal
quality assurance and quality control program in Zambia. The following details the protocols used
by all Denison staff and consultants.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Processes for Determining Uranium Content by Gamma Logging</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Exploration for uranium deposits in Zambia typically involves identification and testing of
sandstones within reduced sedimentary sequences. The primary method of collecting information is
through extensive drilling (both Reverse Circulation and Diamond Drill coring) and the use of down
hole geophysical probes. The down hole geophysical probes measure natural gamma radiation, from
which an indirect estimate of uranium content can be made.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The radiometric (gamma)&nbsp;probe measures gamma radiation which is emitted during the natural
radioactive decay of uranium. The gamma radiation is detected by a sodium iodide crystal, which
when struck by a gamma ray emits a pulse of light. This pulse of light is amplified by a
photomultiplier tube, which outputs a current pulse. The gamma probe is lowered to the bottom of a
drill hole and data is recorded as the tool is withdrawn up the hole. The current pulse is carried
up a conductive cable and processed by a logging system computer which stores the raw gamma cps
data.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If the gamma radiation emitted by the daughter products of uranium is in balance with the actual
uranium content of the measured interval, then uranium grade can be calculated solely from the
gamma intensity measurement. Down hole cps data is subjected to a complex set of mathematical
equations, taking into account the specific parameters of the probe used, speed of logging, size of
bore hole, drilling fluids and presence or absence of and type of drill hole casing. The result is
an indirect measurement of uranium content within the sphere of measurement of the gamma detector.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The basis of the indirect uranium grade calculation (referred to as &#147;eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>&#148;
for &#147;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>&#148;) is the sensitivity of the sodium iodide crystal used
in each individual probe. Each probe&#146;s sensitivity is measured against a known set of standard
&#147;test pits,&#148; with various known grades of uranium mineralization, located at the U.S. DOE&#146;s Grand
Junction, Colorado office. The ratio of cps to known uranium grade is referred to as the probe
&#147;K-Factor,&#148; and this value is determined for every gamma probe when it is first manufactured and is
also periodically checked throughout the operating life of each probe. In addition, certain
boreholes at the Mutanga property are cased and the probes are periodically checked for any
instrument drift. Application of the K-Factor, along with other probe correction factors, allows
for immediate grade estimation in the field as each drill hole is logged.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Core Sampling, Processing, and Assaying</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Core and reverse circulation chip samples are collected for a number of purposes in addition to
purely geological reasons: verification of lithology as determined from geophysical logging and
examination of drill cuttings if RC; determination of uranium content as a general check of gamma
probing to determine if gamma measurement and chemical uranium content are close to balance (this
is referred to as &#147;radiometric disequilibrium&#148;); whole rock analysis; and specific geochemistry for
uranium species and other minerals of interest. Core diameter is typically 76 millimetres. For
zones selected for laboratory analyses, one half of the core will normally be used and the other
half retained. The minimum length of core submitted is usually 0.2 metres and the maximum length
per sample is 0.4 metres. Sample intervals are selected by geologists in the field based on
lithology, oxidation/reduction, and uranium grade (from gamma logging and from hand-held gamma
counters).
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->85<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Samples are analyzed at the Genalysis in Perth, Australia. Samples are transported in a dedicated
truck from Zambia to Johannesburg, where Genalysis operates a dedicated sample preparation
facility. The sample is crushed, pulped and homogenized and a sample pulp is air freighted to the
lab in Perth, Australia.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">This laboratory has been in operation since 1975 and now processes over 1,000,000 samples per year.
It is fully certified and accredited by Australian standards. Genalysis is an accredited NATA
(National Association of Testing Authorities, Australia) laboratory (Number 3244). Genalysis has
been approved by AQIS (Australian Quarantine and Inspection Service) for the receipt and treatment
of samples from interstate and overseas. Genalysis is an Associate Member of the Association of
Mining and Exploration Companies Inc., and a Member of the Standards Association of Australia.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Quality Assurance and Quality Control Measures</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Drill hole logging is conducted by trained and dedicated personnel devoted solely to this task. The
tools, and a complete set of spares, were manufactured by Mount Sopris Instrument Company in
Golden, Colorado and were shipped to Zambia in 2007, ahead of the drilling season. Denison has
retained the services of a senior geophysical consultant to oversee training, implementation, and
quality control protocols with the Zambian logging personnel. All tools were checked and
calibrated before being shipped to Zambia, and a variety of system checks and standards have also
been established for routine checking and calibration of tools. In addition, Denison is planning
on casing a mineralized hole at one of its centrally located exploration areas, and this cased hole
will be logged periodically to ensure exact repeatability of the gamma probes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Drill hole logging data is stored on digital media in the logging truck at the exploration sites.
The digital data are periodically brought in from the field locations to the Lusaka office. The
raw and converted logging data are copied and then sent via e-mail to Denison&#146;s Saskatoon office,
where all data is checked and reviewed.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Samples of drill core are chosen on the basis of radiometric data collected during core logging.
This radiometric data is obtained by using a hand-held scintillometer and on the basis of
subsequent down hole probing. The general concept behind the scintillometer is similar to the
gamma probe except the radiometric pulses are displayed on a scale and the respective count rates
are recorded manually by the geologist logging the core. The hand-held scintillometer provides
quantitative data only and cannot be used to calculate uranium grades; however, it does allow the
geologist to identify uranium mineralization in the core and select intervals for geochemical
sampling.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Additional samples are collected above and below the horizons of interest in order to &#147;close-off&#148;
sample intervals. Sample widths are selected according to radiometric values and lithologic breaks
or changes. All reasonable efforts are made to ensure that splitting of the core is representative
and that no significant sampling biases occur. Once the sample intervals are identified, an
exclusive sample number is assigned each interval and recorded by the on-site geologist.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">After the geological logging of the core and sample selection, all of the selected sample intervals
of drill core are split longitudinally at the drill site. One half of the core is placed in a new
sample bag along with a sample tag corresponding to the sample number. The other half of the core
is re-assembled in the core box and stored for future reference. Samples are transported by
dedicated truck transport and delivered to Genalysis for preparation. As standard procedure, field
duplicates are included in assay suites sent to the laboratory and reference samples are used to
verify laboratory controls and analytical repeatability.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>U.S.</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All uranium exploration technical information is obtained, verified and compiled under a formal
quality assurance and quality control program in the Southwestern United States. The following
details the protocols used by all Denison staff and consultants.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Processes for Determining Uranium Content by Gamma Logging</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Exploration for uranium deposits in the Southwest United States typically involves identification
and testing of permeable sandstones within reduced sedimentary sequences. The primary method of
collecting formation is through extensive drilling and the use of down hole geophysical probes.
The down hole geophysical probes measure natural gamma radiation, from which an indirect estimate
of uranium content can be made.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The radiometric (gamma)&nbsp;probe measures gamma radiation which is emitted during the natural
radioactive decay of uranium. The gamma radiation is detected by a sodium iodide crystal, which
when struck by a gamma ray emits a pulse of light. This pulse of light is amplified by a
photomultiplier tube, which outputs a current pulse. The gamma probe is lowered to the bottom of a
drill hole and data is recorded as the tool is withdrawn up the hole. The current pulse is carried
up a conductive cable and processed by a logging system computer which stores the raw gamma cps
data.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If the gamma radiation emitted by the daughter products of uranium is in balance with the actual
uranium content of the measured interval, then uranium grade can be calculated solely from the
gamma intensity measurement. Down hole cps data is subjected to a complex set of mathematical
equations, taking into account the specific parameters of the probe used, speed of logging, size of
bore hole, drilling fluids and presence or absence of and type of drill hole casing. The result is
an indirect measurement of uranium content within the sphere of measurement of the gamma detector.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The basis of the indirect uranium grade calculation (referred to as &#147;eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>&#148;
for &#147;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>&#148;) is the sensitivity of the sodium iodide crystal used
in each individual probe. Each probe&#146;s sensitivity is measured against a known set of standard
&#147;test pits,&#148; with various known grades of uranium mineralization, located at the U.S. DOE&#146;s Grand
Junction, Colorado office. The ratio of cps to known uranium grade is referred to as the probe
&#147;K-Factor,&#148; and this value is determined for every gamma probe when it is first manufactured and is
also periodically checked throughout the operating life of each probe. Application of the
K-Factor, along with other probe correction factors, allows for immediate grade estimation in the
field as each drill hole is logged.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Core Sampling, Processing, and Assaying</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Core samples are collected for a number of purposes: verification of lithology as determined from
geophysical logging and examination of drill cuttings, determination of uranium content as a
general check of gamma probing to determine if gamma measurement and chemical uranium content are
close to balance (this is referred to as &#147;radiometric disequilibrium&#148;), whole rock analysis, and
specific geochemistry for uranium species and other minerals of interest. Typically core is only
taken over select intervals of interest as identified from logging of drill holes. This reduces
the amount of core through barren zones or horizons of no interest and greatly reduces overall
exploration costs.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Core diameter is typically 21/2 &#151; 31/4 inches. For zones selected for laboratory analyses, one
half of the core will normally be used. The minimum length of core submitted is usually one foot
and the maximum length per sample is two feet . Sample intervals are selected by geologists in the
field based on lithology, oxidation/reduction, and uranium grade (from gamma logging and from
hand-held gamma counters).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Core samples are prepared at the White Mesa mill in Blanding, Utah. Samples are crushed and then
ground to -200 mesh. The sample pulps are split to 250 to 300 grams for laboratory work.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Quality Assurance and Quality Control Measures</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Drill hole logging is conducted by Denison in-house personnel. The logging capabilities are
designed specifically to meet Denison&#146;s logging requirements in the Southwest United States. The
tools, and a complete set of spares, were manufactured by Mount Sopris Instrument Company in
Golden, Colorado. Denison has retained the services of a senior geophysical consultant to oversee
training, implementation, and quality control protocols for the southwest United States&#146;
operations. All tools are checked and calibrated before being used in the southwest United States,
and a variety of system checks and standards are also established for routine checking and
calibration of tools.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Drill hole logging data is stored on digital media in the logging truck at the exploration sites.
The digital data are periodically brought in from the field locations to the Egnar, Colorado field
office. The raw and converted logging data are copied and then sent via e-mail to Denison&#146;s Denver
office, where all data is checked and reviewed.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Samples of drill core are chosen on the basis of radiometric data collected during core logging.
This radiometric data is obtained by using a hand held scintillometer. The general concept behind
the scintillometer is similar to the gamma probe except the radiometric pulses are displayed on a
scale and the respective count rates are recorded manually by the geologist logging the core. The
hand-held scintillometer provides quantitative data only and cannot be used to calculate uranium
grades. However, it does allow the geologist to identify uranium mineralization in the core and
select intervals for geochemical sampling.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Additional samples are collected above and below the horizons of interest in order to &#147;close-off&#148;
sample intervals. Sample widths are selected according to radiometric values and lithologic breaks
or changes. All reasonable efforts are made to ensure that splitting of the core is representative
and that no significant sampling biases occur. Once the sample intervals are identified, an
exclusive sample number is assigned each interval and recorded by the on-site geologist.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">After the geological logging of the core and sample selection, all of the selected sample intervals
of drill core are split longitudinally at the drill site. One half of the core is placed in a new
sample bag along with a sample tag corresponding to the sample number. The other half of the core
is re-assembled in the core box and stored for future reference. Samples are stored at the Egnar,
Colorado office under the supervision of the project geologists and delivered to either the White
Mesa mill or Activation Laboratories Ltd. for preparation. As standard procedure, field duplicates
are included in assay suites sent to the laboratories and reference samples are used to verify
laboratory controls and analytical repeatability.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Manager of UPC</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In March&nbsp;2005, DMI was appointed as the manager of UPC for an initial term of five years. UPC is a
public company with the primary investment objective of achieving an appreciation in the value of
its uranium holdings. The Company does not, directly or indirectly, have an ownership interest in
UPC, and the two companies do not have any directors in common. As manager, DMI provides the
corporation&#146;s officers and manages the activities of UPC including purchasing uranium for and on
behalf of UPC, arranging for its storage at converters and attending to regulatory reporting for
UPC.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">For its management services, DMI will receive the following fees from UPC: a) a commission of 1.5%
of the gross value of any purchases or sales 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> and UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>
completed at the request of the Board of Directors of UPC; b) a minimum annual management fee of
Cdn$400,000 (plus reasonable out-of-pocket expenses) plus an additional fee of 0.3% per annum based
upon UPC&#146;s net asset value between Cdn$100,000,000 and Cdn$200,000,000 and 0.2% per annum based
upon UPC&#146;s net asset value in excess
of Cdn$200,000,000; c) a fee of Cdn$200,000 upon the completion of each equity financing where
proceeds to UPC exceed Cdn$20,000,000; d) a fee of Cdn$200,000 for each transaction or arrangement
(other than the purchase or sale 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> and UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>) of business
where the gross value of such transaction exceeds Cdn$20,000,000 (&#147;an initiative&#148;); e) an annual
fee up to a maximum of Cdn$200,000, at the discretion of the Board of Directors of UPC, for
on-going maintenance or work associated with an initiative; and f) a fee equal to 1.5% of the gross
value of any uranium held by UPC prior to the completion of any acquisition of at least 90% of the
common shares of UPC.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During 2008, DMI earned an aggregate of $2.9&nbsp;million in management fees and commissions as manager
of UPC. In 2008, the Company also sold 50,000 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>to UPC at a
price of $64.50 per pound for total consideration of $3,225,000.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Urizon Joint Venture</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In November, 2002 the Company formed a 50/50 joint venture company, Urizon Recovery Systems, LLC
(&#147;<B>Urizon</B>&#148;), with Nuclear Fuel Services, Inc. (&#147;<B>NFS</B>&#148;) to pursue the development of a new, alternate
feed program (the &#147;<B>USM Ore Program</B>&#148;) for the Company&#146;s White Mesa mill.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">NFS is a privately owned corporation with operations based in Erwin, Tennessee. Since 1957, NFS
has been a leader in the process development and production of specialty nuclear fuels for
commercial power, research reactors and naval reactors. NFS is the supplier of highly enriched
uranium fuel materials for the U.S. Government. NFS has also developed and implemented the process
for recycling highly enriched uranium material into lower commercial enrichments. This process
supports the U.S. government&#146;s program for downblending surplus material from the weapons program
into fuel for nuclear power reactors. In addition, NFS is involved as a contractor at DOE
facilities.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The USM Ore Program that Urizon is pursuing involves the development of a process and construction
of a plant at NFS&#146;s facility in Erwin, Tennessee, for the blending of contaminated low enriched
uranium with depleted uranium to produce a natural uranium ore (&#147;<B>USM Ore</B>&#148;). The USM Ore will then
be further processed at the Company&#146;s White Mesa mill to produce conventional yellowcake.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The primary source of feed targeted by Urizon is contaminated materials within the DOE complex.
Throughout the DOE complex, there are a number of streams of low enriched uranium that contain
various contaminants. These surplus nuclear materials often require additional processing in order
to meet commercial fuel cycle specifications. Urizon&#146;s USM Ore Program is intended to provide a
method for DOE to deal with the material, while at the same time recycling the material as a
valuable energy resource for reintroduction into the nuclear fuel cycle.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The first phase of the project would be the preparation and submittal of a request for an amendment
to the mill&#146;s licence. Assuming receipt of regulatory approvals, construction of the blending
facility at NFS&#146; site in Erwin, Tennessee could be completed within two years of submittal.
Commercial production would be expected to last three to six years or longer depending on the
amount of DOE materials that are available.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Application testing was conducted from 2002 to 2004. Pursuant to its agreement with NFS, the
Company contributed $1.5&nbsp;million to the joint venture in December&nbsp;2002 to be used in connection
with this project. The success of the program will depend on DOE&#146;s support of the program as a
means to disposition these surplus nuclear materials within the DOE complex. An unsolicited
proposal was submitted by NFS to DOE in April&nbsp;2003 for funding of this program. The DOE informed
Urizon in early 2004 that it was not prepared to accept the proposal at that time due to funding
considerations and other DOE priorities. During 2006, the DOE announced a long term uranium
disposition strategy of which the potential Urizon
feed materials were a component of this strategy. The Joint Venture anticipates that it will have
an opportunity to propose the Urizon Program to the DOE as a suitable disposition option for this
feedstock. In the interim, the Company will not be submitting its licence amendment application
until the path forward is further defined. The Joint Venture anticipates a decision will be made
in 2009 as to how DOE intends to proceed on this matter.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Denison Environmental Services</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">DES, which is headquartered in Elliot Lake, Ontario, is engaged in the rehabilitation and
monitoring of closed mine sites. DES offers a complete decommissioning package from mine closure
planning, through to implementation of a closure plan, then long-term care and maintenance and
monitoring. Services offered include site restoration, asset disposal, demolition, tailings
relocation, dam construction and decant decommissioning, hazardous material abatement, and long
term treatment and monitoring of mine and tailings effluents.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The primary activities of DES in 2008 were providing the ongoing monitoring of Denison&#146;s two closed
mine sites, environmental monitoring, effluent treatment and maintenance services for Rio Algom&#146;s
five closed Elliot Lake mines, effluent treatment and monitoring at the Ministry of Northern
Development and Mines&#146; Kam Kotia property, the care and maintenance of the closed Vale Shebandowan
Mine west of Thunder Bay, Ontario and the care and maintenance of a closed base metal mine at Les
Mines Selbaie in Quebec.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In July&nbsp;2008, DES was awarded a three year contract to perform care and maintenance at the Faro
Complex, in the Yukon Territory, which includes the former Anvil Range properties at Faro and
nearby Vangorda Plateau. DES has been tasked with ensuring that effluent from the site meets all
regulatory criteria and that the facilities have the capacity and flexibility to cope with the
dynamically fluctuating hydrologic and chemical conditions. Part of the plan is to ensure that all
care and maintenance workers and contractors are trained to execute their jobs in a safe and
responsible manner and that the site is in a mode of constant improvement. Another objective for
the project is to support training and work initiatives that will benefit the local town and First
Nations during and beyond the care and maintenance mandate.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">DES also carried out work on several other smaller contracts.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Environmental and Safety Matters</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has adopted an Environmental, Health and Safety Policy (the &#147;<B>EHS Policy</B>&#148;) that affirms
Denison&#146;s commitment to environmentally responsible management and compliance with occupational
health and safety laws. Under the EHS Policy, the Company has committed to run its operations in
compliance with applicable legislation, in a manner that minimizes the impact on our ecosystem.
The EHS Policy mandates the use of regular monitoring programs to identify risks to the
environment, public and Denison&#146;s employees and to ensure compliance with regulatory requirements.
The EHS Policy also sets out Denison&#146;s requirement to train its employees regarding environmental
and health and safety compliance and best practices and to provide adequate resources in this
regard. Finally, the EHS Policy requires regular reporting to the Board of Directors regarding the
Company&#146;s compliance and the results of the Company&#146;s monitoring.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>McClean Lake</U>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The McClean Lake facility operated continuously for all 12&nbsp;months of the year without a major shut
down. The facility reported two lost time accidents in 2008. There were no environmental action
level exceedances, and the hydraulic containment of the TMF was maintained throughout the year.
All radiological monitoring was conducted in accordance with the routine monitoring schedule. The
facility has maintained its internationally recognized ISO 14001:2004 certification. ARC is the
operator of the McClean Lake facility.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Reclamation</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The McClean Lake property is subject to decommissioning liabilities. ARC, the operator, filed with
the Saskatchewan government a conceptual decommissioning plan. Financial assurances are in place
for the total amount of Cdn$35&nbsp;million (Denison&#146;s share Cdn$7.875&nbsp;million) to cover the estimated
costs of this decommissioning work. An updated decommission plan has been filed with the
regulatory bodies, showing estimated decommissioning costs reduced to Cdn$29&nbsp;million.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Midwest Facility</U>
</DIV>


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

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Midwest property is subject to decommissioning liabilities. ARC, the operator, filed with the
Saskatchewan government the &#147;Midwest Project Preliminary Decommissioning Plan, December&nbsp;2001 -
Version 2.&#148; Financial assurances are in place for the total amount of Cdn$0.75&nbsp;million (Denison&#146;s
share Cdn$0.189&nbsp;million) to cover the estimated costs of this decommissioning work.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Elliot Lake</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s uranium mine at Elliot Lake, Ontario, which started operations in 1957, was permanently
closed upon completion of deliveries 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> to Ontario Hydro in May&nbsp;1992.
During its 35&nbsp;years of continuous operation, the facility produced 147&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> in concentrates from the milling of 70&nbsp;million tons of ore.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">By 1998, all significant capital reclamation activities at Denison&#146;s two closed Elliot Lake mines
had been completed and, for the most part, decommissioning has progressed to the long-term
monitoring phase.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During 2008, the treatment plants operated as planned and all environmental targets were met.
Monitoring and other remediational expenses were Cdn$0.7&nbsp;million in 2008. Monitoring costs for
2009 are budgeted to be Cdn$1.1&nbsp;million. All expenditures are funded from the Reclamation Trust
described below under &#147;Reclamation.&#148; It is expected that sufficient funds are in the Reclamation
Trust to meet all monitoring costs through 2015.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All activities and monitoring results are reviewed regularly by the CNSC and the Elliot Lake Joint
Regulatory Group (the &#147;<B>JRG</B>&#148;) consisting of federal and provincial regulators. During the course of
its monitoring, Denison detected and reported to the JRG on a number of matters, including the
levels of acidity in the effluent run off from one area associated with one of its Elliot Lake mine
sites. In consultation with the JRG, the Company took steps to identify the source of and to
address the acidity, though the source of the acidity has to date not been determined. Despite the
Company&#146;s compliance with its CNSC licence, cooperation with the JRG and compliance with a
Direction from Environment Canada that was contrary to a memorandum of agreement between the CNSC
and Environment Canada, Environment Canada charged Denison with violating the <I>Fisheries Act</I>
(Canada). In 2007, the Company settled these charges. Except as outlined above, Denison continues
to be in full compliance with its licensing and environmental requirements at Elliot Lake.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Reclamation</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Pursuant to a Reclamation Funding Agreement, effective June&nbsp;30, 1994, with the Governments of
Canada and Ontario, Denison has established a Reclamation Trust from which all spending on its
Elliot Lake reclamation activities is funded. When the Reclamation Trust was first established in
1994, Denison was required to deposit 90% of its cash receipts after deducting permitted expenses,
as defined in such agreement, into the Reclamation Trust. In 1997, the Governments of Canada and
Ontario agreed to suspend the 90% funding requirement provided Denison maintained four years of
cash requirements in the Reclamation Trust. Early in 1999, the Governments of Canada and Ontario
agreed to further amend the Reclamation Funding Agreement, effective when Denison received an
amended site decommissioning licence, which was obtained on April&nbsp;22, 1999. Pursuant to that
amendment, Denison is required to maintain in the Reclamation Trust sufficient funds to meet six
years of cash requirements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Denison Environmental Services</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">DES was formed to assist the mining industry with the final stages of the mining cycle. Through
DES, it is the Company&#146;s goal to lead the industry in cost effective and environmentally sound
solutions to mine closure issues. DES has maintained its internationally recognized ISO 9001:2000
certification. In 2008, DES did not have any first aid, medical aid or lost time accidents.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Exploration</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Denison exploration office in Saskatchewan had no lost time accidents in 2008. All required
permits were obtained and the exploration sites were remediated as required.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>U.S. Environmental Regulation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>White Mesa Mill</U>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The White Mesa mill operated continuously for all 12&nbsp;months of the year without a major shut down
or serious accident. The mill has not had a lost time accident since May, 2001.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has detected some chloroform contamination at the White Mesa mill site that appears to
have resulted from the operation of a temporary laboratory facility that was located at the site
prior to and during the construction of the mill facility, and from septic drain fields that were
used for laboratory and sanitary wastes prior to construction of the mill&#146;s tailings cells. In
April&nbsp;2003, the Company commenced an interim remedial program of pumping the chloroform
contaminated water from the groundwater to the mill&#146;s tailings cells. This will enable the Company
to begin clean up of the contaminated areas and to take a further step towards resolution of this
outstanding issue. Pumping from the wells continued in 2008. Denison is continuing to work with
the State of Utah to develop a long-term corrective action plan. A draft of an action plan was
submitted by Denison and is currently being reviewed by the State.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Associated with the chloroform contamination are some elevated concentrations of nitrate, which
have been assumed to have resulted from the septic drain fields and which have been included in the
investigation and remedial action to date. Recent sample results suggest, however, that there may
be other contributing historic or off-site sources of nitrate, which are currently under
investigation, although at this time there has been no change to the interim remedial action.
While the investigations to date indicate that this chloroform and nitrate contamination appears to
be contained in a manageable area, the scope and costs of final remediation have not yet been
determined and could be significant.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has submitted to UDEQ a Background Groundwater Quality Report (&#147;<B>BGQR</B>&#148;) to establish
background levels for groundwater monitoring parameters under its State of Utah groundwater
discharge permit (&#147;<B>GWDP</B>&#148;). 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 GWDP. On August&nbsp;24,
2006, Denison received a Notice of Violation (&#147;<B>NOV</B>&#148;) to that effect. This NOV was resolved by the
Company agreeing to submit the BGQR by January&nbsp;2, 2007. The Company submitted the BGQR prior to
that date. The BGQR was reviewed by UDEQ and a revised BGQR was submitted by the Company in October
2007. UDEQ and the Company are currently in the process of determining revised groundwater
compliance limits for the site based on the conclusions in the revised BGQR.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Reclamation</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The White Mesa mill is subject to decommissioning liabilities. Denison, as part of its Radioactive
Materials Licence, is required to annually review its estimate for the decommissioning of the White
Mesa mill site and submit it to the UDEQ for approval. Financial assurances of $15.0&nbsp;million are
in place for the estimated closure costs of the mill.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>U.S. Mines</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The mines recommenced operations in September&nbsp;2006. In 2008 there were three lost time accidents
resulting in a total of 66 lost workdays.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Reclamation</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All of the Company&#146;s mines in the U.S. are subject to closure and reclamation liabilities.
Financial assurance of $3.7&nbsp;million are in place for the estimated closure costs of the mining
operations in Colorado, Utah and Arizona.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Mongolia</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">There were no medical aid or lost time accidents during the 2008 drilling and other field programs.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Zambia</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">There were no medical aid or lost time accidents.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Employees</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At December&nbsp;31, 2008, the Company had a total of 272 active employees, of which 61 are in Canada,
139 in the United States, 6 in Mongolia and 66 in Zambia. None of the Company&#146;s employees are
unionized.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In the United States, the Company also retains the services of White Mesa Inc., an independent
local native-owned company that provides the services of 107 additional personnel to the mill and
mine operations.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Government Regulation</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Canadian Uranium Industry</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The federal government recognizes that the uranium industry has special importance in relation to
the national interest and therefore regulates the mining, extraction, use and export of uranium
under the <I>Nuclear Safety and Control Act </I>(&#147;<B>NSCA</B>&#148;) which replaced the <I>Atomic Energy Control Act </I>in
1997. The NSCA is administered by the CNSC which issues licences pursuant to the regulations under
the NSCA. All of the McClean Lake and Midwest uranium operations are governed primarily by such
licences and are subject to all applicable federal statutes and regulations and to all laws of
general application in
Saskatchewan, except to the extent that such laws conflict with the terms and conditions of the
licences or applicable federal laws.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Environmental matters related to the McClean Lake uranium facility and the Midwest project are
regulated by the CNSC and Saskatchewan Environment. A number of other ministries and departments
of the federal and Saskatchewan governments also regulate certain aspects of the operation. Prior
to proceeding with development of the McClean Lake uranium facility and Midwest project, the
proponents were required to submit Environmental Impact Statements for review. After completion of
that review and receipt of recommendations, the federal and Saskatchewan governments issued the
appropriate authorizations, subject to the normal licensing process, for the McClean Lake uranium
facility in 1995 and for Midwest in 1998.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Decommissioning activities at Elliot Lake are carried out under two decommissioning licences issued
by the CNSC, one for the Stanrock tailings area and one for the Denison mine site and tailings
areas. These licences are issued for an indefinite period.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Decommissioning of the facilities pursuant to the terms of the decommissioning licences has been
completed and, after a lengthy period of care, maintenance and monitoring, Denison may then apply
to the CNSC for permission to abandon the sites.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>U.S. Uranium Industry</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Uranium milling in the U.S. is primarily regulated by the NRC pursuant to the <I>Atomic Energy Act of
1954</I>, as amended. Its primary function is to ensure the protection of employees, the public and
the environment from radioactive materials and it also regulates most aspects of the uranium
recovery process. The NRC regulations pertaining to uranium recovery facilities are codified in
Title 10 of the Code of Federal Regulations (&#147;<B>10 CFR</B>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On August&nbsp;16, 2004, the State of Utah became an Agreement State for the regulation of uranium
mills. This means that the primary regulator for the m is now the UDEQ rather than the U.S.
Nuclear Regulatory Commission. At that time, the mill&#146;s NRC Source Materials Licence was
transferred to the State and became a Radioactive Materials Licence. The State of Utah
incorporates, through its own regulations or by reference, all aspects of 10 CFR pertaining to
uranium recovery facilities. The White Mesa mill&#146;s licence was due for renewal on March&nbsp;31, 2007.
Denison submitted its application for renewal of the licence on February&nbsp;28, 2007. During the
period that the State is reviewing the licence renewal application, the mill can continue to
operate under its existing Radioactive Materials Licence. The mill&#146;s licence was initially issued
in 1980 and was renewed in 1987 and 1997.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">When the State became an Agreement State it required that a GWDP be put in place. The GWDP is
required for all similar facilities in the State of Utah, and specifically tailors the
implementation of the State groundwater regulations to the mill site. The State of Utah requires
that every operating uranium mill in the State have a GWDP, regardless of whether or not the
facility discharges to groundwater.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The GWDP for the mill was finalized and implemented in March&nbsp;2005. The GWDP required that the mill
add over 40 additional monitoring parameters and fifteen additional monitoring wells. In addition,
the State and the Company are currently determining the compliance levels for all the monitoring
parameters.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Uranium mining is subject to regulation by a number of agencies including the applicable State
divisions responsible for mining within the State, the BLM and the Mine Safety and Health
Administration.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Land Tenure</B>
</DIV>


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

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The right to mine minerals in Saskatchewan is acquired under a mineral lease from the province (a
&#147;<B>Mining Lease</B>&#148;). A Mining Lease is for a term of 10&nbsp;years, with a right to renew for successive
10-year terms in the absence of default by the lessee. The lessee is required to spend certain
amounts for work during each year of a Mining Lease. A Mining Lease cannot be terminated except in
the event of default and for certain environmental concerns, as prescribed in <I>The Crown Minerals
Act </I>(Saskatchewan). However, Mining Leases may be amended unilaterally by the lessor by amendment
to <I>The Crown Minerals Act </I>(Saskatchewan) or <I>The Mineral Disposition Regulations</I>, 1986
(Saskatchewan).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The right to explore for minerals is acquired in Saskatchewan under a mineral claim from the
province of Saskatchewan (a &#147;<B>Mineral Claim</B>&#148;). The initial term of a Mineral Claim is two years,
renewable for successive one-year periods, provided the Mineral Claim is in good standing. To
maintain a Mineral Claim in good standing, generally, the holder of a Mineral Claim must expend a
prescribed amount on exploration. Excess expenditures can be applied to satisfy expenditure
requirements for future claim years. Except for exploration purposes, a Mineral Claim does not
grant the holder the right to mine minerals. A holder of a Mineral Claim in good standing has the
right to convert a Mineral Claim into a Mineral Lease. Surface exploration work of a Mineral Claim
requires additional governmental approvals.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The surface facilities and mine workings are located on lands owned by the Province of
Saskatchewan. The right to use and occupy lands is acquired under a surface lease (a &#147;<B>Surface
Lease</B>&#148;) from the Province of Saskatchewan. A Surface Lease is for a period of time, up to a
maximum of 33&nbsp;years, as is necessary to allow the lessee to operate its mine and plant and
thereafter to carry out the reclamation of the lands involved. Surface Leases are also used by the
Province of Saskatchewan as a mechanism to achieve certain environmental protection, radiation
protection and socio-economic objectives and contain certain undertakings in this regard.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s land holdings in the U.S. are held either by leases from the fee simple owners
(private parties or the state) or unpatented mining claims located on property owned by the U.S.
Federal Government. Annual fees must be paid to maintain unpatented mining claims, but work
expenditures are not required. Holders of unpatented mining claims are generally granted surface
access to conduct mineral exploration and mining activities. However, additional mine permits and
plans are generally required prior to conducting exploration or mining activities on such claims.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Canadian Royalties</B><BR>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison pays royalties to the Province of Saskatchewan on the sale of uranium extracted from ore
bodies in the province under the terms of Part&nbsp;III of the Crown Mineral Royalty Schedule, 1986
(Saskatchewan) (the &#147;<B>Royalty Schedule</B>&#148;) as amended. The calculations call for the payment of a
basic royalty (currently 5% of gross sales of uranium), reduced by a Saskatchewan resource credit
(currently 1% of gross sales of uranium).
</DIV>

