<SEC-DOCUMENT>0000950123-11-022385.txt : 20110307
<SEC-HEADER>0000950123-11-022385.hdr.sgml : 20110307
<ACCEPTANCE-DATETIME>20110307060134
ACCESSION NUMBER:		0000950123-11-022385
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20110307
FILED AS OF DATE:		20110307
DATE AS OF CHANGE:		20110307

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DENISON MINES CORP.
		CENTRAL INDEX KEY:			0001063259
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS METAL ORES [1090]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33414
		FILM NUMBER:		11666575

	BUSINESS ADDRESS:	
		STREET 1:		595 BAY STREET, SUITE 402
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5G 2C2
		BUSINESS PHONE:		(416) 979-1991

	MAIL ADDRESS:	
		STREET 1:		595 BAY STREET, SUITE 402
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5G 2C2

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERNATIONAL URANIUM CORP
		DATE OF NAME CHANGE:	19980603
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>c13754e6vk.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>FORM 6-k</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

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




<DIV align="center" style="font-size: 18pt; margin-top: 10pt"><B>FORM 6-K</B>
</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: 12pt; margin-top: 10pt"><B>Report of Foreign Private Issuer</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 10pt"><B>Pursuant to Rule&nbsp;13a-16 or 15d-16<BR>
of the Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Date: March&nbsp;7, 2011</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">(Translation of registrant&#146;s name into English)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Atrium on Bay, 595 Bay Street, Suite&nbsp;402, Toronto, Ontario M5G 2C2<BR>
(Address of principal executive offices)</DIV>


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

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Form&nbsp;20-F <FONT face="Wingdings">&#111;</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form&nbsp;40-F <FONT face="Wingdings">&#254;</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation&nbsp;S-T Rule&nbsp;101(b)(1):
&nbsp;_____&nbsp;


</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Note: Regulation&nbsp;S-T Rule&nbsp;101(b)(1) only permits the submission in paper of a Form 6-K if
submitted solely to provide an attached annual report to security holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation&nbsp;S-T Rule&nbsp;101(b)(7):
&nbsp;_____&nbsp;


</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Note: Regulation&nbsp;S-T Rule&nbsp;101(b)(7) only permits the submission in paper of a Form 6-K if
submitted to furnish a report or other document that the registrant foreign private issuer
must furnish and make public under the laws of the jurisdiction in which the registrant is
incorporated, domiciled or legally organized (the registrant&#146;s &#147;home country&#148;), or under the
rules of the home country exchange on which the registrant&#146;s securities are traded, as long
as the report or other document is not a press release, is not required to be and has not
been distributed to the registrant&#146;s security holders, and, if discussing a material event,
has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
</DIV>

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

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Yes <FONT face="Wingdings">&#111;</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No <FONT face="Wingdings">&#254;</FONT>
</DIV>


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


</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: 7.50in">

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


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

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">Date: March 7, 2011&nbsp;</TD>
    <TD colspan="3" align="left"><B>Denison Mines Corp. </B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>

<TD colspan="3" style="border-bottom: 1px solid #000000" align="left"><I>/s/ Sheila Colman                                 </I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Sheila Colman                                     &nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left" nowrap>Canadian Counsel and Assistant Corporate Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<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: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">EXHIBIT INDEX
</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="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Exhibit Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Press release dated January&nbsp;20, 2011</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Press release dated January&nbsp;31, 2011</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Computershare Notice of Meeting and Record Date</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Press release dated February&nbsp;22, 2011</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Press release dated February&nbsp;23, 2011</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form&nbsp;51-102F3 Material Change Report</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Qualification Certificate dated March&nbsp;1, 2011</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Preliminary Short Form&nbsp;Prospectus dated March&nbsp;1, 2011</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Underwriting Agreement dated March&nbsp;1, 2011</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Press release dated March&nbsp;1, 2011</DIV></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



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

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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>c13754exv99w1.htm
<DESCRIPTION>EXHIBIT 1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">


<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;1</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><IMG src="c13754c1375401.gif" alt="(DENISON MINES LOGO)"><BR>
Denison Mines Corp.<BR>
Atrium on Bay, 595 Bay Street, Suite&nbsp;402<BR>
Toronto, ON M5G 2C2<BR>
Ph. 416-979-1991 <B>&#149;</B> Fx. 416-979-5893 <B>&#149;</B> www.denisonmines.com

</DIV>

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


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>DENISON PLANS SIGNIFICANT WINTER DRILLING PROGRAMS IN<BR>
THE ATHABASCA BASIN, INCLUDING ADVANCED EXPLORATION AT<BR>
WHEELER RIVER</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Toronto, ON &#151; January&nbsp;20, 2011... Denison Mines Corp. </B>(TSX:DML) (NYSE AMEX:DNN) (&#147;Denison&#148; or the
&#147;Company&#148;) is pleased to announce significant winter drill programs at a number of its Athabasca
Basin projects, including the commencement of the first part of the multi-faceted 2011 exploration
program at Wheeler River.
</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&#146;s 60% owned Wheeler River project is host to the Phoenix deposit, for which initial NI
43-101 resource estimates were announced late in 2010. Drilling at Wheeler has tested only 1.3
kilometres of a known 18 kilometres of favourable stratigraphy, and Denison believes that this
stratigraphy has strong potential to host other high-grade zones. The Wheeler River Joint Venture
has approved a $10&nbsp;million budget for 2011, making this the largest exploration program to be
carried out to date in the 35-year exploration history of the Wheeler property.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The first step in the program will involve testing of several high-priority targets along strike
from the high-grade Phoenix deposit. The winter portion of the program is focussed on diamond
drilling and has commenced with two drills, expanding to three drills as the season progresses. It
is anticipated that 15,000 metres, or 34 holes, will be completed this winter, which will be
followed up by an anticipated 20,000 metre summer program. The project team has identified a
number of high quality drill targets to test in 2011.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In addition to the drilling activity, the 2011 Wheeler River program will also entail activities
identified as a result of the Concept Study (the &#147;Study&#148;) completed by Golder Associates Ltd.
(&#147;Golder&#148;) for the Joint Venture in the fourth quarter 2010. The path forward will require
advancing environmental programs, engineering studies and geotechnical and hydrogeological
investigations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Study was completed for the Joint Venture for its internal use to help prepare a development
strategy for the project. The Study conceptually proposed that a mine which could produce between
6.0 and 8.0&nbsp;million lbs 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 would have an initial estimated capital
cost of Cdn$690&nbsp;million and an estimated operating cash cost of approximately US$31.00 per lb,
assuming toll milling. Based on an integrated environmental and engineering approach, the Study
project schedule indicates potential first production by early 2019, assuming a positive production
decision is made by the end of 2013.
</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">Denison&#146;s 75% owned Moore Lake project is host to the Maverick deposit, which was extensively
tested by the former manager. During the past several years, Denison has completed a number of
geophysical (resistivity)&nbsp;surveys over the favourable targets, in addition to relogging a number of
critical holes. The Moore Lake Joint Venture has approved an eight hole, 3,000 metre program which
will test a combination of strong resistivity targets and strongly altered stratigraphy along
strike from the Maverick deposit. Preparatory work is underway and drilling will commence shortly.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s 50% owned Hatchet Lake project is located only 40 kilometres north of the McClean Lake
Mill, in an area of strongly altered basement rocks. The Hatchet Lake Joint Venture has authorized
a 14 hole, 2,300 metre drill program designed to test targets developed over several years in an
area where the
unconformity is relatively close to surface. Work is expected to commence shortly.
</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: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<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">AREVA, the operator of the 22.5% McClean Lake Joint Venture, is expected to commence a 4,500 metre,
19 hole program at McClean Lake this season. This is the largest drill program at McClean in
recent history, and is being undertaken now in support of near term mining operations. Targets
near known mineralization at Sue D, McClean South, and McClean North will be tested during the
winter program. The targets are designed to locate both incremental resources and new
mineralization on a property that has already produced almost 50&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 still has significant untested potential.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison is the operator and holds a 60% interest in the Wheeler River Property; Cameco Corporation
holds a 30% interest and JCU (Canada) Exploration Company, Limited holds the remaining 10%
interest. The participants in the Moore Lake Joint Venture are Denison (75% and operator) and JNR
Resources Inc.(25%). The participants in the Hatchet Lake Joint Venture are Denison (50% and
operator) and Virginia Energy Resources Inc.(50%). The participants in the McClean Lake Joint
Venture are AREVA Resources Canada Inc (70% and operator), Denison (22.5%) and OURD (Canada) Co.,
Ltd. (7.5%).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>The technical information contained in this press release related to the above described
exploration activities is reported and verified by William C. Kerr, Denison&#146;s Vice President,
Exploration, who is a qualified person as defined by NI 43-101. For a description of the quality
assurance program and quality control measures applied by Denison, please see Denison&#146;s Annual
Information Form dated March&nbsp;19, 2010 filed under the Company&#146;s profile on the SEDAR website.</I>
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Denison Mines Corp. is a mid-sized uranium producer in North America, with mining assets in the
Athabasca Basin region of Saskatchewan, Canada and the southwest United States including Colorado,
Utah, and Arizona. The Company has ownership interests in two conventional uranium mills in North
America. Denison also has a strong exploration and development portfolio including the Phoenix
discovery in the Athabasca Basin as well as large land positions in the United States, Canada,
Mongolia and Zambia.</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>For more information, please contact</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="57%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ron Hochstein
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(416) 979-1991 Extension 232</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">President and Chief Executive Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">Jim Anderson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(416) 979-1991 Extension 372</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Executive Vice President and CFO</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>Cautionary Statements Regarding Forward Looking Information</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Certain information contained in this press release constitutes &#147;forward-looking information&#148;,
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">Generally, these forward-looking statements can be identified by the use of forward-looking
terminology such as &#147;plans&#148;, &#147;expects&#148; or &#147;does not expect&#148;, &#147;is expected&#148;, &#147;budget&#148;, &#147;scheduled&#148;,
&#147;estimates&#148;, &#147;forecasts&#148;, &#147;intends&#148;, &#147;anticipates&#148; or &#147;does not anticipate&#148;, or &#147;believes&#148;, or
variations of such words and phrases or state that certain actions, events or results &#147;may&#148;,
&#147;could&#148;, &#147;would&#148;, &#147;might&#148; or &#147;will be taken&#148;, &#147;occur&#148; or &#147;be achieved&#148; and &#147;has the potential to&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Forward looking statements are based on the assumptions noted in this press release and on the
opinions and estimates of management as of the date such statements are made, and they are subject
to known and unknown risks, uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of Denison to be materially different from those
expressed or implied by such forward-looking statements. 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 this
press release should not be unduly relied upon. This information speaks only as of the date of
this press release. In particular, this press release may contain forward-looking information
pertaining to the following: the estimates of Denison&#146;s mineral reserves and mineral resources;
uranium and vanadium production and sales volumes; capital expenditure programs, estimated
production costs, exploration and development expenditures and reclamation costs; expectations of
market prices and costs; supply and demand for uranium and vanadium; possible impacts of litigation
on Denison; exploration, development, production and expansion plans and objectives; Denison&#146;s
expectations regarding raising capital and adding to its mineral reserves through acquisitions and
development; and receipt of regulatory approvals and permits and treatment under governmental
regulatory regimes.
</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: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">There can be no assurance that such statements will prove to be accurate, as Denison&#146;s actual
results and future events could differ materially from those anticipated in this forward-looking
information as a result of those factors discussed in or referred to under the heading &#147;Risk
Factors&#148; in Denison&#146;s Annual Information Form dated March&nbsp;19, 2010, available at
<U>http://www.sedar.com</U> and its Form 40-F for the financial year ended December&nbsp;31, 2009,
available at <U>http://www.sec.gov</U>, as well as the following: global financial conditions;
volatility in market prices for uranium and vanadium; changes in foreign currency exchange rates
and interest rates; the market price of Denison&#146;s securities; the ability to access capital; the
ability of Denison to meet its obligations to its creditors; liabilities inherent in mining
operations; uncertainties associated with estimating mineral reserves and resources; failure to
obtain industry partner and other third party consents and approvals, when required; delays in
obtaining permits and licenses for development properties; competition for, among other things,
capital, acquisitions of mineral reserves, undeveloped lands and skilled personnel; incorrect
assessments of the value of acquisitions; geological, technical and processing problems; and, the
potential influence of, or reliance upon, a business partner.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Accordingly, readers should not place undue reliance on forward-looking statements. 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 press release 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 press release 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>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>c13754exv99w2.htm
<DESCRIPTION>EXHIBIT 2
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;2</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><IMG src="c13754c1375401.gif" alt="(DENISON MINES LOGO)"><BR>
Denison Mines Corp.<BR>
Atrium on Bay, 595 Bay Street, Suite&nbsp;402<BR>
Toronto, ON M5G 2C2<BR>
Ph. 416-979-1991 <B>&#149;</B> Fx. 416-979-5893 <B>&#149;</B> www.denisonmines.com

</DIV>

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


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>DENISON OUTLINES 2011 OPERATING PLANS AND RELEASES FINAL 2010<BR>
PRODUCTION AND SALES VOLUMES</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Toronto, ON &#151; January&nbsp;31, 2011... Denison Mines Corp. </B>(TSX:DML) (NYSE AMEX:DNN) (&#147;Denison&#148; or the
&#147;Company&#148;) announces that its 2011 operating plan forecasts production of 1.2&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 2.2&nbsp;million 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> from its operations in
the United States. &#147;The 2011 plan and budget is focused on the growth of the Company with the
largest exploration program ever undertaken on our Wheeler River project, the recommencement of
drilling on our Zambian project and the development of our second mine on the Arizona Strip&#148; said
Ron Hochstein, President and CEO of Denison. Unless otherwise stated all figures are in U.S.
dollars.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>2011 Operating Plans</B>
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s uranium production is expected to total 1.2&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>
from ore in stockpile and from the Beaver, Pandora and Arizona 1 mines and production from the
alternate feed circuit at the White Mesa Mill in the United States. Vanadium production is
projected to total approximately 2.2&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 White Mesa
mill is anticipated to continue processing conventional ore during most of 2011, except for
scheduled maintenance shutdowns. Production of alternate feed material will continue throughout
2011. The cash cost of production is expected to average approximately $43.50 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> net of vanadium credits, excluding sales royalties. The cash cost per
pound reflects the impact of an increase of over 200% of the cost of sulphuric acid as compared to
2010. Capital expenditures on the mines and mill facilities are estimated at $9.7&nbsp;million.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Uranium sales are forecast to be approximately 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> of
which just over 500,000 pounds will be sold into long term contracts and the remainder will be sold
on the spot market. Vanadium sales are projected to be 2.8&nbsp;million 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 2011.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s business development activities include advancement of its existing development stage
projects and exploration projects and the search for new potential acquisitions. These activities,
as part of its Five Year Business Development Plan, are aimed at increasing Denison&#146;s sustainable
uranium production to at least 10&nbsp;million pounds per year by 2020.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 2011, Denison will participate in exploration programs in Canada and the United States. The
total budget for these programs will be $15.0&nbsp;million of which Denison&#146;s share will be $8.8
million. The Wheeler River program at a total cost of $10.0&nbsp;million (Denison&#146;s share $6.0&nbsp;million)
represents the most significant of these programs. A 35,000 metre drilling program has begun to
test additional areas with known uranium mineralization along the same mineralized trend hosting
the Phoenix deposit.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Exploration work in Canada will also be carried out on the Moore Lake, Hatchet Lake, Murphy Lake,
Bell Lake, McClean Lake and Wolly projects at a total cost of $3.8&nbsp;million (Denison&#146;s share $1.6
million). In the United States, drilling is planned on the Beaver mine trend and at the Sunday
Complex to outline potential resources which could extend the life of existing operations on these
properties. In Arizona, an
exploration program on the Company&#146;s DB1 breccia pipe is planned. The total cost of the U.S.
exploration program is $1.3&nbsp;million.
</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: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company is pleased to announce that exploration and development activities will be restarted at
its Mutanga project in Zambia. A 17,000 metre exploration drill program will follow up on positive
drilling results obtained in 2009 and metallurgical test work will be undertaken to further define
process design criteria and operating costs. The Zambian program will total an estimated $6.2
million.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In Mongolia, a $7.4&nbsp;million exploration and development program is projected. A $3.0&nbsp;million,
38,000 metre exploration program is anticipated to be undertaken on license areas that currently do
not have defined resources in order to confirm resources and support future work on these license
areas. Development activities on license areas which are more advanced will include drilling of
initial test patterns and pilot plant design. The implementation of the Mongolian program is
contingent upon resolution of outstanding issues with the Mongolian Government regarding the
Nuclear Energy Law and the structure of the Gurvan Saihan Joint Venture. The Company remains
hopeful that these issues will be resolved early in 2011 such that the planned programs can be
completed.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In Canada and the U.S., a total of $6.4&nbsp;million will be spent by Denison on development stage
projects in 2011. In the United States, development of the Pinenut mine is moving forward with
initial production anticipated in early 2012, and permitting will be advanced for the EZ1/EZ2 and
Canyon deposits. The cost of these programs is estimated at $5.6&nbsp;million. In Canada, the McClean
North underground development feasibility study will be advanced along with continued evaluation of
the Midwest development project under the operatorship of majority owner AREVA Resources Canada
Inc.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>2010 PRODUCTION AND SALES</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s uranium production in 2010 was 1.4&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> from its
U.S. operations and its 22.5% share of production from the McClean Lake operation in the Athabasca
basin in Canada. Vanadium production totalled 2.3&nbsp;million 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> from
its White Mesa mill in Utah.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Uranium sales in 2010 totalled 1.8&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 realized
price of $47.67 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>. Vanadium sales in 2010 sales were 2.4
million 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> equivalent, at an average realized price of $6.33 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"><B>About Denison</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Denison Mines Corp. is a mid-sized uranium producer in North America, with mining assets in the
Athabasca Basin region of Saskatchewan, Canada and the southwest United States including Colorado,
Utah, and Arizona. The Company has ownership interests in two conventional uranium mills in North
America. Denison also has a strong exploration and development portfolio including the Phoenix
discovery in the Athabasca Basin as well as large land positions in the United States, Canada,
Mongolia and Zambia.</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>For more information, please contact</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="57%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ron Hochstein
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(416) 979-1991 Extension 232</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">President and Chief Executive Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">Jim Anderson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(416) 979-1991 Extension 372</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Executive Vice President and CFO</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>Cautionary Statements Regarding Forward Looking Information</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Certain information contained in this press release constitutes &#147;forward-looking information&#148;,
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">Generally, these forward-looking statements can be identified by the use of forward-looking
terminology such as &#147;plans&#148;, &#147;expects&#148; or &#147;does not expect&#148;, &#147;is expected&#148;, &#147;budget&#148;, &#147;scheduled&#148;,
&#147;estimates&#148;, &#147;forecasts&#148;, &#147;intends&#148;, &#147;anticipates&#148; or &#147;does not anticipate&#148;, or &#147;believes&#148;, or
variations of such words and phrases or state that certain actions, events or results &#147;may&#148;,
&#147;could&#148;, &#147;would&#148;, &#147;might&#148; or &#147;will be taken&#148;, &#147;occur&#148; or &#147;be achieved&#148; and &#147;has the potential to&#148;.
</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: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Forward looking statements are based on the assumptions noted in this press release and on the
opinions and estimates of management as of the date such statements are made, and they are subject
to known and unknown risks, uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of Denison to be materially different from those
expressed or implied by such forward-looking statements. 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 this
press release should not be unduly relied upon. This information speaks only as of the date of
this press release. In particular, this press release may contain forward-looking information
pertaining to the following: the estimates of Denison&#146;s mineral reserves and mineral resources;
uranium and vanadium production and sales volumes; capital expenditure programs, estimated
production costs, exploration and development expenditures and reclamation costs; expectations of
market prices and costs; supply and demand for uranium and vanadium; possible impacts of litigation
on Denison; exploration, development, production and expansion plans and objectives; Denison&#146;s
expectations regarding raising capital and adding to its mineral reserves through acquisitions and
development; and receipt of regulatory approvals and permits and treatment under governmental
regulatory regimes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">There can be no assurance that such statements will prove to be accurate, as Denison&#146;s actual
results and future events could differ materially from those anticipated in this forward-looking
information as a result of those factors discussed in or referred to under the heading &#147;Risk
Factors&#148; in Denison&#146;s Annual Information Form dated March&nbsp;19, 2010, available at
<U>http://www.sedar.com</U> and its Form 40-F for the financial year ended December&nbsp;31, 2009,
available at <U>http://www.sec.gov</U>, as well as the following: global financial conditions;
volatility in market prices for uranium and vanadium; changes in foreign currency exchange rates
and interest rates; the market price of Denison&#146;s securities; the ability to access capital; the
ability of Denison to meet its obligations to its creditors; liabilities inherent in mining
operations; uncertainties associated with estimating mineral reserves and resources; failure to
obtain industry partner and other third party consents and approvals, when required; delays in
obtaining permits and licenses for development properties; competition for, among other things,
capital, acquisitions of mineral reserves, undeveloped lands and skilled personnel; incorrect
assessments of the value of acquisitions; geological, technical and processing problems; and, the
potential influence of, or reliance upon, a business partner.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Accordingly, readers should not place undue reliance on forward-looking statements. 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 press release 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 press release 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>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>c13754exv99w3.htm
<DESCRIPTION>EXHIBIT 3
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;3</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="62%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><IMG src="c13754c1375402.gif" alt="(COMPUTERSHARE LOGO)"></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">100 University Avenue, 9th floor</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: February&nbsp;16, 2011
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Toronto ON, M5J 2Y1</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"><u>www.computershare.com</u></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">To: All Canadian Securities Regulatory Authorities</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>Subject: DENISON MINES CORP.</B>
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We advise of the following with respect to the upcoming Meeting of Security Holders for the subject
Issuer:
</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="79%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Meeting Type:</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Annual General Meeting</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Record Date for Notice of Meeting:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">14-03-2011</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Record Date for Voting (if applicable):
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">14-03-2011</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beneficial Ownership Determination Date:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">14-03-2011</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Meeting Date:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12-05-2011</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Meeting Location (if available):
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Toronto, ON</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Voting Security Details:</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="22%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>CUSIP Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>ISIN</B></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">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">COMMON
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">248356107</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA2483561072</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Computershare Trust Company of Canada /</B><BR><B>
Computershare Investor Services Inc.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Agent for DENISON MINES CORP.
</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-99.4
<SEQUENCE>5
<FILENAME>c13754exv99w4.htm
<DESCRIPTION>EXHIBIT 4
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 4</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;4</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><IMG src="c13754c1375401.gif" alt="(DENISON MINES LOGO)"><BR>
Denison Mines Corp.<BR>
Atrium on Bay, 595 Bay Street, Suite&nbsp;402<BR>
Toronto, ON M5G 2C2<BR>
Ph. 416-979-1991 <B>&#149;</B> Fx. 416-979-5893 <B>&#149;</B> www.denisonmines.com