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

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Schedule also provides for additional tiered royalties to become payable as a percentage of
revenue after Denison has deducted from revenue its capital costs for mill expansion and mine
development in accordance with provisions set out in the Royalty Schedule. Denison currently has
sufficient capital recovery banks and anticipates that at current selling prices, it will not be
subject to tiered royalties until late in 2009. Following recovery of the capital investment,
revenues are subject to an additional tiered royalty 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 align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD align="center"><B>Average Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Tiered Royalty as a % of Revenues</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD align="center" style="border-bottom: 1px solid #000000"><B>per Kilogram of U</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><SUP style="font-size: 85%; vertical-align: text-top"><B>*</B></SUP><B> in Cdn $</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>within the Bracket</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">Up to $30</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">$30 to $45</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">$45 to $60</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">More than $60</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">15</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">* 1999
bracket value to be indexed annually.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Canadian Income and Other Taxes</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison is subject to capital tax on paid-up capital (as defined in the relevant provincial
legislation) in respect of its operations in Saskatchewan and Ontario. In Ontario, Denison
currently pays a rate of 0.285% on paid up capital allocated to Ontario in excess of Cdn$12.5
million and in Saskatchewan pays capital tax of 0.225% on paid up capital allocated to Saskatchewan
in excess of Cdn$20&nbsp;million. A resource corporation in Saskatchewan also pays a corporate surcharge
of between 3.1% and 3.0% of the gross sales to the extent that the amount so calculated exceeds the
Saskatchewan capital tax.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison is subject to federal and provincial income taxes in Canada. Because of various tax
deductions available, Denison was able to shelter its taxable income for fiscal 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>U.S. Income and Other Taxes</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison pays property and sales taxes in each of the states it operates.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s U.S. subsidiaries are subject to U.S. federal and state income tax. The Company was
not liable for any regular U.S. federal or state income tax for its fiscal 2008 tax period;
however, it did incur a liability for alternate minimum tax.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>RISK FACTORS</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">There are a number of factors that could negatively affect Denison&#146;s business and the value of
Denison&#146;s Common Shares, including the factors listed below. The following information pertains to
the outlook and conditions currently known to Denison that could have a material impact on the
financial condition of Denison. Other factors may arise in the future that are currently not
foreseen by management of Denison that may present additional risks in the future. Current and
prospective security holders of Denison should carefully consider these risk factors.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Current Global Financial Conditions</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Current global financial conditions have been subject to increased volatility and numerous
financial institutions have either gone into bankruptcy or have had to be rescued by governmental
authorities. Access to financing has been negatively impacted by both sub-prime mortgages and the
liquidity crisis affecting the asset-backed commercial paper market and the effect of these events
on Canadian and global credit markets. These factors may impact the ability of Denison to obtain
equity or debt financing in the future and, if obtained, on terms favourable to Denison. If these
increased levels of volatility and market turmoil continue, Denison&#146;s operations could be adversely
impacted and the trading price of the Common Shares could continue to be adversely affected.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Market Price of Shares</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Securities of mining companies have experienced substantial volatility in the past, including
during the current credit crisis, often based on factors unrelated to the financial performance or
prospects of the companies involved. These factors include macroeconomic conditions in North
America and globally,
and market perceptions of the attractiveness of particular industries. The price of Denison&#146;s
securities is also likely to be significantly affected by short-term changes in commodity prices,
other mineral prices, currency exchange fluctuation, or in its financial condition or results of
operations as reflected in its periodic earnings reports. Other factors unrelated to the
performance of Denison that may have an effect on the price of the securities of Denison include
the following: the extent of analytical coverage available to investors concerning the business of
Denison may be limited if investment banks with research capabilities do not follow Denison&#146;s
securities; lessening in trading volume and general market interest in Denison&#146;s securities may
affect an investor&#146;s ability to trade significant numbers of securities of Denison; the size of
Denison&#146;s public float and its inclusion in market indices may limit the ability of some
institutions to invest in Denison&#146;s securities; and a substantial decline in the price of the
securities of Denison that persists for a significant period of time could cause Denison&#146;s
securities to be delisted from an exchange, further reducing market liquidity. If an active market
for the securities of Denison does not continue, the liquidity of an investor&#146;s investment may be
limited and the price of the securities of the Company may decline. If an active market does not
exist, investors may lose their entire investment in the Company. As a result of any of these
factors, the market price of the securities of Denison at any given point in time may not
accurately reflect the long-term value of Denison. Securities class-action litigation often has
been brought against companies following periods of volatility in the market price of their
securities. Denison may in the future be the target of similar litigation. Securities litigation
could result in substantial costs and damages and divert management&#146;s attention and resources.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Dilution from Further Equity Financing</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If Denison raises additional funding by issuing additional equity securities, such financing may
substantially dilute the interests of shareholders of Denison and reduce the value of their
investment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Volatility and Sensitivity to Prices and Costs</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Because the majority of Denison&#146;s revenues are derived from the sale of uranium and vanadium,
Denison&#146;s net earnings and operating cash flow are closely related and sensitive to fluctuations in
the long and short term market price 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> and V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB>.
Among other factors, these prices also affect the value of Denison&#146;s reserves and the market price
of Denison&#146;s Common Shares. Historically, these prices have fluctuated and have been and will
continue to be affected by numerous factors beyond Denison&#146;s control.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">With respect to uranium, such factors include, among others: demand for nuclear power, political
and economic conditions in uranium producing and consuming countries, reprocessing of used reactor
fuel and the re-enrichment of depleted uranium tails, sales of excess civilian and military
inventories (including from the dismantling of nuclear weapons) by governments and industry
participants, uranium supply, including the supply from other secondary sources and production
levels and costs of production. With respect to vanadium, such factors include, among others:
demand for steel, political and economic conditions in vanadium producing and consuming countries,
world production levels and costs of production.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Although Denison employs various pricing mechanisms within its sales contracts to manage its
exposure to price fluctuations, there can be no assurance that such a program will be successful.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Ability to Maintain Obligations under Credit Facility and Other Debt</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison has borrowed a significant amount of cash under the Credit Facility. Denison is required to
satisfy certain financial covenants in order to maintain its good standing under the Credit
Facility. Denison may from time to time enter into other arrangements to borrow money in order to
fund its operations and expansion plans, and such arrangements may include covenants that have
similar obligations or that restrict its business in some way. Events may occur in the future,
including events out of Denison&#146;s control, that would cause Denison to fail to satisfy its
obligations under the Credit Facility or other debt instruments. In such circumstances, the
amounts drawn under Denison&#146;s debt agreements may
become due and payable before the agreed maturity date and Denison may not have the financial
resources to repay such amounts when due. The Credit Facility is secured by all of DMI&#146;s property
and by a pledge of the shares of DMI, and with the property of its material U.S. subsidiaries. If
Denison were to default on its obligations under the Credit Facility or other secured debt
instruments in the future, the lender(s) under such debt instruments could enforce their security
and seize significant portions of Denison&#146;s assets.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Competition from Other Energy Sources and Public Acceptance of Nuclear Energy</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Nuclear energy competes with other sources of energy, including oil, natural gas, coal and
hydro-electricity. These other energy sources are to some extent interchangeable with nuclear
energy, particularly over the longer term. Sustained lower prices of oil, natural gas, coal and
hydroelectricity may result in lower demand for uranium concentrates. Technical advancements in
renewable and other alternate forms of energy, such as wind and solar power, could make these forms
of energy more commercially viable and put additional pressure on the demand for uranium
concentrates. Furthermore, growth of the uranium and nuclear power industry will depend upon
continued and increased acceptance of nuclear technology as a means of generating electricity.
Because of unique political, technological and environmental factors that affect the nuclear
industry, the industry is subject to public opinion risks that could have an adverse impact on the
demand for nuclear power and increase the regulation of the nuclear power industry.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Uranium Industry Competition and International Trade Restrictions</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The international uranium industry, including the supply of uranium concentrates, is competitive.
Denison markets uranium in direct competition with supplies available from a relatively small
number of western world uranium mining companies, from certain republics of the former Soviet Union
and the People&#146;s Republic of China, from excess inventories, including inventories made available
from decommissioning of nuclear weapons, from reprocessed uranium and plutonium, from used reactor
fuel, and from the use of excess Russian enrichment capacity to re-enrich depleted uranium tails
held by European enrichers in the form of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>. The supply of uranium from Russia and
from certain republics of the former Soviet Union is, to some extent, impeded by a number of
international trade agreements and policies. These agreements and any similar future agreements,
governmental policies or trade restrictions are beyond the control of Denison and may affect the
supply of uranium available in the United States and Europe, which are the largest markets for
uranium in the world.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Competition for Properties</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Significant competition exists for the limited supply of mineral lands available for acquisition.
Many participants in the mining business include large, established companies with long operating
histories. The Company may be at a disadvantage in acquiring new properties as many mining
companies have greater financial resources and more technical staff. Accordingly, there can be no
assurance that the Company will be able to compete successfully to acquire new properties or that
any such acquired assets would yield reserves or result in commercial mining operations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Replacement of Reserves and Resources</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">McClean Lake, Midwest, Arizona Strip, Colorado Plateau, Henry Mountains, GSJV and Mutanga and Dibwe
reserves and resources are Denison&#146;s sources of uranium concentrates. Unless other reserves and
resources are discovered or extensions to existing ore bodies are found, Denison&#146;s sources of
production for uranium concentrates will decrease over time as its current reserves and resources
are depleted. There can be no assurance that Denison&#146;s future exploration, development and
acquisition efforts will be successful in replenishing its reserves and resources. In addition,
while Denison believes that the Midwest deposit, certain of its US properties, and its Mongolian
and Zambian properties will be put into production, there can be no assurance that they will be.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Imprecision of Reserve and Resource Estimates</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Reserve and resource figures are estimates, and no assurances can be given that the estimated
levels of uranium and vanadium will be produced or that Denison will receive the prices assumed in
determining its reserves and resources. 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
Denison believes that the reserve and resource estimates included are well established and reflect
management&#146;s best estimates, by their nature, reserve and resource estimates are imprecise and
depend, to a certain extent, upon statistical inferences which may ultimately prove unreliable.
Furthermore, market price fluctuations, as well as increased capital or production costs or reduced
recovery rates, may render ore reserves and resources containing lower grades of mineralization
uneconomic and may ultimately result in a restatement of reserves and resources. The evaluation of
reserves or resources is always influenced by economic and technological factors, which may change
over time.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Decommissioning and Reclamation</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As owner and operator of the White Mesa mill and numerous uranium and uranium/vanadium mines
located in the United States and as part owner of the McClean Lake mill, McClean Lake mines, the
Midwest uranium project and certain exploration properties, and for so long as the Company remains
an owner thereof, the Company is obligated to eventually reclaim or participate in the reclamation
of such properties. Most, but not all, of the Company&#146;s reclamation obligations are bonded, and
cash and other assets of the Company have been reserved to secure this bonded amount. Although the
Company&#146;s financial statements record a liability for the asset retirement obligation, and the
bonding requirements are generally periodically reviewed by applicable regulatory authorities,
there can be no assurance or guarantee that the ultimate cost of such reclamation obligations will
not exceed the estimated liability contained on the Company&#146;s financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In addition, effective January&nbsp;20, 2001, the BLM implemented new Surface Management (3809)
Regulations pertaining to mining operations conducted on mining claims on public lands. The new
3809 regulations impose additional requirements for permitting of mines on federal lands and may
have some impact on the closure and reclamation requirement for Company mines on public lands. If
more stringent and costly reclamation requirements are imposed as a result of the new 3809 rules,
the amount of reclamation bonds held by the Company and the reclamation liability recorded in the
Company&#146;s financial statements may need to be increased.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Decommissioning plans for the Company&#146;s properties have been filed with applicable regulatory
authorities. These regulatory authorities have accepted the decommissioning plans in concept, not
upon a detailed performance forecast, which has not yet been generated. As Denison&#146;s properties
approach or go into decommissioning, further regulatory review of the decommissioning plans may
result in additional decommissioning requirements, associated costs and the requirement to provide
additional financial assurances. It is not possible to predict what level of decommissioning and
reclamation (and financial assurances relating thereto) may be required in the future by regulatory
authorities.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Technical Obsolescence</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Requirements for Denison&#146;s products and services may be affected by technological changes in
nuclear reactors, enrichment and used uranium fuel reprocessing. These technological changes could
reduce the demand for uranium or reduce the value of Denison&#146;s environmental services to potential
customers. In addition, Denison&#146;s competitors may adopt technological advancements that give them
an advantage over Denison.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Property Title Risk</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has investigated its rights to explore and exploit all of its material properties and,
to the best of its knowledge, those rights are in good standing. However, no assurance can be
given that such rights will not be revoked, or significantly altered, to its detriment. There can
also be no assurance that the Company&#146;s rights will not be challenged or impugned by third parties,
including the local governments, and in Canada, by First Nations and Metis.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The validity of unpatented mining claims on U.S. public lands is sometimes uncertain and may be
contested. Due to the extensive requirements and associated expense required to obtain and
maintain mining rights on U.S. public lands, the Company&#146;s U.S. properties may be subject to
various uncertainties which are common to the industry, with the attendant risk that its title may
be defective.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Production Estimates</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison prepares estimates of future production for particular operations. No assurance can be
given that production estimates will be achieved. Failure to achieve production estimates could
have an adverse impact on Denison&#146;s future cash flows, earnings, results of operations and
financial condition. These production estimates are based on, among other things, the following
factors: the accuracy of reserve estimates; the accuracy of assumptions regarding ground conditions
and physical characteristics of ores, such as hardness and presence or absence of particular
metallurgical characteristics; and the accuracy of estimated rates and costs of mining and
processing.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s actual production may vary from estimates for a variety of reasons, including, among
others: actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and
other characteristics; short term operating factors relating to the ore reserves, such as the need
for sequential development of ore bodies and the processing of new or different ore grades; risk
and hazards associated with mining; natural phenomena, such as inclement weather conditions,
underground floods, earthquakes, pit wall failures and cave-ins; and unexpected labour shortages or
strikes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Mining and Insurance</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s business is capital intensive and subject to a number of risks and hazards, including
environmental pollution, accidents or spills, industrial and transportation accidents, labour
disputes, changes in the regulatory environment, natural phenomena (such as inclement weather
conditions earthquakes, pit wall failures and cave-ins) and encountering unusual or unexpected
geological conditions. Many of the foregoing risks and hazards could result in damage to, or
destruction of, Denison&#146;s mineral properties or processing facilities, personal injury or death,
environmental damage, delays in or interruption of or cessation of production from Denison&#146;s mines
or processing facilities or in its exploration or development activities, delay in or inability to
receive regulatory approvals to transport its uranium concentrates, or costs, monetary losses and
potential legal liability and adverse governmental action. In addition, due to the radioactive
nature of the materials handled in uranium mining and processing, additional costs and risks are
incurred by Denison on a regular and ongoing basis.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Although Denison maintains insurance to cover some of these risks and hazards in amounts it
believes to be reasonable, such insurance may not provide adequate coverage in the event of certain
circumstances. No assurance can be given that such insurance will continue to be available or it
will be available at economically feasible premiums or that it will provide sufficient coverage for
losses related to these or other risks and hazards.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison may be subject to liability or sustain loss for certain risks and hazards against which it
cannot insure or which it may reasonably elect not to insure because of the cost. This lack of
insurance coverage could result in material economic harm to Denison.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Dependence on Issuance of Licence Amendments and Renewals</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company maintains regulatory licences in order to operate its mills at White Mesa and McClean
Lake, all of which are subject to renewal from time to time and are required in order for the
Company to operate in compliance with applicable laws and regulations. In addition, depending on
the Company&#146;s business requirements, it may be necessary or desirable to seek amendments to one or
more of its licences from time to time. While the Company has been successful in renewing its
licences on a timely basis in the past and in obtaining such amendments as have been necessary or
desirable, there can be no assurance that such licence renewals and amendments will be issued by
applicable regulatory authorities on a timely basis or at all in the future.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Nature of Exploration and Development</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Exploration for and development of mineral properties is speculative, and involves significant
uncertainties and financial risks that even a combination of careful evaluation, experience and
knowledge may not eliminate. While the discovery of an ore body may result in substantial rewards,
few properties which are explored are commercially mineable or ultimately developed into producing
mines. Major expenses may be required to establish reserves by drilling, constructing mining and
processing facilities at a site, developing metallurgical processes and extracting uranium from
ore. It is impossible to ensure that the current exploration and development programs of Denison
will result in profitable commercial mining operations or that current production at existing
mining operations will be replaced with new reserves.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s ability to sustain or increase its present levels of uranium production is dependent in
part on the successful development of new ore bodies and/or expansion of existing mining
operations. The economic feasibility of development projects is based upon many factors, including,
among others: the accuracy of reserve estimates; metallurgical recoveries; capital and operating
costs of such projects; government regulations relating to prices, taxes, royalties,
infrastructure, land tenure, land use, importing and exporting, and environmental protection; and
uranium prices, which are historically cyclical. Development projects are also subject to the
successful completion of engineering studies, issuance of necessary governmental permits and
availability of adequate financing.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Development projects have no operating history upon which to base estimates of future cash flow.
Denison&#146;s estimates of proven and probable reserves and cash operating costs are, to a large
extent, based upon detailed geological and engineering analysis. Denison also conducts feasibility
studies which derive estimates of capital and operating costs based upon many factors, including,
among others: anticipated tonnage and grades of ore to be mined and processed; the configuration of
the ore body; ground and mining conditions; expected recovery rates of the uranium from the ore;
and alternate mining methods.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">It is possible that actual costs and economic returns of current and new mining operations may
differ materially from Denison&#146;s best estimates. It is not unusual in the mining industry for new
mining operations to experience unexpected problems during the start-up phase, take much longer
time than originally anticipated to bring into a producing phase, and to require more capital than
anticipated.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Governmental Regulation and Policy Risks</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s mining and milling operations and exploration activities, as well as the
transportation and handling of the products produced, are subject to extensive regulation by state,
provincial and federal governments. Such regulations relate to production, development,
exploration, exports, imports, taxes and royalties, labour standards, occupational health, waste
disposal, protection and remediation of the environment, mine decommissioning and reclamation, mine
safety, toxic substances, transportation safety and emergency response, and other matters.
Compliance with such laws and regulations has increased the costs of exploring, drilling,
developing, constructing, operating and closing Denison&#146;s mines and processing facilities. It is
possible that, in the future, the costs, delays and other effects associated with such laws and
regulations may impact Denison&#146;s decision as to whether to operate existing mines, or, with respect
to exploration and development properties, whether to proceed with exploration or development, or
that such laws and regulations may result in Denison incurring significant costs to remediate or
decommission properties that do not comply with applicable environmental standards at such time.
Denison expends significant financial and managerial resources to comply with such laws and
regulations. Denison anticipates it will have to continue to do so as the historic trend toward
stricter government regulation may continue. Because legal requirements are frequently changing
and subject to interpretation, Denison is unable to predict the ultimate cost of compliance with
these requirements or their effect on operations. Furthermore, future changes in governments,
regulations and policies, such as those affecting Denison&#146;s mining operations and uranium transport
could materially and adversely affect Denison&#146;s results of operations and financial condition in a
particular period or its long term business prospects.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Failure to comply with applicable laws, regulations and permitting requirements may result in
enforcement actions. These actions may result in orders issued by regulatory or judicial
authorities causing operations to cease or be curtailed, and may include corrective measures
requiring capital expenditures, installation of additional equipment or remedial actions.
Companies engaged in uranium exploration operations may be required to compensate others who suffer
loss or damage by reason of such activities and may have civil or criminal fines or penalties
imposed for violations of applicable laws or regulations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Worldwide demand for uranium is directly tied to the demand for electricity produced by the nuclear
power industry, which is also subject to extensive government regulation and policies. The
development of mines and related facilities is contingent upon governmental approvals that are
complex and time consuming to obtain and which, depending upon the location of the project, involve
multiple governmental agencies. The duration and success of such approvals are subject to many
variables outside Denison&#146;s control. Any significant delays in obtaining or renewing such permits
or licences in the future could have a material adverse effect on Denison. In addition, the
international marketing of uranium is subject to governmental policies and certain trade
restrictions, such as those imposed by the suspension agreement between the United States and
Russia and the agreement between the United States and Russia related to the supply of Russian HEU
into the United States. Changes in these policies and restrictions may adversely impact Denison&#146;s
business.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Operations in Foreign Jurisdictions</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company owns uranium properties directly and through joint venture interests and is undertaking
uranium development programs in Mongolia and Zambia. As with any foreign operation, these
international properties and interests are subject to certain risks, such as the possibility of
adverse political and economic developments, foreign currency controls and fluctuations, as well as
risks of war and civil disturbances. Other events may limit or disrupt activities on these
properties, restrict the movement of funds, result in a deprivation of contract rights or the
taking of property or an interest therein by nationalization or expropriation without fair
compensation, increases in taxation or the placing of limits on repatriations of earnings. No
assurance can be given that current policies of Mongolia or Zambia or the political situations
within these countries will not change so as to adversely affect the value or continued viability
of the Company&#146;s interest in these assets.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In addition, the Company may become involved in a dispute with respect to one of its foreign
operations and may become subject to the exclusive jurisdiction of a foreign court or may find that
it is not successful in subjecting foreign persons to the jurisdiction of the courts in Canada.
The Company may also be precluded from enforcing its rights with respect to a government entity
because of the doctrine of sovereign immunity.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Environmental, Health and Safety Risks</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison has expended significant financial and managerial resources to comply with environmental
protection laws, regulations and permitting requirements in each jurisdiction where it operates,
and anticipates that it will be required to continue to do so in the future as the historical trend
toward stricter environmental regulation may continue. The uranium industry is subject to, not
only the worker health, safety and environmental risks associated with all mining businesses,
including potential liabilities to third parties for environmental damage, but also to additional
risks uniquely associated with uranium mining and processing. The possibility of more stringent
regulations exists in the areas of worker health and safety, the disposition of wastes, the
decommissioning and reclamation of mining and processing sites, and other environmental matters
each of which could have a material adverse effect on the costs or the viability of a particular
project.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s facilities operate under various operating and environmental permits, licences and
approvals that contain conditions that must be met, and Denison&#146;s right to continue operating its
facilities is, in a number of instances, dependent upon compliance with such conditions. Failure to
meet any such condition could have a material adverse effect on Denison&#146;s financial condition or
results of operations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Although the Company believes its operations are in compliance, in all material respects, with all
relevant permits, licences and regulations involving worker health and safety as well as the
environment, there can be no assurance regarding continued compliance or ability of the Company to
meet stricter environmental regulation, which may also require the expenditure of significant
additional financial and managerial resources.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Aboriginal Title and Consultation Issues</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">First Nations and M&#233;tis title claims as well as related consultation issues may impact Denison&#146;s
ability and that of its joint venture partners to pursue exploration, development and mining at its
Saskatchewan properties. Pursuant to historical treaties, First Nations bands in Northern
Saskatchewan ceded title to most traditional lands but continue to assert title to the minerals
within the lands. Managing relations with the local native bands is a matter of paramount
importance to Denison. There may be no assurance however that title claims as well as related
consultation issues will not arise on or with respect to the Company&#146;s properties.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Accounting
Policies</B></DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">
The accounting policies and methods employed by the Company determine how it reports its financial
condition and results of operations, and they may require management to make judgements or rely on
assumptions about matters that are inherently uncertain. The Company&#146;s results of operations are
reported using policies and methods in accordance with Canadian GAAP. Management of Denison
exercises judgement in applying accounting methods to ensure that, while GAAP compliant, they
reflect the most appropriate manner in which to record the Company&#146;s financial condition and
operating results. In certain instances, Canadian GAAP allows accounting policies and methods to be
selected from two or more alternatives, any of which might be reasonable but may result in Denison
reporting materially different amounts. Management regularly re-evaluates its assumptions but the
choice of method or policy employed may have a significant impact on the actual values reported.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Credit Risk</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s sales of uranium and vanadium products and its environmental services expose Denison to
the risk of non-payment. Denison manages this risk by monitoring the credit worthiness of its
customers and requiring pre-payment or other forms of payment security from customers with an
unacceptable level of credit risk.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Although Denison seeks to manage its credit risk exposure, there can be no assurance that Denison
will be successful and that some of Denison&#146;s customers will fail to pay for the uranium or
vanadium purchased or the environmental services provided.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Currency Fluctuations</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Most of Denison&#146;s revenue is denominated in U.S. dollars; however, its operating costs are incurred
in the currencies of the United States, Canada, Mongolia and Zambia. Consequently, changes in the
relative value of the different currencies affect Denison&#146;s earnings and cash flows.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Capital Intensive Industry; Uncertainty of Funding</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The exploration and development of mineral properties and the ongoing operation of mines requires a
substantial amount of capital and may depend on Denison&#146;s ability to obtain financing through joint
ventures, debt financing, equity financing or other means. General market conditions, volatile
uranium and vanadium markets, a claim against the Company, a significant disruption to the
Company&#146;s business or operations or other factors may make it difficult to secure financing
necessary to the expansion of mining activities or to take advantage of opportunities for
acquisitions. There is no assurance that the Company will be successful in obtaining required
financing as and when needed on acceptable terms.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Dependence on Key Personnel and Qualified and Experienced Employees</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s success will largely depend on the efforts and abilities of certain senior officers and
key employees. Certain of these individuals have significant experience in the uranium industry.
The number of individuals with significant experience in this industry is small. While Denison
does not foresee any reason why such officers and key employees will not remain with Denison, if
for any reason they do not, Denison could be adversely affected. Denison has not purchased key man
life insurance for any of these individuals.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s success will also depend on the availability of qualified and experienced employees to
work in Denison&#146;s operations and Denison&#146;s ability to attract and retain such employees. The
number of individuals with relevant mining and operational experience in this industry is small.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Internal Controls</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Internal controls over financial reporting are procedures designed to provide reasonable assurance
that transactions are properly authorized, assets are safeguarded against unauthorized or improper
use, and transactions are properly recorded and reported. A control system, no matter how well
designed and operated, can provide only reasonable, not absolute, assurance with respect to the
reliability of financial reporting and financial statement preparation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Conflicts of Interest</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Some of the directors of Denison are also directors of other companies that are similarly engaged
in the business of acquiring, exploring and developing natural resource properties. Such
associations may give rise to conflicts of interest from time to time. In particular, one of the
consequences will be that corporate opportunities presented to a director of Denison may be offered
to another company or companies with which the director is associated, and may not be presented or
made available to Denison. The directors of Denison are required by law to act honestly and in
good faith with a view to the best interests of Denison, to disclose any interest which they may
have in any project or opportunity of Denison, and to abstain from voting on such matter.
Conflicts of interest that arise will be subject to and governed by the procedures prescribed by
the OBCA.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->104<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Reliance on ARC as Operator</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As ARC is the operator and majority owner of the McClean Lake and Midwest properties in
Saskatchewan, Canada, Denison is and will be, to a certain extent, dependent on ARC for the nature
and timing of activities related to these properties and may be unable to direct or control such
activities.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Labour Relations</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Both the McClean Lake mill and the Midwest properties employ unionized workers who work under
collective agreements. ARC, as the operator of both of these projects, is responsible for all
dealings with unionized employees. ARC may not be successful in its attempts to renegotiate the
collective agreements, which may impact mill and mining operations. Any lengthy work stoppages may
have a material adverse impact on the Company&#146;s future cash flows, earnings, results of operations
and financial condition.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Indemnities</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As part of a reorganization in 2004, DMI acquired from Denison Energy all of Denison Energy&#146;s
mining and environmental services assets and agreed to assume all debts, liabilities and
obligations relating to such assets before the date of the reorganization. In addition, DMI agreed
to provide certain indemnities in favour of Denison Energy for certain claims and losses relating
to matters with respect to Denison Energy&#146;s mining business prior to the date of the arrangement,
to breaches by DMI of certain of its agreements, covenants, representations and warranties in the
agreements governing such reorganization, and to damages caused by breaches by DMI of its
representations and warranties in certain agreements related to such arrangement. Denison cannot
predict the outcome or the ultimate impact of any legal or regulatory proceeding against Denison or
affecting the business of Denison and cannot predict the potential liabilities associated with the
indemnities provided in favour of Denison Energy. Consequently, there can be no assurance that the
legal or regulatory proceedings referred to in this AIF or any such proceedings that may arise in
the future will be resolved without a material adverse effect on the business, financial condition,
results of operation or cash flows of Denison.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><FONT style="font-variant: SMALL-CAPS"><B>Description of Securities</B></FONT>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Common Shares</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The holders of Common Shares are entitled to receive notice of, and to one vote per share at, every
meeting of shareholders of Denison, to receive such dividends as the Board of Directors declares
and to share equally in the assets of Denison remaining upon the liquidation, dissolution or
winding up of Denison after the creditors of Denison have been satisfied. As of December&nbsp;31, 2008,
Denison had an aggregate of 197,295,415 Common Shares issued and outstanding. As at March&nbsp;26,
2009, Denison had an aggregate of 226,045,415 Common Shares issued and outstanding. The Common
Shares trade on the Toronto Stock Exchange under the symbol &#147;DML&#148; and on the NYSE Amex under the
symbol &#147;DNN&#148;.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>2004 Warrants</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On November&nbsp;24, 2004, DMI issued 1,100,001 common share purchase warrants (the &#147;<B>2004 Warrants</B>&#148;).
The 2004 Warrants expire on November&nbsp;24, 2009. Upon issue, each 2004 Warrant entitled the holder
to acquire one common share of DMI at a price of Cdn$15.00.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The 2004 Warrants traded on the TSX under the symbol &#147;DEN.WT&#148; until December&nbsp;6, 2006. As part of
the Denison Arrangement, the Company agreed to assume the obligations relating to the 2004 Warrants
and to issue Common Shares to holders upon exercise. Accordingly, effective December&nbsp;1, 2006, each
2004 Warrant entitles the holder to acquire 2.88 Common Shares of Denison at a price of Cdn$15.00.
As a result of the Denison Arrangement, the 2004 Warrants continued trading under the symbol
&#147;DML.WT.&#148; Except as stated, no other terms of the 2004 Warrants were changed.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->105<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As at December&nbsp;31, 2008, an aggregate of 1,096,151 2004 Warrants were outstanding, and as at March
26, 2009, an aggregate of 1,096,151 2004 Warrants were outstanding.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>2006 Warrants</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On March&nbsp;1, 2006, DMI issued 2,225,000 common share purchase warrants (the &#147;<B>2006 Warrants</B>&#148;). The
2006 Warrants expire on March&nbsp;1, 2011. Each 2006 Warrant entitled the holder to acquire one common
share of DMI at a price of Cdn$30.00. The 2006 Warrants were listed on the TSX on March&nbsp;1, 2006
and traded under the symbol &#147;DEN.WT.A.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As part of the Denison Arrangement, the Company agreed to assume the obligations relating to the
2006 Warrants and to issue Common Shares to holders upon exercise. Accordingly, effective December
1, 2006, each 2006 Warrant entitles the holder to acquire 2.88 Common Shares of Denison at a price
of C$30.00. As a result of the Denison Arrangement, the 2006 Warrants continued trading under the
symbol &#147;DML.WT.A.&#148; Except as stated, no other terms of the 2006 Warrants were changed.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As at December&nbsp;31, 2008, an aggregate of 2,225,000 2006 Warrants were outstanding, and as at March
26, 2009, an aggregate of 2,225,000 2006 Warrants were outstanding.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Dividend Policy</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Holders of Common Shares are entitled to receive dividends if, as and when declared by the Board of
Directors. The Directors have adopted a policy of dedicating cash flow to reinvestment in the
business. Accordingly, no dividends have been declared to date. Further, the Company is
restricted from paying dividends under its Credit Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Market for Securities</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Trading Price and Volume of the Common Shares</B><BR>
The following table sets forth, for the months indicated, the high and low closing sale prices and
trading volumes for the Common Shares, as reported on the TSX:
</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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">Common Shares</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD Colspan="2" align="center">Cdn$ Price</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Trading Volume</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Month</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"> Range</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" colspan="2" style="border-bottom: 1px solid #000000">(&#146;000s)</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD ALIGN="CENTER"><DIV style="margin-left:15px; text-indent:-15px">2008</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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">January</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.37 &#150; 9.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,827</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">February</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.19 &#150; 9.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,065</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">March</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.48 &#150; 9.24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,961</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">April</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.59 &#150; 7.76</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,783</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">May</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.65 &#150; 8.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,610</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.97 &#150; 8.91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,154</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">July</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.56 &#150; 8.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,788</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">August</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.30 &#150; 6.56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,594</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">September</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.14 &#150; 5.73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,876</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">October</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.31 &#150; 3.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,416</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">November</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.99 &#150; 1.83</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,684</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.72 &#150; 1.46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,046</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt">Data supplied by the TSX.
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->106<!-- /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; margin-left: .25in; width: 7.20in">



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Trading Price and Volume of the 2004 Warrants and the 2006 Warrants</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following table sets forth, for the months indicated, the high and low closing sale prices and
trading volumes<SUP style="font-size: 85%; vertical-align: text-top"> </SUP>for the 2004 Warrants and the 2006 Warrants as reported on the TSX.
</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="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="4" align="right" valign="top">2006 Warrants</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="4" align="right" valign="top">2004 Warrants</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="CENTER" valign="top">Cdn$ Price</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Trading Volume</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="CENTER" valign="top">Cdn$ Price</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Trading Volume</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Month</TD>
    <TD>&nbsp;</TD>
    <TD align="CENTER" valign="top"  style="border-bottom: 1px solid #000000">Range</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(&#146;000s)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="CENTER" valign="top"  style="border-bottom: 1px solid #000000">Range</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(&#146;000s)</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD ALIGN="CENTER"><DIV style="margin-left:30px; text-indent:-15px">2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">January</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">4.84 &#150; 10.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">6.44 &#150; 13.31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">198</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">February</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">4.43 &#150; 7.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">6.75 &#150; 13.45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">March</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">5.30 &#150; 8.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">7.50 &#150; 13.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">April</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">5.00 &#150; 6.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">7.00 &#150; 10.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">May</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">6.00 &#150; 7.66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">7.20 &#150; 12.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">5.55 &#150; 8.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">8.50 &#150; 11.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">July</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">4.85 &#150; 7.95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">7.12 &#150; 11.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">August</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">3.40 &#150; 4.92</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">4.15 &#150; 7.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">September</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">1.25 &#150; 4.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">1.20 &#150; 4.77</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">October</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">0.20 &#150; 1.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">218</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">0.33 &#150; 1.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">November</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">0.22 &#150; 0.52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">0.20 &#150; 0.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">0.20 &#150; 0.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">0.10 &#150; 0.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">229</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt">Data supplied by the TSX.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><FONT style="font-variant: SMALL-CAPS"><B>Directors and Officers</B></FONT>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Directors</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following table sets out the names and the provinces and countries of residence of each of the
directors of Denison, their respective positions and offices held with Denison and their principal
occupations as of the date hereof. The following table also identifies the members of each
committee of the Board of Directors.
</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="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="61%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>Name and Province and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Country of Residence</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Principal Occupation and Employment for Past Five Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Director Since</B><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="TOP"><!-- 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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-variant: SMALL-CAPS">Craig, John H.<SUP style="font-size: 85%; vertical-align: text-top">(2, 4)</SUP></FONT><br>
Ontario, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lawyer, Partner, Cassels Brock &#038; Blackwell LLP.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1997</TD>
</TR>
<TR valign="TOP"><!-- 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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-variant: SMALL-CAPS">W. Robert Dengler<SUP style="font-size: 85%; vertical-align: text-top">(3, 4</SUP></FONT>)<br>
Ontario, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Director, commencing in 2006; prior:
Vice-Chairman and Director of Dynatec Corporation in
2005; President and Chief Executive Officer of Dynatec
Corporation.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2006</TD>
</TR>
<TR valign="TOP"><!-- 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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-variant: SMALL-CAPS">Brian D. Edgar<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></FONT><br>
British Columbia, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief Executive Officer of Dome Ventures
Corporation.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2005</TD>
</TR>
<TR valign="TOP"><!-- 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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-variant: SMALL-CAPS">E. Peter Farmer</FONT><br>
Ontario, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer of the Company, commencing in
2006; prior: President and Chief Executive Officer and
Director of DMI from 2003-2006; President and Chief
Executive Officer and Director of Denison Energy from
2002-2004.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2006</TD>
</TR>
<TR valign="TOP"><!-- 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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-variant: SMALL-CAPS">Ron F. Hochstein<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></FONT><br>
British Columbia, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief&nbsp;Operating&nbsp;Officer of the Company,
commencing 2006; prior: President and Chief Executive
Officer and Director of the Company.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2000</TD>
</TR>
<TR valign="TOP"><!-- 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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-variant: SMALL-CAPS">Paul F. Little<SUP style="font-size: 85%; vertical-align: text-top">(3, 5)</SUP></FONT><br>
Ontario, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lead Director of the Company; Corporate Director and
Financial Consultant; prior: Chairman of the Board of
DMI from 2004-2006.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2006</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->107<!-- /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; margin-left: .25in; width: 7.20in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="61%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>Name and Province and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Country of Residence</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Principal Occupation and Employment for Past Five Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Director Since</B><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px"><!-- 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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-variant: SMALL-CAPS">Lukas H. Lundin<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></FONT><br>
<FONT style="font-variant: SMALL-CAPS">B</FONT>ritish Columbia, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board of the Company; Mining Executive.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1997</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-variant: SMALL-CAPS">William A. Rand<SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></FONT><br>
<FONT style="font-variant: SMALL-CAPS">B</FONT>ritish Columbia, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director of Rand Edgar Investment Corp.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1997</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-variant: SMALL-CAPS">Roy J. Romanow P.C., </FONT><br>
<FONT style="font-variant: SMALL-CAPS">O.C., Q.C.<SUP style="font-size: 85%; vertical-align: text-top">( 2)</SUP></FONT><br>
Saskatchewan, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Fellow, Department of Political Studies,
University of Saskatchewan.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2006</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-variant: SMALL-CAPS">Catherine J. G.</FONT><br>
<FONT style="font-variant: SMALL-CAPS"> Stefan<SUP style="font-size: 85%; vertical-align: text-top">(5,6)</SUP></FONT><br>
Ontario, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, Stefan &#038; Associates.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2006</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 3pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The term of office of each of the directors of Denison will expire at the Annual
Meeting of the shareholders to be held on April&nbsp;30, 2009.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Member, Corporate Governance
and Nominating Committee.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Member, Compensation
Committee.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Member, Environment, Health
and Safety Committee.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Member, Audit Committee.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Chair, Audit Committee.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left:4%"><B><I>Executive Officers</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following table sets out the names and the provinces and countries of residence of each of the
executive officers of Denison, their respective positions and offices held with Denison and their
principal occupations as of the date hereof. Messrs.&nbsp;Farmer and Hochstein, the Chief Executive
Officer and President and Chief Operating Officer of the Company, respectively, are discussed under
&#147;Directors&#148; above.
</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="27%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="68%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>Name and Province and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Country of Residence</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Position with Denison and Employment for Past Five Years</B></TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV ALIGN="JUSTIFY">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV ALIGN="JUSTIFY"><FONT style="font-variant: SMALL-CAPS">James R. Anderson</FONT><br>
Ontario, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV ALIGN="JUSTIFY">Executive Vice President and Chief Financial Officer,
commencing in 2006; prior: Executive Vice President and
Chief Financial Officer of DMI from 2004 &#150; 2006;
Managing Director of Excel Energy Group Inc. from 2003
&#150; 2004.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV ALIGN="JUSTIFY">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV ALIGN="JUSTIFY"><FONT style="font-variant: SMALL-CAPS">Philip G. Buck</FONT><br>
Colorado, U.S.A<FONT style="font-variant: SMALL-CAPS">.</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV ALIGN="JUSTIFY">Vice President, Mining, commencing in January, 2008;
prior: General Manager, Canada Dynatec Corporation from
2006 &#150; 2008; prior: Area Manager of Dynatec 2003 &#150;
2005; Project Manager for Barrick Gold Corporation 2001
&#150; 2003.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV ALIGN="JUSTIFY">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV ALIGN="JUSTIFY"><FONT style="font-variant: SMALL-CAPS">Donald C. Campbell</FONT><br>Ontario, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President, Commercial,
commencing in 2006; prior: Vice President, Marketing and Special Projects of DMI
from 2004 &#151; 2006 and of Denison Energy and its
predecessor from 1993 &#150; 2004.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV ALIGN="JUSTIFY">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV ALIGN="JUSTIFY"><FONT style="font-variant: SMALL-CAPS">Andre Desautels</FONT><br>
Ontario, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV ALIGN="JUSTIFY">Vice President, General Counsel and Corporate
Secretary, commencing 2008; prior: member of the New
Media Executive Team at Canwest Publishing Inc., 2005 -
2008; prior:, Associate General Counsel, Canadian
division of Time Warner Inc, 2001-2005.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV ALIGN="JUSTIFY">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV ALIGN="JUSTIFY"><FONT style="font-variant: SMALL-CAPS">David C. Frydenlund</FONT><br>
Colorado, U.S.A.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV ALIGN="JUSTIFY">Vice-President, U.S. Legal and Regulatory Affairs and
Assistant Corporate Secretary, commencing 2006; prior: Vice-President and General Counsel and Corporate
Secretary of the Company from 1997 &#150; 2006; Chief
Financial Officer and Treasurer of the Company from
2000 &#150; 2005; Director of the Company from 1997 &#150; 2006.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV ALIGN="JUSTIFY">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV ALIGN="JUSTIFY"><FONT style="font-variant: SMALL-CAPS">William C. Kerr</FONT><br>Ontario, Canada
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><DIV ALIGN="JUSTIFY">Vice-President,
Exploration, commencing 2006; prior: Vice-President Exploration and Development for DMI in
2006; Director, Resources for DMI from 2004 &#150; 2006;
Director, Resource Evaluation for Denison Energy and
its predecessor from 1997 &#150; 2003.</DIV></TD>
</TR>