</DIV>

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


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>DENISON AGREES TO MAKE BID TO ACQUIRE<BR>
WHITE CANYON URANIUM LIMITED</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Toronto, ON &#151; February&nbsp;22, 2011 &#151; Denison Mines Corp. </B>(&#147;Denison&#148;) (TSX: DML, NYSE AMEX: DNN) is
pleased to announce that it has entered into a Bid Implementation Agreement with White Canyon
Uranium Limited (&#147;White Canyon&#148;) under which Denison has agreed to make a takeover offer to acquire
100% of the issued and outstanding shares of White Canyon (ASX: WCU, TSX-V: WU) at a price of
AU$0.24 per share for a total consideration of approximately AU$57&nbsp;million (CDN$56.6&nbsp;million). The
offer reflects a premium of approximately 20% to the closing price of White Canyon shares on the
Australian Securities Exchange on February&nbsp;18, 2011 (the last trading day in White Canyon shares
prior to this announcement) and premiums of 23% and 51% to volume weighted average prices for White
Canyon shares in the previous 30 and 90 trading days, respectively.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison believes that the acquisition of White Canyon will fit well into its U.S. growth strategy.
Ron Hochstein, Denison&#146;s President and Chief Executive Officer, stated that &#147;the acquisition
provides Denison additional control over its milling schedules and uranium production and will
establish Denison in a new, fourth mining district, near its White Mesa mill, which has significant
potential for immediate resource growth.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">White Canyon&#146;s directors have unanimously recommended that shareholders accept the Denison offer in
the absence of a superior proposal and subject to an independent expert not opining that the
Denison offer is not fair and not reasonable. White Canyon&#146;s directors have also unanimously
indicated that they intend to accept the Denison offer in respect of any shares in White Canyon
that they own or control (subject in each case to there being no superior proposal and subject to
an independent expert not opining that the Denison offer is not fair and not reasonable). The Bid
Implementation Agreement also provides that White Canyon cannot solicit other offers during the
offer period and that a break fee of AU$500,000 is payable by either party to the other under
specified circumstances. White Canyon has engaged PKF Corporate Advisory (East Coast) Pty Ltd. as
an independent expert to opine on whether the Denison offer is fair and reasonable to White Canyon
shareholders.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Additionally, Denison has entered into a Pre-Bid Acceptance Deed with Michael Shumway, the
Operations Manager of White Canyon and substantial shareholder, agreeing to accept the Denison
offer, or any improvement of the Denison offer, in the absence of a superior offer and subject to
an independent expert not opining that the Denison offer is not fair and not reasonable. This
acceptance of the Denison offer is with respect to those shares in White Canyon held by Michael
Shumway that represent 19.9% of the fully diluted shares of White Canyon.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s offer is subject to a number of conditions, including the requirement that Denison
acquires a relevant interest in at least 90% of White Canyon&#146;s share capital on issue during, or at
the end of, the offer period, receipt of all necessary regulatory approvals and there being no
material adverse change or prescribed occurrence in respect of White Canyon. The Bidder&#146;s
Statement to White Canyon&#146;s shareholders is expected to be available within 3 to 4&nbsp;weeks.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">White Canyon is a Perth, Western Australia headquartered company, with listings on both the
Australian Securities Exchange and Toronto Venture Exchanges. White Canyon&#146;s U.S. operations are
based in Moab, Utah and its holdings comprise 100% interests in the advanced Thompson, Daneros,
Lark Royal, Geitus, Blue Jay and Marcy Look Projects, covering approximately 15,500 acres in the
Red Canyon
district, Southern Utah. White Canyon commenced uranium production in December&nbsp;2009 from its 100%
owned Daneros Uranium Mine, which uranium is currently processed at Denison&#146;s nearby White Mesa
mill pursuant to a toll milling arrangement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Cormark Securities Inc. served as financial advisor to Denison on the acquisition.
</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: 7.50in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Denison Mines Corp. is an intermediate uranium producer in North America, with mining assets in the
Athabasca Basin region of Saskatchewan, Canada and the southwest United States including Colorado,
Utah, and Arizona. The Company also has ownership interests in two uranium mills in North America.
Denison also has a strong exploration and development portfolio including the Phoenix discovery in
the Athabasca Basin, as well as large land positions in the United States, Canada, Mongolia and Zambia.</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>For more information, please contact</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="57%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ron Hochstein
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(416) 979-1991 Extension 232</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">President and Chief Executive Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">Jim Anderson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(416) 979-1991 Extension 372</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Executive Vice President and CFO</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>Cautionary Statements Regarding Forward Looking Information</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Certain information contained in this press release constitutes &#147;forward-looking information&#148;,
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">Generally, these forward-looking statements can be identified by the use of forward-looking
terminology such as &#147;plans&#148;, &#147;expects&#148; or &#147;does not expect&#148;, &#147;is expected&#148;, &#147;budget&#148;, &#147;scheduled&#148;,
&#147;estimates&#148;, &#147;forecasts&#148;, &#147;intends&#148;, &#147;anticipates&#148; or &#147;does not anticipate&#148;, or &#147;believes&#148;, or
variations of such words and phrases or state that certain actions, events or results &#147;may&#148;,
&#147;could&#148;, &#147;would&#148;, &#147;might&#148; or &#147;will be taken&#148;, &#147;occur&#148; or &#147;be achieved&#148; and &#147;has the potential to&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Forward looking statements are based on the assumptions noted in this press release and on the
opinions and estimates of management as of the date such statements are made, and they are subject
to known and unknown risks, uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of Denison to be materially different from those
expressed or implied by such forward-looking statements. Denison believes that the expectations
reflected in this forward-looking information are reasonable, but no assurance can be given that
these expectations will prove to be correct, and such forward-looking information included in this
press release should not be unduly relied upon. This information speaks only as of the date of
this press release. In particular, this press release contains forward-looking information
pertaining to the following: the possible acquisition of White Canyon&#146;s shares by Denison; the
possibility that the conditions to the bid for White Canyon&#146;s shares will be satisfied; the terms
of the acquisition of the shares of White Canyon, including the purchase price and break fee
payable; the expected timing for providing a bidder&#146;s statement to White Canyon shareholders and
the process for undertaking the acquisition; and the expectations of management of Denison with
respect to the benefits of the transaction.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">There can be no assurance that such statements will prove to be accurate, as Denison&#146;s actual
results and future events could differ materially from those anticipated in this forward-looking
information as a result of those factors discussed in or referred to under the heading &#147;Risk
Factors&#148; in Denison&#146;s Annual Information Form dated March&nbsp;19, 2010, available at
<U>http://www.sedar.com</U> and its Form 40-F for the financial year ended December&nbsp;31, 2009,
available at <U>http://www.sec.gov</U>, as well as the following: global financial conditions;
volatility in market prices for uranium and vanadium; changes in foreign currency exchange rates
and interest rates; the market price of Denison&#146;s securities; the possibility of a superior offer
being made for the White Canyon shares; the potential inability of Denison and White Canyon to
obtain shareholder and regulatory approval for the acquisition or to otherwise satisfy the
conditions of the acquisition; the ability of Denison to finance the acquisition; the possibility
that events will require a change in the terms of the offer; unforeseen events that could affect
the expected timing for the transaction to occur; the failure to obtain industry partner and other
third party consents and approvals, when required; delays in obtaining permits and licenses;
incorrect assessments of the value of the acquisition; and geological, technical and processing
problems.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Accordingly, readers should not place undue reliance on forward-looking statements. 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 press release 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 press release 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 -->2<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>c13754exv99w5.htm
<DESCRIPTION>EXHIBIT 5
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 5</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;5</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><IMG src="c13754c1375401.gif" alt="(DENISON MINES LOGO)"><BR>
Denison Mines Corp.<BR>
Atrium on Bay, 595 Bay Street, Suite&nbsp;402<BR>
Toronto, ON M5G 2C2<BR>
Ph. 416-979-1991 <B>&#149;</B> Fx. 416-979-5893 <B>&#149;</B> www.denisonmines.com

</DIV>

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


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES ANNOUNCES C$65 MILLION &#147;BOUGHT DEAL&#148;<BR>
FINANCING</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Toronto, ON &#151; February&nbsp;23, 2011</B>: Denison Mines Corp. (TSX: DML; NYSE AMEX: DNN) (&#147;Denison&#148;) is
pleased to announce that it has entered into an agreement with a syndicate of investment dealers,
which have agreed to purchase, on a bought deal basis, 18.3&nbsp;million common shares of Denison at a
purchase price of C$3.55 per common share (the &#147;Offering Price&#148;), for aggregate gross proceeds in
the amount of C$64,965,000.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The offering is scheduled to close on or about March&nbsp;15, 2011 and is subject to certain conditions
including, but not limited to, the receipt of all necessary approvals including the approval of the
Toronto Stock Exchange and the NYSE Amex LLC and the securities regulatory authorities.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In accordance with an existing agreement between the Company and its largest shareholder, Korea
Electric Power Corporation (&#147;KEPCO&#148;), KEPCO is entitled (but not required) to subscribe for
additional common shares of the Company in a separate private placement transaction in order to
maintain its existing 15.83% shareholding level. KEPCO will be entitled to subscribe for
approximately 3.4&nbsp;million common shares at the subscription price of C$3.55 per share.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>This press release shall not constitute an offer to sell or solicitation of an offer to buy the
securities in any jurisdiction. </B>These securities offered have not been and will not be registered
under the United States Securities Act of 1933, as amended, and may not be offered or sold in the
United States absent registration or an applicable exemption from registration requirements.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison Mines Corp. is mid-sized uranium producer in North America, with mining assets in the
Athabasca Basin region of Saskatchewan, Canada and the southwest United States including Colorado,
Utah, and Arizona. The Company has ownership interests in two conventional uranium mills in North
America. Denison also has a strong exploration and development portfolio including the Phoenix
discovery in the Athabasca basin as well as large land positions in the United States, Canada,
Mongolia and Zambia.
</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: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">For further information, please contact:
</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="69%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ron Hochstein
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(416) 979-1991 ext. 232</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">President and Chief Executive Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">James Anderson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(416) 979-1991 ext. 372</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Executive Vice President &#038; Chief Financial Officer</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>Cautionary Statements Regarding Forward Looking Information</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">This document contains forward-looking statements. More particularly, this document contains
statements which include, but are not limited to, the timing of closing of the Offering, the
Company&#146;s plans to file a prospectus, the Company&#146;s planned use of proceeds of the Offering, and
the expectations of the Company regarding the receipt of the required regulatory approvals.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The forward-looking statements are based on certain key expectations and assumptions made by the
Company. Although the Company believes that the expectations and assumptions on which the
forward-looking statements are based are reasonable, undue reliance should not be placed on the
forward-looking statements because the Company can give no assurance that they will prove to be
correct. Since forward looking statements address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual results could differ materially from
those currently anticipated due to a number of factors and risks. The forward-looking statements
contained in this press release are made as of the date hereof and the Company undertakes no
obligation to update publicly or revise any forward-looking statements or information, whether as a
result of new information, future events or otherwise, unless so required by applicable securities
laws.
</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>c13754exv99w6.htm
<DESCRIPTION>EXHIBIT 6
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 6</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;6</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Form&nbsp;51-102F3</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Material Change Report</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"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Name and Address of Company:</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Denison Mines Corp. (&#147;<B>Denison</B>&#148;)<br>
595 Bay Street, Suite&nbsp;402<br>
Toronto, Ontario M5G 2C2
</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>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Date of Material Change:</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">February&nbsp;23, 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>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>News Release:</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">A news release was disseminated through the services of Marketwire on February&nbsp;23, 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>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Summary of Material Change:</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">On February&nbsp;23, 2011, Denison announced that it had entered into an agreement with a
syndicate of investment dealers co-led by GMP Securities L.P., Cormark Securities Inc. and
Scotia Capital Inc. and including Dundee Securities Ltd. and Raymond James Ltd. (the
&#147;<B>Underwriters</B>&#148;), which have agreed to purchase, on a bought deal basis, 18,300,000 common
 shares of Denison (&#147;<B>Offered Shares</B>&#148;) at a purchase price of C$3.55 per Offered Share, for
aggregate gross proceeds in the amount of C$64,965,000 (the &#147;<B>Offering</B>&#148;).
</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>Full Description of Material Change:</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"><B>5.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Full Description of Material Change</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">On February&nbsp;23, 2011, Denison announced that it had entered into an agreement with the
Underwriters, which have agreed to purchase, on a bought deal basis, 18,300,000 Offered
Shares at a purchase price of C$3.55 per Offered Share, for aggregate gross proceeds in the
amount of C$64,965,000. The Offering will be made by way of a short form prospectus to be
filed by Denison in each of the provinces of Canada other than Quebec.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Offering is expected to close on or about March&nbsp;15, 2011 and is subject to certain
conditions including, but not limited to, the receipt of all necessary approvals including
the approval of the Toronto Stock Exchange and the NYSE Amex LLC and the securities
regulatory authorities.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">In accordance with an existing agreement between Denison and its largest shareholder, Korea
Electric Power Corporation (&#147;<B>KEPCO</B>&#148;), KEPCO is entitled (but not required) to subscribe for
additional common shares of Denison (the &#147;<B>Common Shares</B>&#148;) in a separate private placement
transaction in order to maintain its existing 15.83% shareholding level in Denison. KEPCO
will be entitled to subscribe for approximately 3,442,000 Common Shares at the subscription
price of C$3.55 per Common Share. To
date, KEPCO has not notified Denison as to whether it will subscribe for additional Common
Shares under this right.
</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: 7.50in">

<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>5.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Disclosure for Restructuring Transactions</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Not applicable.
</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>6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Reliance on Subsection 7.1(2) of National Instrument 51-102:</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Not applicable.
</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>7.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Omitted Information:</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Not applicable.
</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>8.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Executive Officer:</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Ron Hochstein<br>
President and Chief Executive Officer<br>
Telephone: (604)&nbsp;689-7842
</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>Date of Report:</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">February&nbsp;25, 2011
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Advisory Regarding Forward-Looking Information</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">This report contains forward-looking information. More particularly, this report contains
forward-looking information which include, but are not limited to, the timing of closing of
the Offering, Denison&#146;s plans to file a prospectus, and the expectations of Denison
regarding the receipt of the required regulatory approvals.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The forward-looking information is based on certain key expectations and assumptions made by
Denison. Although Denison believes that the expectations and assumptions on which the
forward-looking information is based are reasonable, undue reliance should not be placed on
the forward-looking information because Denison can give no assurance that it will prove to
be correct. Since forward-looking information addresses future events and conditions, by its
very nature it involves inherent risks and uncertainties. Actual results could differ
materially from those currently anticipated due to a number of factors and risks. The
forward-looking information contained in this report is made as of the date hereof and
Denison undertakes no obligation to update publicly or revise any forward-looking
information, whether as a result of new information, future events or otherwise, unless so
required by applicable securities laws.
</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-99.7
<SEQUENCE>8
<FILENAME>c13754exv99w7.htm
<DESCRIPTION>EXHIBIT 7
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 7</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;7</B>
</DIV>


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


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>QUALIFICATION CERTIFICATE</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">TO: </TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Ontario Securities Commission</B><br>
as Principal Regulator under National Policy 11-202</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This certificate is delivered pursuant to Subsection 4.1(a)(ii) of National Instrument 44-101
- <I>Short Form&nbsp;Prospectus Distributions </I>(&#147;<B>NI 44-101</B>&#148;). The undersigned hereby certifies, in his
capacity as an officer of Denison Mines Corp. (the &#147;<B>Corporation</B>&#148;) and not in his personal capacity,
that the Corporation is relying on the qualification criteria set out in Section&nbsp;2.2 of NI 44-101
to file a prospectus in the form of a short form prospectus and that (i)&nbsp;the Corporation has
satisfied all of the qualification criteria in Section&nbsp;2.2 of NI 44-101 and (ii)&nbsp;all of the
material incorporated by reference in the preliminary short form prospectus of the Corporation
dated March&nbsp;1, 2011 (the &#147;<B>Prospectus</B>&#148;) and not previously filed is being filed with the Prospectus.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>DATED </B>this 1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> day of March, 2011.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>DENISON MINES CORP.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Per:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left"><I>Signed by &#147;Ron Hochstein&#148;</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Ron Hochstein&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<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-99.8
<SEQUENCE>9
<FILENAME>c13754exv99w8.htm
<DESCRIPTION>EXHIBIT 8
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 8</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;8</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>A copy of this preliminary short form prospectus has been filed with the securities regulatory
authorities in each of the provinces of Canada, other than Quebec, but has not yet become final for
the purpose of the sale of securities. Information contained in this preliminary short form
prospectus may not be complete and may have to be amended. The securities may not be sold until a
receipt for the short form prospectus is obtained from the securities regulatory authorities.</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>No securities regulatory authority has expressed an opinion about these securities and it is an
offence to claim otherwise. This short form prospectus constitutes a public offering of securities
only in those jurisdictions where they may be lawfully offered for sale and therein only by persons
permitted to sell such securities. The securities offered hereby have not been and will not be
registered under the United States Securities Act of 1933, as amended (the &#147;</I><B><I>U.S. Securities Act</I></B><I>&#148;),
or any state securities laws. Accordingly, the securities may not be offered or sold in the United
States (as defined in Regulation&nbsp;S under the U.S. Securities Act) except in transactions exempt
from the registration requirements of the U.S. Securities Act and applicable state securities laws.
This short form prospectus does not constitute an offer to sell or a solicitation of an offer to
buy any of the securities offered hereby within the United States. See &#147;Plan of Distribution&#148;.</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Information has been incorporated by reference in this prospectus from documents filed with
securities commissions or similar authorities in Canada. </I></B><I>Copies of the documents incorporated
herein by reference may be obtained on request without charge from the Corporate Secretary of
Denison Mines Corp. at 595 Bay Street, Suite&nbsp;402, Toronto, Ontario, M5G 2C2, telephone (416)
979-1991 (or by faxing a written request to (416)&nbsp;979-5893), and are also available electronically
at <U>www.sedar.com</U>.</I>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><FONT style="font-variant: SMALL-CAPS"><B>Preliminary Short Form&nbsp;Prospectus</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="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><B><I>New Issue</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>March&nbsp;1, 2011</B></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c13754c1375403.gif" alt="(DENISON MINES LOGO)">
</DIV>


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

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>$64,965,000<BR>
18,300,000 Common Shares<BR>
$3.55 Per Common Share</B>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">This short form prospectus qualifies the distribution of 18,300,000 common shares (the &#147;<B>Offered
Shares</B>&#148;) of Denison Mines Corp. (&#147;<B>Denison</B>&#148;) at a price of $3.55 per Offered Share (the &#147;<B>Offering</B>&#148;).
The price for the Offered Shares offered under this short form prospectus was determined by
negotiation between Denison and GMP Securities L.P. (together with Cormark Securities Inc. and
Scotia Capital Inc., the &#147;<B>Co-Lead Underwriters</B>&#148;), on its own behalf and on behalf of the other
Underwriters (as defined below).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The outstanding common shares of Denison (&#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 LLC exchange (&#147;<B>AMEX</B>&#148;) under the symbol
&#147;DNN&#148;. On February&nbsp;28, 2011, the last trading day prior to the filing of this short form
prospectus, the closing price of the Common Shares on the TSX was $3.66 and on AMEX was US$3.78.
Denison has applied to list the Offered Shares distributed under this short form prospectus on the
TSX and has filed a supplemental listing application to list the Offered Shares on AMEX. Such
listings will be subject to Denison fulfilling all of the requirements of the TSX and AMEX,
respectively.
</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>Underwriters&#146;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Net Proceeds to</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>Price to Public</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fee</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>Denison</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(2)</B></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">Per Common Share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.1775</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.3725</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">64,965,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,248,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">61,716,750</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="2"><DIV style="text-align: justify"><B>Notes:</B></DIV></TD>
    <TD>&nbsp;</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Denison has agreed to pay the Underwriters an aggregate fee (the &#147;<B>Underwriters&#146; Fee</B>&#148;) equal
to 5.0% of the gross proceeds of the Offering, provided that no fees will be payable in
respect of any Offered Shares sold to certain persons as agreed between Denison and the
Underwriters.</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">Before deducting expenses of the Offering, estimated to be $500,000, which will be paid from
the general funds of Denison and assuming that the Underwriters&#146; Fee is paid on all Offered
Shares.</DIV></TD>
</TR>

</TABLE>
<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: 7.50in">





<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Co-Lead Underwriters, together with Dundee Securities Ltd. and Raymond James Ltd.
(collectively, the &#147;<B>Underwriters</B>&#148;), as principals, conditionally offer the Offered Shares, subject
to prior sale, if, as and when issued by Denison and accepted by the Underwriters in accordance
with the conditions contained in the Underwriting Agreement referred to under &#147;Plan of
Distribution&#148;, and subject to approval of certain legal matters on behalf of Denison by Blake,
Cassels &#038; Graydon LLP and on behalf of the Underwriters by Cassels Brock &#038; Blackwell LLP.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Scotia Capital Inc. is an indirect wholly-owned subsidiary of The Bank of Nova Scotia, which is a
lender to Denison. In addition, Cormark Securities Inc. (&#147;<B>Cormark</B>&#148;) has been retained by Denison
to act as financial advisor in respect of a strategic review of its alternatives. Under this
engagement, Cormark is entitled to a work fee and certain other transaction related fees. As part
of this engagement, Cormark is acting as a financial advisor to Denison in respect of the proposed
White Canyon Acquisition (as defined herein). Consequently, Denison may be considered to be a
&#147;connected issuer&#148; of these Underwriters under applicable Canadian securities laws. See
&#147;Relationship Between Denison and Certain Underwriters&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In the opinion of Blake, Cassels &#038; Graydon LLP, counsel to Denison, and Cassels Brock &#038; Blackwell
LLP, counsel to the Underwriters, on the basis of the applicable legislation in effect on the date
hereof, and subject to the qualifications and assumptions discussed under the heading &#147;Eligibility
For Investment&#148;, the Offered Shares, on the Closing Date (as defined herein), will be qualified
investments under the <I>Income Tax Act </I>(Canada) (the &#147;<B>Tax Act</B>&#148;) for trusts governed by registered
retirement savings plans, registered retirement income funds, deferred profit sharing plans,
registered disability savings plans, registered education savings plans and tax-free savings
accounts. See &#147;Eligibility for Investment&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>An investment in Common Shares is highly speculative and involves significant risks that should be
carefully considered by prospective investors. The risks outlined in this short form prospectus and
in the documents incorporated herein by reference should be carefully reviewed and considered by
prospective investors. See &#147;Risk Factors&#148;.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Subscriptions for Offered Shares will be received subject to rejection or allotment in whole or in
part and the right is reserved to close the subscription book at any time without notice. Closing
of the Offering is expected to occur on or about March&nbsp;15, 2011 (the &#147;<B>Closing Date</B>&#148;). Subject to
applicable laws, the Underwriters may, in connection with the Offering, effect transactions which
stabilize or maintain the market price for the Common Shares at levels other than those which
otherwise might prevail in the open market. See &#147;Plan of Distribution&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Underwriters propose to offer the Offered Shares initially at the offering price specified
above. After a reasonable effort has been made to sell all of the Offered Shares at the price
specified, the Underwriters may reduce the selling price to investors from time to time in order to
sell any of the Offered Shares remaining unsold. Any such reduction will not affect the proceeds
received by Denison.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All dollar amounts referenced herein, unless otherwise indicated, are expressed in Canadian dollars
and United States dollars are referred to as &#147;United States dollars&#148; or &#147;US$&#148;. On February&nbsp;28,
2011, the noon exchange rate for Canadian dollars in terms of the United States dollar, as quoted
by the Bank of Canada, was US$1.00 = C$0.9739.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The head office and registered office of Denison is located at 595 Bay Street, Suite&nbsp;402, Toronto,
Ontario, M5G 2C2.
</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: 7.50in">

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="86%">&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">ELIGIBILITY FOR INVESTMENT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">FORWARD-LOOKING INFORMATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CURRENCY AND EXCHANGE RATE INFORMATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">TECHNICAL INFORMATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DOCUMENTS INCORPORATED BY REFERENCE</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">DENISON MINES CORP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">RECENT DEVELOPMENTS</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">DESCRIPTION OF SECURITIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CONSOLIDATED CAPITALIZATION</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">PRIOR SALES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PRICE RANGE AND TRADING VOLUME OF SECURITIES</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">USE OF PROCEEDS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PLAN OF DISTRIBUTION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">RELATIONSHIP BETWEEN DENISON AND CERTAIN UNDERWRITERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">RISK FACTORS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">AUDITORS, REGISTRAR AND TRANSFER AGENT OF DENISON</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">INTERESTS OF EXPERTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">STATUTORY RIGHTS OF WITHDRAWAL AND RESCISSION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">AUDITORS&#146; CONSENT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CERTIFICATE OF DENISON</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">C-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CERTIFICATE OF THE UNDERWRITERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">C-2</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: 7.50in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In the opinion of Blake, Cassels &#038; Graydon LLP, counsel to Denison, and Cassels Brock &#038; Blackwell
LLP, counsel to the Underwriters, provided the Common Shares remain listed on a designated stock
exchange (including the TSX), the Offered Shares issuable hereunder would, if issued on the date
hereof, generally be qualified investments under the Tax Act and the regulations thereunder for
trusts governed by registered retirement savings plans, registered retirement income funds,
deferred profit sharing plans, registered education savings plans, registered disability savings
plans and tax-free savings accounts (&#147;<B>TFSAs</B>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The holder of a TFSA governed by a trust which holds any of the Offered Shares will be subject to a
penalty tax if the holder does not deal at arm&#146;s-length with Denison for the purposes of the Tax
Act or if the holder has a &#147;significant interest&#148; (within the meaning of the Tax Act) in Denison or
a corporation, partnership or trust with which Denison does not deal at arm&#146;s-length for the
purposes of the Tax Act. Generally a holder of a TFSA should not hold a significant interest in a
corporation (including Denison) provided that neither the holder nor any one or more persons with
whom the holder does not deal at arm&#146;s length, alone or in any combination, directly or indirectly
holds 10% or more of the issued shares of any class of shares in the capital stock of the
corporation. For these purposes, specific rules may deem a holder to own shares of a corporation
that are held by a partnership in which the holder is a member or by a trust of which the holder is
a beneficiary. A holder of a TFSA will not generally hold a significant interest in a partnership
or trust if neither the holder, nor any one or more persons with whom the holder does not deal at
arm&#146;s length, holds interests representing 10% or more of the fair market value of all the
interests in the partnership or trust. <B>Holders of TFSAs are advised to consult their own tax
advisors in this regard.</B>
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Certain information contained in this short form prospectus and in certain documents incorporated
by reference into this short form prospectus 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
information. Denison believes that the expectations reflected in this forward-looking information
are 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 short form
prospectus should not be unduly relied upon. This information speaks only as of the date of this
short form prospectus or as of the date specified in the documents incorporated by reference into
this short form prospectus, as the case may be.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In particular, this short form prospectus 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="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 estimates of Denison&#146;s mineral reserves and mineral resources;</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">estimates regarding Denison&#146;s uranium and vanadium production levels and sales
volumes;</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&#146;s capital expenditure program, estimated production costs, exploration and
development 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="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 proposed acquisition of White Canyon Uranium Limited (&#147;<B>White Canyon</B>&#148;) by 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="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&#146;s planned use of the proceeds of the Offering;</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">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="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">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="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">possible impacts of litigation and regulatory actions on Denison;</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">exploration, development and expansion plans and objectives;</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 possibility that KEPCO (as defined below) may subscribe for additional Common
Shares;</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&#146;s expectations regarding additions to its mineral reserves and resources
through acquisitions and development; 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">receipt of regulatory approvals and 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>

<!-- 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: 7.50in">

<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 short form prospectus 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="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">volatility in market prices for uranium and vanadium;</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 possibility that all of the conditions to the acquisition of White Canyon will
not be satisfied, or that the acquisition of White Canyon will otherwise not occur;</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">potential changes in market or industry conditions that result in changes to
Denison&#146;s use of the proceeds of the Offering or capital program;</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">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="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">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="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">uncertainties associated with estimating mineral reserves and resources;</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">failure to obtain industry partner and other third party consents and approvals,
when required;</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">delays in obtaining permits and licenses for development properties;</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">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="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">incorrect assessments of the value of acquisitions;</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">public resistance to the expansion of nuclear energy or uranium mining;</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">uranium industry competition and international trade restrictions;</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">geological, technical and processing problems;</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 ability of Denison to meet its obligations to its creditors;</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">actions taken by regulatory authorities with respect to mining 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="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 potential influence of, or its reliance on, Denison&#146;s business partners; 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">the other factors discussed under &#147;Risk Factors&#148; in this short form prospectus.</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. See &#147;Risk
Factors &#151; Risks Associated with Denison&#146;s Business &#151; Production Estimates&#148; for a description of
certain assumptions used by Denison in estimating its production for future periods.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The forward-looking information contained in this short form prospectus and the documents
incorporated by reference herein are expressly qualified by these cautionary statements. Denison
does not undertake any obligation to publicly update or revise any forward-looking information
after the date of this short form prospectus 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="center" style="font-size: 10pt; margin-top: 10pt"><B>CURRENCY AND EXCHANGE RATE INFORMATION</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">References to &#147;$&#148; in this short form prospectus are to Canadian dollars. References in this short
form prospectus to &#147;US$&#148; are to U.S. dollars. Denison&#146;s financial statements are reported in U.S.
dollars. On February&nbsp;28, 2011 the Bank of Canada noon rate of exchange between Canadian dollars
and U.S. dollars was US$1.00 = $0.9739.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The high, low and average noon rates of exchange for one U.S. dollar in terms of Canadian dollars
for the nine months ended September&nbsp;30, 2010 and for each of the years ended December&nbsp;31, 2009 and
2008, as well as the noon exchange rates on the final day of each period, as reported by the Bank
of Canada, 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="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"><B>Nine Months Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Year Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Year Ended</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>September 30, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>December 31, 2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>December 31, 2008</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">End of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.0298</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.0466</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.2246</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">High</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.0778</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.3000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.2969</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Low</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.9961</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.0292</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.9719</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.0356</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.1420</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.0660</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="2"><DIV style="text-align: justify"><B>Note:</B></DIV></TD>
    <TD>&nbsp;</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Calculated as an average of the daily noon rates for each period.</DIV></TD>
</TR>