<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV ALIGN="JUSTIFY">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV ALIGN="JUSTIFY"><FONT style="font-variant: SMALL-CAPS">Harold R. Roberts</FONT><br>
Colorado, U.S.A.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV ALIGN="JUSTIFY">Executive Vice President, U.S. Operations, commencing
2006; prior: Vice President, Corporate Development of
International Uranium (USA)&nbsp;Corporation (&#147;IUSA&#148;) from
2005 &#150; 2006; Consultant to the Company 2003 &#150; 2004;
Vice President, Corporate Development of IUSA from 2001
&#150; 2003.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV ALIGN="JUSTIFY">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV ALIGN="JUSTIFY"><FONT style="font-variant: SMALL-CAPS">Curt D. Steel</FONT><br>
Connecticut, U.S.A.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV ALIGN="JUSTIFY">Vice President, Sales and Marketing, commencing in
2008; prior: Senior Trader, NUKEM Inc. from 1998 &#150;
2007.</DIV></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->108<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As of March&nbsp;26, 2009, the directors and executive officers of Denison, as a group, beneficially own
or exercise control over, directly or indirectly, 3,168,631 Common Shares or about 1% of the Common
Shares of Denison as of the date of this AIF. No single director or officer owns or exercises
control of, directly or indirectly, 1% or more of the Common Shares as of the date of this AIF.
The information as to Common Shares beneficially owned or over which the directors and officers
exercise control or direction, not being within the knowledge of the Company, has been furnished by
each such individual.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Cease Trade Orders, Bankruptcies, Penalties or Sanctions</B><BR>
Other than as referred to below, no director or executive officer of the Company or a shareholder
holding a sufficient number of securities of Denison to affect materially the control of Denison:
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">is, at the date of this AIF, or has, within the previous ten year period, been a
director or officer of any company, that, while the person was acting in that capacity:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">was the subject of a cease trade or similar order or an order that
denied the relevant company access to any exemptions under applicable securities
legislation for a period of more than 30 consecutive days;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">was subject to an event that resulted, after the director or executive
officer ceased to be a director or officer, in the company being the subject of a
cease trade or similar order or an order that denied the relevant company access to
any exemptions under applicable securities legislation for a period of more than 30
consecutive days; or</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">within a year of that person ceasing to act in that capacity, became
bankrupt, made a proposal under any legislation relating to bankruptcy or
insolvency or was subject to or instituted any proceedings, arrangement or
compromise with creditors or had a receiver, receiver manager or trustee appointed
to hold its assets; or</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">has, within the previous ten year period, become bankrupt, made a proposal under any
legislation relating to bankruptcy or insolvency or was subject to or instituted any
proceedings, arrangement or compromise with creditors or had a receiver, receiver manager
or trustee appointed to hold its assets.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Messrs.&nbsp;Rand and Edgar are currently and were directors of New West Energy Services Inc. (TSX-V),
when on September&nbsp;5, 2006, a cease trade order was issued by the British Columbia Securities
Commission against that company for its failure to file financial statements within the prescribed
time. The default was rectified and the order was rescinded on November&nbsp;9, 2006.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Conflicts of Interest</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Some of Denison&#146;s directors are also directors and officers of other natural resource companies
and, consequently, there exists the possibility for such directors and officers to be in a position
of conflict relating to any future transactions or relationships between the Company or common
third parties. However, the Company is unaware of any such pending or existing conflicts between
these parties. Any decision made by any of such directors and officers involving the Company are
made in accordance with their duties and obligations to deal fairly and in good faith with the
Company and such other companies. In addition, each of the directors of the Company discloses and
refrains from voting on any matter in which such director may have a conflict of interest.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->109<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">None of the present directors, senior officers or principal shareholders of the Company and no
associate or affiliate of any of them has any material interest in any transaction of the Company
or in any proposed transaction which has materially affected or will materially affect the Company
except as described herein.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During the 15-month period ending December&nbsp;31, 2006, the Company incurred legal fees of $292,000
with a law firm of which John H. Craig, a director of the Company. No amounts were incurred with
this firm for the financial years ending December&nbsp;31, 2007 and 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During the 12-month period ending December&nbsp;31, 2008, the Company incurred management and
administrative service fees of $162,000 with a company owned by the Chairman of the Company, which
provides investor relations, office premises, secretarial and other services in Vancouver. No
amounts were due to this company as of December&nbsp;31, 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><FONT style="font-variant: SMALL-CAPS"><B>Standing Committees </B></FONT>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>The Audit Committee</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Overview</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The audit committee of the Company&#146;s Board of Directors is principally responsible for:
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">recommending to the Company&#146;s Board of Directors the external auditor to be nominated
for election by the Company&#146;s shareholders at each annual general meeting and negotiating
the compensation of such external auditor;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">overseeing the work of the external auditor;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">reviewing the Company&#146;s annual and interim financial statements, MD&#038;A and press
releases regarding earnings before they are reviewed and approved by the Board of Directors
and publicly disseminated by the Company; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">reviewing the Company&#146;s financial reporting procedures for the Company&#146;s public
disclosure of financial information extracted or derived from its financial statements.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Audit Committee Mandate/Terms of Reference</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s Board of Directors has adopted an audit committee mandate/terms of reference (the
&#147;<B>Mandate</B>&#148;) which sets out the audit committee&#146;s mandate, organization, powers and responsibilities.
The complete Mandate is attached as Schedule&nbsp;A to this AIF.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Composition of the Audit Committee</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Below are the details of each audit committee member, including his or her name, whether she or he
is independent and financially literate as such terms are defined under National Instrument 52-110
- - <I>Audit Committees of the Canadian Securities Administrators </I>(&#147;<B>NI 52-110</B>&#148;) and his or her education
and experience as it relates to the performance of his or her duties as an audit committee member.
All three audit committee members have &#147;financial expertise&#148; within the meaning of the U.S.
Sarbanes-Oxley Act of 2002 and are financially literate under NI 52-110. The qualifications and
independence of each member is discussed below and in the Company&#146;s Management Proxy Circular dated
March&nbsp;23, 2009 (the &#147;<B>Circular</B>&#148;), a copy of which is available on the Company&#146;s profile on the SEDAR
website at <U>www.sedar.com</U>.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->110<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Financially</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Education &#038; Experience Relevant to</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Member Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Independent</B><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Literate</B><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Performance of Audit Committee Duties</B></TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Paul F. Little
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:20px; text-indent:-20px"><B>&#149;</B>&nbsp;&nbsp;&nbsp; Chartered Accountant (ICAO)</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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"><DIV style="margin-left:20px; text-indent:-20px"><B>&#149;</B>&nbsp;&nbsp;&nbsp; M.B.A. (Finance)</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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"><DIV style="margin-left:20px; text-indent:-20px"><DIV ALIGN="JUSTIFY"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;Held position of Chief
Financial Officer of one public
company and two private companies.</DIV></DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Catherine J.G. Stefan,
Chair of the Audit
Committee
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Yes
</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><DIV style="margin-left:20px; text-indent:-20px"><B>&#149;</B>&nbsp;&nbsp;&nbsp; Chartered Accountant (ICAO)</DIV>
<DIV style="margin-left:20px; text-indent:-20px"><B>&#149;</B>&nbsp;&nbsp;&nbsp; B.Comm</DIV>
<DIV style="margin-left:20px; text-indent:-20px"><DIV ALIGN="JUSTIFY"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;Held position of Senior Vice
President, O&#038;Y Properties Inc.,
President of Stefan &#038; Associates and
Executive Vice-President of Bramalea
Group, Chair, Tax Committee of the
Canadian Institute of Public Real
Estate Companies (CIPREC).</DIV></DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">William A. Rand
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Yes
</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><DIV style="margin-left:20px; text-indent:-20px"><DIV ALIGN="JUSTIFY"><B>&#149;</B>&nbsp;&nbsp;&nbsp; B.Comm (Accounting)</DIV></DIV>
<DIV style="margin-left:20px; text-indent:-20px"><DIV ALIGN="JUSTIFY"><B>&#149;</B>&nbsp;&nbsp;&nbsp; Two law degrees, with
extensive corporate finance
experience</DIV></DIV>
<DIV style="margin-left:20px; text-indent:-20px"><DIV ALIGN="JUSTIFY"><B>&#149;</B>&nbsp;&nbsp;&nbsp; Has served on audit
committees of a number of public
companies</DIV></DIV></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">To be considered independent, a member of the Committee must not have any direct or
indirect &#147;material relationship&#148; with the Company. A material relationship is a
relationship which could, in the view of the Board of Directors of the Company, reasonably
interfere with the exercise of a member&#146;s independent judgment.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">To be considered financially literate, a member of the Committee must have the ability
to read and understand a set of financial statements that present a breadth and level of
complexity of accounting issues that are generally comparable to the breadth and complexity
of the issues that can reasonably be expected to be raised by the Company&#146;s financial
statements.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Reliance on Certain Exemptions</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Since the commencement of the Company&#146;s most recently completed financial year, the Company has not
relied on the exemption in Section&nbsp;2.4 (De Minimis Non-audit Services), Section&nbsp;3.2 (Initial Public
Offerings), Section&nbsp;3.4 (Events Outside Control of Member), Section&nbsp;3.5 (Death, Disability or
Resignation of Audit Committee Member) of NI 52-110 or an exemption from NI 52-110, in whole or in
part, granted under Part&nbsp;8 (Exemptions) of NI 52-110.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Audit Committee Oversight</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Since the commencement of the Company&#146;s most recently completed financial year, there has not been
a recommendation of the Audit Committee to nominate or compensate an internal auditor which was not
adopted by the Company&#146;s Board of Directors.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Pre-Approval Policies and Procedures</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Audit Committee has adopted specific policies and procedures for the engagement of non-audit
services as described in Section&nbsp;D of the Mandate.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>External Auditor Service Fees (By Category)</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following table discloses the fees billed to the Company by its external auditor during the
last two fiscal years. Services were billed and paid in Canadian dollars and have been translated
into U.S. dollars using an average annual exchange rate of: $1.0660 for 2008 and $1.0749 for 2007.
The Company&#146;s external auditor was also the auditor for DMI prior to the Denison Arrangement.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->111<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>Financial Year</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Audit Related</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Ending</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Audit Fees</B><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fees</B><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Tax Fees</B><SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>All Other Fees</B><SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></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">December&nbsp;31, 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">301,882</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">247,832</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">108,889</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">29,710</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December&nbsp;31, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">402,586</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163,037</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">203,403</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,884</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 3pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The aggregate fees billed for audit services.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The aggregate fees billed for assurance and related services that are reasonably related to
the performance of the audit or review of the company&#146;s financial statements and are not
disclosed in the Audit Fees column.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The aggregate fees billed for tax compliance, tax advice, and tax planning services.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The aggregate fees billed for professional services other than those listed in the other
three columns. For 2008, &#147;All Other Fees&#148; relates to assisting the Company with the adoption
of International Financial Reporting Standards. For 2007, &#147;All Other Fees&#148; relates to due
diligence reporting of the Denison Arrangement.</DIV></TD>
</TR>

</TABLE>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Other Board Committees</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Board currently has three other standing committees in addition to the Audit Committee, namely
the Corporate Governance and Nominating Committee, the Compensation Committee and the Environment,
Health and Safety Committee. Each standing committee of the Board operates according to its
mandate, approved by the Board, which sets out the committee&#146;s duties and responsibilities. A
discussion of each committee and its composition can be found in the Circular.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><FONT style="font-variant: SMALL-CAPS"><B>Legal Proceedings</B></FONT>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company is not currently a party to any material legal proceedings. However, from time to time,
the Company may become party to routine litigation incidental to Denison&#146;s business. DMI has
provided certain indemnities in favour of Denison Energy against any future liabilities it may
incur related to the assets and liabilities transferred to DMI on March&nbsp;8, 2004.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><FONT style="font-variant: SMALL-CAPS"><B>Interest Of Management And Others In Material Transactions</B></FONT>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Other than as disclosed in this AIF, none of the directors, executive officers or principal
shareholders of Denison, and no associate or affiliate of any of them, has or has had, within the
three most recently completed financial years or during the current financial year, any material
interest in any transaction which materially affects Denison.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><FONT style="font-variant: SMALL-CAPS"><B>Registrar And Transfer Agent</B></FONT>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Computershare Investor Services Inc. acts as the registrar and transfer agent for the Common Shares
and 2004 Warrants and the 2006 Warrants. The address for Computershare Investor Services Inc. is
100 University Avenue, 9th Floor, Toronto, ON, M5J 2Y1, Canada, and the telephone number is
1-800-564-6253.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><FONT style="font-variant: SMALL-CAPS"><B>Material Contracts </B></FONT>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Reference is made to the material contracts which have been filed by Denison with the Canadian
securities regulatory authorities on the SEDAR website at <U>www.sedar.com</U>.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->112<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Below are the particulars of each contract, other than those entered into in the ordinary course of
business, that is material to Denison and that was entered into between January&nbsp;1, 2008 and
December&nbsp;31, 2008 or was entered into before those dates but is still in effect. No disclosure is
made regarding any contract that was entered into before January&nbsp;1, 2002.
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Reclamation Funding Agreement made as of the 21<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> day of December&nbsp;1995
among DML, Her Majesty the Queen in Right of Canada (the &#147;<B>Government of Canada</B>&#148;) and Her
Majesty the Queen in right of the Province of Ontario (the &#147;<B>Government of Ontario</B>&#148;) as
amended by the Amending Agreement made as of the 11<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of April&nbsp;1997 among
DML, the Government of Canada and the Government of Ontario and as further amended by the
Amending Agreement made as of the 25<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of February&nbsp;1999 among DML, the
Government of Canada and the Government of Ontario and further amended by an Assignment and
Novation Agreement made as of the 29<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of December, 2003 among Denison
Energy, the Company, the Government of Canada and the Government of Ontario.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">According to the Reclamation Funding Agreement, the Company is required to maintain funds in
an Environmental Trust sufficient for the succeeding 6&nbsp;years of the estimated reclamation
and on-going care and monitoring expenditures for the Company&#146;s closed Elliot Lake mining
facility.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Arrangement Agreement dated as of September&nbsp;18, 2006, as amended and restated as of
October&nbsp;16, 2006, with effect as and from September&nbsp;18, 2006, among DMI, IUC and IUC Subco.
A copy of this agreement, as amended, was filed on the Company<FONT style="font-variant: SMALL-CAPS">&#146;</FONT>s profile on the
SEDAR website at <U>www.sedar.com</U> on October&nbsp;25, 2006.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">According to the Arrangement Agreement, IUC, DMI and IUC Subco completed the Denison
Arrangement pursuant to which DMI and IUC Subco amalgamated, and each shareholder of DMI
received 2.88 Common Shares of IUC for each share of DMI held. In addition, pursuant to the
Arrangement Agreement, IUC filed Articles of Amendment to change IUC&#146;s name to &#147;Denison
Mines Corp.&#148;.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <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="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Credit Facility dated as of June&nbsp;30, 2008</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">According to the Credit Facility, The Bank of Nova Scotia has agreed to provide Denison with a
$125,000,000 revolving term credit facility. The Credit Facility is repayable in full on June&nbsp;30,
2011. The borrower under the Credit Facility is DMI and the Company has provided an unlimited full
recourse guarantee and a pledge of all of the shares of DMI. DMI has provided a first priority
security interest in all present and future personal property and an assignment of its rights and
interests under all material agreements relative to the McClean Lake and the Midwest projects. In
addition, each of the Company&#146;s material U.S. subsidiaries has provided an unlimited full recourse
guarantee secured by a pledge of all of its shares and a first priority security interest in all of
its present and future personal property. The Company is required to maintain certain financial
covenants on a consolidated basis.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><FONT style="font-variant: SMALL-CAPS"><B>Names And Interests Of Experts</B></FONT>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">PricewaterhouseCoopers LLP is the auditor of the Company and audited the consolidated financial
statements of the Company as at and for the year ended December&nbsp;31, 2008, parts of which are
incorporated by reference herein as provided.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->113<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">PricewaterhouseCoopers LLP is an independent auditor within the meaning of the Rules of
Professional Conduct of the Institute of Chartered Accountants of Ontario.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">William C. Kerr, Vice-President Exploration of Denison, who is a &#147;qualified person&#148; within the
meaning of this term in NI 43-101, has prepared sections of this AIF that are of a scientific or
technical nature. To the knowledge of Denison, William Kerr beneficially owns, directly or
indirectly, less than one percent of the outstanding Common Shares.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Arizona Strip Technical Report, Elliot Lake Report, Mongolia Technical Report, Henry Mountains
Technical Report, McClean Technical Report, the McClean North Technical Report, the Sue D Report,
the Midwest Technical Report and the Tony M Report were prepared by Lawrence B. Cochrane, Ph.D.,
P.Eng., Luke Evans, M.Sc., P.Eng., Neil N. Gow, P.Geo., James W. Hendry, P.Eng., Leo R. Hwozdyk,
P.Eng., Thomas C. Pool, P.E., David A. Ross, P.Geo., Richard E. Routledge, M.Sc., P.Geo., Douglas
H. Underhill, Ph.D., C.P.G. and William Roscoe, Ph.D., P.Eng. of Scott Wilson RPA, which was
retained to independently review and audit the reserves and resources in accordance with the
requirements of NI 43-101.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Midwest A Technical Report was prepared by Michel Dagbert, P.Eng. of Geostat, which was
retained to independently review and audit the reserves in accordance with the requirements of NI
43-101.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Mutanga Technical Report was prepared by Malcolm Titley, B.Sc. (Geology and Chemistry),
MAusIMM,MAIG, of CSA Global, which was retained to independently review and audit the reserves and
resources in accordance with the requirements of NI 43-101.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">To the knowledge of Denison as of the date hereof, the partners, employees and consultants of each
of Scott Wilson RPA, Geostat and CSA Global who participated in the preparation of the
aforementioned reports, or who were in a position to influence the outcome of such reports and each
of Scott Wilson RPA, Geostat and CSA Global beneficially own, directly or indirectly, less than one
percent of the outstanding Common Shares.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><FONT style="font-variant: SMALL-CAPS"><B>Additional Information</B></FONT>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Additional information regarding the Company is available on the SEDAR website at
<U>www.sedar.com</U>. Further information concerning the Company, including directors&#146; and
officers&#146; remuneration and indebtedness, principal holders of the Company&#146;s securities, options to
purchase securities and interests of insiders in material transactions, where applicable, will be
contained in the Circular for the Annual General Meeting of Shareholders to be held on April&nbsp;30,
2009. Additional financial information is provided in the Company&#146;s Financial Statements and MD&#038;A
for the 12-months ended December&nbsp;31, 2008.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->114<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A copy of this AIF, as well as the Circular and such other information and documentation that the
Company makes available via SEDAR, can be found at <U>www.sedar.com</U>. Certain of this
information is distributed to shareholders in connection with Denison&#146;s Annual General Meeting of
Shareholders. The Company will provide any of the foregoing documents subject to its rights to
require people who are not security holders of the Company to pay a reasonable charge. Copies of
these documents may be obtained by writing to:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">Corporate Secretary<br>
Denison Mines Corp.<br>
Atrium on Bay<br>
Suite&nbsp;402<br>
595 Bay Street<br>
Toronto, Ontario<br>
M5G 2C2
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">Telephone: (416)&nbsp;979-1991 Ext. 235<br>
Facsimile: (416)&nbsp;979-5893<br>
Email: adesautels@denisonmines.com
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->115<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><FONT style="font-variant: SMALL-CAPS"><B>Exhibit&nbsp;1 &#150; Organizational Structure</B></FONT><BR>
<FONT style="font-variant: SMALL-CAPS"><B>as at december 31, 2008 </B></FONT>
</DIV>


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

<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; margin-left: .25in; width: 7.20in">



<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c83333c8333306.gif" alt="(FLOW CHART)">

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

<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; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><FONT style="font-variant: SMALL-CAPS"><B>Schedule&nbsp;A</B></FONT>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Denison Mines Corp.<BR>
Audit Committee Mandate and Charter</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A.&nbsp;<B>Composition of the Committee</B>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Board shall appoint annually from among its members at the first meeting of the
Board following the annual meeting of the shareholders a committee to be known as the Audit
Committee (the &#147;Committee&#148;) to be composed of three (3)&nbsp;directors or such other number not
less than three (3)&nbsp;as the Board may from time to time determine.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Any member of the Committee may be removed or replaced at any time by the Board. Any
member of the Committee ceasing to be a director or ceasing to qualify under A(3) below
shall cease to be a member of the Committee. Subject to the foregoing, each member of the
Committee shall hold office as such until the next annual appointment of members to the
Committee after his or her election. Any vacancy occurring in the Committee shall be
filled at the next meeting of the Board.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <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="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Each member of the Committee shall:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">be a member of the Board;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">not be an officer or employee of the Company or any of its affiliates;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">be an unrelated director as defined in the Toronto Stock Exchange (the
&#147;TSX&#148;) Corporate Governance Guidelines (&#147;TSX Guidelines&#148;) as the same may be
amended from time to time;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">satisfy the independence requirements applicable to members of audit
committees under each of Multilateral Instrument 52-110 &#150; <I>Audit Committees </I>of the
Canadian Securities Administrators (&#147;M1 52-110&#148;), Rule&nbsp;10A-3(b)(1)(ii) of the
United States Securities and Exchange Commission, and any other applicable laws and
regulations, as the same may be amended from time to time (with the TSX Guidelines,
&#147;Applicable Laws&#148;); and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">satisfy the financial literacy requirements prescribed by Applicable
Laws.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">A majority of the Committee shall constitute a quorum.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <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="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Committee shall elect annually a chairperson from among its members.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">B. <B>Purpose</B>
</DIV>


<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Committee&#146;s purpose is to assist the Board in its supervision of the management
of the business and affairs of the Company through oversight of:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the integrity of the Company&#146;s financial statements, Management&#146;s
Discussion and Analysis (&#147;MD&#038;A&#148;) and other financial reporting;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the integrity of the Company&#146;s internal control and management
information systems;</DIV></TD>
</TR>

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

<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; margin-left: .25in; width: 7.20in">

<DIV style="margin-top: 10pt"><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="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Company&#146;s compliance with all applicable laws, rules, regulations,
policies and other requirements of governments, regulatory agencies and stock
exchanges relating to accounting matters and financial disclosure;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the auditor&#146;s qualifications and activities;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">communication among the auditor, management and the Board; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">such other matters as are determined by the Board from time to time.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">C. <B>Committee Resources</B>
</DIV>


<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Committee shall have direct channels of communication with the Company&#146;s
auditor to discuss and review specific issues as appropriate.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <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="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Committee, or any member of the Committee with the approval of the Committee, may
retain at the expense of the Company such independent legal, accounting (other than the
auditor) or other advisors on such terms as the Committee may consider appropriate and shall
not be required to obtain the approval of the Board in order to retain or compensate any
such advisors.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <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="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Committee shall have unrestricted access to Company personnel and documents and
shall be provided with all necessary funding and other resources to carry out its
responsibilities;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">D. <B>Committee Responsibilities</B>
</DIV>


<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The responsibilities of the Committee shall be to:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">with respect to financial accounting matters:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">review with management and the external auditors the annual
consolidated financial statements, MD&#038;A and press release announcing annual
financial results of operations before making recommendations to the Board
relating to approval of such documents;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">review with management and the external auditors interim
financial statements, MD&#038;A and press release announcing interim financial
results of operations before making recommendations to the Board relating to
approval of such documents;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">review and discuss with management and the external auditors
all public disclosure documents containing audited or unaudited financial
information including: any Prospectus; the Annual Report; interim unaudited
reports; the Annual Information Form; Management Information Circular, and any
material change report pertaining to the Company&#146;s financial matters. The
Committee will review the consistency of the foregoing documents with facts,
estimates or judgments contained in the audited or unaudited financial
statements;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">satisfy itself that adequate procedures are in place for the
review of the Company&#146;s disclosure of financial information extracted or
derived from the Company&#146;s financial statements, other than the Company&#146;s
financial statements, MD&#038;A and earnings press releases, and shall periodically
assess the adequacy of those procedures;</DIV></TD>
</TR>


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

<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; margin-left: .25in; width: 7.20in">

<DIV style="margin-top: 10pt"><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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">prior to the completion of the annual audit, and at any other
time deemed advisable by the Committee, review and discuss with management and
the auditor the quality of the Company&#146;s accounting policies and financial
statement presentation, including, without limitation, the following:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="16%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">all critical accounting policies and practices
to be used, including, without limitation, the reasons why certain
estimates or policies are or are not considered critical and how
current and anticipated future events may impact those determinations
as well as an assessment of any proposed modifications by the auditors
that were not made;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="16%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">all alternative accounting treatments for
policies and practices that have been discussed by management and the
auditors; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="16%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">other material written communications between
the auditor and management, including, without limitation, any
management letter, schedule of unadjusted differences, the management
representation letter, report on internal controls, as well as the
engagement letter and the independence letter;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">review annually the accounting principles and practices
followed by the Company and any changes in the same as they occur;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">review new accounting principles of the Canadian Institute of
Chartered Accountants and the Financial Accounting Standards Board which would
have a significant impact on the Company&#146;s financial reporting as reported to
the Committee by management;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">review the status of material contingent liabilities as reported to the
Committee by management;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">review potentially significant tax problems as reported to the
Committee by management; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">review any errors or omissions in the current or prior year&#146;s
financial statements which appear material as reported to the Committee by
management;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">with respect to the external auditors:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">be directly responsible for the appointment, compensation,
retention, termination and oversight of the work of the auditor (including,
without limitation, resolution of disagreements between management and the
auditor regarding financial reporting) for the purpose of preparing or issuing
an audit report or performing other audit, review or services for the Company;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">approve, prior to the auditor&#146;s audit, the auditor&#146;s audit plan
(including, without limitation, staffing), the scope of the auditor&#146;s review
and all related fees;</DIV></TD>
</TR>

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

<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; margin-left: .25in; width: 7.20in">

<DIV style="margin-top: 10pt">
<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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">satisfy itself as to the independence of the auditor. The
Committee shall pre-approve any non-audit services (including, without
limitation, fees therefor) provided to the Company or its subsidiaries by the
auditor or any auditor of any such subsidiary and shall consider whether these
services are compatible with the auditor&#146;s independence, including, without
limitation, the nature and scope of the specific non-audit services to be
performed and whether the audit process would require the auditor to review any
advice rendered by the auditor in connection with the provision of non-audit
services. The Committee shall not allow the auditor to render any non-audit
services to the Company or its subsidiaries that are prohibited by Applicable
Law;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">review and approve the Company&#146;s policies concerning the hiring
of employees and former employees of the Company&#146;s auditor or former auditor.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">with respect to internal controls:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">oversee management&#146;s design, testing and implementation of the
Company&#146;s internal controls and management information systems and review the
adequacy and effectiveness thereof.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">with respect to concerns and complaints:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">establish procedures for:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="16%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the receipt, retention and treatment of
complaints received by the Company regarding accounting, internal
accounting controls or auditing matters; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="16%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the confidential, anonymous submission by
employees of the Company of concern regarding questionable accounting
or auditing matters.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">with respect to ethics:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Committee shall be responsible for oversight and
enforcement of the Code of Ethics for the Chief Executive Officer, Senior
Financial Officers and Other Officers of the Company, subject to the
supervision of the Board.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">with respect to general audit matters:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">inquire of management and the external auditors as to any
activities that may or may not appear to be illegal or unethical;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">review with management, the operations analyst and the external
auditors any frauds reported to the Audit Committee;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">review with the external auditors the adequacy of staffing for
accounting and financial responsibilities; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">report and make recommendations to the Board as the Committee
considers appropriate.</DIV></TD>
</TR>

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

<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; margin-left: .25in; width: 7.20in">

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


</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In addition, the Board may refer to the Committee such matters and questions relating
to the Company as the Board may from time to time see fit;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <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="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Any member of the Committee may require the auditors to attend any or every meeting of
the Committee.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">E. <B>Meetings</B>
</DIV>


<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The times of and the places where meetings of the Audit Committee shall be held and the
calling of and procedure at such meetings shall be determined from time to time by the
Committee, provided however that the Committee shall meet at least quarterly, and the
Committee shall maintain minutes or other records of its meetings and activities. Notice
of every such meeting to be given in writing not less than five (5)&nbsp;days prior to the date
fixed for the meeting, and shall be given to the auditors of the Company, that the auditors
shall be entitled to attend and be heard thereat. Meetings shall be convened whenever
requested by the auditors, the operations analyst or any member of the Audit Committee in
accordance with the <I>Ontario Business Corporations Act.</I></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">As part of each meeting of the Committee at which it recommends that the Board
approve the financial statements of the Company, and at such other times as the Committee
deems appropriate, the Committee shall meet separately with the auditor to discuss and
review specific issues as appropriate.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">F. <B>Evaluation of Charter and Mandate</B>
</DIV>


<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">On at least an annual basis, the Committee shall review and assess the adequacy of
this Charter and Mandate and recommend any proposed changes to the Board of Directors.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All prior resolutions of the Board relating to the constitution and responsibilities of
the Audit Committee are hereby repealed.</DIV></TD>
</TR>

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

<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; margin-left: .25in; width: 7.20in">

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


</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><FONT style="font-variant: SMALL-CAPS"><B>Schedule&nbsp;B</B></FONT>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>Glossary of Technical Terms</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Note: The terms related to mineral resources and reserves presented herein are as defined in &#147;CIM
DEFINITION STANDARDS on Mineral Resources and Mineral Reserves&#148; prepared by the CIM Standing
Committee on Reserve Definitions, adapted by CIM Council, December&nbsp;11, 2005.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">This term 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.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Indicated Mineral Resource</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">An Indicated Mineral Resource is that part of a Mineral Resource for which quantity, grade or
quality, densities, shape and physical characteristics, can be estimated with a level of confidence
sufficient to allow the appropriate application of technical and economic parameters, to support
mine planning and evaluation of the economic viability of the deposit. The estimate is based on
detailed and reliable exploration and testing information gathered through appropriate techniques
from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely
enough for geological and grade continuity to be reasonably assumed.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Inferred Mineral Resource</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or
quality can be estimated on the basis of geological evidence and limited sampling and reasonably
assumed, but not verified, geological and grade continuity. The estimate is based on limited
information and sampling gathered through appropriate techniques from locations such as outcrops,
trenches, pits, workings and drill holes
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Measured Mineral Resource</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A Measured Mineral Resource is that part of a Mineral Resource for which quantity, grade or
quality, densities, shape, and physical characteristics are so well established that they can be
estimated with confidence sufficient to allow the appropriate application of technical and economic
parameters, to support production planning and evaluation of the economic viability of the deposit.
The estimate is based on detailed and reliable exploration, sampling and testing information
gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings
and drill holes that are spaced closely enough to confirm both geological and grade continuity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Mineral Reserve</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A Mineral Reserve is the economically mineable part of a Measured or Indicated Mineral Resource
demonstrated by at least a Preliminary Feasibility Study. This Study must include adequate
information on mining, processing, metallurgical, economic and other relevant factors that
demonstrate, at the time of reporting, that economic extraction can be justified. A Mineral
Reserve includes diluting materials and allowances for losses that may occur when the material is
mined.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Mineral Resource</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A Mineral Resource is a concentration or occurrence of diamonds, natural solid inorganic material,
or natural solid fossilized organic material including base and precious metals, coal, and
industrial materials in or on the Earth&#146;s crust in such form and quantity and of such a grade or
quality that it has reasonable prospects for economic extraction. The location, quantity, grade,
geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted
from specific geological evidence and knowledge.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Preliminary Feasibility Study</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A Preliminary Feasibility Study is a comprehensive study of the viability of a mineral project that
has advanced to a stage where the mining method, in the case of underground mining, or the pit
configuration, in the case of an open pit, has been established and an effective method of mineral
processing has been determined, and includes a financial analysis based on reasonable assumptions
of technical, engineering, legal, operating, economic, social, and environmental factors and the
evaluation of other relevant factors which are sufficient for a Qualified Person, acting
reasonably, to determine if all or part of the Mineral Resource may be classified as a Mineral
Reserve.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Probable Mineral Reserve</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A &#145;Probable Mineral Reserve&#146; is the economically mineable part of an Indicated, and in some
circumstances, a Measured Mineral Resource demonstrated by at least a Preliminary Feasibility
Study. This Study must include adequate information on mining, processing, metallurgical,
economic, and other relevant factors that demonstrate, at the time of reporting, that economic
extraction can be justified.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Proven Mineral Reserve</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A &#145;Proven Mineral Reserve&#146; is the economically mineable part of a Measured Mineral Resource
demonstrated by at least a Preliminary Feasibility Study. This Study must include adequate
information on mining, processing, metallurgical, economic, and other relevant factors that
demonstrate, at the time of reporting, that economic extraction is justified.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Qualified Person</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A &#145;Qualified Person&#146; means an individual who is an engineer or geoscientist with at least five
years of experience in mineral exploration, mine development or operation or mineral project
assessment, or any combination of these; has experience relevant to the subject matter of the
mineral project and the technical report and is a member or licensee in good standing of a
professional association.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Spot market</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The buying and selling of uranium products for delivery within one year.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Spot market price</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Price for product sold or purchased in the spot market rather than under long-term contract.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>U</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><BR>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Triuranium octoxide. It is in the form of concentrate; often called yellowcake. 1 pound U =
1.17924 pound 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 align="justify" style="font-size: 10pt; margin-top: 10pt"><B>V</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>2</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>5</B></SUB><BR>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Vanadium pentoxide. It is the form of vanadium produced at the White Mesa mill; often called
blackflake.
</DIV>