</TABLE>
<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: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">





<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">This short form prospectus also includes references to &#147;AU$&#148;, which refers to Australian dollars.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The disclosure in this short form prospectus (including in the documents incorporated by reference)
of a scientific or technical nature for Denison&#146;s material properties is based on technical reports
prepared for those properties in accordance with National Instrument 43-101 &#151; <I>Standards of
Disclosure for Mineral Projects </I>(&#147;<B>NI 43-101</B>&#148;) of the Canadian Securities Administrators and other
information that has been prepared by or under the supervision of &#147;qualified persons&#148; under NI
43-101 and included in this short form prospectus with the consent of such persons. Other
information has been prepared and included in this short form prospectus following review and
verification by William C. Kerr, also a &#147;qualified person&#148; under NI 43-101. Mr.&nbsp;Kerr is the Vice
President, Exploration of Denison and a Member of the Association of Professional Geoscientists of
Ontario and the Association of Professional Engineers and Geoscientists of Saskatchewan. In
addition to the NI 43-101 technical report for a mineral resource estimate on its Phoenix deposit,
Wheeler River, Eastern Athabasca Basin, Northern Saskatchewan, prepared by SRK Consulting (Canada)
Inc. (&#147;<B>SRK</B>&#148;) as of November&nbsp;17, 2010 (the &#147;<B>Wheeler River Technical Report</B>&#148;) described herein,
Denison&#146;s other technical reports are individually identified and described in the AIF (as defined
below). The technical reports have been filed on SEDAR and can be reviewed at
<U>www.sedar.com</U>.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>DOCUMENTS INCORPORATED BY REFERENCE</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Information has been incorporated by reference in this short form prospectus from documents filed
with securities commissions or similar authorities in Canada. </B>Copies of the documents incorporated
herein by reference may be obtained on request without charge from the
Corporate Secretary of Denison, at its offices located at 595 Bay Street, Suite&nbsp;402, Toronto,
Ontario, M5G 2C2 (Telephone: (416)&nbsp;979-1991 or by faxing a written request to (416)&nbsp;979-5893) or by
accessing the disclosure documents available through the Internet on the Canadian System for
Electronic Document Analysis and Retrieval (SEDAR)&nbsp;web site at <U>www.sedar.com</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following documents of Denison, which have been filed with the securities commissions or
similar authorities in the provinces of Canada in which Denison is a reporting issuer, are
specifically incorporated by reference into and form an integral part of this short form
prospectus:
</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">the annual information form of Denison dated March&nbsp;19, 2010 for the year ended
December&nbsp;31, 2009 (the &#147;<B>AIF</B>&#148;);</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">the audited consolidated balance sheets of Denison as at December&nbsp;31, 2009 and
2008 and the consolidated statements of operations, the consolidated statements of
shareholders&#146; equity and comprehensive loss and the consolidated statements of cash
flows for the years then ended, together with the report of the auditors thereon and
the notes thereto;</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">management&#146;s discussion and analysis of the financial condition and results of
operations of Denison for the year ended December&nbsp;31, 2009;</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">the unaudited interim consolidated balance sheet of Denison as at September&nbsp;30,
2010 and the consolidated statements of operations, the consolidated statements of
shareholders&#146; equity and comprehensive income (loss)&nbsp;and the consolidated statements of
cash flows for the three and nine month periods ended September&nbsp;30, 2010 and 2009
together with the notes thereto;</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">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">management&#146;s discussion and analysis of the financial condition and results of
operations of Denison for the three and nine month periods ended September&nbsp;30, 2010;</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">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the information circular of Denison dated March&nbsp;22, 2010, relating to the
annual meeting of Denison&#146;s shareholders held on May&nbsp;6, 2010;</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">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the material change report of Denison dated November&nbsp;26, 2010 relating to
Denison&#146;s private placement offering of special warrants to raise proceeds of
$65,450,000;</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">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the information under the heading &#147;Recent Developments &#151; Initial Resource
Estimate Regarding the Phoenix Deposit at Denison&#146;s Wheeler Property&#148; in the short form
prospectus of Denison dated December&nbsp;16, 2010 (the &#147;<B>December Prospectus</B>&#148;); 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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the material change report of Denison dated February&nbsp;28, 2011 relating to the
announcement of the Offering.</DIV></TD>
</TR>

</TABLE>
</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: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<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">Any documents of the type required by National Instrument 44-101 &#151; <I>Short Form&nbsp;Prospectus
Distributions </I>to be incorporated by reference in a short form prospectus including any material
change reports (excluding confidential reports), comparative interim financial statements,
comparative annual financial statements and the auditors&#146; report thereon, management&#146;s discussion
and analysis of financial condition and results of operations, information circulars, annual
information forms and business acquisition reports filed by Denison with the securities commissions
or similar authorities in the provinces of Canada subsequent to the date of this short form
prospectus and prior to the termination of this distribution are deemed to be incorporated by
reference in this short form prospectus.
</DIV>

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

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison, formerly International Uranium Corporation (&#147;<B>IUC</B>&#148;), was formed by articles of amalgamation
effective May&nbsp;9, 1997 pursuant to the <I>Business Corporations Act </I>(Ontario) (the &#147;<B>OBCA</B>&#148;). On
December&nbsp;1, 2006, IUC combined its business and operations with Denison Mines Inc. (&#147;<B>DMI</B>&#148;), by way
of arrangement under the OBCA (the &#147;<B>DMI Arrangement</B>&#148;). Pursuant to the DMI Arrangement, all of the
issued and outstanding shares of DMI were acquired in exchange for IUC&#146;s shares at a ratio of 2.88
common shares of IUC 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 conducts its business through a number of subsidiaries. A diagram depicting the
organizational structure of Denison and its subsidiaries, including the name, country of
incorporation and proportion of ownership interest as of December&nbsp;31, 2009 is included as Exhibit&nbsp;1
to the AIF.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison is a diversified, intermediate uranium producer with uranium production in the United
States and development projects in the United States, Canada, Zambia and Mongolia. Denison&#146;s assets
include its 100% ownership of the White Mesa uranium mill in Utah and its 22.5% ownership of the
McClean Lake uranium mill in Saskatchewan. Denison also produces vanadium
(&#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;) as a co-product from some of its mines in Colorado and Utah and
processes 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 Denison&#146;s White Mesa mill.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison owns interests in a portfolio of exploration projects, including the Wheeler River
property, along with other properties in close proximity to its mills in the Athabasca Basin in
Saskatchewan and in the Colorado Plateau, Henry Mountains and Arizona Strip regions of the south
western United States. Denison is the manager of Uranium Participation Corporation, a publicly
traded company which invests in uranium oxide in concentrates (&#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;) and
uranium hexafluoride (&#147;<B>UF</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>6</B></SUB>&#148;). Denison is also engaged in mine decommissioning and
environmental services through its Denison Environmental Services division.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">For a detailed description of the business of Denison, please refer to &#147;General Development of the
Business&#148; and &#147;Denison&#146;s Business&#148; in the AIF.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-4-<!-- /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: 7.50in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Since September&nbsp;30, 2010, the following notable events have taken place within Denison&#146;s business.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Initial Resource Estimate Regarding the Phoenix Deposit at Denison&#146;s Wheeler Property</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On November&nbsp;25, 2010, Denison filed the Wheeler River Technical Report. A summary of the Wheeler
River Technical Report on the Wheeler River property is contained under the heading &#147;Recent
Developments &#151; Initial Resource Estimate Regarding the Phoenix Deposit at Denison&#146;s Wheeler
Property&#148; contained in the December Prospectus, which disclosure is incorporated by reference
herein.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Offering of Special Warrants and Issuance of Common Shares</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On December&nbsp;9, 2010, Denison completed an offering (the &#147;<B>Special Warrant Offering</B>&#148;) of 25,000,000
special warrants at a price of $2.45 per special warrant and 1,400,000 special warrants issued on a
&#147;flow-through&#148; basis under the Tax Act at a price of $3.00 per flow-through special warrant
(collectively, the &#147;<B>Special Warrants</B>&#148;) for gross aggregate proceeds of $65,450,000. Each Special
Warrant entitled the holder thereof to receive, upon exercise or deemed exercise of the Special
Warrant and without payment of any additional consideration, and subject to adjustment in certain
circumstances, one Common Share (a &#147;<B>Special Warrant Share</B>&#148;) at any time prior to the earlier of:
(i)&nbsp;5:00 p.m. (Toronto time) on April&nbsp;10, 2011, being the date that is four months and one day
following the closing date of the Special Warrant Offering; and (ii)&nbsp;the third business day after
the date on which a receipt for a (final)&nbsp;prospectus was received by Denison qualifying the
distribution of the Special Warrant Shares.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On December&nbsp;16, 2010, Denison received a receipt for the prospectus pursuant to which the Special
Warrant Shares were qualified for distribution. As a result, all Special Warrants were deemed to
be exercised on December&nbsp;23, 2010 resulting in the issue of 26,400,000 Special Warrant Shares to
the holders of the Special Warrants.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In accordance with an existing agreement between Denison and its largest shareholder, Korea
Electric Power Corporation (&#147;<B>KEPCO</B>&#148;), KEPCO was entitled to subscribe for additional Common Shares
in an amount that would allow it to maintain its existing shareholding level in Denison after the
Special Warrant Offering. KEPCO elected not to subscribe for additional Common Shares under this
right.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The net proceeds received by Denison, after deducting the expenses of the Special Warrant Offering
and the qualification of the Special Warrant Shares and the underwriters&#146; fee, was approximately
$61,677,500. Denison plans to use the net proceeds of the Special Warrant Offering for the
exploration and development of its uranium properties, including the McClean Lake, Midwest, Gurvan
Saihan Joint Venture, Mutanga and Pinenut projects, and for general working capital purposes.
Denison agreed to use the proceeds from the Special Warrants issued on a &#147;flow-through&#148; basis under
the Tax Act to incur eligible Canadian exploration expenses that qualify as Canadian exploration
expenses and &#147;flow-through mining expenditures&#148; for purposes of the Tax Act and which will be
renounced in favour of the holders with an effective date of no later than December&nbsp;31, 2010.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>2010 Production and Sales</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On January&nbsp;31, 2011, Denison announced that its uranium production in 2010 was 1.4&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> from its U.S. operations and its 22.5% share of production from the
McClean Lake operation in the Athabasca basin in Canada. Vanadium production totalled 2.3&nbsp;million
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> from its White Mesa mill in Utah.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Uranium sales in 2010 totalled 1.8&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 realized
price of US$47.67 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>. Vanadium sales in 2010 sales were 2.4
million 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> equivalent, at an average realized price of US$6.33 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"><B>Proposed Acquisition of White Canyon Uranium Limited</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On February&nbsp;22, 2011, Denison announced that it had entered into a Bid Implementation Agreement
with White Canyon under which Denison agreed to make a takeover offer to acquire 100% of the issued
and outstanding shares of White Canyon at a price of AU$0.24 per share for a total consideration of
approximately AU$57.0&nbsp;million ($56.6&nbsp;million) (the &#147;<B>White Canyon Acquisition</B>&#148;).
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

<!-- PAGEBREAK -->
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s offer for White Canyon is subject to a number of conditions, including the requirement
that Denison acquires a relevant interest in at least 90% of White Canyon&#146;s share capital on issue
during, or at the end of, the offer period, receipt of all necessary regulatory approvals and there
being no material adverse change or prescribed occurrence in respect of White Canyon. Denison is
entitled to vary the terms of its offer, subject to applicable law. Denison expects that the White
Canyon Acquisition will be completed in the second quarter of 2011.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">White Canyon is a Perth, Western Australia headquartered company, with listings on both the
Australian Securities Exchange and the TSX Venture Exchange. White Canyon&#146;s U.S. operations are
based in Moab, Utah and its holdings comprise 100% interests in the Thompson, Daneros, Lark Royal,
Geitus, Blue Jay and Marcy Look Projects, covering approximately 15,500 acres in the Red Canyon
district, Southern, Utah. White Canyon commenced uranium production in December&nbsp;2009 from its 100%
owned Daneros Uranium Mine, which uranium is currently processed at Denison&#146;s nearby White Mesa
mill pursuant to a toll milling arrangement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s management believes that the White Canyon Acquisition will fit well into its growth
strategy in the United States as the acquisition is expected to provide Denison additional control
over its milling schedules and uranium production and will establish Denison in a new, fourth
mining district, near its White Mesa mill, which has significant potential for immediate resource
growth.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison is authorized to issue an unlimited number of Common Shares. 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 of Denison 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.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison also had outstanding 2,225,000 common share purchase warrants, each of which was
exercisable into 2.88 Common Shares (for a total of 6,408,000 Common Shares) at an exercise price
of $30.00 per warrant. These common share purchase warrants expired on March&nbsp;1, 2011.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As of February&nbsp;28, 2011, and prior to the issue of the Offered Shares, a total of 366,360,915
Common Shares are issued and outstanding. After the issuance of the Common Shares, Denison will
have 384,660,915 Common Shares issued and outstanding.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Other than with respect to the issuance of the 26,400,000 Common Shares underlying the Special
Warrants on December&nbsp;23, 2010 (which added $61,677,500 to common share capital) and the proposed
issuance of the Offered Shares (which will add $61,716,750 to common share capital), since
September&nbsp;30, 2010 there have been no material changes to Denison&#146;s share and loan capital on a
consolidated basis.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In addition, pursuant to an existing strategic relationship agreement among Denison, KEPCO, and a
subsidiary of KEPCO, in the case of an equity financing by Denison that raises $10&nbsp;million or more
(which would include the Offering), KEPCO is entitled (but is not required) to subscribe for
additional Common Shares following completion of such a financing in an amount that would allow it
to maintain its existing shareholding level in Denison. KEPCO currently holds approximately 15.83%
of the outstanding Common Shares. KEPCO will be entitled under this right to subscribe for
approximately 3,442,000 Common Shares at a subscription price of $3.55 per share. If KEPCO
determines to proceed with the additional subscription (the &#147;<B>KEPCO Placement</B>&#148;), it must inform
Denison prior to the date that is five business days following the closing of the Offering. The
KEPCO Placement would be completed within 45&nbsp;days of the date that initial notice of the Offering
was provided to KEPCO, with such notice being provided on February&nbsp;23, 2011. To date, KEPCO has
not notified Denison as to whether it will subscribe for additional Common Shares under this right.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

<!-- PAGEBREAK -->
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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: 7.50in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During the 12-month period leading up to the filing of this short form prospectus, the only other
issuances of Common Shares or securities convertible or exchangeable into Common Shares by Denison
were (a)&nbsp;the issuance of 26,400,000 Special Warrants on December&nbsp;9, 2010 and the issuance of
26,400,000 Special Warrant Shares on the deemed exercise of the Special Warrants on December&nbsp;23,
2010 as described under &#147;Recent Developments &#151; Offering of Special Warrants and Issuance of Common
Shares&#148;, and (b)&nbsp;the issuances of the following Common Shares upon the exercise of stock options by
the holders thereof:
</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="72%">&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>Number of Common</B></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>Date of Transaction</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares Issued</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Exercise Price</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">November&nbsp;2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.04</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December&nbsp;2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December&nbsp;2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.04</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">January&nbsp;2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</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:15px; text-indent:-15px">January&nbsp;2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.04</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">February&nbsp;2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.04</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PRICE RANGE AND TRADING VOLUME OF SECURITIES</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Common Shares are listed and posted for trading on the TSX under the symbol &#147;DML&#148;. The
following table sets forth certain trading information in respect of the Common Shares from March
2010 to February&nbsp;2011 as reported by the TSX (according to Bloomberg):
</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="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&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>Month</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Price Range (C$)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Trading Volume</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"><B>2010</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">March</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$1.37 &#150; $1.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,816,815</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">April</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$1.46 &#150; $1.78</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,390,565</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">May</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$1.28 &#150; $1.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,041,244</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">June</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$1.25 &#150; $1.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,579,687</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">July</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$1.15 &#150; $1.67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,722,633</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">August</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$1.40 &#150; $1.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,135,853</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">September</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$1.45 &#150; $1.83</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,944,065</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">October</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$1.68 &#150; $2.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,259,881</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">November</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$2.16 &#150; $3.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102,704,555</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">December</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$3.13 &#150; $3.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,520,341</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2011</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">January</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$2.80 &#150; $3.76</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,396,080</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">February</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$3.52 &#150; $4.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,590,219</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On February&nbsp;28, 2011, the last trading day prior to the filing of this short form prospectus, the
closing price of the Common Shares on the TSX was $3.66.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The 2006 Warrants were listed and posted for trading on the TSX until expiration on March&nbsp;1, 2011.
The trading symbol for the 2006 Warrants on the TSX was &#147;DML.WT.A&#148;. The following table sets forth
certain trading information in respect of the 2006 Warrants from March&nbsp;2010 to February&nbsp;2011
(according to Bloomberg):
</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="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&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>Month</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Price Range (C$)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Trading Volume</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"><B>2010</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">March</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$0.105 &#150; $0.185</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">April</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$0.11 &#150; $0.165</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,600</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">May</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$0.11 &#150; $0.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,300</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">June</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">No trading</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right">No trading</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">July</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$0.10 &#150; $0.16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,470</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">August</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$0.10 &#150; $0.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,900</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">September</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$0.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">October</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$0.08 &#150; $0.085</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">November</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$0.08 &#150; $0.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">323,450</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">December</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$0.02 &#150; $0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">612,995</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2011</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">January</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$0.01 &#150; $0.035</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">609,816</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">February</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$0.01 &#150; $0.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,206,333</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 -->-7-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The net proceeds received by Denison, after deducting the estimated expenses of the Offering of
approximately $500,000 and the Underwriters&#146; Fee of $3,248,250 (assuming that the Underwriters&#146; Fee
is paid on all Offered Shares), will be approximately $61,216,750.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison plans to use the net proceeds of the Offering, together with cash currently on hand in the
amount of approximately $85,000,000 to fund: (i)&nbsp;Denison&#146;s 2011 exploration and development program
on its uranium properties in North America (approximately $15.3&nbsp;million), Zambia (approximately
$6.2&nbsp;million), and Mongolia (approximately $7.4&nbsp;million), and (ii)&nbsp;the purchase price of the
ordinary shares of White Canyon (approximately $56.6&nbsp;million) and the expenses related to the White
Canyon Acquisition if the White Canyon Acquisition is completed. Cash available in excess of the
uses above will be used for future exploration and development on
Denison&#146;s current uranium properties, to pursue other business development opportunities that may
arise but which have not yet been identified at this time, and for general working capital
purposes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Offering is likely to be completed before the completion of the White Canyon Acquisition, and
is not conditional on the White Canyon Acquisition proceeding. If the White Canyon Acquisition is
not completed for any reason, Denison will use any funds it holds in excess of the amount of its
current capital program to fund the future exploration and development of its uranium properties,
and may seek other business opportunities that have not been identified or considered at this time.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Due to the nature of the mining industry, budgets are regularly reviewed in light of the success of
expenditures and other opportunities which may become available to Denison. Potential investors
are cautioned that notwithstanding Denison&#146;s current intentions regarding the use of the net
proceeds of the Offering, there may be circumstances where a reallocation of funds may be necessary
or where a change in Denison&#146;s capital expenditure program may be appropriate. While Denison
anticipates that it will spend the funds available to it as set forth above, there may be
circumstances where, for sound business reasons, a reallocation of the net proceeds may be
necessary, depending on future operations on Denison&#146;s properties or unforeseen events.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Subject to the terms and conditions of an underwriting agreement (the &#147;<B>Underwriting Agreement</B>&#148;)
dated as of March&nbsp;1, 2011 among Denison and the Underwriters, Denison has agreed to sell to the
Underwriters, and the Underwriters have severally agreed to purchase from Denison, as principals,
on the Closing Date, a total of 18,300,000 Offered Shares at a price of $3.55 per share for total
consideration of $64,965,000 payable to Denison against delivery of the Offered Shares. In
connection with the Offering, Denison will pay the Underwriters a fee of $0.1775 per Offered Share,
provided that no fees will be payable in respect of any Offered Shares sold to certain persons as
agreed between Denison and the Underwriters. The price of the Offered Shares offered hereunder was
determined by negotiation between Denison and the Co-Lead Underwriters on their own behalf and on
behalf of the other Underwriters.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Subscriptions for Offered Shares will be received subject to rejection or allotment in whole or in
part and the right is reserved to close the subscription book at any time without notice. Under
the terms of the Underwriting Agreement, the obligations of the Underwriters are several and not
joint and may be terminated at their discretion upon the occurrence of certain stated events. If
an Underwriter fails to purchase the Offered Shares which it has agreed to purchase, the other
Underwriters may, but are not obligated to, purchase such Offered Shares. The Underwriters are,
however, obligated to take up and pay for all the Offered Shares offered by this short form
prospectus if any are purchased under the Underwriting Agreement, subject to certain exceptions.
Denison has agreed to indemnify the Underwriters and their affiliates and their respective
directors, officers, employees and agents against certain liabilities.
</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: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison has applied to list the Offered Shares on the TSX and Denison has filed a supplemental
listing application to list the Offered Shares on the AMEX. Such listings will be subject to
Denison fulfilling all of the listing requirements of the TSX and the AMEX, respectively.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison has been advised by the Underwriters that, in connection with the Offering, the
Underwriters may effect transactions which stabilize or maintain the market price of the Common
Shares at levels other than those which might otherwise prevail in the open market. Such
transactions, if commenced, may be discontinued at any time.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Without affecting the firm obligation of the Underwriters to purchase 18,300,000 Offered Shares
from Denison at a price of $3.55 per Offered Share in accordance with the Underwriting Agreement,
after the Underwriters have made reasonable efforts to sell all of the Offered Shares offered
hereby at the price specified herein, the offering price to the public may be decreased and further
changed from time to time to an amount not greater than the offering price specified herein. In the
event the offering price of the Offered Shares is reduced, the compensation received by the
Underwriters will be decreased by the amount by which the aggregate price paid by the purchasers
for the Offered Shares is less than the gross proceeds paid by the Underwriters to Denison for the
Offered Shares. Any such reduction will not affect the proceeds received by Denison. The
Underwriters will inform Denison if the offering price to the public is decreased.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison has agreed not to issue any additional Common Shares or financial instruments convertible
or exchangeable into Common Shares or agree to become bound to do so, or disclose to the public any
intention to do so for a period ending 90&nbsp;days following the Closing Date without the prior consent
of the Co-Lead Underwriters, such consent not to be unreasonably withheld. This restriction will
not apply to (a)&nbsp;the grant or exercise of stock options and other similar issuances pursuant to
Denison&#146;s stock option plan and other share compensation arrangements; (b)&nbsp;the exercise of
outstanding warrants or convertible debt; (c)&nbsp;Common Shares which may be issuable to KEPCO pursuant
to its share purchase right described under the heading &#147;Consolidated Capitalization&#148;, and (d)
Common Shares issued pursuant to transactions or proposed transactions that had been disclosed to
the public on or prior to February&nbsp;22, 2011.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Offered Shares have not been and will not be registered under the U.S. Securities Act or any
state securities laws, and, accordingly, may not be offered or sold within the United States (as
such term is defined in Regulation&nbsp;S under the U.S. Securities Act) except in transactions exempt
from the registration requirements of the U.S. Securities Act and applicable state securities laws.
The Underwriting Agreement enables the Underwriters to offer the Offered Shares for sale directly
by Denison to certain institutional &#147;accredited investors&#148; that meet the criteria set forth in Rule
501(a)(1), (2), (3)&nbsp;or (7)&nbsp;of Regulation&nbsp;D under the U.S. Securities Act in the United States on a
substituted purchaser basis pursuant to Rule&nbsp;506 of Regulation&nbsp;D under the U.S. Securities Act.
Moreover, the Underwriting Agreement provides that the Underwriters will offer and sell the Offered
Shares outside the United States only in accordance with Regulation&nbsp;S under the U.S. Securities
Act.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In addition, until 40&nbsp;days after the commencement of the Offering, any offer or sale of Offered
Shares within the United States by any dealer (whether or not participating in the Offering) may
violate the registration requirements of the U.S. Securities Act if such offer or sale is made
otherwise than in accordance with an applicable exemption from the registration requirements of the
U.S. Securities Act.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>RELATIONSHIP BETWEEN DENISON AND CERTAIN UNDERWRITERS</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Scotia Capital Inc. is an indirect wholly-owned subsidiary of The Bank of Nova Scotia, which is a
lender to Denison in respect of its credit facility (the &#147;<B>Credit Facility</B>&#148;). As a result, Denison
may be considered to be a &#147;connected issuer&#148; of this Underwriter under applicable Canadian
securities laws. As of February&nbsp;28, 2011, Denison had no outstanding indebtedness under the Credit
Facility. Denison is in compliance with all material terms of the agreements governing the Credit
Facility. As of such date, Denison is using approximately $21.9&nbsp;million under the Credit Facility
as collateral for certain letters of credit.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In addition, Cormark has been retained by Denison to act as financial advisor in respect of a
strategic review of its alternatives. Under this engagement, Cormark is entitled to a work fee and
certain other transaction related fees. As part of this engagement, Cormark is acting as a
financial advisor to Denison in respect of the proposed White Canyon Acquisition. Consequently,
Denison may be considered to be a &#147;connected issuer&#148; of Cormark under applicable Canadian
securities laws. The net proceeds of the Offering will not be applied for the benefit of Cormark
Securities Inc.
</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: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The decision to distribute the Offered Shares and the determination of the terms of the
distribution were made through negotiations between Denison and the Co-Lead Underwriters. The Bank
of Nova Scotia did not have any involvement in such decision or determination but has been advised
of the Offering and its terms. As a consequence of the Offering, each of Scotia Capital Inc. and
Cormark Securities Inc. will receive its respective share of the Underwriters&#146; Fee.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">An investment in the Offered Shares is highly speculative and subject to a number of risks.
Prospective investors in the Common Shares should carefully consider the information described in
this short form prospectus as well as information under the heading &#147;Risk Factors&#148; in the AIF,
which is incorporated herein by reference. These risk factors, together with all other information
included or incorporated by reference in this short form prospectus, including information
contained in the section &#147;Forward Looking Information&#148;, should be carefully reviewed and considered
by investors. In addition, an investor should carefully consider the following risk factors.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Risks Associated with the Offering</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Market Price of Shares</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">There can be no assurance that an active market for the Common Shares will be sustained.
Securities of mining companies have experienced substantial volatility in the past, often based on
factors unrelated to the financial performance or prospects of the companies involved. These
factors include macroeconomic developments 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 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 Denison may decline below the Offering
price. If an active market does not develop, investors may lose their entire investment in the
Offered Shares. 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><I>Dilution from Further Equity Financings</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If Denison raises additional funding by issuing additional equity securities, future offerings of
Common Shares, or securities convertible into Common Shares may be made at offering prices
substantially lower than the price at which the Offered Shares are being offered hereunder. Such
financing may substantially dilute the interests of shareholders of Denison and reduce the value of
their investment.
</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: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Discretion Regarding Use of Proceeds</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If the White Canyon Acquisition is completed at the current price per share, Denison plans to use
approximately $56.6&nbsp;million toward the purchase price of the shares of White Canyon. However,
there is no guarantee that the White Canyon Acquisition will be completed. Denison&#146;s obligation to
make the offer to White Canyon&#146;s securityholders and to take up and pay for shares is subject to
certain conditions in Denison&#146;s favour, including there being no material adverse change to White
Canyon&#146;s business. In addition, certain events outside Denison&#146;s control may prevent the White
Canyon Acquisition from being completed, including the failure of the required percentage of White
Canyon shareholders to tender to the bid, the failure to receive an independent expert report as to
the fairness and reasonableness of the bid, and a failure of Denison and White Canyon to obtain all
necessary regulatory approvals to the transaction.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If the White Canyon Acquisition is not completed for any reason, Denison&#146;s management intends to
use the net proceeds for the purposes stated under the heading &#147;Use of Proceeds&#148;, including funding
Denison&#146;s 2011 capital program. However, Denison&#146;s management will have considerable discretion
with respect to the use of the funds, and may use it for other purposes if circumstances change or
if Denison identifies other opportunities or uses for the funds, including other acquisitions or
potential changes in its capital programs that may arise.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Risks Associated with Denison&#146;s Business</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Current Global Financial Conditions</I></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>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Volatility and Sensitivity to Market Prices</I></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 the 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><I>Ability to Maintain Obligations Under Credit Facility and Other Debt</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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 DMI&#146;s main properties by a pledge of the shares of
DMI, and by the property of Denison&#146;s 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>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-11-<!-- /Folio -->
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Conversion to International Financial Reporting Standards (&#147;IFRS&#148;) from Canadian Generally Accepted
Accounting Principles (&#147;GAAP&#148;)</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison is in the process of converting its basis of accounting from Canadian GAAP to IFRS. The
first financial reporting period to be prepared on the revised basis of accounting will be the
first quarter 2011. As part of the conversion process, Denison is currently calculating the IFRS
opening balance sheet adjustments as at January&nbsp;1, 2010, the date of transition to IFRS. The most
significant adjustments are expected to result from differences in the accounting requirements for
the recognition and measurement of long-lived asset impairments, primarily in relation to mineral
properties, the related deferred tax adjustments and goodwill. The overall effect of the
adjustments is expected to give rise to a material decrease in long-lived asset carrying values in
the January&nbsp;1, 2010 IFRS balance sheet compared to the previously disclosed Canadian GAAP balance
sheet as at that date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Public Acceptance of Nuclear Energy and Competition from Other Energy Sources</I></B>
</DIV>