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

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




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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>c83333exv99w2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 99.2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><b>Exhibit&nbsp;99.2</b>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2008<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>INTRODUCTION</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">This Management&#146;s Discussion and Analysis (&#147;MD&#038;A&#148;) of Denison Mines Corp. and its subsidiary
companies and joint ventures (collectively, &#147;Denison&#148; or the &#147;Company&#148;) provides a detailed
analysis of the Company&#146;s business and compares its financial results with those of the previous
year. This MD&#038;A is dated as of March&nbsp;18, 2009 and should be read in conjunction with, and is
qualified by, the Company&#146;s audited consolidated financial statements and related notes for the
year ended December&nbsp;31, 2008. The financial statements are prepared in accordance with generally
accepted accounting principles in Canada with a discussion in Note 29 of the material differences
between Canadian and United States generally accepted accounting principles and practices affecting
the Company. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Other continuous disclosure documents, including the Company&#146;s press releases, quarterly and annual
reports, Annual Information Form and Form 40-F are available through its filings with the
securities regulatory authorities in Canada at <U>www.sedar.com</U> and the United States at
<U>www.sec.gov/edgar.shtml</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Certain information contained in this MD&#038;A constitutes forward-looking information. The use of any
of the words &#147;anticipate&#148;, &#147;continue&#148;, &#147;estimate&#148;, &#147;expect&#148;, &#147;may&#148;, &#147;will&#148;, &#147;project&#148;, &#147;should&#148;,
&#147;believe&#148; and similar expressions are intended to identify forward-looking information. This
information involves known and unknown risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in such forward-looking statements.
Denison believes that the expectations reflected in this forward-looking information is reasonable
but no assurance can be given that these expectations will prove to be correct and such
forward-looking information included in, or incorporated by reference into, this MD&#038;A should not be
unduly relied upon. This information speaks only as of the date of this MD&#038;A.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In particular, this MD&#038;A contains forward-looking information pertaining to the following:
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the estimates of Denison&#146;s mineral reserves and mineral resources;<BR></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">uranium and vanadium production levels;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">capital expenditure programs, estimated production costs, exploration expenditures
and reclamation costs;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">expectations of market prices and costs;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">supply and demand for uranium and vanadium;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">possible impacts of litigation on Denison;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">exploration, development and expansion plans and objectives;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Denison&#146;s expectations regarding raising capital and adding to its mineral reserves
through acquisitions and development; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">receipt of regulatory approvals and permits and treatment under governmental
regulatory regimes.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s actual results could differ materially from those anticipated in this forward-looking
information as a result of the following and as a result of the risk factors set forth in this
MD&#038;A:
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">volatility in market prices for uranium and vanadium;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">changes in foreign currency exchange rates and interest rates;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">liabilities inherent in mining operations;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">uncertainties associated with estimating mineral reserves and resources;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">failure to obtain industry partner and other third party consents and approvals,
when required;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">delays in obtaining permits and licenses for development properties;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">competition for, among other things, capital, acquisitions of mineral reserves,
undeveloped lands and skilled personnel;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">incorrect assessments of the value of acquisitions; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">geological, technical and processing problems.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">These factors are not, and should not be construed as being, exhaustive. Statements relating to
&#147;mineral reserves&#148; or &#147;mineral resources&#148; are deemed to be forward-looking information, as they
involve the implied assessment, based on certain estimates and assumptions, that the mineral
reserves and mineral resources described can be profitably produced in the future. The
forward-looking information contained in this MD&#038;A is expressly qualified by this cautionary
statement. Denison does not undertake any obligation to publicly update or revise any
forward-looking information after the date of this MD&#038;A to conform such information to actual
results or to changes in Denison&#146;s expectations except as otherwise required by applicable
legislation.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2008<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>OVERVIEW</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison, formerly International Uranium Corporation (&#147;IUC&#148;), was formed by articles of amalgamation
effective May&nbsp;9, 1997 pursuant to the Business Corporations Act (Ontario) (the &#147;OBCA&#148;). On December
1, 2006, IUC combined its business and operations with Denison Mines Inc. (&#147;DMI&#148;), by way of
arrangement under the OBCA. Pursuant to the arrangement, all of the issued and outstanding shares
of DMI were acquired in exchange for the Company&#146;s shares at a ratio of 2.88 common shares of the
Company for each common share of DMI. Effective December&nbsp;1, 2006, IUC&#146;s articles were amended to
change its name to &#147;Denison Mines Corp.&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison is a reporting issuer in all of the Canadian provinces. Denison&#146;s common shares are listed
on the Toronto Stock Exchange (the &#147;TSX&#148;) under the symbol &#147;DML&#148; and on the NYSE Amex (&#147;Amex&#148;)
under the symbol &#147;DNN&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison is a diversified, growth-oriented, intermediate uranium producer with active uranium mining
projects in both the U.S. and Canada and development projects in Canada, Zambia and Mongolia.
Denison&#146;s assets include an interest in 2 of the 4 licensed and operating conventional uranium
mills in North America, with its 100% ownership of the White Mesa mill in Utah and its 22.5%
ownership of the McClean Lake mill in Saskatchewan. Both mills are fully permitted and operating.
The Company also produces vanadium as a co-product from some of its mines in Colorado and Utah.
The Company is also in the business of recycling uranium-bearing waste materials, referred to as
&#147;alternate feed materials&#148;, for the recovery of uranium, alone or in combination with other metals,
at the Company&#146;s White Mesa mill.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison owns interests in a global portfolio of exploration projects, including properties in close
proximity to the Company&#146;s mills in the Athabasca Basin in Saskatchewan and in the Colorado
Plateau, Henry Mountains and Arizona Strip regions of the southwestern United States. Denison also
has exploration and development properties in Mongolia, Zambia and, indirectly through its
investments, in Australia and the United States.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison is the manager of Uranium Participation Corporation (&#147;UPC&#148;), a publicly traded company
which invests in uranium oxide in concentrates and uranium hexafluoride. Denison is also engaged
in mine decommissioning and environmental services through its Denison Environmental Services
(&#147;DES&#148;) division.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>The Uranium Industry</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Commercial nuclear power generation began over 50&nbsp;years ago and now generates as much global
electricity as was produced in 1960 by all sources. The low operating cost of nuclear power
generation and the increasing concern for the environment and climate change are driving a nuclear
renaissance. China, India and Russia are proceeding with ambitious plans for new nuclear power
plants. Many companies in the United States have filed applications for a combined construction
and operating licence to build new nuclear reactors. Countries such as Egypt, United Arab
Emirates, Thailand and Turkey are actively considering building nuclear power plants.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">There are now 104 operating nuclear reactors in the United States and a total of 436 operating
worldwide in 30 countries, representing a total world nuclear capacity of 371.9 gigawatts. A
further 43 reactors with a capacity of 37.7 gigawatts are under construction in 12 countries and an
additional 106 reactors (118.1 gigawatts) are planned. With the only significant commercial use
for uranium being fuel for nuclear reactors, it follows that the nuclear renaissance will have a
significant effect on future uranium demand.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Uranium Supply and Demand</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The world&#146;s operating nuclear power reactors currently require of approximately 180&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> per year. As nuclear power capacity increases, the uranium fuel
requirement also increases and is estimated to rise to approximately 193&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 2014 and approximately 234&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 2020. Demand for uranium can be supplied through either primary production (newly mined
uranium) or secondary sources (inventories, down blending of weapons grade material and
reprocessing spent fuel rods). Secondary sources are of particular importance to the uranium
industry when compared to other commodity markets.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Over the four-year period from 2000 through 2003, annual global primary uranium production averaged
93.1&nbsp;million pounds of uranium. In response to increasing uranium prices, worldwide uranium
production rose to 104.6&nbsp;million pounds in 2004 and to 108.4&nbsp;million pounds in 2005 before
decreasing, in 2006, to 102.5&nbsp;million pounds as a result of problems at several production centres.
In 2007, production increased to 107.3&nbsp;million pounds with the start-up of the
Langer Heinrich mine and ramp up of production in Kazakhstan. Production in 2008 is estimated at
114&nbsp;million pounds. Canada and Australia currently account for over 40% of the world&#146;s production.
The United States&#146; production represents about 4.0%. During the last decade, takeovers, mergers
and closures have consolidated the uranium production industry. Based on 2008 production figures,
seven companies accounted for over 82% of primary production while the five largest uranium mines
produced over 48% of the aggregate global production.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2008<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Primary uranium production only supplies approximately 63% of the total annual requirements of
nuclear power generators. The balance of requirements are met from secondary sources of supply,
which include inventories held by producers and utilities, government inventories, uranium recycled
from government stockpiles and uranium recycled from nuclear weapons. The recycling of highly
enriched uranium (&#147;HEU&#148;) from former warheads in the Russian Federation is a unique subset of
secondary supply. Surplus fissile military materials are converted in Russia from HEU into low
enriched uranium (&#147;LEU&#148;) suitable for use in nuclear reactors. In February&nbsp;1993, the United States
and Russia entered into an agreement (&#147;Russian HEU Agreement&#148;) which provided for the United States
to purchase 500 metric tons of Russian HEU over a 20-year period. In April&nbsp;1996, the USEC
Privatization Act gave Russia and three western companies, Cameco Corporation, AREVA Group and
NUKEM, Inc. (&#147;Western Companies&#148;), the authority to sell the natural uranium feed component (in the
form of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>) derived from the LEU (the &#147;HEU Feed&#148;) in the United States over the 20-year
period into the commercial U.S. uranium market under defined annual quotas. The USEC Privatization
Act provides a framework for the introduction of this Russian HEU Feed into the U.S. commercial
uranium market. Russia has been selling approximately 18.0 to 24.0&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> equivalent of this HEU Feed through long-term supply agreements directly
with U.S. utilities and the three Western Companies.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Russian HEU Agreement terminates in 2013 and Russia has formally stated that the agreement will
not be renewed, as had once been anticipated.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Based upon recent assessments of future secondary uranium supply, the uranium industry&#146;s scheduled
uranium production forecast and expected nuclear generating capacity, there is a growing
requirement for increased uranium production to meet the forecasted needs of reactors world-wide.
Based upon the Q1 2009 edition of &#147;The Uranium Market Outlook&#148; published by The Ux Consulting
Company LLC, world uranium demand, in the Base Case, is forecast to increase from its 2008 level of
181&nbsp;million pounds to 234&nbsp;million pounds by 2020. At the same time, supply from secondary sources,
such as HEU Feed, government inventories and reprocessing, is expected to drop from 47&nbsp;million
pounds in 2008 to 15&nbsp;million pounds in 2020. As a consequence, uranium production will need to
expand significantly to meet the increasing demand.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Uranium Prices</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Most of the countries that use nuclear-generated electricity do not have a sufficient domestic
uranium supply to fuel their nuclear power reactors, and their electric utilities secure most of
their required uranium supply by entering into medium-term and long-term contracts with foreign
uranium producers and other suppliers. These contracts usually provide for deliveries to begin one
to three years after they are signed and to continue for several years thereafter. In awarding
medium-term and long-term contracts, electric utilities consider, in addition to the commercial
terms offered, the producer&#146;s uranium reserves, record of performance and costs, all of which are
important to the producer&#146;s or supplier&#146;s ability to fulfill long-term supply commitments. Under
medium-term and long-term contracts, prices are established by a number of methods, including base
prices adjusted by inflation indices, reference prices (generally spot price indicators but also
long-term reference prices) and annual price negotiations. Contracts may also contain floor
prices, ceiling prices, and other negotiated provisions which affect the amount paid by the buyer
to the seller. Under these contracts the actual price mechanisms are usually confidential.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Electric utilities procure their remaining requirements through spot and near-term purchases from
uranium producers and other suppliers, including other utilities holding excess inventory and
governments.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Over the period from 1996 through 2004, annual spot market demand averaged just under 20&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> or about 12% of the annual world consumption, but had jumped to
about 35&nbsp;million pounds in 2005 and 2006 as the rebuilding of utility inventories commenced, and
investors and hedge funds entered the market as significant buyers. Spot market volume returned to
its traditional level of approximately 20&nbsp;million pounds in 2007. In 2008, spot market volume once
again increased to a record level of 43&nbsp;million pounds, driven in a large part by the world
financial crisis which forced investment and hedge funds to push a sizeable amount of material into
the market. Nearly half of the year&#146;s volume occurred during the three months from September to
November.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Historically, spot prices have been more volatile than long-term contract prices. In December
2000, the spot price reached an all time low of $7.10 per pound. The uranium price increased at a
moderate rate reaching $14.50 per pound 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 the end of 2003. The spot
price increased steadily from that date, influenced by the entrance of investment and hedge funds
into the market, reaching $72.00 by the end of 2006. A further market impact in October&nbsp;2006 was
the announcement of the flooding and indefinite postponement of the start up of the Cigar Lake mine
in northern Saskatchewan. The Cigar Lake mine was scheduled to ramp up to an annual production
rate of 18.0&nbsp;million pounds by 2008. Producers were also active in the spot market, purchasing
material to fill contractual demand, which they could not supply due to production issues at their
respective operations. During the first half of 2007, the spot price continued its rapid rise
reaching a peak of $136.00 in June&nbsp;2007. At the end of June&nbsp;2007, the spot price
dropped $3.00, the first decline in the spot price since May of 2003. In the last half of the
year, the spot price was very volatile, dropping to $75.00 in October, then rebounding to $95.00 in
December. The spot price has continued to be volatile in 2008, beginning the year at $90.00
followed by a steep decline to $57.00 in June. It recovered briefly in July to $64.50 before
declining again to $44.00 in September, as investment and hedge funds began destocking. The spot
price ended the year at $53.00.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2008<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The long-term uranium price has undergone a similar pattern over the past several years, but with
significantly less volatility, rising from just under $11.00 per pound U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>,
at the end of 2002, to $95.00 per pound in May&nbsp;2007. The long-term price remained at this level
until May&nbsp;2008 when it dropped to $85.00. The long-term price dropped steadily over the rest of
the year reaching $70.00 at the end of 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Future uranium prices will be influenced by increased demand from new reactors being constructed or
planned in many parts of the world, as well as the amount of incremental supply made available to
the market from the remaining excess inventories, HEU feed supplies, other stockpiles, and the
availability of increased or new production from other uranium producers. All of these factors
will be influenced by the world financial crisis and the availability of financing for the
construction of reactors and the exploration and development of new production.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Competition</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Uranium production is international in scope and is characterized by a relatively small number of
companies operating in only a few countries. In 2008, four Western companies, Cameco, AREVA, Rio
Tinto plc and BHP Billiton Limited produced approximately 56% of total world output. Most of the
world&#146;s production was from Canada and Australia which produced a combined 40% of global uranium
output in 2008. In 2008, Kazakhstan, Russia and Uzbekistan produced a combined 26% of worldwide
uranium while supplying significant quantities of uranium into Western World markets. The Canadian
uranium industry has in recent years been the leading world supplier, producing over 21% of the
world supply.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Marketing Uranium</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The sale of Denison&#146;s uranium has traditionally been through long-term contracts and not on the
spot market. These long-term contracts have a variety of pricing methods, including fixed prices,
base prices adjusted by inflation indices, changes in reference prices (spot price indicators or
long-term contract reference prices) and annual price negotiations. Prices in the long-term market
have normally been higher than those in the spot market at the time the contracts are entered into
and are normally less volatile.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison marketed its uranium from the McClean Lake joint venture jointly with ARC until the end of
2008. Commencing in 2009, Denison will market its share of McClean Lake production directly except
for one joint contract under which it will deliver approximately 400,000 pounds in 2009 and 40,000
pounds in 2010, all of which is priced at 80% to 85% of the quoted spot price. This is the only
remaining contract for Canadian production.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company currently has two other long-term contracts in place. One is for the sale of 17% of
the White Mesa mill production commencing in 2008 up to a total of 6.5&nbsp;million pounds with a
minimum of 250,000 pounds in 2008, 500,000 pounds in 2009, 750,000 pounds in 2010 and 1,000,000
pounds in 2011. The sales price is 95% of the published long-term price for the month prior to
delivery with a floor price of $45.00. The second contract is for 20% of production from the White
Mesa mill during the years 2012 to 2017 inclusive, but not less than 200,000 pounds per year. The
price per pound under this contract is 95% of the long-term price at the time of delivery with an
escalated floor price of $50.00 per pound.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Delivery scheduling (or timing) under long-term contracts is at the discretion of the customer so
may vary markedly from quarter to quarter.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Future long-term sales agreements for the Company&#146;s uranium inventory and production are expected
to be primarily under market related contracts.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>The Vanadium Market</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Vanadium is an essential alloying element for steels and titanium, and its chemical compounds are
indispensable for many industrial and domestic products and processes. The principal uses for
vanadium are: (i)&nbsp;carbon steels used for reinforcing bars; (ii)&nbsp;high strength, low alloy steels
used in construction and pipelines; (iii)&nbsp;full alloy steels used in castings; (iv)&nbsp;tool steels used
for high speed tools and wear resistant parts; (v)&nbsp;titanium alloys used for jet engine parts and
air frames; and (vi)&nbsp;various chemicals used as catalysts.
</DIV>
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</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2008<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Principal sources of vanadium are (i)&nbsp;titaniferous magnetites found in Russia, China, Australia and
South Africa; (ii)&nbsp;sludges and fly ash from the refining and burning of U.S., Caribbean and Middle
Eastern oils; and (iii)&nbsp;uranium co-product production from the Colorado Plateau. While produced
and sold in a variety of ways, vanadium production figures and prices are typically reported in
pounds of an intermediate product, vanadium pentoxide
(&#147;V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB>,&#148; &#147;flake,&#148; &#147;black flake,&#148; or &#147;tech flake&#148;). The White Mesa mill is
capable of producing three products, ammonium metavanadate (&#147;AMV&#148;) and vanadium pregnant liquor
(&#147;VPL&#148;), both intermediate products, and vanadium pentoxide. The majority of sales are as
V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB>, with AMV and VPL produced and sold on a request basis only.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In the United States, although vanadium is produced through processing petroleum residues, spent
catalysts, utility ash, and vanadium bearing iron slag, the most significant source of production
historically has been as a by-product of uranium production from ores in the Colorado Plateau
District, accounting for more than half of historic U.S. production. Vanadium in these deposits
typically occurs at an average ratio of five to six pounds of vanadium for every pound of uranium,
and the financial benefit derived from the by-product sales has helped make the mines in this area
profitable in the past.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The market for vanadium has fluctuated greatly over the last 20&nbsp;years. During the early 1980s,
quoted prices were in the range of $3.00 per pound V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB>, but increased
exports from China and Australia, coupled with the continued economic recession of the 1980s drove
prices to as low as $1.30 per pound. Prices stabilized in the $2.00 to $2.45 per pound range until
perceived supply problems in 1988 caused by cancellation of contracts by China and rumours of South
African production problems resulted in a price run-up to a high of nearly $12.00 per pound in
February of 1989. This enticed new producers to construct additional capacity, and oversupply
problems again depressed the price in the early 1990s to $2.00 per pound and below. Late in 1994,
a reduction in supplies from Russia and China, coupled with concerns about the political climate in
South Africa and a stronger steel market caused the price to climb to $4.50 per pound early in
1995. In the beginning of 1998, prices had climbed to a nine-year high of $7.00 per pound caused
by supply being unable to keep pace with record demand from steel and aerospace industries.
However, during the second half of 1998, prices began to decline to $2.56 per pound by December
1998. This was due to sudden decreases in Far East steel production, along with suppliers from
Russia and China selling available inventories at low prices in order to receive cash. Since that
time, prices fell dramatically to a range of $1.20 to $1.50 per pound V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB>
due in part to the difficult economic conditions being experienced throughout the Pacific Rim and
new sources of supply coming into the market. In the third quarter of 2003, vanadium prices
started to increase because of increased steel consumption and the shutdown of an Australian
primary producer. This trend continued through 2004. In 2005, demand from China resulted in a
significant price run-up culminating in all time highs of $23.00 to $27.00 per pound
V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB>. Subsequently, prices declined to a range of $8.00 to $10.00 per pound
V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB>, at the end of 2005, due to the ramp-up of Chinese vanadium production.
Prices continued to decline during 2006 to the $7.00 to $8.00 range and remained in that range
throughout 2007. In early 2008, vanadium prices increased significantly to $14.00 to $15.00 per
pound due to South African producers claiming force majeure as a result of power supply issues in
South Africa. South Africa is a major supply source of vanadium, representing approximately 39% of
the world&#146;s production. The vanadium price remained in the $14.00 to $16.00 pound range until
September and then it began to decline due to a drop in steel production in response to the world
economic decline. By the end of 2008, vanadium prices were $6.50 to $7.00 per pound
V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">World demand will continue to fluctuate in response to changes in steel production. Supply and
demand, however, are difficult to predict, as a vanadium consumption and production are both
inextricably linked to steel production, with a significant quantity of vanadium coming from
refinement of steel slag.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Marketing Vanadium</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Prices for the products that are produced by the Company are generally based on weekly quotations
published in Ryan&#146;s Notes or Platt&#146;s Metals Weekly. Vanadium production from the White Mesa mill
has and will be sold into the worldwide market both through traders, who take a 2% to 3% commission
for their efforts and, to a lesser extent, through direct contacts with domestic converters and
consumers. While priced in U.S. dollars per pound of V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB>, the product is
typically sold by the container, which contains nominally 40,000 pounds of product packed in 55
gallon drums, each containing approximately 660 pounds of product.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 5 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2008<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>SELECTED ANNUAL FINANCIAL INFORMATION</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following selected financial information was obtained directly from or calculated using the
Company&#146;s consolidated financial statements for the year ended December&nbsp;31, 2008, for the year
ended December&nbsp;31, 2007 and for the fifteen months ended December&nbsp;31, 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="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Three Months ended</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Year ended</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Year ended</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Fifteen Months Ended</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Dec. 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Dec. 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Dec. 31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Dec. 31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Results of Operations</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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">36,807</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">123,184</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">76,764</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,722</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(56,762</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(80,648</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,244</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,998</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Basic earnings (loss)&nbsp;per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.30</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.42</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.18</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Diluted earnings (loss)&nbsp;per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.30</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.42</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.18</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body --></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="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">As at Dec. 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">As at Dec. 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">As at Dec. 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Financial Position:</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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Working capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">34,655</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">75,915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">93,743</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Long-term investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,691</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,507</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,600</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">717,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">727,823</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">403,571</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">884,933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,001,581</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">659,348</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total long-term liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">248,947</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">175,081</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,244</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>RESULTS OF OPERATIONS</B>
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company recorded a net loss of $80,648,000 ($0.42 per share) for 2008 compared with net income
of $47,244,000 ($0.25 per share) for 2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Revenues totaled $123,184,000 for 2008 compared with $76,764,000 for 2007. Expenses totaled
$198,628,000 for 2008 compared with $83,771,000 for 2007. Net other income totaled $2,468,000 for
2008 compared with $41,627,000 for 2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The current economic climate and its impact on commodity prices and stock market valuations
resulted in non-cash impairment charges in the fourth quarter, which significantly increased the
loss in the fourth quarter. The Company recorded an impairment of its goodwill which arose on the
acquisition of Denison Mines Inc. in 2006 resulting in a charge to income of $36,512,000. Lower
stock market valuations of the Company&#146;s investments in Uranerz Energy Corporation and Energy
Metals Limited resulted in the Company taking an additional impairment charge of $12,952,000. The
decline in the value of vanadium resulted in the Company writing down the vanadium inventory by
$9,500,000. The Company also recorded a charge of $5,250,000 related to the forfeiture of stock
options.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Revenues</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Uranium sales revenues for the fourth quarter were $34,812,000. Sales from U.S. production were
400,000 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> at an average price of $61.50 per pound. Sales of
Canadian production were 177,000 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> at an average price of $52.28
per pound. Amortization of the fair value increment related to the DMI sales contracts totaled
$859,000 for the quarter.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Uranium sales revenues for the year were $114,588,000. Sales from U.S. production were 920,000
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> at an average price of $67.27 per pound. Sales of Canadian
production were 742,950 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> at an average price of $57.40 per pound.
Uranium sales revenue also includes amortization of the fair value increment related to long-term
sales contracts from the acquisition of DMI in the amount of $9,449,000. Reported revenue is also
impacted by the effect of foreign currency translation.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 6 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2008<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Uranium sales revenue in the 2007 period totaled $65,125,000. Sales from U.S. production were
325,000 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> at an average price of $99.11 per pound. Sales of
Canadian production were 420,000 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> at an average price of $74.91
per pound. Uranium sales revenue also included amortization of the fair value increment related to
long-term sales contracts from the acquisition of DMI in the amount of $2,418,000.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison marketed its uranium from the McClean Lake joint venture jointly with ARC until the end of
2008. Commencing in 2009, Denison will market its share of McClean Lake production directly except
for one joint contract under which it will deliver approximately 400,000 pounds in 2009 and 40,000
pounds in 2010, all of which is priced at 80% to 85% of the quoted spot price. This is the only
remaining contract for Canadian production.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Future long-term sales agreements for the Company&#146;s uranium inventory and production are expected
to be primarily under market related contracts.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In addition to the contract noted above, the Company currently has two other long-term contracts in
place. One is for the sale of 17% of the White Mesa mill production commencing in 2008 up to a
total of 6.5&nbsp;million pounds with a minimum of 250,000 pounds in 2008, 500,000 pounds in 2009,
750,000 pounds in 2010 and 1,000,000 pounds in 2011. The sales price is 95% of the published
long-term price for the month prior to delivery with a floor price of $45.00. The second contract
is for 20% of production from the White Mesa mill during the years 2012 to 2017 inclusive, but not
less than 200,000 pounds per year. The price per pound under this contract is 95% of the long-term
price at the time of delivery with an escalated floor price of $50.00 per pound.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Revenue from the environmental services division was $5,562,000 compared to $4,723,000 in 2007.
Revenue from the management contract with Uranium Participation Corporation was $2,929,000 compared
to $4,390,000 in 2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Operating Expenses</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Milling and Mining Expenses</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The McClean Lake joint venture produced 682,000 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> for the three
months ended December&nbsp;31, 2008 and 3,248,000 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>for the year ended
December&nbsp;31, 2008 compared with 738,000 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> for the three months and
1,907,000 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> for the year ended December&nbsp;31, 2007. Denison&#146;s 22.5%
share of production totaled 153,900 pounds and 731,250 pounds respectively for the 2008 periods and
166,000 pounds and 429,000 pounds respectively for the 2007 periods.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Unit production cash costs in Canada are driven primarily by production volumes as the majority of
costs do not vary with volume. These fixed costs for the McClean operations total approximately
CDN$58&nbsp;million per year so as production volumes increase, the cost per pound decreases. Reagent
costs are in addition to this cost as are amortization, depletion and depreciation costs. Canadian
production costs for the quarter were $57.99 (CDN$70.26) per pound U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8
</SUB>including $29.28 (CDN$35.47) per pound U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> for amortization, depletion
and depreciation costs. For the year ended December&nbsp;31, 2008, production costs were $55.29
(CDN$58.94) per pound U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>including $32.10 (CDN$34.22) per pound
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>for amortization, depletion and depreciation costs.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Inventory from Canadian production was 22,000 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> at December&nbsp;31,
2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company began processing conventional ore at the White Mesa mill on April&nbsp;28, 2008. Prior to
that the Company was processing alternate feed material and produced 94,000 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>prior to beginning processing conventional ore. Production from
conventional ore was 485,000 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>and 791,000 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>for the three months and year ended December&nbsp;31, 2008. The Company also
produced 973,000 pounds V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5 </SUB>in the fourth quarter and 1,223,000 pounds
V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB> for the year. For the year ended December&nbsp;31, 2008, production costs
for processing conventional ore totaled $65.86 per pound 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 vanadium
equivalent including $27.72 per pound amortization, depletion and depreciation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Inventory from U.S. production was 163,000 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> and 1,223,000 pounds
V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB> at December&nbsp;31, 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Operating costs include a write-down of $9,500,000 relating to the net realizable value of the
Company&#146;s vanadium inventory. Operating costs also include expenses relating to Denison&#146;s
environmental services division amounting to $5,188,000 in 2008 and $4,521,000 in 2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Sales Royalties and Capital Taxes</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Sales royalties and capital taxes totaled $647,000 and $3,117,000 for the three months and year
ended December&nbsp;31, 2008 compared with $798,000 and $2,301,000 for the same periods in 2007.
Denison pays a Saskatchewan basic uranium royalty of 4% of gross uranium sales after receiving the
benefit of a 1% Saskatchewan resource credit. Denison also pays Saskatchewan capital taxes based
on the greater of 3.0% of gross uranium sales or capital tax otherwise computed under the
Saskatchewan Corporation Capital Tax Act. The Saskatchewan government also imposes a tiered
royalty which ranges from 6% to 15% of gross uranium sales after recovery of mill and mine capital
allowances which approximate capital costs. Denison has mill and mine capital allowances available
or anticipated to shelter it from the tiered royalty at current uranium prices until late in 2009.
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->- 7 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2008<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>MINERAL PROPERTY EXPLORATION</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison is engaged in uranium exploration, as both operator and non-operator of joint ventures and
as operator of its own properties in Canada, the U.S., Mongolia and Zambia. For the three months
ended December&nbsp;31, 2008 exploration expenditures totaled $2,080,000 and totaled $20,114,000 for the
year ended December&nbsp;31, 2008 as compared to $3,990,000 and $20,727,000 for the three months and
year ended December&nbsp;31, 2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In the Athabasca Basin region of Saskatchewan, Denison is engaged in uranium exploration on
advanced projects as part of the ARC operated McClean, Midwest and Wolly joint ventures and is also
participating in a total of 30 other exploration projects concentrated in the prospective eastern
margin of the Athabasca Basin. Denison&#146;s share of exploration spending on its Canadian properties
totaled $733,000 of which $624,000 was expensed in the statement of operations for the three months
ended December&nbsp;31, 2008. For the three months ended December&nbsp;31, 2007, exploration spending
totaled $3,180,000 of which $2,977,000 was expensed. For the year ended December&nbsp;31, 2008,
Denison&#146;s share of exploration spending on its Canadian properties totaled $12,943,000 of which
$11,953,000 was expensed compared with spending of $17,209,000 of which $16,402,000 was expensed in
the year ended December&nbsp;31, 2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Exploration expenditures of $916,000 for the three months ended December&nbsp;31, 2008 ($1,000,000 for
the three months ended December&nbsp;31, 2007) and of $4,436,000 for the year ended December&nbsp;31, 2008
($4,048,000 for the year ended December&nbsp;31, 2007) were incurred in Mongolia on the Company&#146;s joint
venture and 100% owned properties. The Company has a 70% interest in the Gurvan Saihan Joint
Venture (&#147;GSJV&#148;) in Mongolia. The other parties to the joint venture are the Mongolian government
as to 15% and Geologorazvedka, a Russian government entity, as to 15%. Additional expenditures for
development of the GSJV&#146;s Hairhan uranium deposits have also been incurred. Development work
includes extensive resource delineation drilling, hydrogeological drilling, plant design and
environmental studies.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In Zambia, the Company commenced exploration activities during the third quarter including an
airborne geophysical survey, linecutting and drilling. Exploration expenditures during the three
months ended December&nbsp;31, 2008 totaled $614,000 and totaled $3,079,000 for the year ended December
31, 2008. Additional expenditures for development of the Mutanga project continued. This work
included hydrogeological drilling, metallurgical test work, environmental studies and engineering.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">General and administrative expenses totaled $3,349,000 for the three months ended December&nbsp;31, 2008
compared with $3,578,000 for the three months ended December&nbsp;31, 2007. For the year ended December
31, 2008, general and administrative expenses totaled $14,754,000 compared to $12,323,000 for the
same period in 2007. The increase was primarily the result of the acquisition and implementation
of new information and financial systems, and an increase in public company expenses due to
additional compliance costs. General and administrative expenses consist primarily of payroll and
related expenses for personnel, contract and professional services and other overhead expenditures.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Stock Option Expense</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Stock option expense totaled $4,178,000 and $6,062,000 for the three months and year ended December
31, 2008 respectively. In fiscal 2007, stock option expense totaled $352,000 and $1,382,000 for
the three months and year ending December&nbsp;31, 2007. The higher expense is due to the forfeiture of
options during the fourth quarter.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Impairment of Goodwill</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison evaluates the carrying amount of goodwill annually to determine whether events or changes
in circumstances indicate whether such carrying amount has become impaired. Denison&#146;s goodwill
amount arises from the acquisition of DMI in 2006. The goodwill was allocated to the Canadian
mining and exploration segment. Denison examined the fair value of the assets and liabilities of
the segment at December&nbsp;31, 2008. The determination of fair market value was based on discounted
cash flow analysis for production assets using consensus expectations for future uranium prices,
foreign exchange, future costs and a discount rate of 10.5%. Exploration properties were valued at
estimated market value at December&nbsp;31, 2008. Based on this analysis, the Company determined the
fair values have decreased and, as a result, determined that an impairment charge of $36,512,000
should be made and charged to operations in the fourth quarter.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 8 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2008<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Other Income and Expenses</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Other income (expense)&nbsp;totaled $2,533,000 for the three months ended December&nbsp;31, 2008 compared
with $4,284,000 for the three months ended December&nbsp;31, 2007. For the year ended December&nbsp;31,
2008, other income (expense)&nbsp;totaled $2,468,000 compared to $41,627,000 for the same period in
2007. This consists primarily of interest expense, foreign exchange gains and a non-cash
impairment charge against the Company&#146;s investments in Uranerz Energy Corporation and Energy Metals
Limited of $12,952,000. Foreign exchange gains totaled $15,312,000 for the three months and
$15,544,000 for the year ended December&nbsp;31, 2008. The translation of the Zambian kwacha to U.S.
dollars accounts for the majority of these amounts. In 2007, other income (expense)&nbsp;was primarily
due to gains on the sale of portfolio investments which totaled $5,364,000 and $45,115,000 for the
three months and year ended December&nbsp;31, 2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Other income (expense)&nbsp;included interest incurred on company indebtedness of $1,230,000 for the
three months and $2,652,000 for year ended December&nbsp;31, 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Income Taxes</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has provided for a current tax recovery of $899,000 and a future tax expense of
$8,571,000. In March, 2008, the Zambian government enacted legislation which increased the income
tax rate for mining companies from 25% to 30%. Accordingly, the Company recorded a future tax
expense of $10,740,000 in the first quarter to adjust the future income tax liability. This amount
has been partially offset by the recognition of previously unrecognized Canadian tax assets of
$2,169,000.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Outlook for 2009</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Mining and Production</B>
</DIV>


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Mining at the Sue E and B pits at McClean Lake in northern Saskatchewan was completed in 2008. At
December&nbsp;31, 2008, the McClean Lake mill ore stockpile has approximately 375,600 tonnes of ore
containing 6.5&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> with the Company&#146;s share being 1.46
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>. Test mining using the bore hole mining technique, that
has been the subject of three years of development, will continue in 2009. Mining of the Caribou
deposit, which was originally expected to commence in 2009, has been delayed at least a year after
a review of the project&#146;s economics at current uranium prices.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Milling of the stockpiled ore from Sue E, Sue B and Sue A is ongoing 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>
production at McClean Lake in 2009 is expected to be 3,380,000 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>
of which Denison&#146;s share is 761,000 pounds.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Development of the Midwest project has been postponed due to the current economic climate, delays
and uncertainties associated with the regulatory approval process, the increasing capital and
operating cost and the current market for uranium. The regulatory process for the project, which
has been ongoing since December&nbsp;2005, will be continued through 2009, as well as the engineering
for Midwest. This will enable the project to be advanced to the stage that it is ready to be
developed quickly when the economic conditions improve. The status of the project will be reviewed
every six months.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Five mines were operating on the Colorado Plateau with production from the Sunday, Pandora, West
Sunday, Rim and Beaver mines. The cost of mining and processing this material from some of these
operations is, however, above current spot prices. As a result, the Company has placed the Rim and
Sunday mines on temporary stand-by. Until new sales contracts are negotiated, the higher cost
mines will remain on stand-by with the Company continuing production from the lower cost Pandora,
Beaver and West Sunday mines to fill the existing longer-term contracts.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Production from the Tony M mine in the Henry Mountains complex in Utah has been temporarily
suspended. The mine is on care and maintenance and is being maintained in a state to resume mining
operations quickly when uranium prices improve. The haulage of the stockpile ore has also been
suspended. As of the end of February, there is an estimated 20,000 tons of this material remaining
on site.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 9 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2008<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Production from the mines is being hauled to Denison&#146;s White Mesa mill. At December&nbsp;31, 2008, a
total of 122,000 tons remain on the stockpile at the mill.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At the Company&#146;s Arizona 1 mine on the Arizona Strip located in northeastern Arizona, the air
quality permitting process is ongoing, but the Company is unable to determine the length of time
required to receive the permit. Once the permit is received, mine production should be able to
commence within six months.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The White Mesa mill will continue to process conventional ore in 2009, at least for the period
necessary to produce the committed contract share of 500,000 pounds, except for a planned
maintenance shutdown in April, lasting up to four weeks. Further mill production from conventional
ore will depend upon strengthening of uranium markets or signing of new contracts. The
construction of the new $5.0&nbsp;million alternate feed circuit is on schedule with start-up
anticipated in June&nbsp;2009. Production from this circuit is anticipated to be up to 160,000 pounds
in 2009. Based on the changes to the 2009 operating plan, the Company now expects to produce 0.5
to 0.8&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> and 0.5&nbsp;million pounds of
V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB> at the White Mesa mill in 2009.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Sales</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company expects to be in a position to sell 1.2 to 1.3&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> in 2009 including 0.5 to 0.6&nbsp;million pounds from U.S. production. It
also anticipates selling 1.5&nbsp;million pounds of vanadium.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Exploration</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Athabasca Basin</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In the Athabasca Basin, Denison is participating in 33 exploration projects, primarily located in
the southeast part of the Basin and within trucking distance of all the three operating mills in
the area.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On Denison&#146;s operated and non-operated projects, a total of approximately 25,675 metres of drilling
is planned this winter. Near the McClean mill, joint venture partner ARC is operator of the
Midwest, Wolly, Waterfound and McClean projects, where 76 holes totalling 19,075 metres in
aggregate are planned.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison will also be carrying out a 6,600 metre drill program on its 60% owned Wheeler River
project.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In addition to these drill programs, Denison is carrying out a number of geophysical surveys to
identify targets for future drill programs. Approximately 1,500 line kilometres of airborne
geophysical surveys are being flown over two properties as an initial screening tool. Denison is
also carrying out a large number of ground geophysical surveys on seven properties, where over 250
line kilometres of Fixed Loop or Moving Loop Time Domain EM surveys, 125 line kilometres of
Horizontal Loop Electromagnetics and over 100 line kilometres of DC Resistivity surveys will be
completed during the 2009 season. Over 300 line kilometres of ground magnetic surveys will also be
carried out in conjunction with the above.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s exploration spending in 2009 in the Athabasca Basin is expected to total $7,700,000.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison is placing its 2009 program on hold as part of its capital conservation program. The
results of the 2008 program will be released once assay results have been received.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Mongolia</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Mongolia program will be a combination of limited exploration drilling and drilling of the
initial test ISR well fields.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Zambia</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In Zambia, Denison will be completing the detailed feasibility study in early April. This
document, along with an Environmental Report, will form the basis for the mining application which
will be submitted in late April. There is no exploration or other development activities planned
for 2009.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2008<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>SUMMARY OF QUARTERLY FINANCIAL RESULTS</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="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Q4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Q3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Q2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Q1</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">36,807</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">36,483</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">31,713</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">18,181</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(56,762</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">332</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13,756</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,462</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Basic and diluted earnings (loss)
per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.30</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.07</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.06</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body --></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="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2007</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Q4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Q3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Q2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Q1</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">36,825</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,411</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">18,809</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,719</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,721</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,489</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,066</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Basic and diluted earnings (loss)
per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.06</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.03</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>LIQUIDITY AND CAPITAL RESOURCES</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Cash and cash equivalents were $3,206,000 at December&nbsp;31, 2008 compared with $19,680,000 at
December&nbsp;31, 2007. The decrease of $16,474,000 was due primarily to expenditures of $101,227,000
for property, plant and equipment, the purchase of long-term investments totaling $13,376,000 and
cash used in operations of $8,764,000 financed by an increase in debt obligations of $99,547,000
and the issue of new common shares of $7,600,000.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Net cash used in operating activities was $8,764,000 during the year ended December&nbsp;31, 2008. Net
cash from operating activities is comprised of net income for the year, adjusted for non-cash items
and for changes in working capital items. Significant changes in working capital items during the
period include a decrease of $23,812,000 in trade and other receivables and an increase of
$51,099,000 in inventories. The decrease in trade and other receivables is primarily the result of
the timing of uranium sales in the period. The increase in inventories consists primarily of the
increase in ore in stockpile, work in progress and finished goods.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Net cash used in investing activities was $115,706,000 consisting primarily of expenditures on
property, plant and equipment of $101,227,000 and the purchase of long term investments of
$13,376,000. The long-term investment was primarily the purchase of shares and warrants in Uranerz
Energy Corp.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Net cash from financing activities consisted of $99,547,000 from debt obligations, $1,527,000 from
the exercise of stock options and $6,073,000 from the issue of flow-through common shares.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In total, these sources and uses of cash resulted in a net cash outflow after the effect of foreign
exchange of $16,474,000 during the year.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has in place a $125,000,000 revolving term credit facility. The facility is repayable
in full on June&nbsp;30, 2011. The borrower under the facility is DMI and the Company has provided an
unlimited full recourse guarantee and a pledge of all of the shares of DMI. DMI has provided a
first-priority security interest in all present and future personal property and an assignment of
its rights and interests under all material agreements relative to the McClean Lake and Midwest
projects. In addition, each of the Company&#146;s material US subsidiaries has provided an unlimited
full recourse guarantee secured by a pledge of all of its shares and a first-priority security
interest in all of its present and future personal property.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company is required to maintain the following financial covenants on a consolidated basis:
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Minimum tangible net worth of $450,000,000 plus 50% of positive quarterly net income and
50% of net proceeds of all equity issues after December&nbsp;31, 2007;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Maximum ratio of total net debt to earnings before interest, taxes, depreciation and
amortization and other allowed adjustments as defined in the credit agreement (&#147;EBITDA&#148;),
of 3.5 to 1.0 for each fiscal quarter starting with the fiscal quarter ending December&nbsp;31,
2008 and including the fiscal quarter September&nbsp;30, 2009 and 3.0 to 1.0 for each fiscal
quarter thereafter. EBITDA is calculated on a rolling four quarters&#146; basis commencing with
the third quarter 2008;</DIV></TD>
</TR>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->- 11 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2008<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Minimum interest coverage ratio of 3.0 to 1.0 using rolling EBITDA and rolling interest
expense for each fiscal quarter starting with the fiscal quarter ending December&nbsp;31, 2008;
and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Minimum current ratio of 1.1 to 1.0.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In addition to the financial covenants, there was a one-time only production covenant for 2008
production which was met.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Interest payable under the facility is bankers&#146; acceptance rate or London Interbank Offered Rate
(&#147;Libor&#148;) plus a margin or prime rate plus a margin. The margin used is between 75 and 275 basis
points depending on the credit instrument used and the magnitude of the net total debt to EBITDA
ratio (the &#147;ratio&#148;). The facility is subject to a standby fee of 60 to 75 basis points depending
upon the ratio. A standby fee of 75 basis points applies in all circumstances where the amounts
drawn under the facility are less than $62,500,000.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As of the date hereof, the Company is in compliance with all covenants.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Based on the Company&#146;s current financial projections, a breach of the total net debt to EBITDA
covenant is possible by the fourth quarter of 2009 (see note 1 to the consolidated financial
statements).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In January&nbsp;2009, the Company completed a public offering of 28,750,000 common shares for total
gross proceeds of CDN$47,437,500 (US$38,946,000).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>OFF-BALANCE SHEET ARRANGEMENTS</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company does not have any off-balance sheet arrangements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>TRANSACTIONS WITH RELATED PARTIES</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company is a party to a management services agreement with UPC. Under the terms of the
agreement, the Company will receive the following fees from UPC: a) a commission of 1.5% of the
gross value of any purchases or sales 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> and UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB> completed
at the request of the Board of Directors of UPC; b) a minimum annual management fee of CDN$400,000
(plus reasonable out-of-pocket expenses) plus an additional fee of 0.3% per annum based upon UPC&#146;s
net asset value between CDN$100,000,000 and CDN$200,000,000 and 0.2% per annum based upon UPC&#146;s net
asset value in excess of CDN$200,000,000; c) a fee of CDN$200,000 upon the completion of each
equity financing where proceeds to UPC exceed CDN$20,000,000; d) a fee of CDN$200,000 for each
transaction or arrangement (other than the purchase or sale 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> and
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>) of business where the gross value of such transaction exceeds CDN$20,000,000 (&#147;an
initiative&#148;); e) an annual fee up to a maximum of CDN$200,000, at the discretion of the Board of
Directors of UPC, for on-going maintenance or work associated with an initiative; and f) a fee
equal to 1.5% of the gross value of any uranium held by UPC prior to the completion of any
acquisition of at least 90% of the common shares of UPC.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In accordance with the management services agreement, all uranium investments owned by UPC are held
in accounts with conversion facilities in the name of DMI as manager for and on behalf of UPC.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has also provided temporary revolving credit facilities to UPC which generate interest
and stand-by fee income. No such facilities were in place during the year ended December&nbsp;31, 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 2008, the Company sold 50,000 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> to UPC at a price of $64.50
per pound for total consideration of $3,225,000. In 2007, the Company sold 75,000 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> to UPC at a price of $130.00 per pound for total consideration of
$9,750,000.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 12 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2008<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following transactions were incurred with UPC for the year ended December&nbsp;31:
</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="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Three Months</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Three Months</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Year</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Year</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Ended</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Ended</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Ended</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Ended</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Dec. 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Dec. 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Dec. 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Dec. 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</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">Revenue</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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Uranium sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,225</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,750</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Management fees (including expenses)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">318</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">645</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,695</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,301</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Commission fees on purchase and sale of uranium</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">627</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,234</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,089</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other income (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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loan interest under credit facility</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">5</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">202</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Standby fee under credit facility</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">&#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 align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">318</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,277</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,154</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">14,351</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At December&nbsp;31, 2008, accounts receivable includes $130,000 (2007 &#151; $377,000) due from UPC with
respect to the fees indicated above.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During the year ended December&nbsp;31, 2008, the Company incurred management and administrative service
fees of $162,000 (year ended December&nbsp;31, 2007: $251,000) with a company owned by the Chairman of
the Company which provides corporate development, office premises, secretarial and other services
in Vancouver. At December&nbsp;31, 2008, nil was due to this company.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>OUTSTANDING SHARE DATA</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At March&nbsp;18, 2009, there were 226,045,415 common shares issued and outstanding, 5,628,385 stock
options outstanding to purchase a total of 5,628,385 common shares and 3,321,151 warrants
outstanding to purchase a total of 9,564,915 common shares, for a total of 241,238,715 common
shares on a fully-diluted basis.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>CONTROLS AND PROCEDURES</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company carried out an evaluation, under the supervision and with the participation of its
management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness
of the design and operation of the Company&#146;s &#147;disclosure controls and procedures&#148; (as defined in
the Exchange Act Rule&nbsp;13a-15(e)) as of the end of the period covered by this report. Based upon
that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the
Company&#146;s disclosure controls and procedures are effective.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s management is responsible for establishing and maintaining an adequate system of
internal control over financial reporting. Management conducted an evaluation of the effectiveness
of internal control over financial reporting based on the <I>Internal Control &#151; Integrated Framework</I>
issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this
evaluation, management concluded that the Company&#146;s internal control over financial reporting was
effective as of December&nbsp;31, 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">There has not been any change in the Company&#146;s internal control over financial reporting that
occurred during the Company&#146;s fourth fiscal quarter of 2008 that has materially affected, or is
reasonably likely to materially affect, the Company&#146;s internal control over financial reporting.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>CRITICAL ACCOUNTING ESTIMATES</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The preparation of the Company&#146;s consolidated financial statements in conformity with generally
accepted accounting principles in Canada requires management to make judgments with respect to
certain estimates and assumptions. These estimates and assumptions, based on management&#146;s best
judgment, affect the reported amounts of certain assets and liabilities, including disclosure of
contingent liabilities. On an ongoing basis, management re-evaluates its estimates and
assumptions. Actual amounts, however, could differ significantly from those based on such
estimates and assumptions.
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->- 13 -<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2008<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Significant areas critical in understanding the judgments that are involved in the preparation of
the Company&#146;s consolidated financial statements and the uncertainties inherent within them include
the following:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Depletion and Amortization of Property, Plant and Equipment</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Depletion and amortization of property, plant and equipment used in production is calculated on a
straight line basis or a unit of production basis as appropriate. The unit of production method
allocates the cost of an asset to production cost based on current period production in proportion
to total anticipated production from the facility. Mining costs are amortized based on total
estimated uranium in the ore body. Mill facility costs to be amortized are reduced by estimated
residual values. In certain instances, residual values are established based upon estimated toll
milling fees to be received. If Denison&#146;s estimated amounts to be received from toll milling prove
to be significantly different from estimates or its reserves and resource estimates are different
from actual (in the case where unit of production amortization is used), there could be a material
adjustment to the amounts of depreciation and amortization to be recorded in the future.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Impairment of Long-Lived Assets</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s long-lived assets consist of plant and equipment, mineral properties, intangible
assets and goodwill. At the end of each accounting period, the Company reviews the carrying value
of its long-lived assets based on a number of factors. These factors include analysis of net
recoverable amounts, permitting considerations and current economics. Should an impairment be
determined, the Company would write-down the recorded value of the long-lived asset to fair value.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Goodwill</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The amount by which the purchase price of a business acquisition exceeds the fair value of
identifiable assets and liabilities acquired is goodwill. Goodwill is allocated to the reporting
units acquired based on management&#146;s estimates of the fair value of each reporting unit as compared
to the fair value of the assets and liabilities of the reporting unit. Estimates of fair value may
be impacted by changes in commodity prices, currency exchange rates, discount rates, level of
capital expenditures, interest rate, operating costs and other factors that may be different from
those used in determining fair value. Changes in estimates could have a material impact on the
carrying value of the goodwill. For reporting units that have recorded goodwill, the estimated fair
value of the unit is compared to its carrying value at least once each year, or when circumstances
indicate that the value may have become impaired. If the carrying value exceeds the estimated or
implied fair value of goodwill, which is equal to management&#146;s estimate of potential value within
the reporting unit, any excess of the carrying amount of goodwill over the estimated or implied
goodwill is deducted from the carrying value of goodwill and charged to the current period
earnings.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Inventory</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company values its concentrate inventories; work in process and ore stockpiles at the lower of
cost or net realizable value at the end of the reporting period. Costs represent the average cost,
and include direct labour and materials costs, mine site overhead and depreciation and depletion.
Realizable value is based on commodity prices, which can be subject to significant change from
period-to-period.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Future Tax Assets and Liabilities</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Future tax assets and liabilities are calculated using the asset and liability method. Under the
asset and liability method, future tax assets and liabilities are recognized for the future tax
consequences attributable to differences between the financial statement carrying amounts of
existing assets and liabilities and their respective tax bases. Future tax assets and liabilities
are measured using current tax rates. The effect on future tax assets and liabilities of a change
in tax rates is recognized in income in the period the change is known. To the extent that the
Company considers it to be more likely than not that a future tax asset will be recovered, a tax
asset will be set up, otherwise the Company provides a valuation allowance against the excess. It
is possible that changes could occur in the future that may affect the recoverability of the
carrying value of future tax assets and a write-down may be required.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Provision for Other than Temporary Impairment in the Value of Investments</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company reviews those investments that are classified as available for sale on a quarterly
basis and focuses its attention on investments for which the fair value has been below cost for six
months and on investments that have experienced significant declines in the market based on
critical events and current economic conditions, even if those investments have been below cost for
less than a six month period. When a loss in value is considered to be other than a temporary
impairment this is recognized in the results of operations. Provisions for other than temporary
impairment in the value of investments are reviewed on a regular basis and, if appropriate, are
increased if additional negative information becomes available. Any such provisions are only
released on the sale of the security.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 14 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2008<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Asset Retirement Obligations</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison follows CICA Handbook section 3110, Asset Retirement Obligations, which requires that the
fair value of the full decommissioning cost of an asset be capitalized as part of property, plant
and equipment when the asset is initially constructed. In subsequent periods, Denison then is
required to recognize &#147;interest&#148; on the liability, to amortize the capital costs in a rational and
systematic manner, and to adjust the carrying value of the asset and liability for changes in
estimates of the amount or timing of underlying future cash flows. Denison has accrued, in
accordance with CICA Handbook Section&nbsp;3110, its best estimate of the ongoing reclamation liability
in connection with the decommissioned Elliot Lake mine site and is currently accruing its best
estimate of its share of the cost to decommission its other mining and milling properties. The
costs of decommissioning are subject to inflation and to government regulations, which are subject
to change and often not known until mining is substantially complete. A significant change in
either may materially change the amount of the reclamation liability accrual.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Stock-Based Compensation</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison has recorded stock based compensation expense in accordance with the CICA handbook section
3870, using the Black-Scholes option pricing model, based on its best estimate of the expected life
of the options, the expected volatility factor of the share price, a risk-free rate of return and
expected dividend yield. The use of different assumptions regarding these factors could have a
significant impact on the amount of stock-based compensation expense charged to income over time.
Changes in these estimates will only apply to future grants of options and the amounts amortized
over the vesting period of existing options should not change as a result.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Retiree Benefit Obligation</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison has assumed an obligation to pay certain and limited retiree medical and dental benefits
and life insurance as set out in a plan to a group of former employees. Denison has made certain
assumptions and will retain an actuary at least once every three years to estimate the anticipated
costs related to this benefit plan. The actual cost to Denison of this plan will be influenced by
changes in health care practices and actuarial factors. While the plan contains certain limits,
changes in assumptions could affect earnings.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>NEW ACCOUNTING STANDARDS ADOPTED</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company adopted the following new accounting standards issued by the Canadian Institute of
Chartered Accountants (&#147;CICA&#148;) Handbook effective January&nbsp;1, 2008:
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">CICA Handbook Section&nbsp;1400 &#147;General Standards of Financial Statement Presentation&#148;
this section was amended to include a requirement that management make an assessment of an
entity&#146;s ability to continue as a going concern when preparing financial statements.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">CICA Handbook Section&nbsp;3031 &#147;Inventories&#148; which provides guidance on the determination
of cost and its subsequent recognition as an expense, including any write-down to net
realizable value. It also provides guidance on the cost formulas that are used to assign
costs to inventories. There was no impact to the Company&#146;s financial results from adopting
this standard.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">CICA Handbook Section&nbsp;3862 &#147;Financial Instruments &#150; Disclosures&#148; and Section&nbsp;3863
&#147;Financial Instruments &#150; Presentation&#148; which requires disclosures in the financial
statements that will enable users to evaluate: the significance of financial instruments
for the company&#146;s financial positions and performance; the nature and extent of risks
arising from financial instruments to which the company is exposed during the period and at
the balance sheet date; and how the company manages those risks.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">CICA Handbook Section&nbsp;1535 &#147;Capital Disclosures&#148; which requires the disclosure of both
qualitative and quantitative information that enable users to evaluate the company&#146;s
objectives, policies and processes for managing capital.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->- 15 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2008<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Accounting Standards Issued but not yet Adopted</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The CICA has issued the following accounting standards effective for the fiscal years beginning on
or after January&nbsp;1, 2009:
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">CICA Handbook Section&nbsp;3064 &#147;Goodwill and intangible assets&#148; provides guidance on the
recognition, measurement, presentation and disclosure for goodwill and intangible assets,
other than the initial recognition of goodwill or intangible assets acquired in a business
combination. This standard is effective for fiscal years beginning on or after October&nbsp;1,
2008 and requires retroactive application to prior period financial statements. The Company
has evaluated the impact of this new standard for adoption on January&nbsp;1, 2009 and does not
expect any significant impact on its consolidated financial statements.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">CICA Handbook Section&nbsp;1582 &#147;Business Combinations&#148;, Section&nbsp;1601 &#147;Consolidated
Financial Statements&#148; and Section&nbsp;1602 &#147;Non-Controlling Interests&#148; which replace the former
CICA 1581 &#147;Business Combinations&#148; and CICA 1600 &#147;Consolidated Financial Statements&#148; and
establish a new section for accounting for a non-controlling interest in a subsidiary.
These sections provide the Canadian equivalent to FASB Statements No.141(R) &#147;Business
Combinations&#148; and No.160 &#147;Non-Controlling Interests in Consolidated Financial Statements&#148;.
CICA 1582 is effective for business combinations for which the acquisition date is on or
after the beginning of the first annual reporting period after January&nbsp;1, 2011. CICA 1601
and CICA 1602 apply to interim and annual consolidated financial statements relating to
years beginning on or after January&nbsp;1, 2011 although early adoption is permitted. CICA
1582, which replaces Handbook Section&nbsp;1581, Business Combinations, establishes standards
for the measurement of a business combination and the recognition and measurement of assets
acquired and liabilities assumed. CICA 1601, which replaces Handbook Section&nbsp;1600, carries
forward the existing Canadian guidance on aspects of the preparation of consolidated
financial statements subsequent to acquisition other than non-controlling interests. CICA
1602 establishes guidance for the treatment of non-controlling interests subsequent to
acquisition through a business combination.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Emerging Issues Committee Abstract 173 &#147;Credit risk and the fair value of financial
assets and financial liabilities requires the Company to consider its own credit risk and
the credit risk of the counterparty should when determining the fair value of financial
assets and financial liabilities, including derivative instruments. EIC 173 is effective
for years beginning after January&nbsp;1, 2010.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>INTERNATIONAL FINANCIAL REPORTING STANDARDS</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In February&nbsp;2008, the Canadian Accounting Standards Board (&#147;AcSB&#148;) announced that &nbsp;changeover for
publicly-listed companies to adopt IFRS, replacing Canada&#146;s own GAAP, will be effective for interim
and annual financial statements relating to fiscal years beginning on or after January&nbsp;1, 2011.
&nbsp;The transition date of January&nbsp;1, 2011 will require the restatement, for comparative purposes, of
amounts reported by the Company for the year ended December&nbsp;31, 2010.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 2008, the Company undertook an IFRS diagnostic study with a view to assessing the impact of the
transition to IFRS on the Company&#146;s accounting policies and to establish a project plan to
implement IFRS. &nbsp;A number of key accounting areas where IFRS differs from current accounting
policies and accounting alternatives in those and other key accounting areas were reviewed. Over
the course of 2009, the Company will evaluate the alternatives and analyze the impact upon the
implementation of IFRS.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The IFRS diagnostic study also identified key system and business process areas that will be
addressed as part of the conversion project. These include: the development of an accounting policy
manual that defines the Company&#146;s IFRS accounting policies; identification of the significant
financial data required from the Company&#146;s financial systems in order to define the transition
adjustments and produce IFRS financial statements on an on-going basis; possible system
modifications; and maintenance of effective disclosure controls and controls over financial
reporting throughout the IFRS transition period.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>CONTRACTUAL OBLIGATIONS</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At December&nbsp;31, 2008, the Company had a reclamation liability of $19,346,000 consisting of
$11,436,000 for U.S. mill and mine obligations, $6,734,000 for Elliot Lake and $1,176,000 for the
McClean Lake and Midwest joint ventures.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In addition, the Company&#146;s contractual obligations at December&nbsp;31, 2008 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="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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="2">After</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Total</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">1 Year</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2-3 Years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">4-5 Years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">5 Years</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Debt Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">100,523</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">464</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">100,030</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating lease obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">953</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,271</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">196</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->- 16 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2008<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ENVIRONMENTAL RESPONSIBILITY</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company periodically reviews the anticipated costs of decommissioning and reclaiming its mill
and mine sites as part of its environmental planning process. Further, the Company formally
reviews the mill&#146;s reclamation estimate annually with applicable regulatory authorities. The mill
and mine reclamation estimates at December&nbsp;31, 2008 are $19,346,000 which are expected to be
sufficient to cover the projected future costs for reclamation of the mill and mine operations.
However, there can be no assurance that the ultimate cost of such reclamation obligations will not
exceed the estimated liability contained in the Company&#146;s financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has posted bonds and letters of credit as security for these liabilities and has
deposited cash and equivalents on its line of credit as collateral against certain of these
security items. At December&nbsp;31, 2008, the amount of these restricted investments and line of
credit collateralizing the Company&#146;s reclamation obligations was $27,935,000.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Although the White Mesa mill is designed as a facility that does not discharge to groundwater, the
Company has a Groundwater Discharge Permit (&#147;GWDP&#148;) with Utah Department of Environmental Quality,
which is required for all similar facilities in the State of Utah, and specifically tailors the
implementation of the State groundwater regulations to the Mill site. The State of Utah requires
that every operating uranium mill in the State have a GWDP, regardless of whether or not the
facility discharges to groundwater. The GWDP for the mill was finalized and implemented during the
second quarter of fiscal 2005. As requested by the GWDP, the mill added over 40 additional
monitoring parameters and fifteen additional monitoring wells to its ground water monitoring
program at the site. In addition, the State and the Company are currently determining the
compliance levels for all the monitoring parameters.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has detected some chloroform contamination at the White Mesa mill site that appears to
have resulted from the operation of a temporary laboratory facility that was located at the site
prior to and during the construction of the Mill facility, and from septic drain fields that were
used for laboratory and sanitary wastes prior to construction of the Mill&#146;s tailings cells. In
April&nbsp;2003, the Company commenced an interim remedial program of pumping the chloroform
contaminated water from the groundwater to the Mill&#146;s tailings cells. This will enable the Company
to begin clean up of the contaminated areas and to take a further step towards resolution of this
outstanding issue. Pumping from the wells continued in 2008. Denison is continuing to work with
the State of Utah to develop a long-term corrective action plan. A draft of an action plan was
submitted and is currently being reviewed by the State. Associated with the chloroform
contamination have been some elevated concentrations of nitrate, which have been assumed to have
resulted from the septic drain fields and which have been included in the investigation and
remedial action to date. Recent sample results suggest, however, that there may be other
contributing off-site sources of nitrate, which are currently under investigation, although at this
time there has been no change to the interim remedial action. While the investigations to date
indicate that this chloroform and nitrate contamination appears to be contained in a manageable
area, the scope and costs of final remediation have not yet been determined and could be
significant.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>RESEARCH AND DEVELOPMENT</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company does not have a formal research and development program. Process development efforts
expended in connection with processing alternate feeds are included as a cost of processing.
Process development efforts expended in the evaluation of potential alternate feed materials that
are not ultimately processed at the mill are included in mill overhead costs. The Company does not
rely on patents or technological licenses in any significant way in the conduct of its business.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>RISK FACTORS</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">There are a number of factors that could negatively affect Denison&#146;s business and the value of
Denison&#146;s common shares, including the factors listed below. The following information pertains to
the outlook and conditions currently known to Denison that could have a material impact on the
financial condition of Denison. This information, by its nature, is not all inclusive. It is not a
guarantee that other factors will not affect Denison in the future.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Current Global Financial Conditions</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Current global financial conditions have been subject to increased volatility and numerous
financial institutions have either gone into bankruptcy or have had to be rescued by governmental
authorities. Access to public financing has been negatively impacted by both sub-prime mortgages
and the liquidity crisis affecting the asset-backed commercial paper market. These factors may
impact the ability of Denison to obtain equity or debt financing in the future and, if obtained, on
terms favourable to Denison. If these increased levels of volatility and market turmoil continue,
Denison&#146;s operations could be adversely impacted and the trading price of the common shares could
continue to be adversely affected.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 17 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2008<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Market Price of Shares</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Securities of mining companies have experienced substantial volatility in the past, including
during the current credit crisis, often based on factors unrelated to the financial performance or
prospects of the companies involved. These factors include macroeconomic conditions in North
America and globally, and market perceptions of the attractiveness of particular industries. The
price of Denison&#146;s securities is also likely to be significantly affected by short-term changes in
commodity prices, other mineral prices, currency exchange fluctuation, or in its financial
condition or results of operations as reflected in its periodic earnings reports. Other factors
unrelated to the performance of Denison that may have an effect on the price of the securities of
Denison include the following: the extent of analytical coverage available to investors concerning
the business of Denison may be limited if investment banks with research capabilities do not follow
Denison&#146;s securities; lessening in trading volume and general market interest in Denison&#146;s
securities may affect an investor&#146;s ability to trade significant numbers of securities of Denison;
the size of Denison&#146;s public float and its inclusion in market indices may limit the ability of
some institutions to invest in Denison&#146;s securities; and a substantial decline in the price of the
securities of Denison that persists for a significant period of time could cause Denison&#146;s
securities to be delisted from an exchange, further reducing market liquidity. If an active market
for the securities of Denison does not continue, the liquidity of an investor&#146;s investment may be
limited and the price of the securities of the Corporation may decline. If an active market does
not exist, investors may lose their entire investment in the Corporation. As a result of any of
these factors, the market price of the securities of Denison at any given point in time may not
accurately reflect the long-term value of Denison. Securities class-action litigation often has
been brought against companies following periods of volatility in the market price of their
securities. Denison may in the future be the target of similar litigation. Securities litigation
could result in substantial costs and damages and divert management&#146;s attention and resources.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Dilution from Further Equity Financing</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If Denison raises additional funding by issuing additional equity securities, such financing may
substantially dilute the interests of shareholders of Denison and reduce the value of their
investment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Volatility and Sensitivity to Prices and Costs</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Because the majority of Denison&#146;s revenues are derived from the sale of uranium and vanadium,
Denison&#146;s net earnings and operating cash flow are closely related and sensitive to fluctuations in
the long and short term market price 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> and V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB>. Among other factors, these
prices also affect the value of Denison&#146;s reserves and the market price of Denison&#146;s Common Shares.
Historically, these prices have fluctuated and have been and will continue to be affected by
numerous factors beyond Denison&#146;s control.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">With respect to uranium, such factors include, among others: demand for nuclear power, political
and economic conditions in uranium producing and consuming countries, reprocessing of used reactor
fuel and the re-enrichment of depleted uranium tails, sales of excess civilian and military
inventories (including from the dismantling of nuclear weapons) by governments and industry
participants, uranium supply, including the supply from other secondary sources and production levels and costs of production. With respect to vanadium, such factors
include, among others: demand for steel, political and economic conditions in vanadium producing
and consuming countries, world production levels and costs of production.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Although Denison employs various pricing mechanisms within its sales contracts to manage its
exposure to price fluctuations, there can be no assurance that such a program will be successful.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Competition from Other Energy Sources and Public Acceptance of Nuclear Energy</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Nuclear energy competes with other sources of energy, including oil, natural gas, coal and
hydro-electricity. These other energy sources are to some extent interchangeable with nuclear
energy, particularly over the longer term. Sustained lower prices of oil, natural gas, coal and
hydroelectricity may result in lower demand for uranium concentrates. Technical advancements in
renewable and other alternate forms of energy, such as wind and solar power, could make these forms
of energy more commercially viable and put additional pressure on the demand for uranium
concentrates. Furthermore, growth of the uranium and nuclear power industry will depend upon
continued and increased acceptance of nuclear technology as a means of generating electricity.
Because of unique political, technological and environmental factors that affect the nuclear
industry, the industry is subject to public opinion risks that could have an adverse impact on the
demand for nuclear power and increase the regulation of the nuclear power industry.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 18 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2008<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Uranium Industry Competition and International Trade Restrictions</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The international uranium industry, including the supply of uranium concentrates, is competitive.
Denison markets uranium in direct competition with supplies available from a relatively small
number of western world uranium mining companies, from certain republics of the former Soviet Union
and the People&#146;s Republic of China, from excess inventories, including inventories made available
from decommissioning of nuclear weapons, from reprocessed uranium and plutonium, from used reactor
fuel, and from the use of excess Russian enrichment capacity to re-enrich depleted uranium tails
held by European enrichers in the form of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>. The supply of uranium from Russia and
from certain republics of the former Soviet Union is, to some extent, impeded by a number of
international trade agreements and policies. These agreements and any similar future agreements,
governmental policies or trade restrictions are beyond the control of Denison and may affect the
supply of uranium available in the United States and Europe, which are the largest markets for
uranium in the world.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Competition for Properties</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Significant competition exists for the limited supply of mineral lands available for acquisition.
Many participants in the mining business include large, established companies with long operating
histories. The Company may be at a disadvantage in acquiring new properties as many mining
companies have greater financial resources and more technical staff. Accordingly, there can be no
assurance that the Company will be able to compete successfully to acquire new properties or that
any such acquired assets would yield reserves or result in commercial mining operations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Replacement of Reserves and Resources</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">McClean Lake, Midwest, Arizona Strip, Colorado Plateau, Henry Mountains, GSJV, Mutanga and Dibwe
reserves and resources are Denison&#146;s sources of uranium concentrates. Unless other reserves and
resources are discovered or extensions to existing ore bodies are found, Denison&#146;s sources of
production for uranium concentrates will decrease over time as its current reserves and resources
are depleted. There can be no assurance that Denison&#146;s future exploration, development and
acquisition efforts will be successful in replenishing its reserves and resources. In
addition, while Denison believes that the Midwest deposit, certain of its US properties, and its
Mongolian and Zambian properties will be put into production, there can be no assurance that they
will be.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Imprecision of Reserve and Resource Estimates</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Reserve and resource figures are estimates, and no assurances can be given that the estimated
levels of uranium and vanadium will be produced or that Denison will receive the prices assumed in
determining its reserves and resources. 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 Denison believes that the reserve and resource estimates included are
well established and reflect management&#146;s best estimates, by their nature, reserve and resource
estimates are imprecise and depend, to a certain extent, upon statistical inferences which may
ultimately prove unreliable. Furthermore, market price fluctuations, as well as increased capital
or production costs or reduced recovery rates, may render ore reserves and resources containing
lower grades of mineralization uneconomic and may ultimately result in a restatement of reserves
and resources. The evaluation of reserves or resources is always influenced by economic and
technological factors, which may change over time.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Decommissioning and Reclamation</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As owner and operator of the White Mesa mill and numerous uranium and uranium/vanadium mines
located in the United States and as part owner of the McClean Lake mill, McClean Lake mines, the
Midwest uranium project and certain exploration properties, and for so long as the Company remains
an owner thereof, the Company is obligated to eventually reclaim or participate in the reclamation
of such properties. Most, but not all, of the Company&#146;s reclamation obligations are bonded, and
cash and other assets of the Company have been reserved to secure this bonded amount. Although the
Company&#146;s financial statements record a liability for the asset retirement obligation, and the
bonding requirements are generally periodically reviewed by applicable regulatory authorities,
there can be no assurance or guarantee that the ultimate cost of such reclamation obligations will
not exceed the estimated liability contained on the Company&#146;s financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In addition, effective January&nbsp;20, 2001, the BLM implemented new Surface Management (3809)
Regulations pertaining to mining operations conducted on mining claims on public lands. The new
3809 regulations impose additional requirements for permitting of mines on federal lands and may
have some impact on the closure and reclamation requirement for Company mines on public lands. If
more stringent and costly reclamation requirements are imposed as a result of the new 3809 rules,
the amount of reclamation bonds held by the Company and the reclamation liability recorded in the
Company&#146;s financial statements may need to be increased.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 19 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2008<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Decommissioning plans for the Company&#146;s properties have been filed with applicable regulatory
authorities. These regulatory authorities have accepted the decommissioning plans in concept, not
upon a detailed performance forecast, which has not yet been generated. As Denison&#146;s properties
approach or go into decommissioning, further regulatory review of the decommissioning plans may
result in additional decommissioning requirements, associated costs and the requirement to provide
additional financial assurances. It is not possible to predict what level of decommissioning and
reclamation (and financial assurances relating thereto) may be required in the future by regulatory
authorities.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Technical Obsolescence</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Requirements for Denison&#146;s products and services may be affected by technological changes in
nuclear reactors, enrichment and used uranium fuel reprocessing. These technological changes could
reduce the demand for uranium or reduce the value of Denison&#146;s environmental services to potential
customers. In addition, Denison&#146;s competitors may adopt technological advancements that give them
an advantage over Denison.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Property Title Risk</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has investigated its rights to explore and exploit all of its material properties and,
to the best of its knowledge, those rights are in good standing. However, no assurance can be
given that such rights will not be revoked, or significantly altered, to its detriment. There can
also be no assurance that the Company&#146;s rights will not be challenged or impugned by third parties,
including the local governments, and in Canada, by First Nations and Metis.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The validity of unpatented mining claims on U.S. public lands is sometimes uncertain and may be
contested. Due to the extensive requirements and associated expense required to obtain and
maintain mining rights on U.S. public lands, the Company&#146;s U.S. properties may be subject to
various uncertainties which are common to the industry, with the attendant risk that its title may
be defective.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Production Estimates</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison prepares estimates of future production for particular operations. No assurance can be
given that production estimates will be achieved. Failure to achieve production estimates could
have an adverse impact on Denison&#146;s future cash flows, earnings, results of operations and
financial condition. These production estimates are based on, among other things, the following
factors: the accuracy of reserve estimates; the accuracy of assumptions regarding ground conditions
and physical characteristics of ores, such as hardness and presence or absence of particular
metallurgical characteristics; and the accuracy of estimated rates and costs of mining and
processing.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s actual production may vary from estimates for a variety of reasons, including, among
others: actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and
other characteristics; short term operating factors relating to the ore reserves, such as the need
for sequential development of ore bodies and the processing of new or different ore grades; risk
and hazards associated with mining; natural phenomena, such as inclement weather conditions,
underground floods, earthquakes, pit wall failures and cave-ins; and unexpected labour shortages or
strikes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Mining and Insurance</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s business is capital intensive and subject to a number of risks and hazards, including
environmental pollution, accidents or spills, industrial and transportation accidents, labour
disputes, changes in the regulatory environment, natural phenomena (such as inclement weather
conditions earthquakes, pit wall failures and cave-ins) and encountering unusual or unexpected
geological conditions. Many of the foregoing risks and hazards could result in damage to, or
destruction of, Denison&#146;s mineral properties or processing facilities, personal injury or death,
environmental damage, delays in or interruption of or cessation of production from Denison&#146;s mines
or processing facilities or in its exploration or development activities, delay in or inability to
receive regulatory approvals to transport its uranium concentrates, or costs, monetary losses and
potential legal liability and adverse governmental action. In addition, due to the radioactive
nature of the materials handled in uranium mining and processing, additional costs and risks are
incurred by Denison on a regular and ongoing basis.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Although Denison maintains insurance to cover some of these risks and hazards in amounts it
believes to be reasonable, such insurance may not provide adequate coverage in the event of certain
circumstances. No assurance can be given that such insurance will continue to be available or it
will be available at economically feasible premiums or that it will provide sufficient coverage for
losses related to these or other risks and hazards.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison may be subject to liability or sustain loss for certain risks and hazards against which it
cannot insure or which it may reasonably elect not to insure because of the cost. This lack of
insurance coverage could result in material economic harm to Denison.
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->- 20 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2008<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Dependence on Issuance of Licence Amendments and Renewals</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company maintains regulatory licences in order to operate its mills at White Mesa and McClean
Lake, all of which are subject to renewal from time to time and are required in order for the
Company to operate in compliance with applicable laws and regulations. In addition, depending on
the Company&#146;s business requirements, it may be necessary or desirable to seek amendments to one or
more of its licences from time to time. While the Company has been successful in renewing its
licences on a timely basis in the past and in obtaining such amendments as have been necessary or
desirable, there can be no assurance that such licence renewals and amendments will be issued by
applicable regulatory authorities on a timely basis or at all in the future.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Nature of Exploration and Development</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Exploration for and development of mineral properties is speculative, and involves significant
uncertainties and financial risks that even a combination of careful evaluation, experience and
knowledge may not eliminate. While the
discovery of an ore body may result in substantial rewards, few properties which are explored are
commercially mineable or ultimately developed into producing mines. Major expenses may be required
to establish reserves by drilling, constructing mining and processing facilities at a site,
developing metallurgical processes and extracting uranium from ore. It is impossible to ensure that
the current exploration and development programs of Denison will result in profitable commercial
mining operations or that current production at existing mining operations will be replaced with
new reserves.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s ability to sustain or increase its present levels of uranium production is dependent in
part on the successful development of new ore bodies and/or expansion of existing mining
operations. The economic feasibility of development projects is based upon many factors, including,
among others: the accuracy of reserve estimates; metallurgical recoveries; capital and operating
costs of such projects; government regulations relating to prices, taxes, royalties,
infrastructure, land tenure, land use, importing and exporting, and environmental protection; and
uranium prices, which are historically cyclical. Development projects are also subject to the
successful completion of engineering studies, issuance of necessary governmental permits and
availability of adequate financing.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Development projects have no operating history upon which to base estimates of future cash flow.
Denison&#146;s estimates of proven and probable reserves and cash operating costs are, to a large
extent, based upon detailed geological and engineering analysis. Denison also conducts feasibility
studies which derive estimates of capital and operating costs based upon many factors, including,
among others: anticipated tonnage and grades of ore to be mined and processed; the configuration of
the ore body; ground and mining conditions; expected recovery rates of the uranium from the ore;
and alternate mining methods.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">It is possible that actual costs and economic returns of current and new mining operations may
differ materially from Denison&#146;s best estimates. It is not unusual in the mining industry for new
mining operations to experience unexpected problems during the start-up phase, take much longer
time than originally anticipated to bring into a producing phase, and to require more capital than
anticipated.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Governmental Regulation and Policy Risks</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s mining and milling operations and exploration activities, as well as the
transportation and handling of the products produced, are subject to extensive regulation by state,
provincial and federal governments. Such regulations relate to production, development,
exploration, exports, imports, taxes and royalties, labour standards, occupational health, waste
disposal, protection and remediation of the environment, mine decommissioning and reclamation, mine
safety, toxic substances, transportation safety and emergency response, and other matters.
Compliance with such laws and regulations has increased the costs of exploring, drilling,
developing, constructing, operating and closing Denison&#146;s mines and processing facilities. It is
possible that, in the future, the costs, delays and other effects associated with such laws and
regulations may impact Denison&#146;s decision as to whether to operate existing mines, or, with respect
to exploration and development properties, whether to proceed with exploration or development, or
that such laws and regulations may result in Denison incurring significant costs to remediate or
decommission properties that do not comply with applicable environmental standards at such time.
Denison expends significant financial and managerial resources to comply with such laws and
regulations. Denison anticipates it will have to continue to do so as the historic trend toward
stricter government regulation may continue. Because legal requirements are frequently changing
and subject to interpretation, Denison is unable to predict the ultimate cost of compliance with
these requirements or their effect on operations. Furthermore, future changes in governments,
regulations and policies, such as those affecting Denison&#146;s mining operations and uranium transport
could materially and adversely affect Denison&#146;s results of operations and financial condition in a
particular period or its long term business prospects.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 21 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2008<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Failure to comply with applicable laws, regulations and permitting requirements may result in
enforcement actions. These actions may result in orders issued by regulatory or judicial
authorities causing operations to cease or be curtailed, and may include corrective measures
requiring capital expenditures, installation of additional equipment or remedial actions.
Companies engaged in uranium exploration operations may be required to compensate others who suffer
loss or damage by reason of such activities and may have civil or criminal fines or penalties
imposed for violations of applicable laws or regulations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Worldwide demand for uranium is directly tied to the demand for electricity produced by the nuclear
power industry, which is also subject to extensive government regulation and policies. The
development of mines and related facilities is contingent upon governmental approvals that are
complex and time consuming to obtain and which,
depending upon the location of the project, involve multiple governmental agencies. The duration
and success of such approvals are subject to many variables outside Denison&#146;s control. Any
significant delays in obtaining or renewing such permits or licences in the future could have a
material adverse effect on Denison. In addition, the international marketing of uranium is subject
to governmental policies and certain trade restrictions, such as those imposed by the suspension
agreement between the United States and Russia and the agreement between the United States and
Russia related to the supply of Russian HEU into the United States. Changes in these policies and
restrictions may adversely impact Denison&#146;s business.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Operations in Foreign Jurisdictions</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company owns uranium properties directly and through joint venture interests and is undertaking
uranium development programs in Mongolia and Zambia. As with any foreign operation, these
international properties and interests are subject to certain risks, such as the possibility of
adverse political and economic developments, foreign currency controls and fluctuations, as well as
risks of war and civil disturbances. Other events may limit or disrupt activities on these
properties, restrict the movement of funds, result in a deprivation of contract rights or the
taking of property or an interest therein by nationalization or expropriation without fair
compensation, increases in taxation or the placing of limits on repatriations of earnings. No
assurance can be given that current policies of Mongolia or Zambia or the political situations
within these countries will not change so as to adversely affect the value or continued viability
of the Company&#146;s interest in these assets.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In addition, the Company may become involved in a dispute with respect to one of its foreign
operations and may become subject to the exclusive jurisdiction of a foreign court or may find that
it is not successful in subjecting foreign persons to the jurisdiction of the courts in Canada.
The Company may also be precluded from enforcing its rights with respect to a government entity
because of the doctrine of sovereign immunity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Environmental, Health and Safety Risks</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison has expended significant financial and managerial resources to comply with environmental
protection laws, regulations and permitting requirements in each jurisdiction where it operates,
and anticipates that it will be required to continue to do so in the future as the historical trend
toward stricter environmental regulation may continue. The uranium industry is subject to, not
only the worker health, safety and environmental risks associated with all mining businesses,
including potential liabilities to third parties for environmental damage, but also to additional
risks uniquely associated with uranium mining and processing. The possibility of more stringent
regulations exists in the areas of worker health and safety, the disposition of wastes, the
decommissioning and reclamation of mining and processing sites, and other environmental matters
each of which could have a material adverse effect on the costs or the viability of a particular
project.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s facilities operate under various operating and environmental permits, licences and
approvals that contain conditions that must be met, and Denison&#146;s right to continue operating its
facilities is, in a number of instances, dependent upon compliance with such conditions. Failure to
meet any such condition could have a material adverse effect on Denison&#146;s financial condition or
results of operations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Although the Company believes its operations are in compliance, in all material respects, with all
relevant permits, licences and regulations involving worker health and safety as well as the
environment, there can be no assurance regarding continued compliance or ability of the Company to
meet stricter environmental regulation, which may also require the expenditure of significant
additional financial and managerial resources.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2008<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Aboriginal Title and Consultation Issues</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">First Nations and M&#233;tis title claims as well as related consultation issues may impact Denison&#146;s
ability and that of its joint venture partners to pursue exploration, development and mining at its
Saskatchewan properties. Pursuant to historical treaties, First Nations bands in Northern
Saskatchewan ceded title to most traditional lands but continue to assert title to the minerals
within the lands. Managing relations with the local native bands is a matter of paramount
importance to Denison. There may be no assurance however that title claims as well as related
consultation issues will not arise on or with respect to the Company&#146;s properties.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Accounting Policies</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The accounting policies and methods employed by the Company determine how it reports its financial
condition and results of operations, and they may require management to make judgements or rely on
assumptions about matters that are inherently uncertain. The Company&#146;s results of operations are
reported using policies and methods in accordance with Canadian GAAP. Management of Denison
exercises judgement in applying accounting methods to ensure that, while GAAP compliant, they
reflect the most appropriate manner in which to record the Company&#146;s financial condition and
operating results. In certain instances, Canadian GAAP allows accounting policies and methods to be
selected from two or more alternatives, any of which might be reasonable but may result in Denison
reporting materially different amounts. Management regularly re-evaluates its assumptions but the
choice of method or policy employed may have a significant impact on the actual values reported.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Ability to Maintain Obligations Under Credit Facility and Other Debt</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison has borrowed a significant amount of cash under the Credit Facility. Denison is required to
satisfy certain financial covenants in order to maintain its good standing under the Credit
Facility. Denison may from time to time enter into other arrangements to borrow money in order to
fund its operations and expansion plans, and such arrangements may include covenants that have
similar obligations or that restrict its business in some way. Events may occur in the future,
including events out of Denison&#146;s control, that would cause Denison to fail to satisfy its
obligations under the Credit Facility or other debt instruments. In such circumstances, the
amounts drawn under Denison&#146;s debt agreements may become due and payable before the agreed maturity
date and Denison may not have the financial resources to repay such amounts when due. The Credit
Facility is secured by all of DMI&#146;s property and by a pledge of the shares of DMI, and with the
property of its material U.S. subsidiaries. If Denison were to default on its obligations under
the Credit Facility or other secured debt instruments in the future, the lender(s) under such debt
instruments could enforce their security and seize significant portions of Denison&#146;s assets.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Credit Risk</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s sales of uranium and vanadium products and its environmental services expose Denison to
the risk of non-payment. Denison manages this risk by monitoring the credit worthiness of its
customers and requiring pre-payment or other forms of payment security from customers with an
unacceptable level of credit risk.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Although Denison seeks to manage its credit risk exposure, there can be no assurance that Denison
will be successful and that some of Denison&#146;s customers will fail to pay for the uranium or
vanadium purchased or the environmental services provided.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Currency Fluctuations</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Most of Denison&#146;s revenue is denominated in U.S. dollars; however, its operating costs are incurred
in the currencies of the United States, Canada, Mongolia and Zambia. Consequently, changes in the
relative value of the different currencies affect Denison&#146;s earnings and cash flows.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Capital Intensive Industry; Uncertainty of Funding</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The exploration and development of mineral properties and the ongoing operation of mines requires a
substantial amount of capital and may depend on Denison&#146;s ability to obtain financing through joint
ventures, debt financing, equity financing or other means. General market conditions, volatile
uranium and vanadium markets, a claim against the Company, a significant disruption to the
Company&#146;s business or operations or other factors may make it difficult to secure financing
necessary to the expansion of mining activities or to take advantage of opportunities for
acquisitions. There is no assurance that the Company will be successful in obtaining required
financing as and when needed on acceptable terms.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2008<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Dependence on Key Personnel and Qualified and Experienced Employees</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s success will largely depend on the efforts and abilities of certain senior officers and
key employees. Certain of these individuals have significant experience in the uranium industry.
The number of individuals with significant experience in this industry is small. While Denison
does not foresee any reason why such officers and key employees will not remain with Denison, if
for any reason they do not, Denison could be adversely affected. Denison has not purchased key man
life insurance for any of these individuals.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s success will also depend on the availability of qualified and experienced employees to
work in Denison&#146;s operations and Denison&#146;s ability to attract and retain such employees. The
number of individuals with relevant mining and operational experience in this industry is small.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Internal Controls</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Internal controls over financial reporting are procedures designed to provide reasonable assurance
that transactions are properly authorized, assets are safeguarded against unauthorized or improper
use, and transactions are properly recorded and reported. A control system, no matter how well
designed and operated, can provide only reasonable, not absolute, assurance with respect to the
reliability of financial reporting and financial statement preparation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Conflicts of Interest</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Some of the directors of Denison are also directors of other companies that are similarly engaged
in the business of acquiring, exploring and developing natural resource properties. Such
associations may give rise to conflicts of interest from time to time. In particular, one of the
consequences will be that corporate opportunities presented to a director of Denison may be offered
to another company or companies with which the director is associated, and may not be presented or
made available to Denison. The directors of Denison are required by law to act honestly and in
good faith with a view to the best interests of Denison, to disclose any interest which they may
have in any project or opportunity of Denison, and to abstain from voting on such matter.
Conflicts of interest that arise will be subject to and governed by the procedures prescribed by
the OBCA.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Reliance on ARC as Operator</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As ARC is the operator and majority owner of the McClean Lake and Midwest properties in
Saskatchewan, Canada, Denison is and will be, to a certain extent, dependent on ARC for the nature
and timing of activities related to these properties and may be unable to direct or control such
activities.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Labour Relations</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Both the McClean Lake mill and the Midwest properties employ unionized workers who work under
collective agreements. ARC, as the operator of both of these projects, is responsible for all
dealings with unionized employees. ARC may not be successful in its attempts to renegotiate the
collective agreements, which may impact mill and mining operations. Any lengthy work stoppages may
have a material adverse impact on the Company&#146;s future cash flows, earnings, results of operations
and financial condition.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Indemnities</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As part of a reorganization in 2004, DMI acquired from Denison Energy all of Denison Energy&#146;s
mining and environmental services assets and agreed to assume all debts, liabilities and
obligations relating to such assets before the date of the reorganization. In addition, DMI agreed
to provide certain indemnities in favour of Denison Energy for certain claims and losses relating
to matters with respect to Denison Energy&#146;s mining business prior to the date of the arrangement,
to breaches by DMI of certain of its agreements, covenants, representations and warranties in the
agreements governing such reorganization, and to damages caused by breaches by DMI of its
representations and warranties in certain agreements related to such arrangement. Denison cannot
predict the outcome or the ultimate impact of any legal or regulatory proceeding against Denison or
affecting the business of Denison and cannot predict the potential liabilities associated with the
indemnities provided in favour of Denison Energy. Consequently, there can be no assurance that the
legal or regulatory proceedings referred to in this AIF or any such proceedings that may arise in
the future will be resolved without a material adverse effect on the business, financial condition,
results of operation or cash flows of Denison.
</DIV>