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Uranium Industry Competition and International Trade Restrictions</I></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 uranium mining companies 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><I>Competition for Properties</I></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. Denison 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 Denison 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><I>Replacement of Mineral Reserves and Resources</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s mineral reserves and resources at its McClean Lake, Midwest, Wheeler River, Arizona
Strip, Colorado Plateau, Henry Mountains, Gurvan Saihan Joint Venture, Mutanga and Dibwe projects,
as described in the AIF, 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 many of its properties will eventually be put into production, there
can be no assurance that they will be, or that they will be able to replace production.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Imprecision of Mineral Reserve and Resource Estimates</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Mineral 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><I>Decommissioning and Reclamation</I></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 Denison remains an
owner thereof, Denison is obligated to eventually reclaim or participate in the reclamation of such
properties. Most, but not all, of Denison&#146;s reclamation obligations are bonded, and cash and other
assets of Denison have been reserved to secure this bonded amount. Although Denison&#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 Denison&#146;s financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Decommissioning plans for Denison&#146;s properties have been filed with applicable regulatory
authorities. These regulatory authorities have accepted the decommissioning plans in concept, but
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><I>Technical Innovation and Obsolescence</I></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><I>Property Title Risk</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In connection with the Offering, Denison arranged for reports to be provided by its counsel to the
Underwriters with respect to Denison&#146;s ownership interests in the properties and mines that
comprise the Arizona Strip, the Bullfrog and Tony M deposits which comprises part of the Henry
Mountains Complex, the Colorado Plateau deposits, the Mutanga project, as well as Denison&#146;s
ownership interest in the McClean Lake, Midwest and Wheeler River mineral properties. Such reports
were based upon publicly available information and did not constitute definitive opinions with
respect to Denison&#146;s interest to such properties, and indicate some reservations with respect to
Denison&#146;s interests.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The validity of unpatented mining claims on U.S. public lands is sometimes difficult to confirm and
may be contested. Due to the extensive requirements and associated expense required to obtain and
maintain mining rights on U.S. public lands, Denison&#146;s U.S. properties are subject to various title
uncertainties which are common to the industry or the geographic location of such claims, with the
attendant risk that there may be defects in its title. In addition, the United States Bureau of
Land Management (&#147;<B>BLM</B>&#148;) has proposed that certain lands around the Grand Canyon National Park,
including the lands on which Denison&#146;s Arizona Strip mines are located, be withdrawn by Congress
from location and entry under the mining laws, and is in the process of conducting various studies
and analyses to support a final decision on whether or not to proceed with a withdrawal of all or a
portion of those lands. If any lands are withdrawn, no new mining claims may be filed on the lands
and no new plans of operations may be approved, other than plans of operations on mining claims
that were valid at the time of withdrawal and that remain valid at the time of plan approval.
Whether or not a mining claim is valid must be determined by a mineral examination conducted by
BLM. The mineral examination, which involves an economic evaluation of a project, must demonstrate
the existence of a locatable mineral resource and that the resource constitutes the discovery of a
valuable mineral deposit. Denison believes
that its material Arizona Strip projects are on valid mining claims that would withstand a mineral
examination. Further, certain of those projects have approved plans of operations which, absent
modification, would not require a mineral examination. However, there can be no guarantee that, if
lands are withdrawn and a mineral examination is performed, the mineral examination would not
result in one or more of Denison&#146;s mining claims being considered invalid, which could prevent a
project from proceeding.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">There is also a risk that Denison&#146;s title to, or interest in, its properties outside the United
States may be subject to defects or challenges. This may be true particularly in countries outside
North America, where there may be less developed legal systems or where ownership interests may
become subject to political interference or changes in laws. If such defects cover a material
portion of Denison&#146;s property, they could materially and adversely affect Denison&#146;s results of
operations and financial condition, its reported mineral reserves or its long term business
prospects.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Production Estimates</I></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; the accuracy of estimated rates and costs of mining and processing;
and assumptions as to future commodity prices.
</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; unexpected labour shortages or
strikes; and varying conditions in the commodities markets.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Mining and Insurance</I></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. 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>
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<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>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Dependence on Issuance of Licence Amendments and Renewals</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison 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 Denison to
operate in compliance with applicable laws and regulations. In addition, depending on Denison&#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 Denison 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><I>Nature of Exploration and Development</I></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
than originally anticipated to bring into a producing phase, and to require more capital than
anticipated.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Governmental Regulation and Policy Risks</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#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>

<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><I>Failure to Realize Benefits of White Canyon Acquisition and Future Acquisitions</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison may not realize the benefits it expects if it completes the White Canyon Acquisition.
Based on its due diligence and review of White Canyon&#146;s business, it expects that White Canyon&#146;s
business will be complementary to its own business, as described under the heading &#147;Recent
Developments &#151; Proposed Acquisition of White Canyon Uranium Limited&#148;, and has based its offer
price for the White Canyon Shares on its understanding of White Canyon&#146;s business. However,
Denison may find undisclosed liabilities or other negative business factors that may negatively
effect the attractiveness of White Canyon and its properties, or their value to Denison. In
addition, Denison may not be as successful in integrating White Canyon&#146;s properties and operations
into its own business as it expects. These risks apply to other acquisitions in the future that
Denison may decide to pursue. Denison may not realize the anticipated benefits of such future
acquisitions or realize the full value of the consideration paid to complete the acquisition.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison 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 Denison&#146;s interest in these assets. As an example, in July&nbsp;2009, the Parliament of Mongolia
enacted the Nuclear Energy Law of Mongolia (the &#147;<B>New Law</B>&#148;), which granted authority to the
Mongolian Nuclear Energy Agency and created a framework for all aspects of uranium resource
development in Mongolia.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">There are a number of provisions under the New Law that could significantly adversely affect the
Gurvan Saihan Joint Venture in Mongolia (&#147;<B>GSJV</B>&#148;), in which Denison holds a 70% interest, including
restrictions on the ability of a licensee to transfer its licences or interests in its uranium
properties, and the ability of the Government of Mongolia to acquire a 34% to 51% interest,
depending on the amount of historic exploration on the property that was funded by the Government
of Mongolia, in each uranium property at no cost to the Government. Denison is
currently engaged with industry groups and trade representatives in Mongolia to determine how the
New Law could be applied in practice. Discussions are also underway between industry groups and
the Mongolian Government in an effort to have the Government amend some of these provisions. At
this time, it is not clear how the Mongolian Government will apply the New Law to the GSJV, in
light of the existing Mineral Agreement between the GSJV and the Government of Mongolia, or to
licences held by the GSJV that are not subject to the Mineral Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In addition, Denison 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. Denison 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><I>Environmental, Health and Safety Risks</I></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 Denison 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 Denison 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">Mining companies are often targets of actions by non-governmental organizations and environmental
groups in the countries in which they operate. Such organizations and groups may take actions in
the future to disrupt Denison&#146;s operations. They may also apply pressure to local, regional and
national government officials to take actions which are adverse to Denison&#146;s operations. Such
actions could have an adverse effect on Denison&#146;s ability to produce and sell its products, and on
its financial position and results.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Aboriginal Title and Consultation Issues</I></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 Denison&#146;s properties.
</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: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Capital Intensive Industry; Uncertainty of Funding</I></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 Denison, a significant disruption to Denison&#146;s
business or operations or other factors may make it difficult to secure financing necessary for the
expansion of mining activities or to take advantage of opportunities for acquisitions. There is no
assurance that Denison 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><I>Dependence on Key Personnel and Qualified and Experienced Employees</I></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. 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><I>Potential Influence of KEPCO</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As at the date hereof, KEPCO holds indirectly a large shareholding in Denison and is contractually
entitled to board representation. Provided KEPCO holds over 15% of Denison&#146;s Common Shares, it is
entitled to nominate two directors for election to the Board at any shareholder meeting, and as
long as it holds between 5% and 15% of Denison&#146;s Common Shares, it will be entitled to nominate one
director.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">KEPCO&#146;s shareholding level gives it significant influence on decisions to be made by shareholders
of Denison, and its right to nominate directors may give KEPCO significant influence on decisions
made by Denison&#146;s Board. Although KEPCO&#146;s director nominees will be subject to duties under the
Business Corporations Act (Ontario) to act in the best interests of Denison as a whole, KEPCO&#146;s
director nominees are likely to be employees of KEPCO and may give special attention to KEPCO&#146;s
interests as an indirect shareholder. The interests of KEPCO
as an indirect shareholder of Denison may not always be consistent with the interests of Denison&#146;s
other shareholders, including, as a result of, its business relationship with Denison.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s agreement with KEPCO also includes provisions that will provide KEPCO with a right of
first offer for certain asset sales and the right to be approached to participate in certain
potential acquisitions. The right of first offer and participation right of KEPCO may negatively
affect Denison&#146;s ability or willingness to entertain certain business opportunities, or the
attractiveness of Denison as a potential party for certain business transactions. KEPCO&#146;s large
shareholding block may also make Denison less attractive to third parties considering an
acquisition of Denison if those third parties are not able to negotiate terms with KEPCO to support
such an acquisition.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As part of a reorganization in 2004, DMI acquired from Denison Energy Inc. (&#147;<B>Denison Energy</B>&#148;) 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 short form prospectus 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;

<P align="center" style="font-size: 10pt"><!-- Folio -->-18-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>AUDITORS, REGISTRAR AND TRANSFER AGENT OF DENISON</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The auditors of Denison are PricewaterhouseCoopers LLP, Chartered Accountants, Licensed Public
Accountants, Toronto, Ontario and they are independent of Denison 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">The registrar and transfer agent for the common shares of Denison is Computershare Investor
Services Inc. at its principal office in Toronto, Ontario.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Certain legal matters relating to the securities offered hereunder will be passed upon by Blake,
Cassels &#038; Graydon LLP on behalf of Denison and Cassels Brock &#038; Blackwell LLP on behalf of the
Underwriters. As of the date of this short form prospectus, the partners and associates of these
firms, each as a group, beneficially own, directly or indirectly, less than 1% of the Common
Shares.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The persons or companies that have prepared reports relating to Denison&#146;s mineral properties that
are referenced in this short form prospectus or documents incorporated by reference herein are
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., Christopher Moreton, Ph.D, P.Geo, Thomas C. Pool, P.E., William E.
Roscoe, Ph. D., P. Eng., David A. Ross, P. Geo., Richard E. Routledge, M.Sc., P.Geo. and Douglas H.
Underhill, Ph.D., C.P.G. of Scott Wilson Roscoe Postle Associates Inc.; Michel Dagbert, P.Eng. of
Geostat Systems International Inc.; Malcolm Titley, B.Sc., MAusIMM, MAIG, of CSA Global (UK)&nbsp;Ltd.;
and Gilles Arseneau, Ph.D., P.Geo. and Cliff Revering, P.Eng. of SRK. As at the date hereof, each
of the aforementioned individuals, the directors, officers and employees in the aggregate, as
applicable, of each of Scott Wilson Roscoe Postle Associates Inc., Geostat Systems International
Inc., CSA Global (UK)&nbsp;Ltd. and SRK, and each of such companies beneficially own, directly or
indirectly, less than 1% of the common shares of Denison.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>STATUTORY RIGHTS OF WITHDRAWAL AND RESCISSION</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Securities legislation in certain of the provinces of Canada provides purchasers with the right to
withdraw from an agreement to purchase securities. This right may be exercised within two business
days after receipt or deemed receipt of a prospectus and any amendment. In several of the
provinces, the securities legislation further provides a purchaser with remedies for rescission or,
in some jurisdictions, revisions of the price or damages if the prospectus and any amendment
contains a misrepresentation or is not delivered to the purchaser, provided that the remedies for
rescission, revision of the price or damages are exercised by the purchaser within the time limit
prescribed by the securities legislation of the purchaser&#146;s province. The purchaser should refer
to any applicable provisions of the securities legislation of the purchaser&#146;s province for the
particulars of these rights or consult with a legal adviser.
</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: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>AUDITORS&#146; CONSENT</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We have read the short form prospectus of Denison Mines Corp. (&#147;<B>Denison</B>&#148;) dated <B>&#149;</B>, 2011 relating to
the qualification for distribution of 18,300,000 common shares of Denison (the &#147;<B>Prospectus</B>&#148;). We
have complied with Canadian generally accepted standards for an auditor&#146;s involvement with offering
documents.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We consent to the incorporation by reference in the Prospectus of our report to the shareholders of
Denison on the consolidated balance sheets of Denison as at December&nbsp;31, 2009 and 2008 and the
consolidated statements of operations, shareholders&#146; equity and comprehensive loss and cash flows
for each of the years then ended and effectiveness of internal control over financial reporting as
at December&nbsp;31, 2009. Our report is dated March&nbsp;11, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Chartered Accountants, Licensed Public Accountants<BR>
Toronto, Ontario<BR>
<B>&#149;</B>, 2011

</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: 7.50in">



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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Dated: March&nbsp;1, 2011
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">This short form prospectus, together with the documents incorporated by reference, constitutes
full, true and plain disclosure of all material facts relating to the securities offered by this
short form prospectus as required by the securities legislation of each of the provinces of Canada,
other than Quebec.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><FONT style="font-variant: SMALL-CAPS"><B>Denison Mines Corp.</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="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">By: (signed) &#147;<I>Ron F. Hochstein</I>&#148;<br>
President and Chief Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">By: (signed) &#147;<I>James R. Anderson</I>&#148;<br>
Executive Vice President and Chief Financial Officer</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>On behalf of the Board of Directors of Denison Mines Corp.</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="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center" nowrap>By: (signed) &#147;<I>John H. Craig</I>&#148;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="center" nowrap>By: (signed) &#147;<I>Catherine J.G. Stefan</I>&#148;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top" align="center" nowrap>Director</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="center" nowrap>Director</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Dated: March&nbsp;1, 2011
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">To the best of our knowledge, information and belief, this short form prospectus, together with the
documents incorporated by reference, constitutes full, true and plain disclosure of all material
facts relating to the securities offered by this short form prospectus as required by the
securities legislation of each of the provinces of Canada, other than Quebec.
</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="33%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="29%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-variant: SMALL-CAPS"><B>GMP SECURITIES L.P.</B></FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>CORMARK SECURITIES INC.</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>SCOTIA CAPITAL INC.</B></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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By: (signed) &#147;<I>Mark Wellings</I>&#148;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By: (signed) &#147;<I>Marc Murnaghan</I>&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By: (signed) &#147;<I>Jeff Richmond</I>&#148;</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="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px"><B>DUNDEE SECURITIES LTD.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap><B>RAYMOND JAMES LTD.</B></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" align="center"><DIV style="margin-left:0px; text-indent:-0px">By: (signed) &#147;<I>David G. Anderson</I>&#148;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>By: (signed) &#147;<I>David Greifenberger</I>&#148;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



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

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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.9
<SEQUENCE>10
<FILENAME>c13754exv99w9.htm
<DESCRIPTION>EXHIBIT 9
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 9</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;9</B>
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">March&nbsp;1, 2011
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Denison Mines Corp.<BR>
595 Bay Street, Suite&nbsp;402<BR>
Toronto, ON M5G 2C2

</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Attention:</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Ron F. Hochstein, President and Chief Executive Officer, and<br>
James R. Anderson, Executive Vice-President and Chief Financial Officer</DIV></TD>
</TR>
</TABLE>
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">GMP Securities L.P. (&#147;<B>GMP</B>&#148;), Cormark Securities Inc. (&#147;<B>Cormark</B>&#148;), Scotia Capital Inc. (&#147;<B>Scotia</B>&#148;),
Dundee Securities Ltd. and Raymond James Ltd. (collectively, the &#147;<B>Underwriters</B>&#148; and each
individually, an &#147;<B>Underwriter</B>&#148;) understand that Denison Mines Corp. (the &#147;<B>Company</B>&#148;) proposes to
issue and sell 18,300,000 common shares of the Company (individually a &#147;<B>Share</B>&#148; and, collectively,
the &#147;<B>Shares</B>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Upon and subject to the terms and conditions set forth herein, the Underwriters hereby severally
offer to purchase from the Company in the respective percentages set forth in Section&nbsp;17 hereof,
and the Company agrees to sell to the Underwriters, all but not less than all of the Shares on an
underwritten basis at a price of $3.55 per Share (the &#147;<B>Issue Price</B>&#148;) for gross proceeds of
$64,965,000, provided that the Underwriters may arrange for substituted purchasers for the Shares
resident in the Selling Jurisdictions (as hereinafter defined) or those jurisdictions outside
Canada where the Shares may be lawfully sold (&#147;<B>Substituted Purchasers</B>&#148;). The Underwriters shall
arrange for purchasers in the United States to purchase Shares on a Substituted Purchaser basis in
accordance with Schedule &#147;C&#148; attached hereto. The Underwriters&#146; obligations to purchase Shares
pursuant to this Agreement shall be reduced by the number of Shares sold to Substituted Purchasers.
The offering of the Shares by the Company is hereinafter referred to as the &#147;<B>Offering</B>&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In consideration of the Underwriters&#146; services to be rendered in connection with the Offering,
including assisting in preparing documentation relating to the sale of the Shares including the
Preliminary Prospectus and the Final Prospectus (in each case as hereinafter defined), distributing
the Shares, directly and through other investment dealers and brokers, the Company agrees to pay
the Underwriting Fee (as hereinafter defined) to the Underwriters. The Company agrees that the
Underwriters will be permitted to appoint, at their sole expense, other registered dealers or other
dealers duly qualified in their respective jurisdictions, in each case acceptable to the Company,
acting reasonably, as their agents to assist in the Offering in the Selling Jurisdictions (as
hereinafter defined) and that the Underwriters may determine the remuneration payable to such other
dealers appointed by them.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">This offer is conditional upon and subject to the additional terms and conditions set forth below.
</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: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>TERMS AND CONDITIONS</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">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Definitions.</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Unless expressly provided otherwise herein, where used in this Agreement or any schedule attached
hereto, the following terms shall have the following meanings, respectively:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Agreement</B>&#148; means the this underwriting agreement between the Company and the Underwriters;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Business Day</B>&#148; means any day except Saturday, Sunday or a statutory or civic holiday in the City of
Toronto, or any other day on which the principal chartered banks located in the City of Toronto are
not open for business;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Canadian GAAP</B>&#148; means Canadian generally accepted accounting principles as set forth in the
Handbook of the Canadian Institute of Chartered Accountants or a successor entity, as amended from
time to time;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Canadian Securities Laws</B>&#148; means, collectively, the applicable securities laws of each of the
Qualifying Provinces and the respective regulations made thereunder, together with applicable
published fee schedules, prescribed forms, policy statements, notices, orders, blanket rulings and
other regulatory instruments of the securities regulatory authorities in the Qualifying Provinces
and the TSX and NYSE Amex;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Canadian Securities Regulators</B>&#148; means, collectively, the applicable securities commission or
securities regulatory authority in each of the Qualifying Provinces;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Closing</B>&#148; means the completion of the issue and sale by the Company and the purchase by the
Underwriters on the Closing Date of the Shares as contemplated by this Agreement;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Closing Date</B>&#148; means March&nbsp;15, 2011 or such earlier or later date as the Company and the
Underwriters may agree in writing;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Closing Time</B>&#148; means 8:00 a.m. (Toronto time) on the Closing Date or such other time on the Closing
Date as the Company and the Underwriters may agree in writing;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Common Shares</B>&#148; means the common shares of the Company, which the Company is authorized to issue as
constituted on the date hereof;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Company</B>&#148; shall have the meaning ascribed thereto in the first paragraph of this Agreement;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Company&#146;s Auditors</B>&#148; means such firm of chartered accountants as the Company may have appointed or
may from time to time appoint as auditors of the Company;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Continuing Underwriters</B>&#148; has the meaning ascribed to in Section&nbsp;17 hereof;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Credit Facility</B>&#148; means the US$60,000,000 revolving term credit facility with The Bank of Nova
Scotia pursuant to the credit agreement dated June&nbsp;30, 2008, as amended as of December&nbsp;11, 2008 and
December&nbsp;31, 2009;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Debt Instrument</B>&#148; means any loan, bond, debenture, promissory note or other instrument
evidencing indebtedness (demand or otherwise) for borrowed money or other liabilities;
</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: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Disclosure Documents</B>&#148; means, collectively, all of the documentation which has been filed by or on
behalf of Denison with the relevant Canadian Securities Regulators pursuant to the requirements of
applicable Canadian Securities Laws, including all press releases, material change reports
(excluding any confidential material change report) and financial statements of the Company;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>&#147;Documents Incorporated by Reference</B>&#148; means all financial statements, management&#146;s discussion and
analysis of results of operations and financial condition, management proxy circulars, annual
information forms, material change reports or other documents issued by the Company, whether before
or after the date of this Agreement, that are required to be incorporated by reference into the
Preliminary Prospectus, the Final Prospectus and/or any Supplementary Material, as applicable;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Environmental Laws</B>&#148; has the meaning ascribed thereto in Section&nbsp;6(ll) hereof;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Equity Securities</B>&#148; has the meaning ascribed thereto in Section&nbsp;9 hereof;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Final Prospectus</B>&#148; means the final short form prospectus, including all of the Documents
Incorporated by Reference, to be prepared by the Company relating to the qualification for
distribution of the Shares to purchasers resident in or otherwise subject to the laws of one of the
Qualifying Provinces and for which a receipt will be issued by the Ontario Securities Commission,
as principal regulator, on its own behalf and on behalf of each of the other Canadian Securities
Regulators;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Financial Statements</B>&#148; has the meaning ascribed thereto in Section&nbsp;6(f) hereof;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>GMP</B>&#148; means GMP Securities L.P.;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Governmental Authority</B>&#148; means any (a)&nbsp;multinational, federal, provincial, state, regional,
municipal, local or other government, governmental or public department, ministry, central bank,
court, tribunal, arbitral body, bureau or agency, domestic or foreign, (b)&nbsp;any subdivision, agent,
commission, board, or authority of any of the foregoing, or (c)&nbsp;any quasi-governmental or private
body exercising any regulatory, expropriation or taxing authority under or for the account of any
foregoing, and any stock exchange or self-regulatory authority and, for greater certainty, includes
the Securities Regulators;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>including</B>&#148; means including without limitation;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Issue Price</B>&#148; has the meaning ascribed thereto in the second paragraph hereof;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>KEPCO</B>&#148; means the Korea Electric Power Corporation and its affiliates;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Leased Premises</B>&#148; has the meaning ascribed thereto in Section&nbsp;6(rr) hereof;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Material Agreement</B>&#148; means any material note, Debt Instrument, indenture, mortgage or other form of
indebtedness and any material contract, commitment, agreement (written or oral), instrument, lease
or other document, including licence agreements and agreements relating to intellectual property,
to which the Company or a Material Subsidiary is a party;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Material Subsidiaries</B>&#148; means the corporations listed in Section 6(b) hereof;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>misrepresentation</B>&#148;, &#147;<B>material fact</B>&#148;, &#147;<B>material change</B>&#148;, &#147;<B>subsidiary</B>&#148;, &#147;<B>affiliate&#148;, &#147;associate</B>&#148;,
and &#147;<B>distribution</B>&#148; have the respective meanings ascribed thereto in the <I>Securities Act </I>(Ontario);
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>MI 11-102</B>&#148; means Multilateral Instrument 11-102 &#151; <I>Passport System</I>;
</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: 7.50in">