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

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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>c83333exv99w3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 99.3</TITLE>
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<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;99.3</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><IMG src="c83333c8314900.gif" alt="(DENISON MINES LOGO)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Denison Mines Corp.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">Financial Statements<BR>
for the years ending<BR>
December&nbsp;31, 2008 and 2007

</DIV>


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

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</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Responsibility for Financial Statements</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s management is responsible for the integrity and fairness of presentation of these
consolidated financial statements. The consolidated financial statements have been prepared by
management, in accordance with Canadian generally accepted accounting principles for review by the
Audit Committee and approval by the Board of Directors.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The preparation of financial statements requires the selection of appropriate accounting policies
in accordance with generally accepted accounting principles and the use of estimates and judgments
by management to present fairly and consistently the consolidated financial position of the
Company. Estimates are necessary when transactions affecting the current period cannot be
finalized with certainty until future information becomes available. In making certain material
estimates, the Company&#146;s management has relied on the judgement of independent specialists.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s management has developed and maintains a system of internal accounting controls to
ensure, on a reasonable and cost-effective basis, that the financial information is timely reported
and is accurate and reliable in all material respects and that the Company&#146;s assets are
appropriately accounted for and adequately safeguarded.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The consolidated financial statements have been audited by PricewaterhouseCoopers LLP, our
independent auditors. Their report outlines the scope of their examination and expresses their
opinions on the consolidated financial statements and internal control over financial reporting.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>&#147;E. Peter Farmer&#148;</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>&#147;James R. Anderson&#148;</I></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">E. Peter Farmer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">James R. Anderson</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Chief Executive Officer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice-President and</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">March&nbsp;18, 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Management&#146;s Report on Internal Control over Financial Reporting</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s management is responsible for establishing and maintaining adequate internal control
over financial reporting. Management conducted an evaluation of the effectiveness of internal
control over financial reporting based on the <I>Internal Control &#151; Integrated Framework </I>issued by the
Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation,
management concluded that the Company&#146;s internal control over financial reporting was effective as
at December&nbsp;31, 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The effectiveness of the Company&#146;s internal control over financial reporting as at December&nbsp;31,
2008 has been audited by PricewaterhouseCoopers LLP, our independent auditors, as stated in their
report which appears herein.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Changes to Internal Control over Financial Reporting</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">There has not been any change in the Company&#146;s internal control over financial reporting that
occurred during 2008 that has materially affected, or is reasonably likely to materially affect,
the Company&#146;s internal control over financial reporting.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<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: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Independent Auditors&#146; Report</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>To the Shareholders of Denison Mines Corp.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We have completed integrated audits of Denison Mine Corp&#146;s 2008 and 2007 consolidated financial
statements and of its internal control over financial reporting as at December&nbsp;31, 2008. Our
opinions, based on our audits, are presented below.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Consolidated Financial Statements</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We have audited the accompanying consolidated balance sheets of Denison Mines Corp. as at December
31, 2008 and 2007, and the related consolidated statements of operations and deficit, comprehensive
income (loss)&nbsp;and cash flows for each of the years then ended. These financial statements are the
responsibility of the Company&#146;s management. Our responsibility is to express an opinion on these
financial statements based on our audits.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We conducted our audits of the Company&#146;s financial statements in accordance with Canadian generally
accepted auditing standards and the standards of the Public Company Accounting Oversight Board
(United States). Those standards require that we plan and perform an audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement. An audit of
financial statements includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. A financial statement audit also includes assessing the
accounting principles used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits provide a reasonable basis for our
opinion.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In our opinion, the consolidated financial statements referred to above present fairly, in all
material respects, the financial position of the Company as at December&nbsp;31, 2008 and 2007 and the
results of its operations and its cash flows for each of the years then ended, in accordance with
Canadian generally accepted accounting principles.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Internal Control over Financial Reporting</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We have also audited Denison Mines Corp.&#146;s internal control over financial reporting as at December
31, 2008, based on criteria established in <I>Internal Control &#151; Integrated Framework </I>issued by the
Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Company&#146;s management
is responsible for maintaining effective internal control over financial reporting and for its
assessment of the effectiveness of internal control over financial reporting, included in the
accompanying Management&#146;s Report on Internal Control over Financial Reporting. Our responsibility
is to express an opinion on the Company&#146;s internal control over financial reporting based on our
audit.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We conducted our audit of internal control over financial reporting in accordance with the
standards of the Public Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether effective
internal control over financial reporting was maintained in all material respects. An audit of
internal control over financial reporting includes obtaining an understanding of internal control
over financial reporting, assessing the risk that a material weakness exists, testing and
evaluating the design and operating effectiveness of internal control based on the assessed risk,
and performing such other procedures as we consider necessary in the circumstances. We believe
that our audit provides a reasonable basis for our opinion.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio --> - 2 - <!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A company&#146;s internal control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles. A
company&#146;s internal control over financial reporting includes those policies and procedures that
(i)&nbsp;pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of the assets of the company; (ii)&nbsp;provide reasonable assurance
that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorizations of management and directors of the
company; and (iii)&nbsp;provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of the company&#146;s assets that could have a material
effect on the financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Because of its inherent limitations, internal control over financial reporting may not prevent or
detect misstatements. Also, projections of any evaluation of effectiveness to future periods are
subject to the risk that controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In our opinion, the Company maintained, in all material respects, effective internal control over
financial reporting as at December&nbsp;31, 2008 based on criteria established in Internal Control -
Integrated Framework issued by the COSO.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>&#147;PricewaterhouseCoopers LLP&#148;</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Chartered Accountants, Licensed Public Accountants</B><BR>
Toronto, Ontario<BR>
March&nbsp;18, 2009

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Comments by Auditors for US Readers on Canada &#151; US Reporting Differences</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In the United States, reporting standards for auditors require the addition of an explanatory
paragraph (following the opinion paragraph) when the consolidated financial statements are affected
by conditions and events that cast substantial doubt on the Company&#146;s ability to continue as a
going concern, such as those described in Note 1 to these consolidated financial statements. Our
report to the shareholders dated March&nbsp;18, 2009 is expressed in accordance with Canadian reporting
standards which do not permit a reference to such events and conditions in the Auditors&#146; report
when these are adequately disclosed in the consolidated financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>&#147;PricewaterhouseCoopers LLP&#148;</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Chartered Accountants, Licensed Public Accountants</B><BR>
Toronto, Ontario<BR>
March&nbsp;18, 2009

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

<P align="center" style="font-size: 10pt"><!-- Folio --> - 3 - <!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Consolidated Balance Sheets<BR>
(Expressed in thousands of U.S. 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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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"><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>
</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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash and equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,206</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,680</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">12,894</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,667</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Note receivables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">181</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">455</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inventories (Note 5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,733</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,921</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investments (Note 6)</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">13,930</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">1,275</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,492</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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">62,289</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106,145</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">Inventories &#151; ore in stockpiles (Note 5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,016</TD>
    <TD>&nbsp;</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">Investments (Note 6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,691</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,507</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property, plant and equipment, net (Note 7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">717,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">727,823</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restricted cash and equivalents (Note 8)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,797</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangibles (Note 9)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,978</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,979</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill (Note 10)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122,330</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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="left">$</TD>
    <TD align="right">884,933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,001,581</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <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>
</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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts payable and accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">23,787</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">22,642</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of long-term liabilities:</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:45px; text-indent:-15px">Post-employment benefits (Note 11)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">329</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">404</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Reclamation and remediation obligations (Note 12)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">565</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Debt obligations (Note 13)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">464</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Other long-term liabilities (Note 14)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,179</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,577</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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">27,634</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,230</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">Deferred revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,913</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,359</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 (Note 11)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,028</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,030</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reclamation and remediation obligations (Note 12)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,471</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,824</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Debt obligations (Note 13)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99,290</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other long-term liabilities (Note 14)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,191</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,343</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Future income tax liability (Note 15)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124,054</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141,525</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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">276,581</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">205,311</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&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>
</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Share capital (Note 16)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">666,278</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">662,949</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Share purchase warrants (Note 17)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,728</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,728</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Contributed surplus (Notes 18 and 19)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,537</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,471</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deficit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(95,482</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,834</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated other comprehensive income (loss) (Note 20)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,709</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110,956</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(100,191</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96,122</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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">608,352</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">796,270</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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="left">$</TD>
    <TD align="right">884,933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,001,581</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Issued and outstanding common shares (Note 16)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">197,295,415</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">189,731,635</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Going concern basis of accounting (Note 1)<BR>
Contingent liabilities and commitments (Note 27)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>On Behalf of the Board of Directors:</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="35%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<I>E. Peter Farmer</I>&#148;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;<I>Catherine J. G. Stefan</I>&#148;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">See accompanying notes to the consolidated financial statements
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio --> - 4 - <!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Consolidated Statements of Operations and Deficit and Comprehensive Income (Loss)<BR>
(Expressed in thousands of U.S. 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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Year Ended</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Year Ended</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>REVENUES </B>(Note 22)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">123,184</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">76,764</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118,069</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,038</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sales royalties and capital taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,117</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,301</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mineral property exploration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,114</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,727</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">General and administrative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,754</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,323</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock option expense (Note 19)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,062</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,382</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill impairment (Note 10)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,512</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">198,628</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,771</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(75,444</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,007</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other income, net (Note 21)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,468</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,627</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income (loss)&nbsp;before taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(72,976</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,620</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax recovery (expense) (Note 15):</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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">899</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,141</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Future</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,571</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,765</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income (loss)&nbsp;for the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(80,648</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">47,244</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deficit, beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(14,834</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(62,078</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deficit, end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(95,482</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(14,834</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income (loss)&nbsp;for the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(80,648</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">47,244</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Change in unrealized gain (loss)&nbsp;on investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,884</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,742</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Change in foreign currency translation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(97,781</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,354</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comprehensive income (loss)&nbsp;for the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(196,313</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">141,856</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income (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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.42</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.42</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">190,218</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">188,722</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">190,218</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">193,613</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Going concern basis of accounting (Note 1)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">See accompanying notes to the consolidated financial statements
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio --> - 5 - <!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Consolidated Statements of Cash Flows<BR>
(Expressed in thousands of U.S. 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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Year Ended</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Year Ended</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>CASH PROVIDED BY (USED IN):</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>OPERATING ACTIVITIES</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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income (loss)&nbsp;for the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(80,648</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">47,244</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Items not affecting cash:</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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Depletion, depreciation, amortization and accretion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,588</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,386</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Goodwill impairment charge</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,512</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investment impairment charge</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,952</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Stock-based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,062</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,382</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Losses (gains)&nbsp;on asset disposals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(181</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(45,119</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Losses (gains)&nbsp;on restricted investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,176</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(327</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Write-downs and other non-cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,748</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,425</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Change in future income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,571</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(15,765</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign exchange</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(15,544</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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net change in non-cash working capital
items (Note 25)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(24,648</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(26,310</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash used in operating activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,764</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(23,084</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>INVESTING ACTIVITIES</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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Acquisition of businesses, net of cash and equivalents
acquired (Note 4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(158,583</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Decrease in notes receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">274</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,778</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Purchase of long-term investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13,376</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,458</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proceeds from sale of long-term investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,316</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,870</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expenditures on property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(101,227</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(59,578</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proceeds from sale of property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Increase in restricted investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,697</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,531</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash used in investing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(115,706</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(158,469</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>FINANCING ACTIVITIES</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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Increase (decrease)&nbsp;in debt obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99,547</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(50</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Issuance of common shares for cash:</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; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">New share issues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,073</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102,151</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Exercise of stock options and warrants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,527</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,114</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash provided by financing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107,147</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107,215</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net decrease in cash and equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,323</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(74,338</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Foreign exchange effect on cash and equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">849</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,891</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and equivalents, beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,680</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,127</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and equivalents, end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,206</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,680</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash and cash equivalents comprised of:</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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,206</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,437</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Cash equivalents</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">10,243</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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="left">$</TD>
    <TD align="right">3,206</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,680</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Supplemental cash flow disclosure:</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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Interest paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,514</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Income taxes paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,811</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">See accompanying notes to the consolidated financial statements
</DIV>



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

<P align="center" style="font-size: 10pt"><!-- Folio --> - 6 - <!-- /Folio -->
</DIV>




<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><br>
Notes to the Consolidated Financial Statements<br>
(Expressed in U.S. dollars, unless otherwise noted)
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>GOING CONCERN BASIS OF ACCOUNTING</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">As a result of current economic conditions, prices and demand for our commodities may remain
depressed for a prolonged period of time which may cause the Company to fully utilize its
available credit facilities within the next twelve months and be in non-compliance with certain
of its financial covenants. In particular, the net total debt to EBITDA (earnings before
interest, tax, depreciation and amortization) ratio, as defined in the Company&#146;s credit
agreement, may not be met at December&nbsp;31, 2009.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company is addressing the near term liquidity requirements by taking a number of steps to
reduce the borrowing requirements including the temporary closure of negative cash flow
operations, the deferral of exploration and development expenditures and the reduction of the
Company&#146;s workforce.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In addition the Company is pursuing the sale of certain of its interests in assets and
investigating alternate debt or equity financing that will allow the Company to meet its
obligations in the normal course of business. There are no assurances that additional financing
will be raised and in the event that the Company sells an asset or assets that the price
obtained will support the amounts reflected in these financial statements. The impact of any
adjustments arising from the sale of an asset or assets, which could be material, is not
reflected in these financial statements.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Until the outcome of the above matters is known there is considerable uncertainty about the
appropriateness of the going concern basis of accounting.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The accounting principles used in these consolidated financial statements are applicable to a
going concern which contemplates the realization of assets and settlement of liabilities in the
normal course of business as they come due. These financial statements do not reflect the
adjustments to the carrying values of assets and liabilities and the reported expenses and
balance sheet classifications that would be necessary if the Company were unable to realize its
assets and settle its liabilities as a going concern in the normal course of operations. Such
adjustments could be material.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>NATURE OF OPERATIONS</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Denison Mines Corp. (&#147;DMC&#148;) is incorporated under the Business Corporations Act (Ontario)
(&#147;OBCA&#148;). Denison Mines Corp. and its subsidiary companies and joint ventures (collectively,
the &#147;Company&#148;) are engaged in uranium mining and related activities, including acquisition,
exploration and development of uranium bearing properties, extraction, processing, selling and
reclamation. The environmental services division of the Company provides mine decommissioning
and decommissioned site monitoring services for third parties.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company has a 100% interest in the White Mesa mill located in Utah, United States and a
22.5% interest in the McClean Lake mill located in the Athabasca Basin of Saskatchewan, Canada.
The Company has interests in a number of nearby mines at both locations, as well as interests in
development and exploration projects located in Canada, the United States, Mongolia and Zambia,
some of which are operated through joint ventures and joint arrangements. Uranium, the
Company&#146;s primary product, is produced in the form of uranium oxide concentrates
(&#147;U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>&#148;) and sold to various customers around the world for further
processing. Vanadium, a co-product of some of the Company&#146;s mines is also produced and is in
the form of vanadium pentoxide, or V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB>. The Company is also in the
business of recycling uranium bearing waste materials, referred to as &#147;alternate feed
materials&#148;.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Denison Mines Inc. (&#147;DMI&#148;), a subsidiary of the Company, is the manager of Uranium Participation
Corporation (&#147;UPC&#148;), a publicly-listed investment holding company formed to invest substantially
all of its assets in 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 uranium hexafluoride (&#147;UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>&#148;).
The Company has no ownership interest in UPC but receives various fees for management services
and commissions from the purchase and sale 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>and UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> by
UPC.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">References to &#147;2008&#148; and &#147;2007&#148; refer to the year ended December&nbsp;31, 2008 and the year ended
December&nbsp;31, 2007 respectively.</DIV></TD>
</TR>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->- 7 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV style="margin-top: 8pt">
<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="3%" nowrap align="left"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>SUMMARY OF SIGNIFICANT MINING INTERESTS AND ACCOUNTING POLICIES</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Basis of Presentation</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">These consolidated financial statements have been prepared by management in U.S. dollars, unless
otherwise stated, in accordance with generally accepted accounting principles in Canada
(&#147;Canadian GAAP&#148;). All adjustments considered necessary by management for fair presentation have been included in these
financial statements. Differences between Canadian GAAP and those generally accepted accounting
principles and practices in the United States (&#147;U.S. GAAP&#148;) that would have a significant impact
on these financial statements are disclosed in Note 29.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Significant Mining Interests</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The following table sets forth the Company&#146;s ownership of its significant mining interests that
have projects at the development stage within them as at December&nbsp;31, 2008:</DIV></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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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="2">Ownership</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Location</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Interest</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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"><B>Through majority owned subsidiaries</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Arizona Strip</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">USA</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Henry Mountains</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">USA</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Colorado Plateau</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">USA</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gurvan Saihan Joint Venture</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Mongolia</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">70.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mutanga</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Zambia</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>As interests in unincorporated joint ventures,
or jointly controlled 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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McClean Lake Joint Venture</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Canada</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">22.50</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Midwest Joint Venture</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Canada</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">25.17</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV style="margin-top: 8pt">
<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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Significant Accounting Policies</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The principal accounting policies and practices under Canadian GAAP followed by the Company in
the preparation of these financial statements are summarized below:</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 8pt; margin-left: 4%"><B>a) Principles of Consolidation</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 8pt; margin-left: 4%">These consolidated financial statements include the accounts of DMC, its subsidiaries and its
share of assets, liabilities, revenues and expenses of jointly-controlled companies and
unincorporated ventures proportionate to the Company&#146;s percentage ownership or participating
interest. All significant intercompany balances and transactions have been eliminated on
consolidation.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 8pt; margin-left: 4%">The companies and ventures controlled by DMC are consolidated using the full consolidation
method. Control is defined as the direct or indirect power to govern a company&#146;s financing,
investing and strategic operating policies without co-operation of others in order to benefit
from its activities.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 8pt; margin-left: 4%">The companies and ventures jointly controlled by DMC are consolidated using the proportionate
consolidation method. Joint control is deemed to exist when agreements exist that require that
material changes to the operating, investing and financing policies of such company or venture
be approved by a percentage of the participating interest sufficiently high enough to prevent
any one participant from exercising unilateral control.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 8pt; margin-left: 4%">The companies and ventures in which DMC exercises significant influence over financial policy
and management (&#147;associates&#148;) are accounted for using the equity method. In determining whether
significant influence exists, the Company evaluates a number of criteria including the
percentage of voting interest held, and representation on the board of directors or in senior
management.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 8pt; margin-left: 4%">Variable Interest Entities (&#147;VIEs&#148;) (which include, but are not limited to, special purpose
entities, trusts, partnerships and other legal structures) are consolidated by the Company if it
is the primary beneficiary who will absorb the majority of the entities expected losses and / or
expected residual returns.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 8pt; margin-left: 4%"><B>b) Use of Estimates</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 8pt; margin-left: 4%">The presentation of consolidated financial statements in conformity with Canadian GAAP requires
the Company&#146;s management to make estimates and assumptions that affect the amounts reported in
these financial statements and related note disclosures. Although the Company regularly reviews
the estimates and assumptions that affect these financial statements, actual results may be
materially different. Significant estimates and assumptions made by management relate to the
quantities and net realizable value of inventories, assumptions used in impairment testing and
valuation of long-lived assets, determination of reporting units and the valuation of reporting
units for goodwill determination, determination of economic lives, recoverability of and
reclamation obligations for property, plant and equipment and the evaluation of post-employment
benefits, future income taxes, contingent liabilities and stock-based compensation.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 8 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>c) Foreign Currency Translation</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company&#146;s currency of measurement for its Canadian operations is the Canadian dollar. As
the Company&#146;s reporting currency is the U.S. dollar, the Company applies the current rate method
for translation of the Company&#146;s net investment in its self sustaining Canadian operations.
Assets and liabilities denominated in currencies other than the U.S. dollar are translated at
the exchange rate in effect at the balance sheet date. Revenues and expenses denominated in
currencies other than the U.S. dollar are translated at the average rate in effect during the
period. Foreign currency translation gains and losses are recorded in accumulated other
comprehensive income which will be recognized in the results of operations upon the dilution or
other reduction in equity of the net investment.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company&#146;s fully integrated subsidiaries are translated into US dollars using the temporal
method. Under this method, monetary assets and liabilities are translated at the year-end
exchange rate and all other assets and liabilities are translated at applicable historical
exchange rates. Revenue and expense items are translated at the rate of exchange in effect at
the date the transactions are recognized in income. Realized exchange gains and losses and
currency translation adjustments are included in the results of operations. Foreign currency
transactions are translated using the exchange rates prevailing at the rate of exchange in
effect at the date the transactions are recognized in income. Foreign exchange gains and losses
resulting from the settlement of such transactions and from the translation of monetary assets
and liabilities denominated in foreign currencies are included in the results of operations.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>d) Income Taxes</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Income taxes are accounted for using the liability method of accounting for future income taxes.
Under this method, current income taxes are recognized for the estimated income taxes payable
for the current period. Future income tax assets and liabilities are recognized based on
temporary differences between the financial statement carrying values of the existing assets and
liabilities and their respective income tax bases using enacted or substantively enacted tax
rates expected to apply to taxable income during the years in which the differences are expected
to be recovered or settled. The recognition of future income tax assets such as tax losses
available for carry forward are limited to the amount that is &#147;more likely than not&#148; to be
realized.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>e) Flow-Through Common Shares</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company&#146;s Canadian exploration activities have been financed in part through the issuance of
flow-through common shares whereby the tax benefits of the eligible exploration expenditures
incurred under this arrangement are renounced to the subscribers. In accordance with Emerging
Issues Committee (&#147;EIC&#148;) Abstract No.&nbsp;146: Flow-Through Shares applicable for flow-through
financings initiated after March&nbsp;19, 2004, the foregone tax benefits to the Company are
recognized by reducing the proceeds received from these financings by the tax effects of the
renunciation to the subscribers at the time of renunciation by the Company.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>f) Cash and Equivalents</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Cash and equivalents consist of cash on deposit and highly-liquid, short-term money market
instruments which, on acquisition, have terms to maturity of three months or less. Cash and
equivalents which are subject to restrictions that prevent its use for current purposes are
classified as restricted cash and equivalents.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>g) Inventories</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company applies CICA Handbook Section&nbsp;3031: Inventories which provides guidance on the
determination of cost and the cost formulas that are used to assign costs to inventories.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Expenditures, including depreciation, depletion and amortization of assets, incurred in the
mining and processing activities that will result in future concentrate production are deferred
and accumulated as ore in stockpiles and in-process and concentrate inventories. These amounts
are carried at the lower of average cost or net realizable value (&#147;NRV&#148;). NRV is the difference
between the estimated future concentrate price (net of selling costs) and estimated costs to
complete production into a saleable form.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Stockpiles are comprised of coarse ore that has been extracted from the mine and is available
for further processing. Mining production costs are added to the stockpile as incurred
(including overburden removal and in-pit stripping costs) and removed from the stockpile based
upon the average cost per ton or tonne of ore produced from mines considered to be in commercial
production. The current portion of ore in stockpiles represents the amount expected to be
processed in the next twelve months.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 9 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">In-process and concentrate inventories include the cost of the ore removed from the stockpile, a
pro-rata share of the amortization of the associated mineral property, as well as production
costs incurred to process the ore into a saleable product. Processing costs typically include
labor, chemical reagents and certain mill overhead expenditures. Items are valued according to
the first-in first-out method (FIFO)&nbsp;or at weighted average cost, depending on the type of
inventory or work-in-process.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Mine and mill supplies are valued at the lower of average cost and net realizable value as
measured by replacement cost.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>h) Investments</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Equity investments over which the Company does not exercise significant influence are accounted
for as available for sale securities.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Investments in affiliates over which the Company exercises significant influence are accounted
for using the equity method, whereby the investment is initially recorded at cost and adjusted
to recognize the Company&#146;s share of earnings or losses, reduced by dividends and distributions
received.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>i) Property, Plant and Equipment</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Plant and equipment</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Property, plant and equipment are recorded at acquisition or production cost and carried net of
depreciation. Depreciation is calculated on a straight line or unit of production basis as
appropriate. Where a straight line methodology is used, the assets are depreciated to their
estimated residual value over an estimated useful life which ranges from three to fifteen years
depending upon the asset type. Where a unit of production methodology is used, the assets are
depreciated to their estimated residual value over the useful life defined by management&#146;s best
estimate of recoverable reserves and resources in the current mine plan. When assets are
retired or sold, the resulting gains or losses are reflected in current earnings as a component
of other income or expense.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Mineral Property Acquisition, Exploration and Development Costs</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Mineral property costs include acquisition costs relating to acquired mineral use and
exploration rights and are capitalized.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Exploration and development expenditures are expensed as incurred on mineral properties not
sufficiently advanced as to identify their development potential. At the point in time that a
mineral property is considered to be sufficiently advanced and development potential is
identified, all further expenditures for the current year and subsequent years are capitalized
as incurred. These costs will include further exploration, costs of maintaining the site until
commercial production, costs to initially delineate the ore body, costs for shaft sinking and
access, lateral development, drift development and infrastructure development. Such costs
represent the net expenditures incurred and capitalized as at the balance sheet date and do not
necessarily reflect present or future values.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Once a development mineral property goes into commercial production, the property is classified
as &#147;Producing&#148; and the accumulated costs are amortized over the estimated recoverable resources
in the current mine plan using a unit of production basis. Commercial production occurs when a
property is substantially complete and ready for its intended use<I>.</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Impairment of Long-Lived Assets</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company applies CICA Handbook Section&nbsp;3063: Impairment of Long-Lived Assets which provides
standards for the recognition, measurement and disclosure of impairment of long-lived assets
including property, plant and equipment.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Long-lived assets are assessed by management for impairment whenever events or changes in
circumstances indicate that the related carrying amounts may not be recoverable. The amount of
the impairment loss is determined as the excess of the carrying value of the asset over its fair
value and is charged to the results of operations. Fair value represents future discounted cash
flows from an area of interest, including estimates of selling price and costs to develop and
extract the mining assets.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>j) Asset Retirement Obligations</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company applies CICA Handbook Section&nbsp;3110: Asset Retirement Obligations which provides
standards for the recognition, measurement and disclosure of liabilities for asset retirement
obligations and the associated asset retirement costs.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Asset retirement obligations, any statutory, contractual or other legal obligation related to
the retirement of tangible long-lived assets, are recognized when such obligations are incurred,
if a reasonable estimate of fair value can be determined. These obligations are measured
initially at fair value and the resulting costs are capitalized and added to the carrying value
of the related assets. In subsequent periods, the liability is adjusted for the accretion of
the discount and the expense is recorded in the income statement. Changes in the amount or
timing of the underlying future cash flows are immediately recognized as an increase or decrease
in the carrying amounts of the liability and related assets. These costs are amortized to the
results of operations over the life of the asset.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company&#146;s activities are subject to numerous governmental laws and regulations. Estimates
of future reclamation liabilities for asset decommissioning and site restoration are recognized
in the period when such liabilities are incurred. These estimates are updated on a periodic
basis and are subject to changing laws, regulatory requirements, changing technology and other
factors which will be recognized when appropriate. Liabilities related to site restoration
include long-term treatment and monitoring costs and incorporate total expected costs net of
recoveries. Expenditures incurred to dismantle facilities, restore and monitor closed resource
properties are charged against the related reclamation and remediation liability.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>k) Goodwill and Other Intangibles</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Business combinations are accounted for under the purchase method of accounting whereby acquired
assets and liabilities are recorded at fair value as of the date of acquisition. The excess of
the purchase price over the fair value is recorded as goodwill and allocated to the applicable
reporting unit. Goodwill is tested annually for impairment or more frequently if current events
or changes in circumstances indicate that the carrying value of the goodwill of a reporting unit
may exceed its fair value. A two-step impairment test is used to identify potential impairment
in goodwill and to measure the amount of goodwill impairment, if any. In the first step, the
fair value of a reporting unit is compared with its carrying value, including goodwill. When the
fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is
considered not to be impaired and the second step of the impairment test is not undertaken.
When the carrying amount of a reporting unit exceeds its fair value, the fair value of the
reporting unit&#146;s goodwill (determined on the same basis as the value of goodwill is determined
in a business combination) is compared with its carrying amount to measure the amount of the
impairment loss, if any. When the carrying amount of reporting unit goodwill exceeds the fair
value of the goodwill, an impairment loss is recognized in an amount equal to the excess.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>l) Post-Employment Benefits</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company assumed the obligation of a predecessor company to provide life insurance,
supplemental health care and dental benefits, excluding pensions, to its former Canadian
employees who retired on immediate pension from active service prior to 1997. The estimated
cost of providing these benefits was actuarially determined using the projected benefits method
and is recorded on the balance sheet at its estimated present value. The interest cost on this
unfunded liability is being accreted over the remaining lives of this retiree group.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>m) Revenue Recognition</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Revenue from the sale of uranium concentrate to customers is recognized when title to the
product passes to the customer, delivery is effected by book transfer and price is reasonably
determinable.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Revenue from alternate feed process milling is recognized as material is processed, in
accordance with the specifics of the applicable processing agreement. In general, the Company
collects a recycling fee for receipt of the material and/or receives the proceeds from the sale
of any uranium concentrate and other metals produced. Deferred revenues represent processing
proceeds received on delivery of materials but in advance of the required processing activity.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Revenue on decommissioning contracts is recognized using the percentage of completion method,
whereby sales, earnings and unbilled accounts receivable are recorded as related costs are
incurred. Earnings rates are adjusted periodically as a result of revisions to projected
contract revenues and estimated costs of completion. Losses, if any, are recognized fully when
first anticipated. Revenues from engineering services are recognized as the services are
provided in accordance with customer agreements.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Management fees earned from UPC are recognized as earned on a monthly basis. Commission revenue
earned on acquisition or sale 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>and UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> on behalf of UPC
is recognized on the date when title passes to UPC.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Revenues are recognized only to the extent they are reasonably considered to be collectible.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>n) Stock-Based Compensation</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">CICA Handbook Section&nbsp;3870: Stock-Based Compensation and Other Stock-Based Payments (&#147;Section
3870&#148;) establishes standards for the recognition, measurement and disclosure of stock-based
compensation and other stock-based payments made in exchange for goods and services.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 11 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 8pt; margin-left: 4%">Section&nbsp;3870 requires a fair value-based method of accounting for stock options granted to
employees, including directors, and to non-employees. The fair value of stock options granted
is recognized on a straight-line basis over the applicable vesting period as an increase in
stock-based compensation expense and the contributed surplus account. When such stock options
are exercised, the proceeds received by the Company, together with the respective amount from
contributed surplus, are credited to share capital.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 8pt; margin-left: 4%"><B>o) Earnings (Loss) per Share</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 8pt; margin-left: 4%">Basic earnings (loss)&nbsp;per share is computed by dividing net income (loss)&nbsp;for the period by the
weighted-average number of common shares outstanding for the period. The Company follows the
&#147;treasury stock&#148; method in the calculation of diluted earnings per share. Under this method, the calculation of diluted
earnings per share assumes that the proceeds to be received from the exercise of &#147;in the money&#148;
stock options and warrants are applied to repurchase common shares at the average market price
for the period. The calculation of diluted loss per share does not meet this assumption as the
result would be anti-dilutive.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 8pt; margin-left: 4%"><B>p) Financial Instruments &#151; Recognition and Measurement / Presentation and Disclosure</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 8pt; margin-left: 4%">Financial assets and financial liabilities are recognized on the Consolidated Balance Sheet when
the Company becomes a party to the contractual provisions of the financial instrument. All
financial instruments are required to be measured at fair value on initial recognition except
for certain financial instruments that arise in related party transactions. Measurement in
subsequent periods is dependent upon the classification of the financial instrument as
held-for-trading, available-for-sale, loans and receivables, held-to-maturity, or other
financial liabilities. The held-for-trading classification is applied when an entity is
&#147;trading&#148; in an instrument or alternatively the standard permits that any financial instrument
be irrevocably designated as held-for-trading. For financial instruments classified as other
than held-for-trading, transaction costs are added to the initial fair value of the related
financial instrument.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 8pt; margin-left: 4%">Financial assets and financial liabilities classified as held-for-trading are measured at fair
value with changes in those fair values recognized on the Consolidated Statement of Operations
and Deficit. Financial assets classified as available-for-sale are measured at fair value with
changes in those fair values recognized in other comprehensive income. Financial assets
classified as loans and receivables, held to maturity or other financial liabilities are
measured at amortized cost using the effective interest rate method of amortization. Where a
financial asset classified as held-to-maturity or available-for-sale has a loss in value which
is considered to be other than temporary, the loss is recognized in the results of operations.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 8pt; margin-left: 4%">For financial instruments measured at amortized cost, transaction costs or fees, premiums or
discounts earned or incurred are recorded, at inception, net against the fair value of the
financial instrument. Interest expense is recorded using the effective interest method.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 8pt; margin-left: 4%">The Company has implemented the following classifications:
</DIV>