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>NI 43-101</B>&#148; means National Instrument 43-101 &#151; <I>Standards of Disclosure for Mineral Projects </I>adopted
by the Canadian Securities Regulators;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>NI 44-101</B>&#148; means National Instrument 44-101 &#151; <I>Short Form&nbsp;Prospectus Distributions </I>adopted by the
Canadian Securities Regulators;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>NP 11-202</B>&#148; means National Policy 11-202 &#151; <I>Process for Prospectus Reviews in Multiple
Jurisdictions </I>adopted by the Canadian Securities Regulators and its related memorandum of
understanding;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>NYSE Amex</B>&#148; means NYSE Amex LLC;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Offering</B>&#148; shall have the meaning ascribed thereto in the first paragraph of this Agreement;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Offering Documents</B>&#148; means, collectively, the Preliminary Prospectus, the Final Prospectus and any
Supplementary Material;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Opinion Subsidiaries</B>&#148; means, collectively, Denison Mines Inc., Denison Mines Holdings Corp.,
Denison Mines (USA)&nbsp;Corp., Denison Colorado Plateau LLC, Denison Henry Mountains LLC, Denison
Arizona Strip LLC, OmegaCorp Limited, OmegaCorp Resources Pty Ltd, Denison Mines Zambia Limited and
Denison White Mesa LLC;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Other Jurisdictions</B>&#148; has the meaning ascribed thereto in Section&nbsp;3;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Person</B>&#148; shall be broadly interpreted and shall include any individual, corporation, partnership,
joint venture, association, trust or other legal entity;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Personnel</B>&#148; has the meaning ascribed thereto in Section&nbsp;14(a) hereof;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Preliminary Prospectus</B>&#148; means the preliminary short form preliminary prospectus, including all of
the Documents Incorporated by Reference, dated as of the date hereof relating to the qualification
for distribution of the Shares to purchasers resident in or otherwise subject to the laws of one of
the Qualifying Provinces for which a receipt will be issued by the Ontario Securities Commission,
as principal regulator, on its own behalf and on behalf of each of the other Canadian Securities
Regulators;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Prospectus</B>&#148; means, collectively, the Preliminary Prospectus and the Final Prospectus, and any
amendments thereto, in each case including all of the Documents Incorporated by Reference;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Purchasers</B>&#148; means, collectively, each of the purchasers of Shares arranged by the Underwriters
pursuant to the Offering, including, the Substituted Purchasers and, if applicable, the
Underwriters;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Qualifying Provinces</B>&#148; means each of the Provinces of Canada other than Quebec;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Refusing Underwriter</B>&#148; has the meaning ascribed thereto in Section&nbsp;17 hereof;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Relevant Proportions</B>&#148; has the meaning ascribed thereto in Section&nbsp;17 hereof;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Securities Laws</B>&#148; means, the Canadian Securities Laws and the securities laws of the United States
and the respective regulations made thereunder, together with applicable published fee schedules,
prescribed forms, policy statements, orders, blanket rulings and other regulatory instruments of
the securities regulatory authorities in such jurisdictions;
</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: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Securities Regulators</B>&#148; means, collectively, the TSX, the NYSE Amex and the securities commissions
or other securities regulatory authorities in the Qualifying Provinces and the United States, as
the case may be;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Selling Group</B>&#148; means, collectively, those registered dealers appointed by the Underwriters to
assist in the Offering as contemplated in Section&nbsp;3 hereof;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Selling Jurisdictions</B>&#148; means, collectively, the Qualifying Provinces and such other jurisdictions
as the Underwriters and the Company may agree, including the United States;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Shares</B>&#148; shall have the meanings ascribed to such term in the first paragraph of this Agreement;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Standard Listing Conditions</B>&#148; has the meaning ascribed thereto in Section&nbsp;4(d)(iii) hereof;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Strategic Relationship Agreement</B>&#148; means the strategic relationship agreement between the Company,
KEPCO and KEPCO Canada Uranium Investment Limited Partnership, dated June&nbsp;15, 2009;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Substituted Purchasers</B>&#148; shall have the meaning ascribed to such term in the second paragraph of
this Agreement;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Supplementary Material</B>&#148; means, collectively, any amendment to the Preliminary Prospectus, the
Final Prospectus, any amendment or supplemental prospectus or ancillary materials that may be filed
by or on behalf of the Company under Canadian Securities Laws relating to the distribution of the
Shares thereunder;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Taxes</B>&#148; has the meaning ascribed thereto in Section&nbsp;6(j) hereof;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>to the Company&#146;s knowledge</B>&#148;, &#147;<B>to the knowledge of the Company</B>&#148; or words of similar effect means
that no information or fact has come to the attention of any senior officer of the Company,
including, but not be limited to, the Chief Executive Officer and the Chief Financial Officer,
after due enquiry, which has given such person actual knowledge to the contrary concerning the
existence or absence of the facts or circumstances referred to;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Transfer Agent</B>&#148; means Computershare Investor Services Inc., in its capacity as transfer agent and
registrar of the Company at its principal offices in the city of Toronto, Ontario;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>TSX</B>&#148; means the Toronto Stock Exchange;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Underwriters</B>&#148; shall have the meaning ascribed thereto in the first paragraph of this Agreement;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>Underwriting Fee</B>&#148; means a cash fee equal to 5.0% of the aggregate gross proceeds of the Offering
payable at the Closing Time, provided that no fee will be payable in respect of any
Shares sold in the Offering to certain persons as agreed between the Company and the Underwriters;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>United States</B>&#148; means the United States of America, its territories and possessions, any state of
the United States and the District of Columbia;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>U.S. Affiliate</B>&#148; means a duly registered U.S. broker-dealer affiliate of an Underwriter; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<B>U.S. Securities Act</B>&#148; means the United States Securities Act of 1933, as amended.
</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: 7.50in">

<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">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Schedules.</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following are the schedules attached to this Agreement, which schedules are deemed to be a part
hereof and are hereby incorporated by reference herein:
</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="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Schedule &#147;A&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Details of Outstanding Convertible Securities</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Schedule &#147;B&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Summary of Royalties for U.S. Properties</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Schedule &#147;C&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Terms for Offering to U.S. Purchasers.</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">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Nature of Transaction.</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Each Purchaser resident in a Qualifying Province shall purchase the Shares pursuant to the Final
Prospectus and that Purchasers in the United States shall purchase Shares in accordance with the
procedures set forth in Section&nbsp;19 and Schedule &#147;C&#148; hereof&#148;. In accordance with Section&nbsp;5(c), the
Underwriters and the Company may agree that Shares may be offered and sold to Purchasers in
jurisdictions outside the United States and Canada (an &#147;<B>Other Jurisdiction</B>&#148;), provided that, in no
event shall Shares be offered in an Other Jurisdiction if it shall require the filing of a
registration statement, prospectus or similar offering document, or result in the Company becoming
subject to continuous disclosure obligations in such Other Jurisdiction. Each Purchaser in Other
Jurisdictions shall purchase in accordance with such procedures as the Company and the Underwriters
may mutually agree, acting reasonably, in order to fully comply with applicable Securities Laws and
any applicable laws of each Other Jurisdiction. The Company hereby agrees to secure compliance with
all applicable securities regulatory requirements of the Qualifying Provinces on a timely basis in
connection with the distribution of the Shares. Subject to being notified by the Underwriters of
the requirements thereof and upon request by the Underwriters, the Company also agrees to file,
within the periods stipulated under the applicable laws outside of Canada and at the Company&#146;s
expense, all private placement forms required to be filed by the Company and the Purchasers,
respectively, in connection with the Offering and agrees to pay all filing fees required to be paid
in connection therewith so that the distribution of the Shares in the Other Jurisdictions may
lawfully occur without the necessity of registering the Shares or filing a prospectus or any
similar document under the applicable laws in the Other Jurisdictions, if applicable. The
Underwriters agree to assist the Company in all reasonable respects to secure compliance with all
regulatory requirements in connection with the Offering.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Underwriters shall be entitled to appoint, at the Underwriters&#146; expense, a soliciting dealer
group consisting of other registered dealers acceptable to the Company for the purposes of
arranging for purchases of the Shares (the &#147;<B>Selling Group</B>&#148;). The Underwriters shall ensure that
any investment dealer who is a member of any Selling Group formed by the Underwriters pursuant to
the provisions of this Agreement or with whom any Underwriter has a contractual
relationship with respect to the Offering, if any, agrees with such Underwriter to comply with the
covenants and obligations given by the Underwriters herein.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Without affecting the obligation of the Underwriters to purchase 18,300,000 Shares from the Company
at a price of $3.55 per Share, after the Underwriters have made reasonable efforts to sell all of
the Shares at $3.55 per Share, the offering price to the public may be decreased and further
changed from time to time to an amount not greater than $3.55 per Share. In the event the price of
the Shares is reduced to less than $3.55 per Share, the compensation received by the Underwriters
will be decreased by the amount by which the aggregate price paid by the purchasers for the Shares
is less than the gross proceeds paid by the Underwriters to the Company for the Shares. Any such
reduction will not affect the proceeds to be paid to the Company. The Underwriters will inform the
Company if the Issue Price to the public is decreased.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<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">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Company&#146;s Covenants Related to the Offering.</B></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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company will, provided the Underwriters have taken all action required by them hereunder
to permit the Company to do so, use its reasonable best efforts to file the Preliminary
Prospectus pursuant to NP 11-202 and to use its reasonable best efforts to obtain a review
receipt document from the Ontario Securities Commission and a deemed receipt in respect of
each of the other Qualifying Provinces before the close of business on March&nbsp;1, 2011, and
shall have taken all other steps and proceedings that may be required to be completed by such
time under this Agreement and Canadian Securities 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="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company will, provided the Underwriters have taken all action required by them hereunder
to permit the Company to do so, file the Final Prospectus pursuant to NP 11-202 and to obtain
a final review receipt document from the Ontario Securities Commission, and a deemed receipt
in each of the other Qualifying Provinces and shall have taken all other steps and proceedings
that may be necessary in order to qualify the Shares for distribution pursuant to the Final
Prospectus in each of the Qualifying Provinces before the close of business on March&nbsp;8, 2011
(or such other date or time as may be agreed to in writing by the Company and GMP, on behalf
of the Underwriters).</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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company shall cause commercial copies of the Preliminary Prospectus, the Final Prospectus
and any Supplementary Material to be delivered to the Underwriters without charge, in such
numbers and in such locations as the Underwriters may reasonably request by written
instructions to the Company&#146;s financial printer of the Preliminary Prospectus and the Final
Prospectus. Such delivery shall be effected as soon as possible and, in any event, on or
before the date which is one Business Day for deliveries to be made in Toronto and two
Business Days for deliveries to be made outside of Toronto after the Ontario Securities
Commission, as principal regulator, has issued a receipt in accordance with NP 11-202 in
respect of the Preliminary Prospectus and the Final Prospectus, and on or before a date which
is two Business Days after the Canadian Securities Regulators issue receipts, in respect of or
accept for filing, as the case may be, any Supplementary Material.</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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company shall deliver,
or cause to be delivered, to each of the Underwriters:</DIV>
</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">prior to the filing of the Preliminary Prospectus and the Final Prospectus
with the Canadian Securities Regulators, a copy of the Preliminary Prospectus and the
Final Prospectus signed by the Company as required by applicable Canadian Securities
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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">prior to the filing of any Supplementary Material with the Canadian
Securities Regulators, a copy of such Supplementary Material required to be filed by
the Company in compliance with applicable Canadian Securities 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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">prior to the filing of the Final Prospectus with the Canadian Securities
Regulators, copies of correspondence from the TSX and the NYSE Amex indicating that
the application for the listing and posting for trading on the TSX and the NYSE Amex
of the Shares have been approved for listing subject only to satisfaction by the
Company of certain standard post-closing conditions imposed by the TSX and the NYSE
Amex (the &#147;<B>Standard Listing Conditions</B>&#148;); and</DIV></TD>
</TR>

</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">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<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">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">concurrently with the filing of the Final Prospectus with the Canadian
Securities Regulators, a &#147;long form&#148; comfort letter dated the date of the Final
Prospectus, in form and substance satisfactory to the Underwriters, acting
reasonably, addressed to the Underwriters and the directors of the Company from the
Company&#146;s Auditors with respect to financial and accounting information relating to
the Company contained in the Final Prospectus, which letter shall be based on a
review by the Company&#146;s Auditors within a cut-off date of not more than two Business
Days prior to the date of the letter, which letter shall be in addition to the
auditors&#146; consent letter addressed to the Canadian Securities Regulators.</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">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company hereby covenants to the Underwriters, and acknowledges that each of them is
relying on such covenants in purchasing the Shares, that the Company 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">prior to the filing of the Preliminary Prospectus, the Final Prospectus and
any Supplementary Material, the Company will allow the Underwriters to participate
fully in the preparation of the Preliminary Prospectus, the Final Prospectus and any
Supplementary Material and shall allow the Underwriters to conduct all due diligence
which they may reasonably require to conduct in order to fulfill their obligations
and in order to enable them to responsibly execute the certificates required to be
executed by them at the end of each of the Preliminary Prospectus, the Final
Prospectus and any applicable Supplementary Material;</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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">make available its directors, senior management, technical advisors,
auditors and counsel to answer any questions which the Underwriters may have and to
participate in one or more due diligence sessions to be held prior to Closing and,
prior to filing each of the Preliminary Prospectus and Final Prospectus, and any
amendments thereto, and to use its commercially reasonable efforts to arrange for the
auditors of the Company to provide written responses in connection with any such due
diligence session;</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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">use its commercially reasonable efforts to fulfil or cause to be
fulfilled, at or prior to the Closing Date, each of the conditions required to be
fulfilled by it set out in Section&nbsp;8;</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">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">use its commercially reasonable efforts to obtain the necessary regulatory
consents and approvals of the TSX and the NYSE Amex for the Offering prior to the
Closing Time on such conditions as are acceptable to the Underwriters and the
Company, acting reasonably;</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">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">fulfil all legal requirements to permit the creation, issuance, offering
and sale of the Shares, all as contemplated in this Agreement and file or cause to be
filed all
documents, applications, forms or undertakings required to be filed by the Company
and take or cause to be taken all action required to be taken by the Company in
connection with the purchase and sale of the Shares;</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">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">until the date of the completion of the distribution of the Shares, use
commercially reasonable efforts to ensure the Preliminary Prospectus and the Final
Prospectus, and any amendments thereto, comply at all times with applicable Canadian
Securities Laws;</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /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: 7.50in">

<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">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">during the period from the date hereof until the completion of the
distribution of the Shares, promptly inform the Underwriters in writing of the full
particulars 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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">any change (actual, anticipated, contemplated,
proposed or threatened, financial or otherwise) in the business,
financial condition, affairs, operations, assets, liabilities or
obligations (contingent or otherwise), prospects, capital or ownership
of the Company, as the case may be;</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">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">any change in any material fact disclosed in
the Disclosure Documents;</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">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">any material fact in respect of the Company
that had not been previously disclosed to the Underwriters,</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">which change or material fact is, or may be, of such a nature as:
</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="20%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(I)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">would
result in the Disclosure Documents or Preliminary
Prospectus or Final Prospectus containing a
misrepresentation; 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="20%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(II)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">would
reasonably be expected to have a material adverse
effect on the Company and the Material Subsidiaries
on a consolidated basis,</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">provided that if the Company is uncertain as to whether a change or fact of the
nature referred to in this Section has occurred, the Company shall promptly inform
the Underwriters of the full particulars of the occurrence giving rise to the
uncertainty and shall consult with the Underwriters as to whether the occurrence is
of such nature;
</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">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">during the period commencing on the date hereof and until completion of the
distribution of the Shares, the Company will use its commercially reasonable efforts
to promptly provide to the Underwriters drafts of any press releases of the Company
for review by the Underwriters and the Underwriters&#146; counsel prior to issuance, and
will not publish those press releases (unless otherwise required by applicable
Securities Laws) except with the prior approval of the Underwriters, which approval
will not be unreasonably withheld or delayed;</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">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">apply the net proceeds from the Offering in the manner described in the
Final Prospectus;</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">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">advise the Underwriters, promptly after receiving notice thereof, of the
time when the Preliminary Prospectus, the Final Prospectus and any Supplementary
Material have been filed and receipts therefor have been obtained pursuant to NP
11-202 and will provide evidence reasonably satisfactory to the Underwriters of
each such filing and copies of such receipts;</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">(xi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">advise the Underwriters, promptly after receiving notice or obtaining
knowledge thereof, 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="12%" 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 issuance by any Canadian Securities
Regulator of any order suspending or preventing the use of the
Preliminary Prospectus, the Final Prospectus or any Supplementary
Material;</DIV></TD>
</TR>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /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: 7.50in">

<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="12%" 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 institution, threatening or contemplation
of any proceeding for any such purposes;</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">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">any order, ruling, or determination having the
effect of suspending the sale or ceasing the trading in any securities
of the Company (including the Common Shares) has been issued by any
Canadian Securities Regulator or the institution, threatening or
contemplation of any proceeding for any such purposes;</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">(D)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">any request of any Securities Regulator for any
information, or the receipt by the Company of any communication from
any Securities Regulator or any other competent authority relating to
the Company or which may be relevant to the distribution of the Shares;
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">(E)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">any requests made by any Canadian Securities
Regulators for amending or supplementing the Preliminary Prospectus or
the Final Prospectus or for additional information,</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">and will use its commercially reasonable efforts to prevent the issuance of
any order referred to in (A)&nbsp;above or, if any such order is issued, to
obtain the withdrawal thereof as quickly as possible;
</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">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Each delivery of the Offering Documents to the Underwriters by the Company in accordance with
this Agreement will constitute the representation and warranty of the Company to the
Underwriters that at the respective date of such documents:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">all the information and statements to be contained in the Offering
Documents, at the respective dates of delivery thereof, constitutes full, true and
plain disclosure of all material facts relating to each of the Offering, the Company
and the Material Subsidiaries on a consolidated basis and the Shares (provided that
this representation and warranty is not intended to extend to information and
statements included in reliance upon and in conformity with information furnished to
the Company by or on behalf of the Underwriters specifically for use therein);</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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">no material fact or information has been omitted from the Offering
Documents (except facts or information relating solely to or provided by the
Underwriters) which is required to be stated in such disclosure or is necessary to
make the statements or information contained in such disclosure not misleading in
light of the circumstances under which they were made; 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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Offering Documents, in all material respects, contain the disclosure
required by and conform to all requirements of Canadian Securities 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="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Once the Preliminary Prospectus has been filed, the Company will comply with Section&nbsp;57 of
the <I>Securities Act </I>(Ontario) and with the comparable provisions of the other Canadian
Securities Laws, and the Company will prepare and file promptly any Supplementary Material
which may be necessary and will otherwise comply with all legal requirements necessary to
continue to permit the Shares to be distributed in each of the Qualifying Provinces as
contemplated herein.</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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<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: 7.50in">

<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="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">If during the period of distribution of the Shares there shall be any change in Securities
Laws which, in the opinion of the Underwriters, acting reasonably, requires the filing of any
Supplementary Material, upon written notice from the Underwriters, the Company shall, to the
satisfaction of the Underwriters, acting reasonably, promptly prepare and file any such
Supplementary Material with the appropriate Securities Regulators where such filing is
required.</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Offering Documents shall in all material respects contain the disclosure required by and
conform to all requirements of Securities 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="3%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">During the period from the date hereof until the Expiry Time, the Company shall promptly
inform the Underwriters (and if requested by the Underwriters, confirm such notification in
writing) of the full particulars 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">any breach or potential breach of any of the representations and warranties
in Section 4(f) hereof; 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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">any material breach or potential material breach of any of the
representations and warranties in Section&nbsp;6 hereof.</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">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Underwriters&#146; Representations, Warranties and Covenants.</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Underwriters hereby severally represent and warrant to, and covenant with the Company that they
are duly qualified and registered in the appropriate category to offer and sell the Shares. Each
of the Underwriters hereby severally (on its own behalf and not on behalf of any other
Underwriters) represents and warrants to, and covenants with, the Company that:
</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">it shall offer and solicit offers for the purchase of the Shares in compliance with
applicable Securities Laws and only from such persons and in such manner that, pursuant to
applicable Securities Laws and the securities laws of any other jurisdiction applicable to the
offer and sale of the Shares under this Offering, no prospectus, registration statement or
similar document need be delivered or filed, other than any prescribed reports of the issue
and sale of the Shares and the Preliminary Prospectus, Final Prospectus and any Supplementary
Material and, in the case of any Other Jurisdiction, no continuous disclosure obligations will
be created;</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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">it shall not provide to prospective purchasers of Shares any document or other material that
would constitute an offering memorandum within the meaning of the applicable Securities Laws
without the prior written consent of the Company;</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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">it will not offer or sell the Shares in any jurisdiction other than the Selling Jurisdictions
(unless subsequently agreed to by the Company) in accordance with the terms of this 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="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">it will only make any offers or sales of Shares in the United States in accordance with
applicable United States securities laws and in accordance with Schedule &#147;C&#148; attached hereto
(which schedule is incorporated by reference herein and forms part of this 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="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">it will comply with all applicable Securities Laws in connection with the Offering;</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">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">it will refrain from advertising the Offering in (A)&nbsp;printed media of general and regular
paid circulation, (B)&nbsp;radio, (C)&nbsp;television, or (D)&nbsp;telecommunication (including electronic
display and the Internet) and not make use of any green sheet or other internal marketing
document without the consent of the Company, such consent to be promptly considered and not to
be unreasonably withheld;</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: 7.50in">

<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="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">it will not directly or indirectly, offer for subscription or sale or solicit applications
for any of the Shares, nor will it distribute any documents in relation to the Offering to any
person: (a)&nbsp;if by doing so it would cause the Offering to be regarded as an offer to the
public within the meaning of Section&nbsp;102B of the U.K. Financial Services Authority and/or
which would require Denison to issue a prospectus (within the meaning of the U.K. prospectus
rules published by the U.K. Financial Services Authority) with regard to the same; and/or (b)
who does not fall within Article&nbsp;19 (investment professionals) and/or 49 (high net worth
entities, unincorporated associations etc.) of the UK Financial Services and Markets Act 2000
(Financial Promotion) Order 2005; 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="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">it will use its commercially reasonable efforts to complete the distribution of the Shares
pursuant to the Prospectus as early as practicable and the Underwriters shall advise the
Company in writing when, in the opinion of the Underwriters, they have completed the
distribution of the Shares.</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">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Representations and Warranties of the Company.</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company represents and warrants to the Underwriters that each of the following representations
and warranties is true and correct on the date of this 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="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company has been duly incorporated and is validly existing under the laws of its
jurisdiction of incorporation, has all requisite corporate power and authority and is duly
qualified and holds all certificates, authority, permits and licences issued by the
appropriate provincial, municipal, federal regulatory agencies or bodies necessary (and has
not received or is not aware of any modification or revocation to such licences, authority,
certificates or permits) to carry on its businesses as now conducted and to own its properties
and assets (except to the extent that the failure to hold such certificates, authority,
permits or licences would not have a material adverse effect on the Company and the Material
Subsidiaries on a consolidated basis) and the Company has all requisite corporate power and
authority to carry out its obligations under this Agreement.</DIV></TD>
</TR>