<DIV style="margin-top: 8pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Cash and equivalents are classified as held-for-trading and any period change in
fair value is recorded through the results from operations.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 8pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Trade and other receivables and Notes receivable are classified as loans and
receivables and are measured at amortized cost using the effective interest rate
method. Interest income is recorded in net income, as applicable.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 8pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Investments are classified as available-for-sale and any period change in fair value
is recorded through other comprehensive income. Where the investment experiences an
other-than temporary decline in value, the loss is recognized in the results of
operations.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 8pt">
<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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Accounts payable and accrued liabilities and Debt obligations are classified as
other financial liabilities and are measured at amortized cost using the effective
interest rate method. Interest expense is recorded in other income, as applicable.</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 8pt; margin-left: 4%"><B>New Accounting Standards Adopted</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 8pt; margin-left: 4%">The Company adopted the following new accounting standards issued by the CICA Handbook effective
January&nbsp;1, 2008:
</DIV>

<DIV style="margin-top: 8pt">
<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="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">CICA Handbook Section&nbsp;1400 &#147;General Standards of Financial Statement Presentation&#148;
which was amended to include a requirement that management make an assessment of an
entity&#146;s ability to continue as a going concern when preparing financial statements.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 8pt">
<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="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">CICA Handbook Section&nbsp;3031 &#147;Inventories&#148; which provides guidance on the determination
of cost and its subsequent recognition as an expense, including any write-down to net
realizable value. It also provides guidance on the cost formulas that are used to assign
costs to inventories. There was no impact to the Company&#146;s financial results from adopting
this standard.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 8pt">
<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="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">CICA Handbook Section&nbsp;3862 &#147;Financial Instruments &#151; Disclosures&#148; and Section&nbsp;3863
&#147;Financial Instruments &#151; Presentation&#148; which requires disclosures in the financial
statements that will enable users to evaluate: the significance of financial instruments
for the company&#146;s financial positions and performance; the nature and extent of risks
arising from financial instruments to which the company is exposed during the period and at
the balance sheet date; and how the company manages those risks (see note 26).</DIV></TD>
</TR>





</TABLE>
</DIV>
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<P align="center" style="font-size: 10pt"><!-- Folio -->- 12 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">CICA Handbook Section&nbsp;1535 &#147;Capital Disclosures&#148; which requires the disclosure of both
qualitative and quantitative information that enable users to evaluate the company&#146;s
objectives, policies and processes for managing capital (see note 26).</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Accounting Standards Issued but not yet Adopted</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The CICA has issued the following accounting standards effective for the fiscal years beginning
on or after January&nbsp;1, 2009:
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">CICA Handbook Section&nbsp;3064 &#147;Goodwill and intangible assets&#148; provides guidance on the
recognition, measurement, presentation and disclosure for goodwill and intangible assets,
other than the initial recognition of goodwill or intangible assets acquired in a business
combination. This standard is effective for fiscal years beginning on or after October&nbsp;1,
2008 and requires retroactive application to prior period financial statements. The Company
has evaluated the impact of this new standard for adoption on January&nbsp;1, 2009 and does not
expect any significant impact on its consolidated financial statements.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">CICA Handbook Section&nbsp;1582 &#147;Business Combinations&#148;, Section&nbsp;1601 &#147;Consolidated
Financial Statements&#148; and Section&nbsp;1602 &#147;Non-Controlling Interests&#148; which replace the former
CICA 1581 &#147;Business Combinations&#148; and CICA 1600 &#147;Consolidated Financial Statements&#148; and
establish a new section for accounting for a non-controlling interest in a subsidiary.
These sections provide the Canadian equivalent to FASB Statements No.141(R) &#147;Business
Combinations&#148; and No.160 &#147;Non-Controlling Interests in Consolidated Financial Statements&#148;.
CICA 1582 is effective for business combinations for which the acquisition date is on or
after the beginning of the first annual reporting period after January&nbsp;1, 2011. CICA 1601
and CICA 1602 apply to interim and annual consolidated financial statements relating to
years beginning on or after January&nbsp;1, 2011 although early adoption is permitted. CICA
1582, which replaces Handbook Section&nbsp;1581, Business Combinations, establishes standards
for the measurement of a business combination and the recognition and measurement of assets
acquired and liabilities assumed. CICA 1601, which replaces Handbook Section&nbsp;1600, carries
forward the existing Canadian guidance on aspects of the preparation of consolidated
financial statements subsequent to acquisition other than non-controlling interests. CICA
1602 establishes guidance for the treatment of non-controlling interests subsequent to
acquisition through a business combination.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Emerging Issues Committee Abstract 173 &#147;Credit risk and the fair value of financial
assets and financial liabilities requires the Company to consider its own credit risk and
the credit risk of the counterparty when determining the fair value of financial assets and
financial liabilities, including derivative instruments. <font style="white-space: nowrap">EIC 173</font> is effective for years
beginning after January&nbsp;1, 2010.</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Comparative Numbers</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Certain classifications of the comparative figures have been changed to conform to those used in
the current period.
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>ACQUISITIONS</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Acquisition of OmegaCorp Limited (&#147;OmegaCorp&#148;)</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Effective August&nbsp;1, 2007, the Company acquired 100% of the common shares of OmegaCorp, an
exploration and development company. The cost of this investment, which was settled in cash,
was $167,204,000.</DIV></TD>
</TR>

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

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

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


</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The allocation of the purchase price for OmegaCorp is summarized 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="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">OmegaCorp</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Fair Value</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">August 1,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,621</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trade and other receivables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">243</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,022</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">199</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mineral properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">208,088</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">220,173</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accounts payable and accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">947</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Future income tax liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,022</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,969</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net assets purchased</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">167,204</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">OmegaCorp&#146;s assets and liabilities were measured at their individual fair values as of August&nbsp;1,
2007. The majority of the fair value has been allocated to the Mutanga project mineral property
resources included in the property, plant and equipment value above. In arriving at these fair
values, management has made assumptions, estimates and assessments at the time these fair values
were prepared. The future income tax liability as a result of these fair value adjustments has
been estimated based on the statutory income tax rate that was in effect at the time of the
acquisition. In Zambia, the income tax rate used in the estimate was 25%.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">In 2008, the Zambian government enacted legislation increasing the income tax rate for mining
companies from 25% to 30%. The impact of this change on OmegaCorp&#146;s future tax liability has
been recorded in the statement of operations.
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>INVENTORIES</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The inventories balance consists of:</DIV></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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Uranium concentrates and work-in-progress</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,378</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,344</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Vanadium concentrates and work-in-progress</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,445</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inventory of ore in stockpiles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,841</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,289</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mine and mill supplies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,085</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,288</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">49,749</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">30,921</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inventories:</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; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">44,733</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">30,921</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Long-term &#151; ore in stockpiles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,016</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">49,749</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">30,921</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Long-term ore in stockpile inventory represents an estimate of the amount of pounds on the
stockpile in excess of the next twelve months of planned mill production. Operating expenses
are predominantly cost of sales and include a write down of $9,500,000 relating to the net
realizable value of the Company&#146;s vanadium inventory.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 14 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>INVESTMENTS</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The investments balance consists of:</DIV></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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investments</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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Available for sale securities at fair value <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,691</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">34,437</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,691</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">34,437</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investments:</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; padding-top: 1px">
    <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>&nbsp;</TD>
    <TD align="right">13,930</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Long-term</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,691</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,507</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,691</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">34,437</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">For accounting purposes, effective January&nbsp;1, 2007, investments are carried at fair
value on the balance sheet. The adjustments to fair value have been reflected in other
comprehensive income net of tax.</DIV></TD>
</TR>

</TABLE>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Investments</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">At December&nbsp;31, 2008, investments consist of equity instruments of six publicly-traded companies
at a fair value of $10,691,000 (December&nbsp;31, 2007: $34,437,000).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">During 2008, the Company acquired additional equity interests in investments at a cost of
$13,376,000 (2007: $1,458,000).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">During 2008, the Company purchased 5,465,000 units of Uranerz Energy Corporation (&#147;Uranerz&#148;) for
$13,329,000. Each unit is comprised of one common share and one-half of one common share
purchase warrant. Each whole warrant entitles the holder to purchase one additional share of
Uranerz for a period of 24&nbsp;months (subject to acceleration under certain conditions) at an
exercise price of US$3.50 per share.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Due to the significant decline in the market value of the Company&#146;s investments during the
fourth quarter of 2008, the Company has taken impairment charges of $7,602,000 on its investment
in Uranerz and $5,350,000 on its investment in Energy Metals Limited (see Note 21).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">During 2008, the Company sold equity interests in several public companies for cash
consideration of $1,316,000. The resulting gain has been included in net other income in the
statement of operations (see note 21).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">During 2007, the Company sold 1,152,000 common shares of Energy Metals Corp (&#147;EMC&#148;) for cash
consideration of approximately $17,447,000 (CDN$18,754,000). The resulting gain has been
included in net other income in the statement of operations (see note 21). The Company no
longer holds a common share interest in EMC.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Investments in affiliates</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">During 2007, the Company sold its remaining 30,598,750 common share interest of Fortress
Minerals Corp. (&#147;Fortress&#148;) for cash consideration of approximately $35,413,000
(CDN$38,067,000). The resulting gain has been included in net other income in the statement of
operations (see note 21).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company&#146;s investment in Fortress has been subject to varying degrees of ownership interest.
These financial statements include the accounts of Fortress Minerals Corp. on an equity method
basis for the six month period up to June&nbsp;30, 2007. The equity method was discontinued
subsequent to June&nbsp;30, 2007 and the appropriate portion of the cumulative equity accounting
adjustments were recognized as part of the gain referred to above.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 15 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>7.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>PROPERTY, PLANT AND EQUIPMENT</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Property, plant and equipment consist of:</DIV></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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cost, net of write-downs</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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Plant and equipment</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; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Mill and mining related</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">169,971</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">135,375</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Environmental services and other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,439</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,742</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mineral properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">590,758</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">609,569</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">763,168</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">747,686</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated depreciation and amortization</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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Plant and equipment</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; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Mill and mining related</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,938</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,182</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Environmental services and other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">843</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mineral properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,651</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,838</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,735</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,863</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property, plant and equipment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">717,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">727,823</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net book value</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; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Plant and equipment</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="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Mill and mining related</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">153,033</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">126,193</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Environmental services and other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,293</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,899</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mineral properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">563,107</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">599,731</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">717,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">727,823</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The carrying values of the Company&#146;s plant and equipment and mineral properties are tested for
impairment when conditions warrant. In view of the current market volatility, the Company has
reviewed all of its plant and equipment and mineral properties for impairment using long-term
estimated prices and exchange rates. The Company will continue to monitor these assets for
impairment.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Plant and Equipment &#151; Mill and Mining Related</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company has a 100% interest in the White Mesa mill located in Utah and mines located in
Arizona, Colorado and Utah. Mined ore from these mines is processed at the White Mesa mill.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company has a 22.5% interest in the McClean Lake mill and mines located in the Athabasca
Basin of Saskatchewan, Canada. The McClean Lake mill achieved commercial production levels on
November&nbsp;1, 1999 and has been constructed to process ore from the McClean Lake mine as well as
other deposits in the area. A toll milling agreement has been signed with the participants in
the Cigar Lake joint venture that provides for the processing of a substantial portion of the
future output of the Cigar Lake mine at the McClean Lake mill, for which the owners of the
McClean Lake mill will receive a toll milling fee and other benefits. In determining the
amortization rate for the McClean Lake mill, the amount to be amortized has been adjusted to
reflect Denison&#146;s expected share of future toll milling revenue.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Plant and Equipment &#151; Environmental Services and Other</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The environmental services division of the Company provides mine decommissioning and
decommissioned site monitoring services for third parties.
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->- 16 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 8pt; margin-left: 4%"><B>Mineral Properties</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 8pt; margin-left: 4%">The Company has various interests in development and exploration projects located in Canada, the
U.S., Mongolia and Zambia which are held directly or through option or joint venture agreements.
The most significant of these interests are as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 8pt; margin-left: 4%"><U><I>Canada</I></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 8pt; margin-left: 4%">The Company has a 22.5% interest in the McClean Lake project and a 25.17% interest in the
Midwest project located in the Athabasca Basin of Saskatchewan, Canada. These projects are in
the development stage and
were acquired by the Company in 2006, along with some other exploration projects, as part of the
DMI acquisition.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 8pt; margin-left: 4%">Other significant mineral property interests that the Company has in Canada include:
</DIV>

<DIV style="margin-top: 8pt">
<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="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Moore Lake &#151; the Company has a 75% interest in the project (located in the Athabasca
Basin) subject to a 2.5% net smelter return royalty;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 8pt">
<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="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Wheeler River &#151; in October&nbsp;2004, the Company entered into an option agreement with its
joint venture partners to earn a further 20% ownership interest in the Wheeler project by
funding CDN$7,000,000 in exploration expenditures over the next 6&nbsp;years. During 2007, the
Company fulfilled its obligations under the option agreement and increased its ownership
interest in the project from 40% to 60%;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 8pt">
<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="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Wolly &#151; In October&nbsp;2004, the Company entered into an option agreement with its joint
venture partners to earn a 22.5% ownership interest in the Wolly project by funding
CDN$5,000,000 in exploration expenditures over the next six years. As at December&nbsp;31,
2008, the Company has incurred a total of CDN$3,822,000 towards this option and has earned
a 13.0% ownership interest in the project under the phase-in ownership provisions of the
agreement; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 8pt">
<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="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Park Creek &#151; In the first quarter of 2006, the Company entered into an option agreement
to earn up to a 75% interest in the Park Creek project. The Company is required to incur
exploration expenditures of CDN$2,800,000 over three years to earn an initial 49% interest
and a further CDN$3,000,000 over two years to earn an additional 26% interest. As at
December&nbsp;31, 2008, the Company has incurred a total of CDN$3,341,000 towards the option and
has earned a 49% ownership interest in the project under the phase-in ownership provisions
of the agreement.</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 8pt; margin-left: 4%"><U><I>United States</I></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 8pt; margin-left: 4%">During 2008 and 2007, the Company commenced mining activities through the re-opening of some of
its U.S. mines in Colorado, Utah and Arizona which had been shut down since 1999.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 8pt; margin-left: 4%">In March&nbsp;2007, the Company acquired certain uranium deposits located in the Arizona Strip
district in northeastern Arizona for cash consideration of $5,500,000 (excluding transaction
costs) plus a 1% royalty.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 8pt; margin-left: 4%">In January&nbsp;2007, the Company completed a mineral property acquisition in the Henry Mountains
district by issuing an additional 103,000 shares at a value of $947,000 (see note 16).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 8pt; margin-left: 4%"><U><I>Mongolia</I></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 8pt; margin-left: 4%">The Company has a 70% interest in and is the managing partner of the Gurvan Saihan Joint Venture
in Mongolia. The results of the Gurvan Saihan Joint Venture have been included in these
financial statements on a consolidated basis since the Company exercises control.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 8pt; margin-left: 4%"><U><I>Zambia</I></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 8pt; margin-left: 4%">In August&nbsp;2007, the Company acquired certain uranium deposits located in Zambia in conjunction
with its purchase of OmegaCorp. The deposits, which are part of the Mutanga project, were
acquired at a fair value of $208,088,000 (see note 4). The fair value amount includes
$52,022,000 associated with the future tax liability at the time of the acquisition.
</DIV>

<DIV style="margin-top: 8pt">
<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="3%" nowrap align="left"><B>8.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>RESTRICTED CASH AND EQUIVALENTS</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company has certain restricted cash and equivalents deposited to collateralize its
reclamation and certain other obligations. The restricted cash and equivalents balance consists
of:</DIV></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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U.S. mill and mine reclamation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,745</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,849</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Elliot Lake reclamation trust fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,541</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,948</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">21,286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17,797</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->- 17 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>U.S. Mill and Mine Reclamation</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company has cash and cash equivalents and fixed income securities as collateral for various
bonds posted in favour of the State of Utah and the applicable state regulatory agencies in
Colorado and Arizona and the U.S, Bureau of Land Management for estimated reclamation costs
associated with the White Mesa mill and U.S. mining properties. In 2008, the Company deposited
an additional $2,123,000 into its collateral account (2007: $982,000).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Elliot Lake Reclamation Trust Fund</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company has the obligation to maintain its decommissioned Elliot Lake uranium mine pursuant
to a Reclamation Funding Agreement effective September&nbsp;30, 1994 (&#147;Agreement&#148;) with the
Governments of Canada and Ontario. The Agreement requires the Company to deposit 90% of cash
flow, after deducting permitted expenses, into the Reclamation Trust Fund. A subsequent
amendment to the Agreement provides for the suspension of this obligation to deposit 90% of cash
flow into the Reclamation Trust Fund, provided funds are maintained in the Reclamation Trust
Fund equal to estimated reclamation spending for the succeeding six calendar years, less
interest expected to accrue on the funds during the period. Withdrawals from this Reclamation
Trust Fund can only be made with the approval of the Governments of Canada and Ontario to fund
Elliot Lake monitoring and site restoration costs. In 2008, the Company withdrew $603,000
(CDN$643,000) (2007: $468,900 (CDN$503,500)) and deposited an additional $497,000 (CDN$530,000)
into the Elliot Lake Reclamation Trust Fund (2007: $514,000 (CDN$552,000)).
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>9.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>INTANGIBLES</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">A continuity summary of intangibles is presented below:</DIV></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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangibles, beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,979</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,844</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt"><TD>&nbsp;</TD></TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fair value allocation adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,279</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(900</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(958</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Foreign exchange</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,101</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,372</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangibles, end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,978</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,979</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangibles, by item:</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; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">UPC management contract</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,557</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,495</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Urizon technology licenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">421</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">484</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,978</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,979</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>UPC Management Contract</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The UPC management contract is associated with the acquisition of DMI in 2006. The initial fair
value of $10,481,000 was determined using a discounted cash flow approach after taking into
account an appropriate discount rate. In 2007, the Company adjusted the fair value of the
contract by $4,279,000 and adjusted the estimated useful life of the contract to 8&nbsp;years. The
contract is being amortized over its 8&nbsp;year estimated useful life. The fair value adjustment
(net of future tax effects) has been reclassified to goodwill.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Urizon Technology Licenses</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company has a 50% interest in a joint venture with Nuclear Fuel Services, Inc. (&#147;NFS&#148;) (the
&#147;Urizon&#148; joint venture) to pursue an alternate feed program for the White Mesa mill. NFS
contributed its technology license to the joint venture while the Company contributed $1,500,000
in cash together with its technology license. The accounts of Urizon have been included in the
Company&#146;s consolidated financial statements on a proportionate consolidation basis. The joint
venture has no cash flows arising from investing or financing activities.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">This Urizon technology license is being amortized over an estimated useful life of 12&nbsp;years and
represents the Company&#146;s 50% interest in Urizon&#146;s technology licenses.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 18 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>10.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>GOODWILL</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">A continuity summary of goodwill is presented below:</DIV></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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill, beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">122,330</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">102,841</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fair value allocation adjustments</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">1,314</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Impairment charge</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(36,512</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Foreign exchange</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(22,578</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,175</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill, end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">63,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">122,330</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill, by business unit:</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; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Canada mining segment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">63,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">122,330</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company&#146;s acquisition of DMI was accounted for using the purchase method. The excess of the
purchase price over the fair value of the net assets acquired has been recorded as goodwill.
Under GAAP, goodwill is not amortized and is tested annually for impairment. The goodwill has
been allocated to the Company&#146;s Canadian mining segment.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">In 2008, the Company experienced adverse economic conditions and depressed uranium and vanadium
prices. Based on management&#146;s revised outlook, the Company recorded an impairment charge of
$36,512,000 representing the carrying value of the goodwill in excess of fair value. Fair value
was determined by using estimated future net cash flows which included estimated recoverable
reserves, future consensus prices, future foreign exchange rates and estimated operating and
capital costs.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">In 2007, the Company finalized the purchase price allocation associated with its acquisition of
DMI resulting in an increase in goodwill of $1,314,000.
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>11.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>POST-EMPLOYMENT BENEFITS</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company provides post employment benefits for former Canadian employees who retired on
immediate pension prior to 1997. The post employment benefits provided include life insurance
and medical and dental benefits as set out in the applicable group policies but does not include
pensions. No post employment benefits are provided to employees outside the employee group
referenced above. The post employment benefit plan is not funded.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The effective date of the most recent actuarial valuation of the accrued benefit obligation is
December&nbsp;1, 2008. The amount accrued is based on estimates provided by the plan administrator
which are based on past experience, limits on coverage as set out in the applicable group
policies and assumptions about future cost trends. The significant assumptions used in the
valuation are listed below.</DIV></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="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Discount rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.50</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Initial medical cost growth rate per annum</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">11.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Medical cost growth rate per annum decline to</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Year in which medical cost growth rate reaches its final level</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2014</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dental cost growth rate per annum</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.00</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->- 19 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">A continuity summary of post-employment benefits is presented 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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Post-employment liability, beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,434</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,971</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Benefits paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(338</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(432</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">194</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">215</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amortization of experience gain</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(127</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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Foreign exchange</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(806</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">680</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Post-employment liability, end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,357</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,434</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Post-employment liability:</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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued benefit obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,157</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,434</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unamortized experience gain</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Post-employment liability, end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,357</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,434</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Post-employment benefits liability by duration:</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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">329</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">404</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,028</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,030</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,357</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,434</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The unamortized experience gain is being amortized on a straight-line basis over the average
life expectancy of the retiree group of 10.7&nbsp;years as at the December&nbsp;1, 2008 actuarial
valuation.
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>12.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>RECLAMATION AND REMEDIATION OBLIGATIONS</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">A continuity summary of reclamation and remediation obligations is presented below:</DIV></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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reclamation obligations, beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">20,389</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">18,447</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accretion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,996</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,364</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expenditures incurred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(849</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(436</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Liability adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(339</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(449</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Foreign exchange</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,851</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,463</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reclamation obligations, end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">20,389</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Site restoration liability by location:</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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S. Mill and Mines</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,436</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,467</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Elliot Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,319</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">McLean Lake and Midwest Joint Ventures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,176</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,603</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">20,389</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Site restoration liability :</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; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">565</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,471</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,824</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">20,389</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->- 20 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Site Restoration: U.S. Mill and Mines</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The decommissioning and reclamation of the White Mesa mill and U.S. mines are subject to legal
and regulatory requirements. Estimates of the costs of reclamation are reviewed periodically by
the applicable regulatory authorities. The current estimate for the White Mesa mill and U.S.
mines are $8,892,000 and $2,544,000, respectively. The above accrual represents the Company&#146;s
best estimate of the present value of future reclamation costs, discounted at 7.5%. The
undiscounted amount of estimated future reclamation costs is $23,717,000.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Site Restoration: Elliot Lake</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Elliot Lake uranium mine was closed in 1992 and capital works to decommission this site were
completed in 1997. The remaining provision is for the estimated cost of monitoring the Tailings
Management Areas at the Company and Stanrock sites and for treatment of water discharged from
these areas. The Company conducts its activities at both sites pursuant to decommissioning
licenses issued by the Canadian Nuclear Safety Commission. The above accrual represents the
Company&#146;s best estimate of the present value of the total future reclamation cost based on
assumptions as to levels of treatment, which will be required in the future, discounted at 7.5%.
The undiscounted amount of estimated future reclamation costs is $39,020,000.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Spending on restoration activities at the Elliot Lake site are funded from monies in the Elliot
Lake Reclamation Trust fund (Note 8).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Site Restoration: McClean Lake Joint Venture and Midwest Joint Venture</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The McClean Lake and Midwest operations are subject to environmental regulations as set out by
the Saskatchewan government and the Canadian Nuclear Safety Commission. Cost estimates of the
estimated future decommissioning and reclamation activities are prepared periodically and filed
with the applicable regulatory authorities for approval. The above accrual represents the
Company&#146;s best estimate of the present value of the future reclamation cost contemplated in
these cost estimates discounted at 7.5%. The undiscounted amount of estimated future
reclamation costs is $14,035,000.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Under the Mineral Industry Environmental Protection Regulations (1996), the Company is required
to provide its pro-rata share of financial assurances to the province. The Company has provided
irrevocable standby letters of credit, from a chartered bank, in favour of Saskatchewan
Environment totalling CDN$8,064,000.
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>13.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>DEBT OBLIGATIONS</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Debt obligations consist of:</DIV></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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">At December 31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">At December 31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revolving line of credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">99,998</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred debt issue costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(769</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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Notes payable and other financing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">99,754</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other long-term liabilities:</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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">464</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99,290</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">99,754</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Revolving Line of Credit</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">In July&nbsp;2008, the Company put in place a $125,000,000 revolving term credit facility with the
Bank of Nova Scotia. The facility is repayable in full on June&nbsp;30, 2011.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The borrower under the facility is DMI and DMC has provided an unlimited full recourse guarantee
and a pledge of all of the shares of DMI. DMI has provided a first-priority security interest
in all present and future personal property and an assignment of its rights and interests under
all material agreements relative to the McClean Lake and Midwest projects. In addition, each of
DMC&#146;s material U.S subsidiaries has provided an unlimited full recourse guarantee secured by a
pledge of all of its shares and a first-priority security interest in all of its present and
future personal property.
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->- 21 -<!-- /Folio -->
</DIV>




<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company is required to maintain certain financial covenants on a consolidated basis.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Interest payable under the facility is bankers acceptance or LIBOR rate plus a margin or prime
rate plus a margin. The facility is subject to standby fees. The weighted average interest
rate paid by the Company during 2008 was 4.48%.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">As at December&nbsp;31, 2008, the Company has drawn $99,998,000 under the facility. It had also
deferred $1,078,000 (CDN$1,122,000) of incremental costs associated with its set-up. These
costs are being amortized over the three year term of the facility.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Scheduled Debt Obligation Maturities</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The table below represents currently scheduled maturities of debt obligations over the next 5
years
</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="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 10pt"><TD>&nbsp;</TD></TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">464</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,014</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2014 and thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>14.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>OTHER LONG-TERM LIABILITIES</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Other long-term liabilities consist of:
</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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">At December 31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">At December 31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unamortized fair value of sales contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,429</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,812</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unamortized fair value of toll milling contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">821</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,008</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120</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><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt"><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,370</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13,920</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other long-term liabilities:</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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,179</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,577</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,191</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,343</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,370</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13,920</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Unamortized fair values of sales contracts are amortized to revenue as deliveries under the
applicable contracts are made.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 22 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>15.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>INCOME TAXES</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company operates in multiple industries and jurisdictions, and the related income is subject
to varying rates of taxation. A reconciliation of the combined Canadian federal and provincial
income tax rate to the Company&#146;s effective rate of income tax is 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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Combined basic tax rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">33.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">36.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income (loss)&nbsp;before taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(72,976</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">34,620</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax expense (recovery)&nbsp;at basic tax rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(24,447</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,465</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-deductible amounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,597</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">796</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-taxable amounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,138</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,712</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Flow through shares renounced</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,267</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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Difference in foreign tax rates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">504</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">748</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Change in valuation allowance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,083</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,227</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Impact of legislative changes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,738</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,797</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,602</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,897</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax expense (recovery)&nbsp;per consolidated
financial statements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,672</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(12,624</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The tax effects of temporary differences resulting in future income tax assets and future income
tax liabilities are presented 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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Future income tax assets:</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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inventory</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,515</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Property, plant and equipment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,202</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,755</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Long-term investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Intangibles</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">106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred revenue</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">944</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Post-employment benefits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">960</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,208</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reclamation and remediation obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,271</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other long-term liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">890</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,732</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tax loss carryforwards</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,566</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,735</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,942</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,347</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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">39,455</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,098</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Future income tax liability:</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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inventory</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,802</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,492</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Long-term investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(580</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,517</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Property, plant and equipment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(136,754</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(146,764</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Intangibles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,247</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,770</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(756</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Future tax liabilities &#151; net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(102,684</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(133,445</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Valuation allowance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(21,370</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,080</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net future income tax liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(124,054</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(141,525</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Management believes that sufficient uncertainty exists regarding the realization of certain
future income tax assets and liabilities that a valuation allowance is required.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 23 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">At December&nbsp;31, 2008, the Company had the following non-capital loss carry-forwards available
for tax purposes:
</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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Amount</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Country</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Expiry</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Australia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,278</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Unlimited</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Canada</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,511</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2028</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mongolia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">358</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">2009-2010</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">United States</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">2018-2028</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Zambia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,653</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">2011-2013</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The tax benefit of the above Canadian, Mongolian, United States and Zambian non-capital loss
carry-forwards has not been recognized in the financial statements.
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>16.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>SHARE CAPITAL</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Denison is authorized to issue an unlimited number of common shares without par value. A
continuity summary of the issued and outstanding common shares and the associated dollar amounts
is presented 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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Number of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Common</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands except share amounts)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Amount</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at December&nbsp;31, 2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">178,142,682</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">548,069</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Issued for cash:</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; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">New issue gross proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,114,995</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105,419</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">New issue gross issue costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,268</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Exercise of stock options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,367,962</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,102</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Exercise of share purchase warrants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,592</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Issued for mineral property acquisition</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">947</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fair value of stock options exercised</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">6,663</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fair value of share purchase warrants exercised</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">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">404</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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">11,588,953</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">114,880</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at December&nbsp;31, 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">189,731,635</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">662,949</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Issues for cash</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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">New issue gross proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,275,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,469</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">New issue gross issue costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(396</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Exercise of stock options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">288,780</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,527</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Renunciation of flow-through share liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,267</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fair value of stock options exercised</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">996</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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">7,563,780</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,329</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at December&nbsp;31, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">197,295,415</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">666,278</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>New Issues</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">In December&nbsp;2008, the Company completed a private placement of 7,275,000 flow-through common
 shares at a price of CDN$1.10 per share for gross proceeds of $6,469,000 (CDN$8,002,500). The
income tax benefits of this issue were renounced to the subscribers in February&nbsp;2009.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">In April&nbsp;2007, the Company completed a private placement of 1,104,295 flow-through common shares
at a price of CDN$16.30 per share for gross proceeds of $15,572,000 (CDN$18,000,000). The
income tax benefits of this issue were renounced to the subscribers in February&nbsp;2008.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">In January&nbsp;2007, the Company completed a private placement of 9,010,700 common shares at a price
of CDN$11.75 per share for gross proceeds of $89,847,000 (CDN$105,876,000).
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 24 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Acquisition Related Issues</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">In January&nbsp;2007, the Company issued 103,000 common shares at a price of CDN$10.81 per share for
a total value of $947,000 (CDN$1,113,000) as part of the acquisition of a U.S. uranium property
(see note 7).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Flow-Through Share Issues</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company finances a portion of its exploration programs through the use of flow-through share
issuances. Income tax deductions relating to these expenditures are claimable by the investors
and not by the Company.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">As at December&nbsp;31, 2008, the Company has fully met its CDN$18,000,000 April&nbsp;2007 flow-through
share obligation. As at December&nbsp;31, 2008, the Company has not yet spent any significant monies
against its CDN$8,002,500 December&nbsp;2008 flow-through share obligation.
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>17.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>SHARE PURCHASE WARRANTS</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">A continuity summary of the issued and outstanding share purchase warrants in terms of common
 shares of the Company and associated dollar amount is presented 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="49%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Weighted Average</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Number of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Fair</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Exercise Price</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Common Shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Value</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands except share amounts)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Per Share (CDN$)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Issuable</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Amount</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance outstanding at December&nbsp;31, 2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,567,507</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,733</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Warrants exercised in 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,592</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance outstanding at December&nbsp;31,
2007 and December&nbsp;31, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,564,915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,728</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance exercisable at December&nbsp;31, 2007 and December&nbsp;31, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,564,915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,728</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">

    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance of common shares issuable by warrant
series</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="padding-top: 1px">

    <TD><DIV style="margin-left:30px; text-indent:-15px">November&nbsp;2004 series <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,156,915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,898</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">March&nbsp;2006 series <SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,408,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,830</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance outstanding at December&nbsp;31, 2007 and December&nbsp;31, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,564,915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,728</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The November&nbsp;2004 series has an effective exercise price of CDN$5.21 per issuable share
(CDN$15.00 per warrant adjusted for the 2.88 exchange ratio associated with the Denison and
IUC merger) and expires on November&nbsp;24, 2009.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The March&nbsp;2006 series has an effective exercise price of CDN$10.42 per issuable share
(CDN$30.00 per warrant adjusted for the 2.88 exchange ratio associated with the Denison and
IUC merger) and expires on March&nbsp;1, 2011.</DIV></TD>
</TR>

</TABLE>


<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>18.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>CONTRIBUTED SURPLUS</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">A continuity summary of contributed surplus is presented 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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance, beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25,471</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">30,752</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock-based compensation expense (note 19)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,062</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,382</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fair value of stock options exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(996</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,663</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance, end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">30,537</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25,471</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->- 25 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>19.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>STOCK OPTIONS</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company&#146;s stock-based compensation plan (the &#147;Plan&#148;) provides for the granting of stock
options up to 10% of the issued and outstanding common shares at the time of grant, subject to a
maximum of 20&nbsp;million common shares. As at December&nbsp;31, 2008, an aggregate of 10,307,410 options have been granted (less
cancellations) since the Plan&#146;s inception in 1997.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Under the Plan, all stock options are granted at the discretion of the Company&#146;s board of
directors, including any vesting provisions if applicable. The term of any stock option granted
may not exceed ten years and the exercise price may not be lower than the closing price of the
Company&#146;s shares on the last trading day immediately preceding the date of grant. In general,
the term of stock options granted under the Plan ranges from three to five years and vesting
occurs over a three year period.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">A continuity summary of the stock options of the Company granted under the Plan is presented
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="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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="2">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2007</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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="2">Weighted-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Weighted-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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="2">Average</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Average</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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="2">Exercise</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Exercise</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Number of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Price per</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Number of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Price per</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Common</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Share</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Common</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Share</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(CDN $)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(CDN $)</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock options outstanding, beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,961,354</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7.27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,648,316</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6.23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,093,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">717,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(288,780</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,367,962</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Forfeitures &#151; voluntary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,415,490</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.49</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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expired</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(813,700</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(36,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock options outstanding, end of the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,536,384</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,961,354</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7.27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock options exercisable, end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,864,301</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,520,872</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6.96</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">A summary of stock options outstanding of the Company at December&nbsp;31, 2008 is presented 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="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Weighted</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Weighted-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Average</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Average</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Remaining</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Exercise</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Contractual</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Number of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Price per</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">Range of Exercise Prices per Share</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Life</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Common</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Share</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(CDN$)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(Years)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(CDN $)</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 10pt"><TD>&nbsp;</TD></TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock options outstanding</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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">$1.37 to $4.87</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,217,575</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.01</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">$5.02 to $8.50</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.99</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,866,799</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">$10.08 to $15.30</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,452,010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.87</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock options outstanding, end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,536,384</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7.11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">A summary of stock options outstanding of the Company at December&nbsp;31, 2007 is presented 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="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Weighted</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Weighted-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Average</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Average</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Remaining</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Exercise</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Contractual</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Number of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Price per</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">Range of Exercise Prices per Share</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Life</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Common</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Share</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(CDN$)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(Years)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(CDN $)</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock options outstanding</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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">$1.88 to $4.87</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,044,555</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">$5.02 to $7.53</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,225,799</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">$10.08 to $15.30</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,691,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.89</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock options outstanding, end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,961,354</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7.27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->- 26 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Options outstanding at December&nbsp;31, 2008 expire between May&nbsp;2009 and October&nbsp;2016.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The fair value of each option granted is estimated on the date of grant using the Black-Scholes
option pricing model. The following table outlines the range of assumptions used in the model
for the year:
</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="54%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">2007</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Risk-free interest rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2.58% &#150; 3.29%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">3.95% to 4.46%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expected stock price volatility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">52.2% &#150; 61.7%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">46.4% &#150; 63.0%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expected life</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2.1 &#150; 3.5 years</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2.1 &#150; 3.5 years</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expected forfeitures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#151;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expected dividend yield</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#151;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fair value per share under options granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" valign="bottom">CDN$0.63 &#150; CDN$4.49</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" valign="bottom">CDN$3.18 &#150; CDN$5.32</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Stock-based compensation would be allocated as follows in the consolidated statement of
operations:
</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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">599</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">423</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mineral property exploration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">591</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">236</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">General and administrative</DIV></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">723</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,062</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,382</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The fair values of stock options with vesting provisions are amortized on a straight-line basis
as stock-based compensation expense over the applicable vesting periods. During 2008, 2,415,490
stock options were voluntarily forfeited. These were accounted for as cancelled and the
remaining associated fair value of $5,250,000 has been expensed. At December&nbsp;31, 2008, the
Company had an additional $1,254,000 in stock-based compensation expense to be recognized
periodically to May&nbsp;2011.
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>20.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">A continuity summary of accumulated other comprehensive income (loss)&nbsp;is 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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cumulative foreign currency translation gain (loss)</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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Balance, beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">92,856</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(8,498</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Change in foreign currency translation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(97,781</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,354</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Balance, end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,925</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,856</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unrealized gains on investments</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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Balance, beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrealized gains as at January&nbsp;1, 2007, net of tax <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></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">24,842</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net increase (decrease)&nbsp;in unrealized gains, net of tax
<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,884</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,742</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Balance, end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">216</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated other comprehensive income (loss), end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(4,709</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">110,956</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Reflects the adoption of CICA Section&nbsp;3855 on January&nbsp;1, 2007.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Unrealized gains (losses)&nbsp;on investments deemed available-for-sale are included in
other comprehensive income (loss)&nbsp;until realized. When the investment is disposed of or
incurs a decline in value that is other than temporary, the gain (loss)&nbsp;is realized and
reclassified to the income statement. During 2008, approximately $196,000 of gains from
asset disposals and $12,952,000 of other than temporary losses were realized and
reclassified to the income statement within &#147;Other income, net&#148;.</DIV></TD>
</TR>

</TABLE>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->- 27 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">





<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>21.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>OTHER INCOME, NET</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The elements of other income, net in the statement of operations is 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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest income, net of fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,114</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,694</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,652</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(29</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gains (losses)&nbsp;on:</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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign exchange</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,544</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,671</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Land, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(18</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investment disposals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,115</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investment other than temporary losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,952</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restricted cash and equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,176</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">536</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(83</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other income (expense), net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,468</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">41,627</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>22.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>SEGMENTED INFORMATION</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Business Segments</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company operates in two primary segments &#151; the mining segment and the corporate and other
segment. The mining segment, which has been further subdivided by major geographic regions,
includes activities related to exploration, evaluation and development, mining, milling and the
sale of mineral concentrates. The corporate and other segment includes the results of the
Company&#146;s environmental services business, management fees and commission income earned from UPC
and general corporate expenses not allocated to the other segments.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 28 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">For 2008, business segment results were 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="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Canada</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">U.S.A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Africa</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Asia</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Corporate</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Mining</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Mining</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Mining</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Mining</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">and Other</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Total</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Statement of Operations:</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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,698</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,995</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 align="right">8,491</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,184</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Expenses</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="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Operating expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,432</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,612</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 align="right">6,025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118,069</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Sales royalties and capital taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,016</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 align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,117</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Mineral property exploration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,953</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">298</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,079</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,784</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">20,114</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">General and administrative</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">&#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 align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,754</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,754</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Stock option expense</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">&#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 align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,062</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,062</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Goodwill impairment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,512</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 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 align="right">36,512</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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">95,913</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,910</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,079</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,784</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,942</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">198,628</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income (loss)&nbsp;from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(43,215</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,915</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,079</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,784</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(18,451</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(75,444</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Revenues &#151; supplemental:</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; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Uranium concentrates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,698</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,890</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 align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">114,588</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Environmental services</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">&#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 align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,562</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,562</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Management fees and commissions</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">&#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 align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,929</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,929</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Alternate feed processing and other</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">105</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 align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,698</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,995</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 align="right">8,491</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,184</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Long-lived 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" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Property, plant and equipment</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="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78,223</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,859</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">669</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,293</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">154,326</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Mineral properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">289,637</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,324</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">223,456</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,690</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">563,107</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Intangibles</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">422</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 align="right">4,556</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,978</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,240</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 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 align="right">63,240</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">431,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117,605</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">224,125</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,972</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,849</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">785,651</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->- 29 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">For 2007, business segment results were 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="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Canada</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">U.S.A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Africa</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Asia</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Corporate</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Mining</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Mining</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Mining</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Mining</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">and Other</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Total</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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>Statement of Operations:</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">Revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,736</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 align="right">9,113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,764</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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:30px; text-indent:-15px">Expenses</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:45px; text-indent:-15px">Operating expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,598</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 align="right">5,428</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,038</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Sales royalties and capital taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,215</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 align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,301</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Mineral property exploration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,402</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126</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">4,067</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,727</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">General and administrative</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">&#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 align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,323</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,323</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Stock option expense</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">&#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 align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,382</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,382</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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">45,629</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,724</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">4,067</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,351</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,771</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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:30px; text-indent:-15px">Income (loss)&nbsp;from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,714</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,067</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,238</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,007</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&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"><B>Revenues &#151; supplemental:</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">Uranium concentrates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,210</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 align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,125</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Environmental services</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">&#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 align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,723</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,723</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Management fees and commissions</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">&#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 align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,390</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,390</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Alternate feed processing and other</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">2,526</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 align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,526</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,736</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 align="right">9,113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,764</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&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"><B>Long-lived 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:30px; text-indent:-15px">Property, plant and equipment</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:45px; text-indent:-15px">Plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,810</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,981</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">314</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,899</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128,092</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Mineral properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">369,066</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,601</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">209,694</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,370</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">599,731</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Intangibles</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">484</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 align="right">6,495</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,979</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122,330</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 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 align="right">122,330</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">578,206</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,066</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">210,008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,458</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,394</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">857,132</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Revenue Concentration</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company&#146;s business is such that, at any given time, it sells its uranium and vanadium
concentrates to and enters into process milling arrangements and other services with a
relatively small number of customers. During 2008, four customers accounted for approximately
68% of total revenues. During 2007, three customers accounted for approximately 91% of total
revenues.
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>23.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>RELATED PARTY TRANSACTIONS</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Uranium Participation Corporation</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company is a party to a management services agreement with UPC. Under the terms of the
agreement, the Company will receive the following fees from UPC: a) a commission of 1.5% of the
gross value of any purchases or sales 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>and UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> completed
at the request of the Board of Directors of UPC; b) a minimum annual management fee of
CDN$400,000 (plus reasonable out-of-pocket expenses) plus an additional fee of 0.3% per annum
based upon UPC&#146;s net asset value between CDN$100,000,000 and CDN$200,000,000 and 0.2% per annum
based upon UPC&#146;s net asset value in excess of CDN$200,000,000; c) a fee of CDN$200,000 upon the
completion of each equity financing where proceeds to UPC exceed CDN$20,000,000; d) a fee of
CDN$200,000 for each transaction or arrangement (other than the purchase or sale 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>and UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>) of business where the gross value of such
transaction exceeds CDN$20,000,000 (&#147;an initiative&#148;); e) an annual fee up to a maximum of
CDN$200,000, at the discretion of the Board of Directors of UPC, for on-going maintenance or
work associated with an initiative; and f) a fee equal to 1.5% of the gross value of any uranium
held by UPC prior to the completion of any acquisition of at least 90% of the common shares of
UPC.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">In accordance with the management services agreement, all uranium investments owned by UPC are
held in accounts with conversion facilities in the name of DMI as manager for and on behalf of
UPC.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 30 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">From time to time, the Company has also provided temporary revolving credit facilities to UPC
which generate interest and standby fee income. As at December&nbsp;31, 2008 and December&nbsp;31, 2007,
there were no drawn amounts outstanding under these facilities.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">In 2008, the Company sold 50,000 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>to UPC at a price of
$64.50 per pound for total consideration of $3,225,000. In 2007, the Company sold 75,000 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> to UPC at a price of $130.00 per pound for total consideration of
$9,750,000.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The following transactions were incurred with UPC for the periods noted:
</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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Uranium sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,225</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,750</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Management fees (including expenses)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,695</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,301</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Commission fees on purchase and sale of uranium</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,234</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,089</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other income (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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loan interest under credit facility</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">202</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Standby fee under credit facility</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">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,154</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">14,351</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">At December&nbsp;31, 2008, accounts receivable includes $130,000 (2007: $377,000) due from UPC with
respect to the fees indicated above.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Other</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">During 2008 and 2007, the Company had the following additional related party transactions:
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In 2007, the Company sold 16,562,500 shares of Fortress to a company associated with
the Chairman of the Company for gross proceeds of approximately CDN$20,703,000;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Management and administrative service fees of $162,000 (2007: $251,000) with a company
owned by the Chairman of the Company which provides corporate development, office premises,
secretarial and other services. At December&nbsp;31, 2008, an amount of nil (2007: $9,000) was
due to this company; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In 2007, the Company provided executive and administrative services to Fortress and
charged an aggregate of $69,000 for such services.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>24.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>JOINT VENTURE INTERESTS</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company conducts a substantial portion of its production and exploration activities through
joint ventures. The joint ventures allocate production and exploration expenses to each joint
venture participant and the participant derives revenue directly from the sale of such product.
The Company records its proportionate share of assets, liabilities and operating costs of the
joint ventures.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 31 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">A summary of joint venture information is 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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">43,779</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">26,179</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mineral property exploration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,168</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,009</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">General and administrative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">214</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net other income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(40</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(46</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss for the year before taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,121</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,205</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,718</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,044</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property, plant and equipment</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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,669</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,997</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mineral properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">296,307</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">371,437</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangibles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">421</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">484</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,176</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,177</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,096</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,712</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net investment in joint ventures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">383,843</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">472,073</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>25.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>SUPPLEMENTAL CASH FLOW INFORMATION</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The net change in non-cash working capital items is 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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Decrease (increase)&nbsp;in non-cash working capital items:</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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Trade and other receivables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">23,812</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(28,443</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(51,099</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,468</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Prepaid expenses and other current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">136</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(687</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts payable and accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,136</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,636</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reclamation and remediation obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(849</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(436</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">554</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,480</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Post-employment benefits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(338</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(432</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net change in non-cash working capital items</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(24,648</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(26,310</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>26.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>CAPITAL MANAGEMENT AND FINANCIAL INSTRUMENTS</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Capital Management</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company&#146;s capital includes debt and shareholder&#146;s equity. The Company&#146;s primary objective
with respect to its capital management is to ensure that it has sufficient capital to maintain
its ongoing operations, to provide returns for shareholders and benefits for other stakeholders
and to pursue growth opportunities. As at December&nbsp;31, 2008, the Company is not subject to
externally imposed capital requirements (other than the financial covenants relating to the
revolving credit facility) and there has been no change with respect to the overall capital risk
management strategy.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The total capital as at December&nbsp;31, 2008 and 2007 is calculated 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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Debt obligations &#151; current and long-term</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">99,754</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Less: Cash and equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,206</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(19,680</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Adjusted net debt (cash)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96,548</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(19,638</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Shareholders&#146; Equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">608,352</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">796,270</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt"><TD>&nbsp;</TD></TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjusted net debt to Shareholders&#146; Equity ratio</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">15.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The debt obligations increased during the year to finance the Company&#146;s ongoing mine development
and exploration programs.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 32 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Fair Values of Financial Instruments</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company examines the various financial instrument risks to which it is exposed and assesses
the impact and likelihood of those risks. These risks may include credit risk, liquidity risk,
currency risk, interest rate risk and price risk.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>(a)&nbsp;Credit Risk</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Credit risk is the risk of loss due to a counterparty&#146;s inability to meet its obligations. The
Company&#146;s credit risk is related to trade receivables in the ordinary course of business, cash
and cash equivalents and investments. The Company sells uranium exclusively to large
organizations with strong credit ratings and the balance of trade receivables owed to the
Company in the ordinary course of business is not significant. Cash and cash equivalents are in
place with major financial institutions and the Canadian and US government. Therefore, the
Company is not exposed to significant credit risk and overall the Company&#146;s credit risk has not
changed significantly from the prior year.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>(b)&nbsp;Liquidity Risk</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Liquidity risk is the risk that the Company will encounter difficulties in meeting obligations
associated with its financial liabilities and other contractual obligations. The Company has in
place a planning and budgeting process to help determine the funds required to support the
Company&#146;s normal operating requirements on an ongoing basis. The Company ensures that there is
sufficient committed capital to meet its short-term business requirements, taking into account
its anticipated cash flows from operations and its holdings of cash and cash equivalents. The
Company has in place a three year term revolving credit facility in the amount of US$125,000,000
to meet its cash flow needs (see note 13).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The maturities of the Company&#146;s financial liabilities 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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Within 1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">1 to 5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Year</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Years</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accounts payable and accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">23,787</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Debt obligations (Note 13)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">464</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,059</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">24,251</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">100,059</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>(c)&nbsp;Currency Risk</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Foreign exchange risk is the risk that the fair value or future cash flows of a financial
instrument will fluctuate because of changes in foreign exchange rates. The Company&#146;s risk
management objective is to reduce cash flow risk related to foreign denominated cash flows.
Financial instruments that impact the Company&#146;s operations or other comprehensive income due to
currency fluctuations include: non United States dollar denominated cash and cash equivalents,
accounts receivable, accounts payable, long-term investments and bank debt.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The sensitivity of the Company&#146;s operations and other comprehensive income due to changes in the
exchange rate between the Canadian dollar and its Zambian kwacha functional currencies and its
United States dollar reporting currency as at December&nbsp;31, 2008 is summarized 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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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="2">Change in</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Change in</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Comprehensive</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Net Income <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Net Income <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Canadian dollar </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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10% increase in value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(924</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">41,561</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10% decrease in value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">924</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(41,561</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Zambian kwacha </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; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10% increase in value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(5,429</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(5,429</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10% decrease in value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,429</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,429</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In the above table, positive (negative)&nbsp;values represent increases (decreases)&nbsp;in net
income and comprehensive net income respectively.</DIV></TD>
</TR>

</TABLE>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->- 33 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">






<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>(d)&nbsp;Interest Rate Risk</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Interest rate risk is the risk that the fair value or future cash flows of a financial
instrument will fluctuate because of changes in market interest rates. The Company is exposed
to interest rate risk on its outstanding borrowings and short-term investments. Presently, all
of the Company&#146;s outstanding borrowings are at floating interest rates. The Company monitors
its exposure to interest rates and has not entered into any derivative contracts to manage this
risk. The weighted average interest rate paid by the Company during 2008 on its outstanding
borrowings was 4.48%.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">An increase in interest rates of 100 basis points (1&nbsp;percent) would have increased the amount of
interest expense recorded in 2008 by approximately $624,000.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>(e)&nbsp;Price Risk</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company is exposed to price risk on the commodities which it produces and sells. The
Company is exposed to equity price risk as a result of holding long-term investments in other
exploration and mining companies. The Company does not actively trade these investments.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The sensitivity analyses below have been determined based on the exposure to commodity price
risk and equity price risk at December&nbsp;31, 2008:
</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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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="2">Change in</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Change in</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Comprehensive</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Net Income <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Net Income <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commodity price risk</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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10% increase in uranium prices <SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,906</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,906</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10% decrease in uranium prices <SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(5,906</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(5,906</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity price risk</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; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10% increase in equity prices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,069</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10% decrease in equity prices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,069</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In the above table, positive (negative)&nbsp;values represent increases (decreases)&nbsp;in net
income and comprehensive net income respectively.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company is exposed to fluctuations in both the spot price and long-term price of
uranium as a result of the various pricing formulas in the uranium contracts. The above
sensitivity analysis is prepared using the 12&nbsp;month average actual realized price and
adjusting the uranium pricing formulas for a 10% increase or decrease in spot and long-term
prices as applicable.</DIV></TD>
</TR>

</TABLE>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>(f)&nbsp;Fair Value Estimation</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The fair value of financial instruments which trade in active markets (such as
available-for-sale securities) is based on quoted market prices at the balance sheet date. The
quoted marked price used to value financial assets held by the Company is the current bid price.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The fair values of cash and cash equivalents, trade and other receivables and accounts payable
and accrued liabilities approximate their carrying values because of the short-term nature of
these instruments.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The fair values of the Company&#146;s restricted cash and equivalents in cash and cash equivalents,
U.S. government bonds, commercial paper and corporate bonds approximate carrying values.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The fair value of the Company&#146;s debt obligations is approximately $83,740,000.
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>27.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>COMMITMENTS AND CONTINGENCIES</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>General Legal Matters</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company is involved, from time to time, in various legal actions and claims in the ordinary
course of business. In the opinion of management, the aggregate amount of any potential
liability is not expected to have a material adverse effect on the Company&#146;s financial position
or results.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Third Party Indemnities</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company has agreed to indemnify Calfrac Well Services against any future liabilities it may
incur related to the assets or liabilities transferred to the Company on March&nbsp;8, 2004.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 34 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Performance Bonds and Letters of Credit</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">In conjunction with various contracts, reclamation and other performance obligations, the
Company may be required to issue performance bonds and letters of credit as security to
creditors to guarantee the Company&#146;s performance. Any potential payments which might become due
under these items would be related to the Company&#146;s non-performance under the applicable
contract. As at December&nbsp;31, 2008, the Company had outstanding bonds and letters of credit of
$24,081,000 of which $19,745,000 is collateralized by restricted cash and equivalents (see note
8) and $6,645,000 is collateralized by a reduction in the Company&#146;s line of credit limit
available for general corporate purposes.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Others</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company has committed to payments under various operating leases. The future minimum lease
payments 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="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 10pt"><TD>&nbsp;</TD></TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">953</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">827</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">444</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">294</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2014 and thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">196</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>28.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>SUBSEQUENT EVENTS</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">On January&nbsp;27, 2009, Denison issued 28,750,000 common shares at a price of CDN$1.65 per common
share for gross proceeds of $38,946,000 (CDN$47,437,500). Share issue costs are anticipated to
be $2,000,000.
</DIV>

<DIV style="margin-top: 10pt">
<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="3%" nowrap align="left"><B>29.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>MATERIAL DIFFERENCES BETWEEN CANADIAN AND U.S. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The consolidated financial statements have been prepared in accordance with Canadian GAAP which
differ in certain material respects from those principles and practices that the Company would
have followed had its consolidated financial statements been prepared in accordance with U.S.
GAAP. Material differences between financial statement items under Canadian GAAP and the
amounts determined under U.S. GAAP are as follows:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>a) Cash and Equivalents</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">U.S. GAAP requires that funds raised through the issuance of flow-through shares be shown as
restricted cash and not be considered to be a component of cash and cash equivalents. In
addition, the restricted cash would be excluded from cash and cash equivalents in the statement
of cash flows and shown as a financing activity. At December&nbsp;31, 2008 $6,469,000 of funds
raised from the issue of flow-through shares remained (December&nbsp;31, 2007: $7,862,000).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>b) Plant and Equipment</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Under U.S. GAAP, assets held for resale are recorded at the lower of cost or net realizable
value and are not depreciated.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>c) Mineral Properties and Inventory Valuation</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Under Canadian GAAP, the Company expenses exploration and development expenditures on mineral
properties not sufficiently advanced to identify their development potential. At the point in
time when management has concluded that the mineral property has sufficient development
potential, costs are accumulated and recorded as mineral property assets. Under U.S. GAAP and
practices prescribed by the SEC, all mine project related costs incurred before a commercially
mineable deposit is established are expensed as incurred. The U.S defines a commercially
mineable deposit as one with proven and probable reserves which are legally extractable and a
bankable feasibility study.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company amortizes its mineral property assets on a units of production basis and includes
that amount in the valuation of work-in-progress and concentrate inventories. Since the value
of the Company&#146;s mineral property assets is less under U.S GAAP than Canadian GAAP, the amount
amortized to inventory is also less. As a result, the carrying value of inventory is also
reduced to reflect the lower amortization cost.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 35 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>d) Joint Ventures</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Under Canadian GAAP, investments in jointly-controlled entities are permitted to be accounted
for using the proportionate consolidation method. Under U.S. GAAP, investments in
jointly-controlled entities are accounted for using the equity method. Although there are
material differences between these accounting methods, the Company relies on an accommodation of
the United States Securities and Exchange Commission (&#147;SEC&#148;) permitting the Company to exclude
the disclosure of such differences which affect only the display and classification of financial
statement items excluding shareholders&#146; equity and net income.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>e) Goodwill</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Under Canadian GAAP, the Company&#146;s formation in 1997 through an amalgamation of IUC with
Thornbury Capital Corporation (&#147;Thornbury&#148;) has been accounted for as an acquisition of
Thornbury resulting in the recording of goodwill. Under U.S. GAAP, the transaction has been
accounted for as a recapitalization whereby the net monetary assets of Thornbury would be
recorded at fair value, except that no goodwill or other intangibles would be recorded. The
goodwill recorded under Canadian GAAP has been subsequently written off. As a result, the
deficit and share capital of the Company are both reduced under U.S. GAAP.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>f) Liabilities</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Under U.S. GAAP, the sale of flow-through shares results in a liability being recognized for the
excess of the purchase price paid by the investors over the fair value of common shares without
the flow-through feature. The fair value of the shares is recorded as equity. When the tax
deductibility of the expenditures is renounced, the liability is reversed and a future income
tax liability is recorded for the amount of the benefits renounced to third parties and an
income tax expense is recognized. Under Canadian GAAP, an adjustment to share capital is
recorded for recognized future tax liabilities related to the renunciation of flow-through share
expenditures.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>g) Dilution Gains</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Under Canadian GAAP, gains on dilution of interests in a subsidiary or equity interest are
recognized in income in the period in which they occur. Under U.S. GAAP, the gain on dilution
is not recognized if it results from the sale of securities by a company in the exploration
stage and instead is accounted for as a capital transaction.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The consolidated balance sheet items, adjusted to comply with U.S. GAAP, would be 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="52%">&nbsp;</TD>

    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000">December 31, 2008</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Canadian</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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="2">U.S.</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">GAAP</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Adjustments</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">GAAP</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,206</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(a</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(6,469</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(3,263</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,733</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(c</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(909</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,824</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">717,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(c</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(62,270</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">655,163</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restricted cash and equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(a</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,469</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,755</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accounts payable and accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,787</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(f</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,682</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,469</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Future income tax liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124,054</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(c</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,373</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122,681</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Share capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">666,278</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(e</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(616</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(f</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,682</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">663,980</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Additional paid-in capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(g</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,814</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,814</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deficit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(95,482</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(c</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(63,746</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(c</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,373</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(e</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">616</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(g</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,814</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(167,053</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated other comprehensive loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,709</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(c</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">567</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,142</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->- 36 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="52%">&nbsp;</TD>

    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000">December 31, 2007</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Canadian</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">U.S.</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">GAAP</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Adjustments</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">GAAP</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,680</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(a</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(7,862</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,818</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">727,823</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(c</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,444</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">711,379</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restricted cash and equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,797</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(a</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,862</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,659</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accounts payable and accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,642</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(f</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,114</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,756</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Future income tax liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141,525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(c</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,621</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">136,904</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Share capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">662,949</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(e</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(616</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(f</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,114</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">659,219</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Additional paid-in capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(g</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,814</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,814</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deficit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,834</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(c</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,098</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(c</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,621</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(e</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">616</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(g</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,814</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(35,509</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110,956</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(c</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(346</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110,610</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The consolidated statements of operations and deficit and comprehensive income, adjusted to
comply with U.S. GAAP, would be 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="68%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income (loss)&nbsp;for the year, Canadian GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(80,648</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">47,244</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Depreciation of assets held for resale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(b</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(301</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Adjust capitalized mineral property amounts, net of tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(c</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(49,987</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,477</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Adjust inventory valuation, net of tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(c</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(909</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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 nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income (loss)&nbsp;for the year, U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(131,544</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">35,466</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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 nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deficit, beginning of year, U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(35,509</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(70,975</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <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 nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deficit, end of year, U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(167,053</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(35,509</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <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 nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comprehensive income, U.S. GAAP</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; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net income (loss)&nbsp;for the year, U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(131,544</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">35,466</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrealized gain (loss)&nbsp;on available-for-sale securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,884</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,742</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cumulative foreign currency translation gain (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(96,868</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,008</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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 nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comprehensive income (loss), U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(246,296</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">129,732</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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 nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Basic net income (loss)&nbsp;per share, U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.69</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Diluted net Income (loss)&nbsp;per share, U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.69</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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 nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->- 37 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The consolidated statements of cash flows, adjusted to comply with U.S. GAAP, would be 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="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash provided by (used in) operating activities:</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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Under Canadian GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(8,764</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(23,084</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Adjustment for capitalized mineral property amounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(c</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(62,837</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,098</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <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 nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Under U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(71,601</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(39,182</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <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 nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash provided by (used in) investing activities:</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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Under Canadian GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(115,706</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(158,469</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Adjustment for capitalized mineral property amounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(c</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,837</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,098</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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 nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Under U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(52,869</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(142,371</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <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 nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash provided by (used in) financing
activities:</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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Under Canadian GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">107,147</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">107,215</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restricted cash from flow-through financings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(a</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,469</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,862</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <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 nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Under U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">100,678</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">99,353</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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 nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 0%">Impact of New Accounting Pronouncements
</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">a)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Effective January&nbsp;1, 2007, the Company adopted the Financial Accounting Standards Board
(&#147;FASB&#148;) Interpretation No.&nbsp;48, Accounting for Uncertainty in Income Taxes, an
interpretation of FASB Statement No.&nbsp;109 (&#147;FIN 48&#148;). FIN 48 clarifies the accounting for
income taxes by prescribing the minimum recognition threshold a tax position is required to
meet before being recognized in the financial statements. FIN 48 also provides guidance on
derecognition, measurement, classification, interest and penalties, accounting in interim
periods, disclosure and transition. In addition, FIN 48 scopes out income taxes from FASB
Statement No.&nbsp;5, Accounting for Contingencies. FIN 48 applies to all tax positions related
to income taxes subject to FASB Statement No.&nbsp;109, Accounting for Income Taxes. This
includes tax positions considered to be &#147;routine&#148; as well as those with a high degree of
uncertainty.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The provisions of FIN 48 prescribe a recognition threshold and measurement attribute for the
financial statement recognition and measurement of a tax position taken or expected to be
taken in a tax return. The interpretation requires that the Company recognize the impact of
a tax position in the financial statements if that position is more likely than not of being
sustained on audit, based on the technical merits of the position. FIN 48 also provides
guidance on derecognition, classification, interest and penalties, accounting in interim
periods and disclosure. In accordance with the provisions of FIN 48, any cumulative effect
resulting from the change in accounting principle is to be recorded as an adjustment to the
opening balance of retained earnings (deficit). The adoption of FIN 48 did not materially
impact the Company&#146;s consolidated financial position or results of operations.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">b)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Effective January&nbsp;1, 2007, the Company adopted FSP No.&nbsp;AUG AIR-1, &#147;Accounting for
Planned Major Maintenance Activities&#148;. The FSP permits companies to account for planned
major maintenance activities using; the direct expensing method, the built-in overhaul
method or the deferral method. The FSP was adopted on a retrospective basis. The Company
has chosen the direct expensing method. The adoption of this standard did not have a
material impact on the Company&#146;s consolidated financial position or results of operations.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">c)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Effective January&nbsp;1, 2008, the Company adopted FASB Statement No.&nbsp;157, Fair Value
Measurements (&#147;SFAS 157&#148;). The Company also applied FSP FAS 157-2, which allows for the
delay of implementation of FAS No.&nbsp;157 for certain nonfinancial assets and nonfinancial
liabilities until its fiscal year beginning January&nbsp;1, 2009. SFAS 157 provides enhanced
guidance for using fair value to measure assets and liabilities and provides expanded
disclosure about the extent to which companies measure their assets and liabilities at fair
value, the information used to measure fair value, and the effect of fair value
measurements on earnings. SFAS 157 applies whenever other standards require (or permit)
assets or liabilities to be measured at fair value; however, it does not expand the use of
fair value in any new circumstances. The adoption of this standard did not have a material
impact on the Company&#146;s consolidated financial position or results of operations.</DIV></TD>
</TR>

</TABLE>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->- 38 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">d)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Effective January&nbsp;1, 2008, the Company adopted, the FASB Statement No.&nbsp;159 (FAS 159),
The Fair Value Option for Financial Assets and Financial Liabilities. This statement
expands the standards under FAS 157, Fair Value Measurement, to provide entities the
one-time election (Fair Value Option) to measure financial instruments and certain other
items at fair value. The adoption of this standard did not have a material impact on the
Company&#146;s consolidated financial position or results of operations.</DIV></TD>
</TR>

</TABLE>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 0%">Recent United States accounting pronouncements:
</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">a)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In December&nbsp;2007, FASB Statement No.&nbsp;141(R), Business Combinations and No.&nbsp;160,
Non-controlling Interests in Consolidated Financial Statements. SFAS 141(R) and 160
provide standards with respect to improving, simplifying and converging the prevailing FASB
accounting and reporting standards for business combinations and non-controlling interests
in consolidated financial statements with International Accounting Standards Board (&#147;IASB&#148;)
standards for business combinations with an acquisition date in the fiscal year beginning
after December&nbsp;15, 2008.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">FASB 141 (R)&nbsp;requires an acquiring entity in a business combination to recognize all (and
only) the assets acquired and liabilities assumed in the transaction; establishes the
acquisition-date fair value as the measurement objective for all assets acquired and
liabilities assumed; and requires the acquirer to disclose to investors and other users all
of the information they need to evaluate and understand the nature and financial effect of
the business combination. FASB 160 requires all entities to report non-controlling
(minority)&nbsp;interests in subsidiaries in the same way &#151; as equity in the consolidated
financial statements.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">b)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In March&nbsp;2008, FASB Statement No.161, &#147;Disclosures about Derivative Instruments and
Hedging Activities an amendment of FASB Statement 133&#148;. SFAS 161 is effective for fiscal
years and interim periods beginning after November&nbsp;15, 2008. The adoption is not expected
to have a material impact on the Company&#146;s consolidated results of operations and financial
position.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">c)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In May&nbsp;2008, FASB Statement No.162, &#147;The Hierarchy of Generally Accepted Accounting
Principles&#148; (SFAS 162). Under SFAS 162, the US GAAP hierarchy will now reside in the
accounting literature established by the FASB. SFAS No.&nbsp;162 identifies the sources of
accounting principles and the framework for selecting the principles used in the
preparation for the financial statements in conformity with US GAAP SFAS. The adoption of
SFAS No 162 is not expected to have a material impact on the Company&#146;s consolidated results
of operations and financial position.</DIV></TD>
</TR>

</TABLE>



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

<P align="center" style="font-size: 10pt"><!-- Folio -->- 39 -<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>c83333exv99w4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 99.4</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;99.4</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><IMG src="c83333c8333307.gif" alt="(PRICEWATERHOUSECOOPERS LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 70%"><B>PricewaterhouseCoopers LLP<BR>
Chartered Accountants</B><BR>
PO Box 82<BR>
Royal Trust Tower, Suite 3000<BR>
Toronto Dominion Centre<BR>
Toronto, Ontario<BR>
Canada M5K 1G8<BR>
Telephone &#043;1 416 863 1133<BR>
Facsimile &#043;1 416 365 8215

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONSENT OF INDEPENDENT AUDITORS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">We hereby consent to the inclusion in this Annual Report on Form 40-F of Denison Mines Corp. (the
Company) of our report dated March&nbsp;18, 2009 relating to the consolidated financial statements and
the effectiveness of internal control over financial reporting, which appears in an exhibit to this
Annual Report on Form 40-F.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>(Signed) &#147;PricewaterhouseCoopers LLP&#148;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Chartered Accountants, Licensed Public Accountants<br><br>
Toronto, Ontario, Canada <br>March
18, 2009
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&#147;PricewaterhouseCoopers&#148; refers to PricewaterhouseCoopers LLP, an Ontario limited
liability partnership, or, as the context requires, the PricewaterhouseCoopers global
network or other member firms of the network, each of which is a separate and independent
legal entity.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>c83333exv99w5.htm
<DESCRIPTION>EXHIBIT 99.5
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 99.5</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;99.5</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CERTIFICATION<BR>
REQUIRED BY RULE 13a-14(a) OR RULE 15d-14(a)</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">I, James R. Anderson, Executive Vice President and Chief Financial Officer of Denison Mines Corp.,
certify that:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">1. I have reviewed this annual report on Form 40-F of Denison Mines Corp.;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this
report;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3. Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of operations
and cash flows of the issuer as of, and for, the periods presented in this report;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4. The issuer&#146;s other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e) and 15d-15(e)) for
the issuer and have:
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(a)&nbsp;Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material
information relating to the issuer, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report
is being prepared;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(b)&nbsp;Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting
principles.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(c)&nbsp;Evaluated the effectiveness of the issuer&#146;s disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of the end of the period covered by this report based on such evaluation;
and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(d)&nbsp;Disclosed in this report any change in the issuer&#146;s internal control over
financial reporting that occurred during the period covered by the annual report that has
materially affected, or is reasonably likely to materially affect, the issuer&#146;s internal
control over financial reporting; and
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">5. The issuer&#146;s other certifying officer and I have disclosed, based on our most recent evaluation
of internal control over financial reporting, to the issuer&#146;s auditors and the audit committee of
the issuer&#146;s board of directors (or persons performing the equivalent functions):
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(a)&nbsp;All significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to adversely affect
the issuer&#146;s ability to record, process, summarize and report financial information; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(b)&nbsp;Any fraud, whether or not material, that involves management or other employees who
have a significant role in the issuer&#146;s internal control over financial reporting.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Date: March&nbsp;31, 2009
</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="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&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">By: <BR>

</DIV></TD>
    <TD colspan="2" align="left" valign="top"><I>/s/ James R. Anderson</I>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>

</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"></DIV></TD>
    <TD align="left" valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left" valign="top">James R. Anderson</TD>
</TR>

<TR valign="bottom" style="padding-top: 1px">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:</DIV></TD>
    <TD align="left" valign="top">Executive Vice President and Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

<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; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CERTIFICATION<BR>
REQUIRED BY RULE 13a-14(a) OR RULE 15d-14(a)</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">I, E. Peter Farmer, Chief Executive Officer of Denison Mines Corp., certify that:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">1. I have reviewed this annual report on Form 40-F of Denison Mines Corp.;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this
report;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3. Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of operations
and cash flows of the issuer as of, and for, the periods presented in this report;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4. The issuer&#146;s other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e) and 15d-15(e)) for
the issuer and have:
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(a)&nbsp;Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material
information relating to the issuer, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report
is being prepared;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(b)&nbsp;Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting
principles.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(c)&nbsp;Evaluated the effectiveness of the issuer&#146;s disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of the end of the period covered by this report based on such evaluation;
and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(d)&nbsp;Disclosed in this report any change in the issuer&#146;s internal control over
financial reporting that occurred during the period covered by the annual report that has
materially affected, or is reasonably likely to materially affect, the issuer&#146;s internal
control over financial reporting; and
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">5. The issuer&#146;s other certifying officer and I have disclosed, based on our most recent evaluation
of internal control over financial reporting, to the issuer&#146;s auditors and the audit committee of
the issuer&#146;s board of directors (or persons performing the equivalent functions):
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(a)&nbsp;All significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to adversely affect
the issuer&#146;s ability to record, process, summarize and report financial information; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(b)&nbsp;Any fraud, whether or not material, that involves management or other employees who
have a significant role in the issuer&#146;s internal control over financial reporting.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Date: March&nbsp;31, 2009
</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="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&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">By:
</DIV></TD>
    <TD colspan="2" align="left" valign="top"><I>/s/ E Peter Farmer</I>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:&nbsp;&nbsp;
</DIV></TD>

    <TD align="left" valign="top">E Peter Farmer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1px">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:
</DIV></TD>

    <TD align="left" valign="top">Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>7
<FILENAME>c83333exv99w6.htm
<DESCRIPTION>EXHIBIT 99.6
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 99.6</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;99.6</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">CERTIFICATION PURSUANT TO<BR>
18 U.S.C. SECTION 1350,<BR>
AS ADOPTED PURSUANT TO<BR>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In connection with the Annual Report of Denison Mines Corp. (the &#147;Company&#148;) on Form 40-F for the
period ended December&nbsp;31, 2008, as filed with the Securities and Exchange Commission on the date
hereof (the &#147;Report&#148;), each of the undersigned certifies, pursuant to 18 U.S.C. section 1350, as
adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, that to the best of my
knowledge:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2. The information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Company.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Date: March&nbsp;31, 2009
</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="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap valign="top"><DIV style="margin-left:0px; text-indent:-0px">By: &nbsp;

</DIV></TD>
    <TD colspan="2" align="left" valign="top"><I>/s/ James R. Anderson</I>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>

</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">By:&nbsp;
</TD>
    <TD colspan="2" align="left" valign="top"><I>/s/ E. Peter Farmer</I>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>

</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;</TD>
</TR>


<TR valign="bottom" style="padding-top: 1px">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:&nbsp;&nbsp;
</DIV></TD>
    <TD align="left" valign="top">James R. Anderson
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:&nbsp;&nbsp;
</TD>
    <TD align="left" valign="top">E. Peter Farmer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>




<TR valign="bottom" style="padding-top: 1px">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:
</DIV></TD>
    <TD align="left" valign="top">Exec. V.P. and Chief Financial Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD align="left" valign="top">Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



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

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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>c83333c8333301.gif
<DESCRIPTION>GRAPHIC
<TEXT>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