</TABLE>
</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: 7.50in">

<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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Each of the direct or indirect subsidiaries of the Company, which is material to the
operations of the Company as a whole, is listed below (the &#147;<B>Material Subsidiaries</B>&#148;) and the
Company beneficially owns, directly or indirectly, the percentage indicated below of
the issued and outstanding shares or ownership interests in the capital of the Material
Subsidiaries free and clear of all mortgages, liens, charges, pledges, security interests,
encumbrances, claims or demands of any kind whatsoever, except as contemplated in the Credit
Facility, all of such shares or ownership interests have been duly authorized and validly
issued and are outstanding as fully paid and non-assessable shares or ownership interests
and no person has any right, agreement or option, present or future, contingent or absolute,
or any right capable of becoming a right, agreement or option, for the purchase from the
Company of any interest in any of such shares or ownership interest or for the issue or
allotment of any unissued shares or ownership interest in the capital of the Material
Subsidiaries or any other security convertible into or exchangeable for any such shares:</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="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&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 nowrap align="center" colspan="2"><B>Beneficial</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Equity/Voting</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Continuance</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Ownership</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Denison Mines Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Ontario</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">Denison Mines Holdings Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Denison Mines (USA)&nbsp;Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Delaware</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">Denison Colorado Plateau LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Colorado</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Denison Henry Mountains LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Colorado</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">Denison Arizona Strip LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Colorado</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Denison Mines (Bermuda) I Ltd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Bermuda</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">Denison Mines Mongolia XXK</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mongolia</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">Denison Mines (Mongolia) Ltd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Bermuda</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">Gurvan Saihan XXK</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mongolia</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">70</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">OmegaCorp Limited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Australia</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">OmegaCorp Resources Pty Ltd</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Australia</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">Denison Mines Zambia Limited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Zambia</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">Denison White Mesa LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Colorado</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 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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All consents, approvals, permits, authorizations or filings as may be required under
applicable legislation and other relevant laws in the Qualifying Provinces necessary for the
execution and delivery of this Agreement and the completion of the transactions contemplated
hereby have been made or obtained, as applicable, other than in respect of those filings which
are required to be made upon completion of the transactions contemplated hereby.</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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">No proceedings have been taken, instituted or, to the knowledge of the Company, are pending
for the dissolution or liquidation of the Company or the Material Subsidiaries.</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">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Each of the execution and delivery of this Agreement, the performance by the Company of its
obligations hereunder, the issue and sale of the Shares and the consummation of the
transactions contemplated hereby do not and will not conflict with or result in a breach or
violation of any of the terms or provisions of, or constitute a default under,
(whether after notice or lapse of time or both), (A)&nbsp;any statute, rule or regulation
applicable to the Company including applicable laws and other relevant corporate and
securities laws in the Qualifying Provinces; (B)&nbsp;the constating documents, by-laws or
resolutions of the Company and its shareholders that are in effect at the date hereof; (C)
any Debt Instruments, Material Agreement, mortgage, note, indenture, contract, arrangement,
instrument, lease, the Credit Facility or other document to which the Company is a party or
by which it is bound, except for such conflicts or defaults that would not have a material
adverse effect on the Company and the Material Subsidiaries on a consolidated basis, either
individually or in the aggregate; or (D)&nbsp;any judgment, decree or order binding the Company
or the property or assets of the Company.</DIV></TD>
</TR>

</TABLE>
</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: 7.50in">

<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="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The comparative audited consolidated financial statements of the Company as at and for the
year ended December&nbsp;31, 2009 and the comparative unaudited consolidated financial statements
of the Company as at and for the three and nine months ended September&nbsp;30, 2010 (the
&#147;<B>Financial Statements</B>&#148;) have been prepared in accordance with generally accepted accounting
principles in Canada consistently applied throughout the period referred to therein and
present fairly, in all material respects, the financial position (including the assets and
liabilities, whether absolute, contingent or otherwise) of the Company as at such dates and
results of operations of the Company for the periods then ended and there has been no change
in accounting policies or practices of the Company since December&nbsp;31, 2009, except as
disclosed in the notes to the 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="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company is preparing the comparative consolidated financial statements of the Company as
at and for the year ended December&nbsp;31, 2010 in accordance with generally accepted accounting
principles in Canada consistently applied throughout the period referred to therein and
present fairly, in all material respects, the financial position (including the assets and
liabilities, whether absolute, contingent or otherwise) of the Company as at such dates and
results of operations of the Company for the periods then ended. The Company does not expect
that any material changes or amendments to such financial statements will be made from the
draft version of such Financial Statements in effect on the date hereof prior to the filing
thereof with the Canadian Securities Regulators.</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">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">There are no material off-balance sheet transactions, arrangements, obligations (including
contingent obligations) or other relationships of the Company or any of its subsidiaries with
unconsolidated entities or other persons that could reasonably be expected to have a material
adverse effect on the Company and the Material Subsidiaries on a consolidated basis.</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">There has been no adverse material change (actual, proposed or prospective, whether financial
or otherwise) in the business, affairs, operations, assets, liabilities (contingent or
otherwise) or capital of the Company or the Material Subsidiaries since December&nbsp;31, 2009,
which has not been generally disclosed to the public and the business of the Company and the
Material Subsidiaries have been carried on in the usual and ordinary course consistent with
past practice since December&nbsp;31, 2009.</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">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All taxes (including income tax, capital tax, payroll taxes, employer health tax, workers&#146;
compensation payments, property taxes, customs duties and land transfer taxes), duties,
royalties, levies, imposts, assessments, deductions, charges or withholdings and all
liabilities with respect thereto including any penalty and interest payable with respect
thereto (collectively, &#147;<B>Taxes</B>&#148;) due and payable or required to be collected or withheld
and remitted, by the Company have been paid, collected or withheld and remitted as
applicable, except for where the failure to pay such Taxes would not have a material adverse
effect on the Company and the Material Subsidiaries on a consolidated basis. All tax
returns, declarations, remittances and filings required to be filed by the Company and the
Material Subsidiaries have been filed with all appropriate governmental authorities and all
such returns, declarations, remittances and filings are complete and accurate and no
material fact or facts have been omitted therefrom that would make any of them misleading
except where the failure to file such documents would not have a material adverse effect on
the Company and the Material Subsidiaries on a consolidated basis. To the knowledge of the
Company, no examination of any tax return of the Company or the Material Subsidiaries is
currently in progress and there are no issues or disputes outstanding with any governmental
authority respecting any taxes that have been paid, or may be payable, by the Company and
the Material Subsidiaries, and there are no agreements, waivers or other arrangements with
any taxation authority providing for an extension of time for any assessment or reassessment
of taxes with respect to the Company and the Material Subsidiaries, except where such
examinations, issues, disputes, assessments or reassessments would not have a material
adverse effect on the Company and the Material Subsidiaries on a consolidated basis.</DIV></TD>
</TR>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</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 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">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company&#146;s Auditors who audited the audited financial statements of the Company as at and
for the year ended December&nbsp;31, 2009 and who provided their audit report thereon and who are
auditing the audited financial statements of the Company as at and for the year ended December
31, 2010 are independent public accountants as required under Canadian Securities 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="3%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">There has never been a &#147;reportable event&#148; (within the meaning of National Instrument 51-102
 &#151; <I>Continuous Disclosure Obligations</I>) between the Company and the present or former auditors
of the Company.</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">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">No holder of outstanding securities of the Company is entitled to any pre-emptive or any
similar rights to subscribe for any securities of the Company and no rights, warrants or
options to acquire, or instruments convertible into or exchangeable for, any security in the
capital of the Company are outstanding other than as set out in Schedule &#147;B&#148; hereto.</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">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The information and statements set forth in the Disclosure Documents (except any information
or statements relating solely to or provided by the Underwriters) are true, correct and
complete in all material respects and do not contain any misrepresentation as of the date of
such information or statement, and the Company has not filed any confidential material change
reports or similar confidential report with any Canadian Securities Regulator that are still
maintained on a confidential basis.</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">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Other than pursuant to the Credit Facility, there is not, in the constating documents,
by-laws or in any Debt Instrument, Material Agreement, arrangement, mortgage, note, debenture,
indenture or other instrument or document to which the Company or the Material Subsidiaries is
a party, any restriction upon or impediment to, the declaration or payment of dividends by the
directors of the Company or the payment of dividends by the Company to the holders of Common
Shares.</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">(p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Other than (i)&nbsp;the Credit Facility; (ii)&nbsp;the Strategic Relationship Agreement; and (iii)
provisions of the joint venture agreements to which the Company is a party customary to the
mining business, the Company is not party to or bound or affected by any commitment, agreement
or document containing any covenant that expressly limits the
freedom of the Company or the Material Subsidiaries to compete in any line of business,
transfer or move any of its assets or operations or that materially or adversely affects the
business practices, operations or condition of the Company and the Material Subsidiaries
taken as a whole.</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">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Other than as disclosed in the Disclosure Documents, no legal or governmental proceedings are
pending to which the Company is a party or to which its property is subject that would result
individually or in the aggregate in a material adverse effect on the Company and the Material
Subsidiaries on a consolidated basis and to the knowledge of the Company no such proceedings
have been threatened against or are contemplated with respect to the Company or its
properties.</DIV></TD>
</TR>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</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 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">(r)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company has conducted and is conducting its business in material compliance with all
applicable laws and regulations of each jurisdiction in which it carries on business
(including all applicable federal, provincial, state, municipal and local environmental,
anti-pollution and licensing laws, regulations and other lawful requirements of any
governmental or regulatory body, including relevant exploration and exploitation permits and
concessions) and, other than as disclosed in the Disclosure Documents, has not received a
notice of non-compliance, nor know of, nor has reasonable grounds to know of, any facts that
could give rise to a notice of non-compliance with any such laws, regulations or permits that
would have a material adverse effect on the Company and the Material Subsidiaries on a
consolidated basis.</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">(s)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Other than as disclosed in the Disclosure Documents, the Company is not aware of any pending
or contemplated change to any applicable law or regulation or governmental position that would
have a material adverse effect on the Company and the Material Subsidiaries on a consolidated
basis or would materially adversely affect the business of the Company or legal environment
under which the Company or the Material Subsidiaries operate.</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">(t)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">This Agreement has been duly authorized, executed and delivered by the Company and this
Agreement constitutes a valid and binding obligation of the Company enforceable against the
Company in accordance with its terms, except as enforcement thereof may be limited by
bankruptcy, insolvency, reorganization, moratorium and other laws relating to or affecting the
rights of creditors generally and except as limited by the application of equitable principles
when equitable remedies are sought, and by the fact that rights to indemnity, contribution and
waiver, and the ability to sever unenforceable terms, may be limited by applicable law.</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">(u)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">At the Closing Time, all necessary corporate action will have been taken by the Company to
validly authorize and issue the Shares as fully paid and non-assessable Common Shares.</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">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">As of the date hereof (and prior to giving effect to the Offering), the authorized capital of
the Company consists of an unlimited number of Common Shares, of which 366,360,915 Common
Shares are issued and outstanding as fully paid and non-assessable.</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">(w)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company is a reporting issuer, or the equivalent thereof, in each of the provinces of
Canada and is qualified to file a short form prospectus in the Qualifying Provinces under NI
44-101. The Company is not currently in default of any requirement of the Canadian
Securities Laws and the Company is not included on a list of defaulting reporting issuers
maintained by any of the securities regulators of the provinces of Canada.</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">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company has not taken any action which would reasonably be expected to result in the
delisting or suspension of trading of the Common Shares on the TSX or the NYSE Amex and the
Company is currently in material compliance with the rules and regulations of the TSX and the
NYSE Amex.</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">(y)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">No order ceasing or suspending trading in any securities of the Company or the trading of any
of the Company&#146;s issued securities is currently outstanding and no proceedings for such
purpose are, to the knowledge of the Company, pending or threatened.</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">(z)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All information (including the Disclosure Documents) which has been prepared by the Company
relating to the Company and the Material Subsidiaries and their respective business, property
and liabilities and either publicly disclosed or provided to the Underwriters, including all
financial and operational information provided to the Underwriters, are as of the date of such
information, true and correct in all material respects and does not contain a
misrepresentation and no material fact or facts have been omitted therefrom that would make
such information materially misleading.</DIV></TD>
</TR>

</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="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="3%" nowrap align="left">(aa)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company has not, directly or indirectly, declared or paid any dividend or declared or
made any other distribution on any of its securities or, directly or indirectly, redeemed,
purchased or otherwise acquired any of its securities or agreed to do any of the foregoing
other than as has been publicly disclosed.</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">(bb)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All filings and fees required to be made and paid by the Company pursuant to applicable laws
and general corporate and securities laws in the Qualifying Provinces have been made and paid
except where failure to make such filing or pay such fees would not have a material adverse
effect on the Company and the Material Subsidiaries on a consolidated basis, and such
disclosure and filings were true and accurate in all material respects as at the respective
dates thereof and the Company has not filed any confidential material change reports.</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">(cc)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Except as set out in the Disclosure Documents, or as otherwise disclosed to the Underwriters,
to the knowledge of the Company none of the directors, officers or employees of the Company or
the Material Subsidiaries, any known holder of more than ten per cent of any class of shares
of the Company, or any known associate or affiliate of any of the foregoing persons or
companies (as such terms are defined in the <I>Securities Act </I>(Ontario)), has had any material
interest, direct or indirect, in any material transaction within the previous two years or has
any material interest in any proposed material transaction involving the Company which, as the
case may be, materially affected, is material to or will materially affect the Company and the
Material Subsidiaries (taken as a whole).</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">(dd)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company does not have in place a shareholder rights protection or similar plan.</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">(ee)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">To the Company&#146;s knowledge, other than the Strategic Relationship Agreement, neither the
Company nor any of its shareholders is a party to any shareholders agreement, pooling
agreement, voting trust or other similar type of arrangements in respect of outstanding
securities of the Company.</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">(ff)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">No officer, director, employee or any other person not dealing at arm&#146;s length with the
Company or its Material Subsidiaries, or to the knowledge of the Company, any associate or
affiliate of such person, owns, has or is entitled to any royalty, net profits interest,
carried interest, licensing fee, or any other encumbrances or claims of any nature whatsoever
which are based on the revenues of the Company or its Material Subsidiaries.</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">(gg)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company and the Material Subsidiaries are in material compliance with all laws respecting
employment and employment practices, terms and conditions of employment, occupational health
and safety, pay equity and wages, except where such non-compliance would not constitute a
material adverse effect on the Company and the Material Subsidiaries on a consolidated basis.
There is not currently any, or any reasonably foreseeable, material labour disruption or
conflict involving the Company or the Material Subsidiaries.</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">(hh)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company and the Material Subsidiaries do not have any loans or other indebtedness
outstanding that has been made to any of its shareholders, officers, directors or employees,
past or present, or any person not dealing at &#147;arm&#146;s length&#148; (as such term is defined in the
<I>Income Tax Act </I>(Canada)) with the Company.</DIV></TD>
</TR>

</TABLE>
</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="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%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The assets of the Company and the Material Subsidiaries and their respective business and
operations are insured against loss or damage with responsible insurers to the extent and in
the amounts set out in the Disclosure Documents, and such coverage is in full force and
effect, and the Company and the Material Subsidiaries have not breached the terms of any
policies in respect thereof nor failed to promptly give any notice or present any material
claim thereunder.</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%" nowrap align="left">(jj)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Other than the Underwriters and the US Affiliates, there are no persons acting or purporting
to act at the request or on behalf of the Company, that are entitled to any brokerage or
finder&#146;s fee in connection with the Offering.</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%" nowrap align="left">(kk)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Other than the Company, there is no person that is or will be entitled to the proceeds of
this Offering under the terms of any Debt Instrument, Material Agreement, mortgage, note,
indenture, contract, instrument, lease agreement (written or unwritten) or otherwise.</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%" nowrap align="left">(ll)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Other than as disclosed in the Disclosure Documents, the Company and the Material
Subsidiaries (i)&nbsp;are in material compliance with any and all applicable foreign, federal,
provincial, state and local laws and regulations relating to the protection of human health
and safety, the environment or hazardous or toxic substances or wastes, pollutants or
contaminants (&#147;<B>Environmental Laws</B>&#148;), (ii)&nbsp;has received all material permits, licences or other
approvals required of it under applicable Environmental Laws to conduct its business, and
(iii)&nbsp;is in material compliance with all terms and conditions of any such permit, licence or
approval.</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%" nowrap align="left">(mm)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Other than as disclosed in the Disclosure Documents or as otherwise disclosed to the
Underwriters, there have been no past, and, to the knowledge of the Company, there are no
pending or, threatened claims, complaints, notices or requests for information received by the
Company or the Material Subsidiaries with respect to any alleged material violation of any
Environmental Law and no conditions exist at, on or under any property now or previously
owned, operated, leased or contracted to perform work by the Company or the Material
Subsidiaries that, with the passage of time, or the giving of
notice or both, would give rise to liability under any Environmental Law that, individually
or in the aggregate, has or may reasonably be expected to have, in any such case, a material
adverse effect with respect to the Company and the Material Subsidiaries, taken as a whole.</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%" nowrap align="left">(nn)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company is not party to any agreement, nor is the Company aware of any agreement, which
in any manner affects the voting control of any of the securities of the Company, other than
in respect of the Strategic Relationship 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%" nowrap align="left">(oo)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Except for the Credit Facility and equipment leases and similar obligations entered into by
the Company in the ordinary course of business, the Company is not party to any Debt
Instrument or any agreement, contract or commitment to create, assume or issue any Debt
Instrument.</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%" nowrap align="left">(pp)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Except as disclosed in Schedule &#147;B&#148; hereto, the Company and the Material Subsidiaries are
not, nor to the knowledge of the Company, any other person, is not in material default in the
observance or performance of any term or obligation to be performed by it under any Material
Agreement and no event has occurred that with notice or lapse of time or both would constitute
such a default.</DIV></TD>
</TR>

</TABLE>
</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: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<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="3%" nowrap align="left">(qq)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The minute books and records of the Company and the Material Subsidiaries that the Company
has made available to the Underwriters and their counsel, Cassels Brock &#038; Blackwell LLP, in
connection with their due diligence investigation of the Company for the period from December
2010 of the Company to the date of examination thereof, are all of the minute books and
substantially all the material records of the Company for such period and contain copies of
all material proceedings (or certified copies thereof) of the shareholders, the board of
directors and all committees of the board of directors of the Company and the Material
Subsidiaries to the date of review of such corporate records and minute books. There have
been no other material meetings, resolutions or proceedings of the shareholders, board of
directors or, to the knowledge of the Company, any committees of the board of directors of the
Company to the date of review of such corporate records and minute books not reflected in such
minute books and other records.</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">(rr)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">With respect to each of the premises that are material to the Company and that the Company
occupies as tenant (the &#147;<B>Leased Premises</B>&#148;), the Company occupies the Leased Premises and has
the exclusive right to occupy and use the Leased Premises and each of the leases pursuant to
which the Company occupies the Leased Premises is in good standing in all material respects
and in full force and effect. The performance of obligations pursuant to and in compliance
with the terms of this Agreement and the completion of the transactions described herein by
the Company, will not afford any of the parties to such leases or any other person the right
to terminate such lease or result in any additional or more onerous obligations under such
leases.</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">(ss)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Except as disclosed in the Disclosure Documents or as otherwise disclosed to the
Underwriters, there are no actions, suits, proceedings or inquiries pending or, to the
knowledge of the Company, threatened against or affecting the Company or its property or
assets at law or in equity or before or by any federal, provincial, municipal or other
governmental department, commission, board, bureau, agency or instrumentality other than those
that would not have a material adverse effect on the business, operations or financial
condition of the Company.</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">(tt)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">There are no judgments against the Company that are unsatisfied, nor are there any consent
decrees or injunctions to which the Company is subject.</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">(uu)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company is the beneficial owner of, or has the right to acquire certain interests in, the
properties, business and assets referred to in the Disclosure Documents free of all mortgages,
liens, charges, pledges, security interest, encumbrances, claims or demands whatsoever other
than security interests under the Credit Facility or otherwise as disclosed in the Disclosure
Documents, in Schedule &#147;B&#148; hereto or set out below and any and all agreements pursuant to
which the Company holds or will hold any such interest in property, business or assets are in
good standing in all material respects according to their terms, and the properties are in
good standing under the applicable statutes and regulations of the jurisdictions in which they
are situated except, in either case, where it would not result in a material adverse effect on
the Company and the Material Subsidiaries on a consolidated basis, and to the Company&#146;s
knowledge there are no unrecorded encumbrances on the properties, business and assets in which
the Company has or will have an interest except for the rights of joint venture partners under
the joint venture and operating agreements applicable to such properties, business or assets
and except security interests</DIV></TD>
</TR>


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

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

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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: 7.50in">

<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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">contemplated under the
Credit Facility or as disclosed in the
Disclosure Documents. No other property rights are necessary for the conduct of the business
of the Company or the Material Subsidiaries (and of the joint ventures to which the Company is
party) as currently conducted or contemplated to be conducted, the Company knows of no claim
or basis for any claim that might or could adversely affect the right of the Company to use,
transfer or otherwise exploit such property rights and, except as disclosed in the Disclosure
Documents or in Schedule &#147;B&#148; hereto, the Company has no responsibility or obligation to pay
any commission, royalty, license fee or similar payment to any person with respect to the
property rights 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="3%" nowrap align="left">(vv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">To the knowledge of the Company, the operators or owners of the respective joint ventures, or
trustees on their respective behalves, hold either freehold title, mining leases, mining
claims or other conventional property, proprietary or contractual interests or rights,
recognized in the jurisdiction in which a particular property is located in respect of the ore
bodies and minerals located in properties in which the Company and the Material Subsidiaries
have an interest as described in the Disclosure Documents under valid, subsisting and
enforceable title documents or other recognized and enforceable agreements or instruments,
sufficient to permit the Company and/or its joint venture partners to explore or mine the
minerals relating thereto, all such property, leases or claims and all property, leases or
claims in which the Company has any interest or right have been validly located and recorded
in accordance with all applicable laws and are valid and subsisting, the operators or owners
of the respective joint ventures, or trustees on their respective behalves, have all necessary
surface rights, access rights and other necessary rights and interest relating to the
properties in which the Company has an interest as described in the Disclosure Documents
granting the joint ventures the right and ability to mine or explore for minerals, ore and
metals for development purposes as are appropriate in view of rights and interests therein,
with only such exceptions as do not materially interfere with the use made by the joint
ventures of the rights or interests so held and each of the proprietary interests or rights
and each of the documents, agreements and instruments and obligations relating thereto
referred to above are currently in good standing.</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">(ww)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Any and all of the agreements and other documents and instruments pursuant to which the
Company holds its property and assets (including any interest in, or right to earn an interest
in, any property) are valid and subsisting agreements, documents or
instruments in full force and effect, enforceable in accordance with the terms thereof, the
Company is not in default of any of the material provisions of any such agreements,
documents or instruments nor has any such default been alleged. None of the properties (or
any interest in, or right to earn an interest in, any property) of the Company are subject
to any right of first refusal or purchase or acquisition rights that are not disclosed in
the Disclosure Documents other than rights of first refusal in certain of the Company&#146;s
joint venture agreements that are customary in the mining 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="3%" nowrap align="left">(xx)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company has duly filed with the applicable regulatory authorities in compliance with
applicable Securities Laws all reports required by NI 43-101, and all such reports comply with
the requirements of NI 43-101. The filing of the Preliminary Prospectus or the Final
Prospectus will not trigger any obligation on its part to file a technical report for a
mineral project under NI 43-101, provided that the Company has engaged Scott Wilson Roscoe
Postle Associates Inc. to prepare an updated independent technical report with respect to the
Company&#146;s Hairhan uranium property in Mongolia, and if the Final Prospectus includes or
incorporates by reference disclosure derived from such report, such report will be required
pursuant to NI 43-101 to be filed at or prior to the time the Final Prospectus is filed.</DIV></TD>
</TR>

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

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

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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: 7.50in">

<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="3%" nowrap align="left">(yy)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company has not made any significant acquisition as such term is defined in Part&nbsp;8 of
National Instrument 51-102 <I>Continuous Disclosure Obligations </I>(&#147;<B>NI 51-102&#148;</B>) in its current
financial year or prior financial years in respect of which historical and/or pro forma
financial statements or other information would be required to be included or incorporated by
reference into the Preliminary Prospectus or the Final Prospectus and for which a business
acquisition report has not been filed under NI 51-102, and has not entered into any agreement
or arrangement in respect of a transaction, including the proposed acquisition of White Canyon
Uranium Limited, that would be a &#147;significant acquisition&#148; for purposes of Part&nbsp;8 of NI
51-102.</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">(zz)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">KEPCO is not entitled to participate in the Company&#146;s proposed acquisition of White Canyon
Uranium Limited under the Strategic Relationship 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="3%" nowrap align="left">(aaa)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Computershare Trust Company of Canada at its office in Toronto, Ontario has been duly
appointed as the special warrant agent in respect of the Shares.</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">(bbb)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company represents, warrants, covenants and agrees as set out in Schedule &#147;C&#148; and
further represents and warrants that:</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">it is not, and upon the issuance and sale
of the Shares and application of the net proceeds of the Offering
will not be, an &#147;investment company&#148; or an entity &#147;controlled&#148; by an
investment company, as such terms are defined in the United States
Investment Company Act of 1940, as amended;</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">it is, and will be at the time it issues
the Shares, a &#147;foreign private issuer&#148; as such term is defined in
Rule&nbsp;405 under the U.S. Securities Act; 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="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">it is, and will be at the time it issues
the Shares, a Category 1 issuer under Rule&nbsp;903 of Regulation&nbsp;S under
the U.S. Securities Act for purposes of the Offering.</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">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Closing.</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Offering will be completed at the offices of the Company&#146;s counsel in the city of Toronto at
the Closing Time or such other place, date or time as may be mutually agreed to. At the Closing
Time, the Company shall deliver to the Underwriters:
</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">original certificates countersigned by the Transfer Agent representing the Shares registered
as the Underwriters may direct not less than 24 hours prior to the Closing Time;</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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the requisite legal opinions and deliverables as contemplated in Section&nbsp;8; 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="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">such further documentation and opinions as may be contemplated herein or as the Underwriters
may reasonably request,</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">against payment of the aggregate purchase price for the Shares, net of the Underwriting Fee and
expenses incurred up to the Closing Date as contemplated in Section&nbsp;15 of this Agreement, by wire
transfer payable to the Company.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</DIV>

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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: 7.50in">

<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">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Underwriters&#146; Obligation to Purchase.</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The obligation of the Underwriters to purchase the Shares at the Closing Time shall be subject to
the satisfaction of each of the following conditions (it being understood that the Underwriters may
waive in whole or in part or extend the time for compliance with any of such terms and conditions
without prejudice to their rights in respect of any other of the following terms and conditions or
any other or subsequent breach or non-compliance, provided that to be binding on the Underwriters
any such waiver or extension must be in writing and signed by each of them):
</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Underwriters shall have received an opinion, dated as of the Closing Date and subject to
customary qualifications, of Blake, Cassels &#038; Graydon LLP or from local counsel in the
Qualifying Provinces other than British Columbia, Alberta or Ontario (it being understood that
such counsel may rely to the extent appropriate in the circumstances, (i)&nbsp;as to matters of
fact, on certificates of the Company executed on its behalf by a senior officer of the Company
and on certificates of Computershare Investor Services Inc., the transfer agent and registrar
for the Company, as to the issued capital of the Company; and (ii)&nbsp;as to matters of fact not
independently established, on certificates of the Company&#146;s Auditors or a public official)
with respect to the following 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="4%" 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 Company is a corporation existing under the <I>Business Corporations Act</I>
(Ontario);</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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the authorized capital of the Company;</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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Company has all requisite corporate power and capacity to carry on its
business as now conducted; to own, lease and operate its property and assets; to
execute, deliver and perform its obligations under this Agreement; and to create,
issue and sell the Shares;</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">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Shares have been duly authorized and validly allotted for issuance by the
Company, and upon payment, will be validly issued as fully paid and non-assessable
 shares;</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">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">all necessary corporate action has been taken by the Company to authorize the
execution and delivery of this Agreement, and the performance of its obligations
hereunder and this Agreement has been executed and delivered by the Company and
constitutes a legal, valid and binding obligation of the Company enforceable against
it in accordance with its terms, subject to customary qualifications;</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">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the rights, privileges, restrictions and conditions attaching to the Shares
are accurately summarized in all material respects in the Final Prospectus;</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">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">all necessary documents have been filed, all requisite proceedings have been
taken and all approvals, permits and consents of the appropriate regulatory authority
under the securities laws in each of the Qualifying Provinces have been obtained by
the Company to qualify the distribution or distribution to the public of the Shares in
each of the Qualifying Provinces through persons who are registered under applicable
legislation and who have complied with the relevant provisions of such applicable
legislation;</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">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Shares have been conditionally approved for listing on the TSX subject only to
the Standard Listing Conditions;</DIV></TD>
</TR>


</TABLE>
</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: 7.50in">

<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">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the execution and delivery of this Agreement, the fulfilment of the terms
hereof by the Company and the issuance, sale and delivery of the Shares to be issued,
delivered and sold by the Company at the Closing Time do not and will not result in a
breach of or default under, and do not and will not create a state of facts which,
after notice or lapse of time or both, will result in a breach of or default under,
and do not and will not conflict with any of the terms, conditions or provisions of
the articles or by-laws of the Company or the Business Corporations Act (Ontario);</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">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Computershare Investor Services Inc. has been duly appointed the transfer
agent and registrar for the Shares; 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">(xi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Shares are &#147;qualified investments&#148; for trusts governed by registered
retirement savings plans, registered retirement income funds, registered education
savings plans, registered disability savings plans, deferred profit sharing plans and
tax-free savings accounts within the meaning of the <I>Income Tax Act </I>(Canada), subject
to the assumptions and qualifications set forth in the Final Prospectus under the
heading &#147;Eligibility for Investment&#148;.</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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">if any Shares are sold in the United States, the Company&#146;s U.S. legal counsel, Dorsey &#038;
Whitney LLP, shall have delivered a favourable legal opinion addressed to the Underwriters in
form and substance satisfactory to the Underwriters, acting reasonably, to the effect that no
registration under the U.S. Securities Act is required for the sale of the Shares by the
Company in the United States;</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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Underwriters shall have received the following reports or opinions dated as of the
Closing Date, in form and substance satisfactory to the Underwriters and Underwriters&#146;
counsel, acting reasonably:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">a favourable legal opinion addressed to the Underwriters dated the Closing
Date, from MacPherson Leslie &#038; Tyerman LLP, the Company&#146;s counsel in Saskatchewan,
regarding title to the McClean Lake and Midwest mineral properties and Wheeler River
project of 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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">a favourable report of the Company&#146;s, or as applicable, a subsidiary&#146;s,
external counsel regarding the status and ownership interests in the properties and
mines that comprise:</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">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Arizona Strip properties;</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">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Henry Mountains Complex properties, including
the Bullfrog and Tony M deposits;</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">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Colorado Plateau properties; 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="12%" 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 Mutanga project;</DIV></TD>
</TR>

</TABLE>
</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: 7.50in">

<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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Company will have caused a favourable legal opinion to be delivered by local counsel in
the jurisdiction of incorporation of each of the Opinion Subsidiaries addressed to the
Underwriters, in form and substance satisfactory to the Underwriters, acting reasonably, and
with respect to the following 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="4%" 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 incorporation and existence of each Opinion Subsidiary under the laws of
its jurisdiction of incorporation;</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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">as to the registered ownership of the issued and outstanding shares of each
Opinion Subsidiary; 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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">that each Opinion Subsidiary has all requisite corporate power under the
laws of its jurisdiction of incorporation to carry on its business as presently
carried on and own its properties;</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">and at the Closing Time, shall deliver certificates of status (or the equivalent) with
respect to each of the Material Subsidiaries dated the Business Day immediately prior to the
Closing Date or such other date as the Company and the Underwriters may agree;
</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">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Underwriters shall have received certificates evidencing the Shares in form and substance
satisfactory to the Underwriters, acting reasonably;</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">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Underwriters shall have received a certificate, in form and substance acceptable to the
Underwriters and their legal counsel, dated as of the Closing Date signed by the Chief
Executive Officer or Chief Financial Officer of the Company (or such other officer or officers
of the Company acceptable to the Underwriters, acting reasonably) with respect 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="4%" 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 constating documents of the Company;</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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the resolutions of the Board of Directors of the Company related to the
Offering, the allotment and sale of the Shares, the authorization of this Agreement,
the Subscription Agreements and the other agreements and transactions contemplated by
this Agreement; 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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the incumbency and signatures of signing officers of the Company;</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">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Underwriters shall have received a certificate, dated as of the Closing Date, of the
Chief Executive Officer and the Chief Financial Officer of the Company (or such other
officer or officers of the Company acceptable to the Underwriters, acting reasonably),
addressed to the Underwriters and their counsel to the effect that, to the best of their
knowledge, information and belief, after due enquiry and without personal liability:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the representations and warranties of the Company in this Agreement are
true and correct in all material respects as if made at and as of the Closing Time
(other than those that speak to a specific time, in which case they shall have been
true and correct in all material respects at such time) and the Company has performed
all covenants and agreements and satisfied all conditions on its part to be performed
or satisfied in all material respects at or prior to the Closing Time;</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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">no order, ruling or determination having the effect of suspending the sale
or ceasing, suspending or restricting the trading of Common Shares in the Qualifying
Provinces has been issued or made by any stock exchange, securities commission or
regulatory authority and is continuing in effect and no proceedings, investigations
or enquiries for that purpose have been instituted or are pending;</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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the articles and by-laws of the Company delivered at Closing are full,
true and correct copies, unamended, and in effect on the date thereof; 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">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the minutes or other records of various proceedings and actions of the
Company&#146;s Board of Directors relating to the Offering and delivered at Closing are
full, true and correct copies thereof, and have not been modified or rescinded as of
the date thereof,</DIV></TD>
</TR>

</TABLE>
</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: 7.50in">


<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">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Shares shall have been conditionally approved for listing on the TSX and the NYSE Amex,
subject to the conditions set out in the Standard Listing Conditions;</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Underwriters shall have conducted all due diligence inquiries and investigations and not
identified any material adverse changes or misrepresentations or any items materially
adversely affecting the Company&#146;s affairs which exist as of the date hereof but which have not
been widely disseminated to the public;</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">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Underwriters shall have received a certificate of status in respect of the Company;
</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">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Underwriters shall have received certificates or the equivalent thereof from the Canadian
Securities Regulators issued under Securities Laws of the Qualifying Provinces stating that
the Company is not in default under such Securities 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="3%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Underwriters shall have received a certificate from Computershare Investor Services Inc.
as to the number of Common Shares issued and outstanding as at a date no more than two
Business Days prior to the Closing Date; 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="3%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Underwriters shall have received such further certificates, opinions and other
documentation from the Company as may be contemplated herein or as the Underwriters may
reasonably require, provided, however, that the Underwriters shall request any such
certificate, opinions or document within a reasonable period prior to the Closing Time that is
sufficient for the Company to obtain and deliver such certificate, opinion or document.</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">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Restrictions on Further Issues or Sales.</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">For a period of 90&nbsp;days from the Closing Date, the Company shall not (and, for greater certainty,
shall not publicly announce any intention to do any of the following), without the prior written
consent of the GMP, Cormark and Scotia (such consent not to be unreasonably withheld), offer or
sell, agree to offer or sell, or enter into an arrangement to offer or sell any Common Shares, or
financial instruments convertible or exchangeable into Common Shares (collectively &#147;<B>Equity
Securities</B>&#148;) other than in connection with: (i)&nbsp;the grant or exercise of stock options and other
similar issuances pursuant to the share incentive plan of the Company and other share compensation
arrangements; (ii)&nbsp;the exercise of outstanding warrants or convertible debt; (iii)&nbsp;the issuance of
common shares pursuant to transactions or proposed transactions that have been announced to the
public on or prior to February&nbsp;22, 2011; and (iv)&nbsp;common shares that may be issued to KEPCO or its
affiliates pursuant to the Strategic Relationship 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="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>All Terms to be Conditions.</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All terms and conditions of this Agreement shall be construed as conditions and any breach or
failure to comply with any such terms and conditions in any material respect shall entitle the
Underwriters to terminate their obligations hereunder by written notice to that effect given to the
Company prior to the Closing Time. It is understood that the Underwriters may waive, in whole or in
part, or extend the time for compliance with, any of such terms and conditions without prejudice to
their rights in respect of any such terms and conditions or any other subsequent breach or
non-compliance; provided that to be binding on the Underwriters, any such waiver or extension must
be in writing.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<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">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Termination Events.</B></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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Without limiting any of the other provisions of this Agreement, any Underwriter will be
entitled, at its sole option, to terminate and cancel, without any liability on its part or on
the part of the other Underwriters and the Purchasers, its obligations under this Agreement by
giving written notice to the Company at any time through to the Closing Time if:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><I>material change </I>- there shall be any material change or change in a material
fact in the affairs of the Company, or there should be discovered any previously
undisclosed material fact in each case which, in the reasonable opinion of the
Underwriters (or any of them), has or would reasonably be expected to have a
significant adverse effect on the market price or value of the Common Shares or of the
Company;</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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><I>regulatory out; disaster out </I>- (i)&nbsp;any inquiry, action, suit, investigation
or other proceeding (whether formal or informal) is commenced, announced or threatened
or any order made by any federal, provincial, state, municipal or other governmental
department, commission, board, bureau, agency or instrumentality including, without
limitation, the TSX, the NYSE Amex or any securities regulatory authority or any law
or regulation is enacted or changed which in the opinion of the Underwriters (or any
of them), acting reasonably, operates to prevent or restrict the trading of the Common
Shares of the Company or materially and adversely affects or would reasonably be
expected to materially and adversely affect the market price or value of the Common
Shares or of the Company; or (ii)&nbsp;if there should develop, occur or come into effect
or existence any event, action, state, condition
or major financial occurrence of national or international consequence or any law or
regulation which in the reasonable opinion of the Underwriters seriously adversely
affects, or involves, or will, or could reasonably be expected to, seriously adversely
affect, or involve, the financial markets in Canada or the United States or the
business, operations or affairs of the Company and its subsidiaries taken as a whole;
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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><I>breach </I>&#151; the Company is in breach of any term, condition or covenant of
this Agreement or any material representation or warranty given by the Company in this
Agreement is or becomes false.</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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The occurrence or non-occurrence of any of the foregoing events or circumstances is to be
determined in the discretion of the Underwriters, acting reasonably.</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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Neither the giving nor the failure to give such notice shall in any way affect the
Underwriters&#146; entitlement to exercise this right at any time through to the Closing Time.</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">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Exercise of Termination Right.</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If this Agreement is terminated by any of the Underwriters pursuant to Section&nbsp;11, there shall be
no further liability to the Company on the part of such Underwriter or of the Company to such
Underwriter, except in respect of any liability which may have arisen or may thereafter arise under
Sections&nbsp;14 and 15. The right of the Underwriters or any one of them to terminate their respective
obligations under this Agreement is in addition to such other remedies as they may have in respect
of any default, act or failure to act of the Company in respect of any of the matters contemplated
by this Agreement. A notice of termination given by one Underwriter under Section&nbsp;11 shall not be
binding upon the other Underwriters.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<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">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Survival of Representations and Warranties.</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All terms, warranties, representations, covenants and agreements herein contained or contained in
any documents delivered pursuant to this Agreement and in connection with the transactions herein
contemplated shall survive the purchase and sale of the Shares and will continue in full force and
effect for the benefit of the Underwriters and/or the Company, as the case may be, regardless of
any subsequent disposition of the Shares or any investigation by or on behalf of the Underwriters
with respect thereto for a period ending on the later of: (a)&nbsp;the date that is two years following
the Closing Date, and (b)&nbsp;the latest date under applicable Securities Laws (non-residents of Canada
being deemed to be resident in the Province of Ontario for such purposes) that an action may be
commenced or a right of rescission may be exercised with respect to a misrepresentation contained
in the Final Prospectus or, if applicable, any Supplementary Material. The Underwriters and/or the
Company, as the case may be, will be entitled to rely on the representations and warranties of the
other parties contained in this Agreement or delivered pursuant to this Agreement notwithstanding
any investigation, which the Underwriters and/or the Company may undertake or which may be
undertaken on the Underwriters&#146; and/or the Company&#146;s behalf, as the case may be.
</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">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Indemnity and Contribution.</B></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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company shall indemnify and save the Underwriters and/or any of their respective
affiliates (in this Section&nbsp;14 referred to collectively as the &#147;<B>Underwriters</B>&#148;) and the
directors, officers, employees and agents of the Underwriters (in this Section&nbsp;14 referred to
as the &#147;<B>Personnel</B>&#148;) harmless from and against any and all expenses, losses (other
than loss of profits), claims, actions, damages or liabilities, whether joint or several
(including the aggregate amount paid in reasonable settlement of any actions, suits,
proceedings or claims), and the reasonable fees and expenses of its counsel that may be
incurred in advising with respect to and/or defending any claim that may be made against the
Underwriters and/or the Personnel, to which the Underwriters and/or their Personnel may
become subject or otherwise involved in any capacity under any statute or common law or
otherwise insofar as such expenses, losses, claims, damages, liabilities or actions arise
out of or are based, directly or indirectly, upon the performance of professional services
rendered to the Company by the Underwriters and/or their Personnel or otherwise in
connection with the matters referred to in this Agreement, including, without limitation, in
any way caused by, or arising directly or indirectly from, or in consequence 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">any misrepresentation (as such term is defined in the <I>Securities Act</I>
(Ontario)) or alleged misrepresentation contained in this Agreement, the Preliminary
Prospectus, the Final Prospectus or any Supplementary Material filed in connection
with the Offering or in any documents incorporated therein by reference;</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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">any information or statement (except any information or statement relating
solely to the Underwriters) contained in any certificate of the Company delivered
under or pursuant to this Agreement which at the time and in light of the
circumstances under which it was made contains or is alleged to contain a
misrepresentation;</DIV></TD>
</TR>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">any omission or alleged omission to state, in any certificate of the
Company delivered under or pursuant to this Agreement, any fact (except facts
relating solely to the Underwriters) required to be stated in such document or
necessary to make any statement in such document not misleading in light of the
circumstances under which it was made; 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">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the non-compliance or alleged non-compliance by the Company with any
requirements of the <I>Securities Act </I>(Ontario) or other Securities 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="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Notwithstanding anything to the contrary contained herein, this indemnity shall not apply to
the extent that a court of competent jurisdiction in a final judgment that has become
non-appealable shall determine that:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Underwriters or their Personnel have been negligent or have committed
any fraudulent or illegal act or an act of wilful misconduct in the course of the
performance of professional services rendered to the Company by the Underwriters
and/or their Personnel or otherwise in connection with the matters referred to in
this Agreement; 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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the expenses, losses, claims, damages or liabilities, as to which
indemnification is claimed, were directly caused by the negligence, illegality,
wilful misconduct or fraud referred to in Section&nbsp;14(b)(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="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">If for any reason (other than the occurrence of any of the events itemized in Sections
14(b)(i) and 14(b)(ii), the foregoing indemnification is unavailable to the Underwriters or
insufficient to hold them harmless, then the Company shall contribute to the amount paid or
payable by the Underwriters as a result of such expense, loss, claim, damage or liability in
such proportion as is appropriate to reflect not only the relative benefits
received by the Company on the one hand and the Underwriters on the other hand but also the
relative fault of the Company and the Underwriters, as well as any relevant equitable
considerations; provided that the Company shall, in any event, contribute to the amount paid
or payable by the Underwriters as a result of such expense, loss, claim, damage or
liability, any excess of such amount over the amount of the fees received by the
Underwriters hereunder pursuant to this 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="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company agrees that in case any legal proceeding shall be brought against the Company
and/or the Underwriters by any governmental commission or regulatory authority or any stock
exchange or other entity having regulatory authority, either domestic or foreign, shall
investigate the Company and/or the Underwriters and any Personnel of the Underwriters shall be
required to testify in connection therewith or shall be required to respond to procedures
designed to discover information regarding, in connection with, or by reason of the
performance of professional services rendered to the Company by the Underwriters, the
Underwriters shall have the right to employ their own counsel in connection therewith, and the
reasonable fees and expenses of such counsel as well as the reasonable costs (including an
amount to reimburse the Underwriters for time spent by their Personnel in connection
therewith) and out-of-pocket expenses incurred by their Personnel in connection therewith
shall, subject to the right of indemnity, be paid by the Company as they occur.</DIV></TD>
</TR>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->28<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<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="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Promptly after receipt of notice of the commencement of any legal proceeding against the
Underwriters or any of their Personnel or after receipt of notice of the commencement of any
investigation, which is based, directly or indirectly, upon any matter in respect of which
indemnification may be sought from the Company, the Underwriters will notify the Company in
writing of the commencement thereof and, throughout the course thereof, will provide copies of
all relevant documentation to the Company, will keep the Company advised of the progress
thereof and will discuss with the Company all significant actions proposed. The omission so to
notify the Company shall not relieve the Company of any liability which the Company may have
to the Underwriters except only to the extent that any such delay in giving or failure to give
notice as herein required materially prejudices the defence of such action, suit, proceeding,
claim or Investigation or results in any material increase in the liability which the Company
would otherwise have under this indemnity had the Underwriters not so delayed in giving or
failed to give the notice required hereunder.</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">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company shall be entitled, at its own expense, to participate in and, to the extent it
may wish to do so, assume the defence thereof, provided such defence is conducted by
experienced and competent counsel. Upon the Company notifying the Underwriters in writing of
its election to assume the defence and retaining counsel, the Company shall not be liable to
the Underwriters for any legal expenses subsequently incurred by them in connection with such
defence. If such defence is assumed by the Company, the Company throughout the course thereof
will provide copies of all relevant documentation to the Underwriters, will keep the
Underwriters advised of the progress thereof and will discuss with the Underwriters all
significant actions proposed.</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">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Notwithstanding the foregoing Section, any Underwriter shall have the right, at the Company&#146;s
expense, to employ counsel of such Underwriter&#146;s choice, in respect of the defence of any
action, suit, proceeding, claim or investigation if: (i)&nbsp;the employment of such counsel has
been authorized by the Company; or (ii)&nbsp;the Company has not assumed the defence and employed
counsel therefor within a reasonable time after receiving notice of such action, suit,
proceeding, claim or investigation; or (iii)&nbsp;counsel
retained by the Company or the Underwriter(s) has advised the Underwriters) that
representation of both parties by the same counsel would be inappropriate for any reason,
including without limitation because there may be legal defences available to the
Underwriters which are different from or in addition to those available to the Company (in
which event and to that extent, the Company shall not have the right to assume or direct the
defence on the Underwriter&#146;s behalf) or that there is a conflict of interest between the
Company and the Underwriters or the subject matter of the action, suit, proceeding, claim or
investigation may not fall within the indemnity set forth herein (in either of which events
the Company shall not have the right to assume or direct the defence on the Underwriters&#146;
behalf).</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">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">No admission of liability and no settlement of any action, suit, proceeding, claim or
investigation shall be made without the consent of the Underwriters affected. No admission of
liability shall be made and the Company shall not be liable for any settlement of any action,
suit, proceeding, claim or investigation made without its consent.</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The indemnity and contribution obligations of the Company shall be in addition to any
liability which the Company may otherwise have, shall extend upon the same terms and
conditions to the Personnel of the Underwriters and shall be binding upon and enure to the
benefit of any successors, assigns, heirs and personal representatives of the Company, the
Underwriters and any of the Personnel of the Underwriters. The foregoing provisions shall
survive the completion of the transactions contemplated under this Agreement or any
termination of this Agreement.</DIV></TD>
</TR>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->29<!-- /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: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">


<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">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Expenses.</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company shall pay all expenses and fees in connection with the Offering contemplated by this
Agreement, including, without limitation, all expenses of or incidental to the issue, sale or
distribution of the Shares and all expenses of or incidental to all other matters in connection
with the transaction set out in this Agreement, including, without limitation, the fees and
expenses payable in connection with the distribution of the Shares, the fees and expenses of the
Company&#146;s counsel and of local counsel to the Company, the reasonable fees and expenses of the
auditors and the transfer agent for the Common Shares, all costs incurred in connection with the
preparation and printing of the Offering Documents and certificates representing the Shares, all
costs incurred related to road shows and marketing activities, filing fees and all reasonable
expenses and fees incurred by the Underwriters and the reasonable fees and disbursements of the
Underwriters&#146; counsel (up to a maximum of $100,000 in respect of such legal fees, exclusive of HST
and disbursements), whether or not the Offering is completed.
</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">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Advertisements.</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company acknowledges that the Underwriters shall have the right, subject always to this
Agreement and Schedule &#147;C&#148;, at their own expense, subject to the prior consent of the Company, such
consent not to be unreasonably withheld, to place such advertisement or advertisements relating to
the sale of the Shares contemplated herein as the Underwriters may consider desirable or
appropriate and as may be permitted by applicable law. The Company and the Underwriters each agree
that they will not make or publish any advertisement in any media whatsoever relating to, or
otherwise publicize, the transaction provided for herein so as to result in any exemption from the
prospectus and registration or other similar requirements under applicable securities legislation
in any of the provinces of Canada or any other jurisdiction
in which the Securities shall be offered and sold being unavailable in respect of the sale of the
Shares to prospective purchasers.
</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">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Underwriters&#146; Obligations.</B></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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Underwriters&#146; obligations under this Agreement shall be several and not joint, and the
Underwriters&#146; respective obligations and rights and benefits hereunder shall be as to the
following percentages (&#147;<B>Relevant Proportions</B>&#148;):</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="86%">&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>Name of Underwriter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Percentage</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">GMP Securities L.P.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">30</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cormark Securities Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">30</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Scotia Capital Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">30</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dundee Securities Ltd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Raymond James Ltd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5</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 -->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: 7.50in">


<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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">If an Underwriter (a &#147;<B>Refusing Underwriter</B>&#148;) shall not complete the purchase and sale of the
Shares which such Underwriter has agreed to purchase hereunder for any reason whatsoever, the
other Underwriters (each, a &#147;<B>Continuing Underwriter</B>&#148;) shall be entitled, at its option, to
purchase all but not less than all of the Shares which would otherwise have been purchased by
such Refusing Underwriter. If a Continuing Underwriter does not elect to purchase the balance
of the Shares pursuant to the foregoing:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Continuing Underwriter shall not be obliged to purchase any of the Shares
that any Refusing Underwriter is obligated to purchase; 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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Company shall not be obliged to sell less than all of the Shares,</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">and the Company shall be entitled to terminate its obligations under this Agreement arising
from its acceptance of this offer, in which event there shall be no further liability on
the part of the Company or the Continuing Underwriter, except pursuant to the provisions of
Sections&nbsp;14 and 15 hereof. Nothing in this Agreement shall oblige any U.S. Affiliate to
purchase any Shares. Notwithstanding the foregoing, the Refusing Underwriter shall not be
entitled to the benefit of the provisions of Sections&nbsp;14 and 15 hereof following such
termination.
</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">18.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Action by Underwriters.</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All steps which must or may be taken by the Underwriters in connection with the closing of the
Offering, with the exception of the matters relating to (i)&nbsp;termination of purchase obligations,
and (ii)&nbsp;indemnification, contribution and settlement, may be taken by GMP on behalf of itself and
the other Underwriters and the execution of this Agreement by the other Underwriters and by the
Company shall constitute the Company&#146;s authority and obligation for accepting notification of any
such steps from, and for delivering the definitive certificates representing the Shares to or to
the order of, GMP. GMP shall fully consult with the other Underwriters with respect to all
notices, waivers, extensions or other communications to or with the Company.
The rights and obligations of the Underwriters under this Agreement shall be several and not joint
and several.
</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">19.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Compliance with U.S. Securities Laws.</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Underwriters make the representations, warranties and covenants applicable to them in Schedule
&#147;C&#148; hereto and agree, on behalf of themselves and their U.S. Affiliates, for the benefit of the
Company, to comply with the U.S. selling restrictions imposed by the laws of the United States and
set forth in Schedule &#147;C&#148; hereto, which forms part of this Agreement. Notwithstanding the
foregoing provisions of this Section, an Underwriter will not be liable to the Company under this
Section or Schedule &#147;C&#148; with respect to a violation by another Underwriter of the provisions of
this Section or Schedule &#147;C&#148; if the former Underwriter is not itself also in violation. The Company
makes the representations, warranties and covenants applicable to it in Schedule &#147;C&#148; hereto.
</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">20.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Notices.</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Unless otherwise expressly provided in this Agreement, any notice or other communication to be
given under this Agreement (a &#147;<B>notice</B>&#148;) shall be in writing addressed 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="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">If to the Company, to:</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Denison Mines Corp.<br>
595 Bay Street, Suite&nbsp;402<br>
Toronto, ON M5G 2C2
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ron F. Hochstein</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">Fax:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">416-979-5893</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: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">with a copy (for information purposes only and not constituting notice) to:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Blake, Cassels &#038; Graydon LLP<br>
855  &#151; 2nd Street S.W.<br>
Suite&nbsp;3500, Bankers Hall East Tower<br>
Calgary AB T2P 4J8
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Daniel McLeod</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">Fax:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">403-260-9700</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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">If to the Underwriters, to:</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">GMP Securities L.P.<br>
145 King Street West, Suite&nbsp;300<br>
Toronto, ON M5H 1J8
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mark Wellings</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">Fax:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">416-943-6160</TD>
</TR>
<!-- End Table Body --></TABLE>
</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: 7.50in">


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Cormark Securities Inc.<br>
Royal Bank Plaza<br>
South Tower<br>
Suite&nbsp;2800<br>
200 Bay Street<br>
Toronto, Ontario, M5J 2J2
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jeff Kennedy</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">Fax:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">416-943-6496</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Scotia Capital Inc.<br>
40 King Street West, 66th Floor<br>
Toronto, ON M5W 2X6
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jeffrey Richmond</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">Fax:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">416-863-7117</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">with a copy (for information purposes only and not constituting notice) to:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Cassels Brock &#038; Blackwell LLP<br>
2100 Scotia Plaza<br>
40 King Street West<br>
Toronto, ON M5H 3C2
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chad Accursi</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">Fax:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">416-642-7131</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">and if so given, shall be deemed to have been given and received upon receipt by the addressee or a
responsible officer of the addressee if delivered, or one hour after being telecopied and receipt
confirmed during normal business hours, as the case may be. Any party may, at any time, give
notice in writing to the others in the manner provided for above of any change of address or fax
number.
</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">21.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Time of the Essence.</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Time shall, in all respects, be of the essence hereof.
</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">22.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Canadian Dollars.</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All references herein to dollar amounts are to lawful money of 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="3%" nowrap align="left">23.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Headings.</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The headings contained herein are for convenience only and shall not affect the meaning or
interpretation hereof.
</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">24.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Singular and Plural, etc.</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Where the context so requires, words importing the singular number include the plural and vice
versa, and words importing gender shall include the masculine, feminine and neuter genders.
</DIV>
<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: 7.50in">

<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">25.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Entire Agreement.</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">This Agreement constitutes the only agreement between the parties with respect to the subject
matter hereof and shall supersede any and all prior negotiations and understandings. This
Agreement may be amended or modified in any respect by written instrument only.
</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">26.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Severability.</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If one or more provisions contained herein shall, for any reason, be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any
other provision hereof, but this Agreement shall be construed as if such invalid, illegal or
unenforceable provision or provisions had never been contained 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="3%" nowrap align="left">27.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Governing Law.</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">This Agreement shall be governed by and construed in accordance with the laws of the Province of
Ontario and the laws of Canada applicable therein. Each of the Company and the Underwriters
irrevocably agrees that the courts of the Province of Ontario shall have non-exclusive jurisdiction
to hear and decide any suit, action or proceedings, and/or to settle any disputes, which may arise
out of or in connection with this Agreement and the transactions contemplated hereby
(&#147;<B>Proceedings</B>&#148;) and, for these purposes, each of them irrevocably submits to the jurisdiction of
the Ontario courts and waives (and irrevocably agrees not to raise) any objection which it may have
now or hereafter to the laying of the venue of any Proceedings in any such court and any claim that
any such Proceedings have been brought in an inconvenient forum and further irrevocably agrees that
a judgment in any Proceedings brought in any Ontario court shall be conclusive and binding upon it
and may be enforced in the courts of any other jurisdiction.
</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">28.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Successors and Assigns.</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The terms and provisions of this Agreement shall be binding upon and enure to the benefit of the
Company and the Underwriters and their respective successors and permitted assigns.
</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">29.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Further Assurances.</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Each of the parties hereto shall do or cause to be done all such acts and things and shall execute
or cause to be executed all such documents, agreements and other instruments as may reasonably be
necessary or desirable for the purpose of carrying out the provisions and intent of this 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="3%" nowrap align="left">30.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Effective Date.</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">This Agreement is intended to and shall take effect as of the date first set forth above,
notwithstanding its actual date of execution or delivery.
</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">31.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Counterparts and Facsimile Copies.</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">This Agreement may be executed in any number of counterparts and by facsimile, or other electronic
means, which taken together shall form one and the same agreement.
</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: 7.50in">

<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">32.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Conflict.</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company acknowledges that the Underwriters and their affiliates carry on a range of businesses,
including providing stockbroking, investment advisory, research, investment
management and custodial services to clients and trading in financial products as agent or
principal. It is possible that the Underwriters and other entities in their respective groups that
carry on those businesses may hold long or short positions in securities of companies or other
entities, which are or may be involved in the transactions contemplated in this Agreement and
effect transactions in those securities for their own account or for the account of their
respective clients. The Company agrees that these divisions and entities may hold such positions
and effect such transactions without regard to the Company&#146;s interests under this 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="3%" nowrap align="left">33.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Fiduciary.</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company hereby acknowledges that the Underwriters are acting solely as underwriters in
connection with the purchase and sale of the Shares. The Company further acknowledges that the
Underwriters are acting pursuant to a contractual relationship created solely by this Agreement
entered into on an arm&#146;s length basis, and in no event do the parties intend that the Underwriters
act or be responsible as a fiduciary to the Company, its management, shareholders or creditors or
any other person in connection with any activity that the Underwriters may undertake or have
undertaken in furtherance of such purchase and sale of the Company&#146;s securities, either before or
after the date hereof. The Underwriters hereby expressly disclaim any fiduciary or similar
obligations to the Company, either in connection with the transactions contemplated by this
Agreement or any matters leading up to such transactions, and the Company hereby confirms its
understanding and agreement to that effect. The Company and the Underwriters agree that they are
each responsible for making their own independent judgments with respect to any such transactions
and that any opinions or views expressed by the Underwriters to the Company regarding such
transactions, including, but not limited to, any opinions or views with respect to the price or
market for the Company&#146;s securities, do not constitute advice or recommendations to the Company.
The Company and the Underwriters agree that the Underwriters are acting as principal and not the
agent or fiduciary of the Company and no Underwriter has assumed, and no Underwriter will assume,
any advisory responsibility in favour of the Company with respect to the transactions contemplated
hereby or the process leading thereto (irrespective of whether any Underwriter has advised or is
currently advising the Company on other matters).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>&#091;THE REMAINDER OF THIS PAGE IS INTENTIONALLY BLANK.&#093;</B>
</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: 7.50in">



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">If the Company is in agreement with the foregoing terms and conditions, please so indicate by
executing a copy of this Agreement where indicated below and delivering the same to the
Underwriters.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Yours very truly,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>GMP SECURITIES L.P.</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="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="52%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Per:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>(signed) &#147;Mark Wellings&#148;</I>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Authorized Signing Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD colspan="3" valign="top" align="left"><B>CORMARK SECURITIES INC.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Per:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>(signed) &#147;Marc Murnaghan&#148;</I>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Authorized Signing Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD colspan="3" valign="top" align="left"><B>SCOTIA CAPITAL INC.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Per:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>(signed) &#147;Jeff Richmond&#148;</I>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Authorized Signing Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD colspan="3" valign="top" align="left"><B>DUNDEE SECURITIES LTD.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Per:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>(signed) &#147;David G. Anderson&#148;</I>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Authorized Signing Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD colspan="3" valign="top" align="left"><B>RAYMOND JAMES LTD.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Per:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>(signed) &#147;David Greifenberger&#148;</I>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Authorized Signing Officer
</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">The foregoing accurately reflects the terms of the transaction which we are to enter into and such
terms are agreed to with effect as of the date provided at the top of the first page of this
Agreement.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" colspan="3"><B>DENISON MINES CORP.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>(signed) &#147;James R. Anderson&#148;</I>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Authorized Signing 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 -->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: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SCHEDULE </B>&#147;<B>A</B>&#148;
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONVERTIBLE SECURITIES AND SHARE PURCHASE RIGHTS</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Share Purchase Warrants</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="24%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Security</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Expiry Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Exercise Price ($)</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">

    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Share Purchase
Warrants
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2,225,000<BR>
exercisable for<BR>
6,408,000 <BR>Common
Shares
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March&nbsp;1, 2011
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$10.42 per share<BR>
($30.00 per
warrant)</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Stock Options</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="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="21%">&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>Weighted</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">&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"><B>Average</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>Weighted Average</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center"><B>Range of Exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Remaining</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>Exercise Price per</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center"><B>Price per Share</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Contractual Life</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of Common</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Share</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Years)</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
</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 align="center">$1.37 to $4.99</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,118,575</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.02</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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center">$5.00 to $8.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">907,439</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5.63</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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="center">Stock options
outstanding:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6,026,014</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.57</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">Options outstanding expire between February&nbsp;2013 and October&nbsp;2016.<BR></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">Remaining contractual life calculated effective March&nbsp;8, 2011.</DIV></TD>
</TR>

</TABLE>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">KEPCO is entitled to subscribe for additional Common Shares to maintain its shareholding percentage
pursuant to the Strategic Relationship Agreement.
</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: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SCHEDULE </B>&#147;<B>B</B>&#148;<BR>
<B>SUMMARY OF ROYALTIES AND MECHANIC&#146;S LIENS for U.S. PROPERTIES</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>1. ROYALTIES</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following table lists all current active royalties known to Denison Mines (USA)&nbsp;Corp. Any
properties that are not listed in this table have no royalties. Table excludes annual minimum
royalties.
</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>VANADIUM</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>STATE</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>PROJECT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>PROPERTY</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>URANIUM ROYALTY</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>ROYALTY</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>HELD BY</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Arizona
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Canyon Mine
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Canyon 74, 75
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3.5% Weighted Average Price
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">7% NSR
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Gulf Oil</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2.25% Yellowcake
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Uranerz</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">All remaining Canyon claims
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3.5% Weighted Average Price
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">7% NSR
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Gulf Oil</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>EZ-1, EZ-2, EZ-5, What DB-1, <BR>
Lisa, John, LGH340,
Otto
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1% of average Trade Tech
Long Term U3O8 Value for 3
months preceding uranium
concentrate production
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Pathfinder Mines<BR>
Corporation</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Colorado
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Carnation Mine
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Carnation 1-5
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10% Gross Value
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10% Gross Value
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">CC. Sterns
Successors</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Carnation Frac. 1
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10% Gross Value
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10% Gross Value
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Shiprock Ltd.
Successors</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Leonard Clark
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">All Clark and Leonard Claims
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">9% of Value (w/adjustments)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">9% of Value
(w/adjustments)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Sundance Oil</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Clark 1 only
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2.5% from Sundance Royalty
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">H.D. Clark</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Sunday
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">GMG, GMG0, GMG 1 Claims
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">12.5% Circular 5
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">12.5% Value of Ore
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Icke, Doudy, Staats</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: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>VANADIUM</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>STATE</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>PROJECT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>PROPERTY</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>URANIUM ROYALTY</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>ROYALTY</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>HELD BY</B></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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">GMG 2-5, 8-13 claims
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10% Circular 5
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10%Value of Ore
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Icke, Doudy, Staats</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Monogram Mesa
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Holley
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4% of Ux Long Term U3O8 Price
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2% of Market Price
V2O5
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Holley</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Utah
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Beaver
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Utah Lease 27247
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">8% Gross Value
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4% Gross Value
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">State Institutional<BR>
Trust Lands<BR>
Administration</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Beaver
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Utah Lease 27248
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">8% Gross Value
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4% Gross Value
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">State Institutional<BR>
Trust Lands<BR>
Administration</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Beaver &#038; LaSal
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Redd Ranches 1-B
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">12.5% Circular 5 if processed
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">12.5% Vanadium Base
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Redd Royalties</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Beaver &#038; LaSal
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Redd Ranches 1-A Lease
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">12.5% Circular 5 if processed
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">12.5% vanadium base
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Redd Royalties</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">La Sal
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">West Pine Lodge
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4%-10% Sliding Scale Based<BR>
on Ux Long Term U308 Price
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2%-6% Sliding Scale
based on Ryan&#146;s
Notes Published
V205 price
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Redd Royalties Ltd.</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">LaSal
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Mike Claims
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">NUEXCO x 4.5 x &#147;grade
adjustment&#148; x lbs x 0.075
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Carvan Index x
&#147;grade value&#148; x Lbs
V2O5
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Pogues, Barrett,<BR>
Yongue</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Redd Block
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">County Lease
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3.9% to 12.5% Gross value
schedule
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3% to 12.5% gross
value schedule
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">San Juan County</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: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>VANADIUM</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>STATE</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>PROJECT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>PROPERTY</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>URANIUM ROYALTY</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>ROYALTY</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>HELD BY</B></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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Redd Block
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Crested and T&#038;A Claims
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3%-8% Sliding Scale Based on<BR>
Ux Long Term U308 Price
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2%-6% Sliding Scale
based on Ryan&#146;s
Notes Published
V205 price
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Eight private<BR>
individuals</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Redd Block
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Redd- Mullins Lease
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">12.5% Circular 5 if
processed; 50% interest
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">12.5% Vanadium
base; 50% interest
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Mullins et al</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Redd Block
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Section&nbsp;31, 4 &#038; 5
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4%-10% Sliding Scale Based<BR>
on Ux Long Term U308 Price
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2%-6% Sliding Scale
based on Ryan&#146;s
Notes Published
V205 price
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Redd Royalties Ltd.</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Redd Block
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Thora Barton Norton Estate
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3%-8% Sliding Scale Based on<BR>
Ux Long Term U308 Price
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2%-6% Sliding Scale
based on Ryan&#146;s
Notes Published
V205 price
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Thora Barton Norton<BR>
Estate 50% Interest</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Redd Block
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Keller Estate
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3%-8% Sliding Scale Based on<BR>
Ux Long Term U308 Price
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2%-6% Sliding Scale
based on Ryan&#146;s
Notes Published
V205 price
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Keller Estate 50%<BR>
Interest</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Lisbon Valley
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Section&nbsp;6
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4%-10% Sliding Scale Based<BR>
on Ux Long Term U308 Price
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2%-6% Sliding Scale
based on Ryan&#146;s
Notes Published
V205 price
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Redd Royalties Ltd.</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: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>VANADIUM</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>STATE</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>PROJECT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>PROPERTY</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>URANIUM ROYALTY</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>ROYALTY</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>HELD BY</B></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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>Pandora &#038; Snowball
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Pandora Claims
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10% Of value of $1.50/lb @
0.10% ore grade up to 10% of
value of $3.50 if ore is
0.20%
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10% of value
(w/adjustments)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Robert Sayre<BR>
(Bonnie)</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Pandora &#038; Snowball
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Martha Claims
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10% of value in ore
(w/adjustments)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10% of value in ore
(w/adjustments)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Robert Sayre<BR>
(Bonnie)</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Pandora &#038; Snowball
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Snowball Claims
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">12.5% Fair Market Value
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">12.5% market Value
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Shumway and Perkins</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Pandora &#038; Snowball
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Pine Lodge Lease
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">15% Circular 5 if processed
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">15% vanadium base
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Redd Royalties</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Pandora &#038; Snowball
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Utah Lease 18301
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">8% Gross Value
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4% Gross Value
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">State Institutional<BR>
Trust Lands<BR>
Administration</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Utah Lease 18301
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">8% Gross Value
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4% Gross Value
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">MEPNA</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Rim Mine
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Boy, Humbug, Humbug 1 Claims
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">15% Circular 5
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">15% Value on<BR>
vanadium base
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Ace &#038; Willard<BR>
Goodman Heirs</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Cressler Lease
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">7.5% Circular 5
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">7.5% of Value
(w/adjustments)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Harley and Norma
Cressler</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Rim Mine
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Utah Lease 51574
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">8% Gross Value
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4% Gross value
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">State Institutional<BR>
Trust Lands<BR>
Administration</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Henry Mountains
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Utah State Lease
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">8% Yellowcake less taxes and
minor deductions
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4% Gross Value less<BR>
taxes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">State Institutional<BR>
Trust Lands<BR>
Administration</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">TIC Claims
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4% Yellowcake less taxes and
minor deductions
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2% Gross Value
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Christian Murer</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: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>2. MECHANIC&#146;S LIENS</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following table lists all current mechanic&#146;s liens known to Denison Mines (USA)&nbsp;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="21%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="20%">&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="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>DATE OF NOTICE OF</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>AMOUNT OF LIEN</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</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>CLAIMANT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>MECHANIC&#146;S LIEN</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(US$)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>PROPERTY</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>MATTER</B></TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- 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>
    <TD 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">Butler Machinery <BR>
Company
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;26, 2010
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,508,829.53</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">White Mesa Mill
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Construction of Cell 4B</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>
    <TD 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">Buckley Powder Co.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;1, 2010
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">453,553.56</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">White Mesa Mill
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Construction of Cell 4B</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>
    <TD 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">KGL Associates Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;14, 2010
(amending Previous
Notice Dated August
18, 2010)
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2,456,818.56</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">White Mesa Mill
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Construction of Cell 4B</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: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SCHEDULE &#147;C&#148;</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>TERMS FOR OFFERING TO U.S. PURCHASERS</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As used in this Schedule &#147;C&#148;, capitalized terms used herein and not defined herein shall have the
meanings ascribed thereto in the Underwriting Agreement to which this Schedule is annexed and the
following terms shall have the meanings indicated:
</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">&#147;Directed Selling Efforts&#148; means &#147;directed selling efforts&#148; as that term is
defined in Regulation&nbsp;S. Without limiting the foregoing, but for greater clarity in
this Schedule, it means, subject to the exclusions from the definition of directed
selling efforts contained in Regulation&nbsp;S, any activity undertaken for the purpose of,
or that could reasonably be expected to have the effect of, conditioning the market in
the United States for any of the Shares and includes the placement of any advertisement
in a publication with a general circulation in the United States that refers to the
offering of the Shares;</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">&#147;Final U.S. Wrap&#148; means a final private placement memorandum including the
Final Prospectus in form and substance satisfactory to the Company and the
Underwriters.</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">
&#147;FINRA&#148; means the Financial Industry Regulatory Authority, Inc.;
</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">&#147;Foreign Issuer&#148; shall have the meaning ascribed thereto in Regulation&nbsp;S.
Without limiting the foregoing, but for greater clarity, it means any issuer which is
(a)&nbsp;the government of any country other than the United States, of any political
subdivision thereof or a national of any country other than the United States; or (b)&nbsp;a
corporation or other organization incorporated under the laws of any country other than
the United States, except an issuer meeting the following conditions as of the last
business day of the most recently completed second fiscal quarter: (1)&nbsp;more than 50
percent of the outstanding voting securities of such issuer are held of record either
directly or indirectly by residents of the United States; and (2)&nbsp;any of the following:
(i)&nbsp;the majority of the executive officers or directors are United States citizens or
residents, (ii)&nbsp;more than 50&nbsp;percent of the assets of the issuer are located in the
United States, or (iii)&nbsp;the business of the issuer is administered principally in the
United States;</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">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;General Solicitation&#148; or &#147;General Advertising&#148; means &#147;general solicitation&#148; or
&#147;general advertising&#148;, as used in Rule 502(c) of Regulation&nbsp;D, including, without
limitation. advertisements, articles, notices or other communications published in any
newspaper, internet, magazine or similar media or broadcast over radio, internet or
television, or any seminar or meeting whose attendees had been invited by general
solicitation or general advertising;</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">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Institutional Accredited Investor&#148; means an &#147;accredited investor&#148; as described
in Rule&nbsp;501(a)(1),(2),(3) or (7)&nbsp;of Regulation&nbsp;D;</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">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Preliminary U.S. Wrap&#148; means a preliminary private placement memorandum
including the Preliminary Prospectus in form and substance satisfactory to the Company
and the Underwriters;</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">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Regulation&nbsp;D&#148; means Regulation&nbsp;D adopted by the SEC under the U.S. Securities
Act;</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: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Regulation&nbsp;S&#148; means Regulation&nbsp;S adopted by the SEC under the U.S. Securities
Act;</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">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;SEC&#148; means the United States Securities and Exchange Commission;
</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">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Substantial U.S. Market Interest&#148; means &#147;substantial U.S. market interest&#148; as
that term is defined in Regulation&nbsp;S;</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">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;United States&#148; means the United States of America, its territories and
possessions, any state of the United States, and the District of Columbia;</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">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;U.S. Exchange Act&#148; means the United States Securities Exchange Act of 1934, as
amended; 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">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;U.S. Securities Act&#148; means the United States Securities Act of 1933, as
amended.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Representations, Warranties and Covenants of the Underwriters</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Each Underwriter acknowledges that the Shares have not been and will not be registered under the
U.S. Securities Act or any U.S. state securities laws and may be offered and sold only in
transactions exempt from or not subject to the registration requirements of the U.S. Securities Act
and applicable U.S. state securities laws. Accordingly, each Underwriter, severally and not
jointly, represents, warrants and covenants to and with the Company that:
</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">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">It has not offered or sold, and will not offer or sell, any Shares forming part of its
allotment or otherwise as a part of the distribution except (a)&nbsp;in an &#147;offshore transaction&#148;
(as defined in Regulation&nbsp;S) in accordance with Rule&nbsp;903 of Regulation&nbsp;S or (b)&nbsp;in the United
States as provided in paragraphs (2)&nbsp;through (11)&nbsp;below. Accordingly, neither it nor any of
its affiliates nor any person acting on its or their behalf, (A)&nbsp;has made or will make: (i)
any offer to sell or any solicitation of an offer to buy, any Shares to any person in the
United States, or (ii)&nbsp;any sale of Shares to any Purchaser unless, at the time the buy order
was or will have been originated, the Purchaser was outside the United States, or such
Underwriter, affiliate or person acting on behalf of either reasonably believed that such
Purchaser was outside the United States, (iii)&nbsp;any Directed Selling Efforts with respect to
the Shares, or (B)&nbsp;has taken or will take any action in violation of Regulation&nbsp;M under the
U.S. Exchange Act in connection with the offer and sale of the Shares.</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">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">It has not entered and will not enter into any contractual arrangement with respect to the
distribution of the Shares, except with its U.S. Affiliate, any Selling Group members or with
the prior written consent of the Company. It shall require each Selling Group member and its
U.S. Affiliate to agree, for the benefit of the Company, to comply with, and shall use its
best efforts to ensure that each Selling Group member and its U.S. Affiliate complies with,
the same provisions of this Schedule as apply to such Underwriter as if such provisions
applied to such Selling Group member and its U.S. Affiliate.</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">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All offers and sales of Shares in the United States have been and will be made through the
U.S. Affiliate in compliance with all applicable U.S. federal and state broker-dealer
requirements. Such U.S. Affiliate is on the date hereof, and was or will be on the date of
each offer or sale of Shares in the United States, duly registered as a broker-dealer pursuant
to Section 15(b) of the U.S. Exchange Act and the securities laws of each state in which such
offer or sale is made (unless exempted from the respective state&#146;s broker-dealer registration
requirements) and a member of and in good standing with FINRA.</DIV></TD>
</TR>

</TABLE>
</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: 7.50in">

<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="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Offers and sales of Shares in the United States have not been and will not be made by any
form of General Solicitation or General Advertising or in any manner involving a public
offering within the meaning of Section&nbsp;4(2) of the U.S. Securities Act.</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">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Underwriter, through its U.S. Affiliate, may offer the Shares for sale by the Company in
the United States pursuant to and in compliance with Rule&nbsp;506 of Regulation&nbsp;D to persons who
are, or who they reasonably believe to be, Institutional Accredited Investors and in
transactions that are exempt from registration under and in compliance with applicable state
securities 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="3%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All Purchasers of the Shares that are in the United States or that were offered Shares in the
United States shall be informed that the Shares have not been and will not be registered under
the U.S. Securities Act and are being offered and sold to such Purchasers in reliance on the
exemption from the registration requirements of the U.S. Securities Act provided by Rule&nbsp;506
of Regulation&nbsp;D.</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">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Each offeree of Shares that is in the United States has been or shall be provided with one or
both of the Preliminary U.S. Wrap and/or the Final U.S. Wrap. Each Purchaser of Shares that
is in the United States or that was offered Shares in the United States will have received,
prior to the time of purchase of any Shares, the Final U.S. Wrap.</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">(8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Immediately prior to transmitting the Preliminary U.S. Wrap and/or the Final U.S. Wrap, the
Underwriters had or will have reasonable grounds to believe and did or will believe that each
offeree was an Institutional Accredited Investor.</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">(9)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Prior to any sale of Shares to a person in the United States or that was offered Shares in
the United States, each Purchaser thereof will be required to execute a U.S. Subscription
Agreement in the form of Exhibit&nbsp;I attached to the Final U.S. Wrap (each a &#147;U.S. Subscription
Agreement&#148;).</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">(10)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Prior to the Closing Date, it will provide the Company with a list of all Purchasers of the
Shares that are in the United States and that were offered Shares in the United States and the
state or other jurisdiction in which the Shares were offered or sold to such Purchaser. Prior
to the Closing Time, it will provide the Company with copies of all U.S. Subscription
Agreements.</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">(11)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">At the Closing Time, each Underwriter making offers or sales of Shares in the United States
will together with its U.S. Affiliate provide to the Company a certificate in the form of
Exhibit&nbsp;A to this Schedule relating to the manner of the offer and sale of the Shares in the
United States. Failure to deliver such a certificate shall constitute a representation to the
Company that such Underwriter and its U.S. Affiliate did not offer or sell Shares in the
United States.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Representations, Warranties and Covenants of the Company </B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company represents, warrants, covenants and agrees that:
</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">(i)&nbsp;the Company is, and at the Closing Time will be, a Foreign Issuer with no Substantial
U.S. Market Interest in the Common Shares and is not now and as a result of the sale of Shares
contemplated hereby will not be registered or required to be registered as an &#147;investment
company&#148; under the United States Investment Company Act of 1940, as amended; and (ii)&nbsp;neither
the Company nor any of its predecessors or affiliates has been subject to any order, judgment
or decree of any court of competent jurisdiction temporarily, preliminarily or permanently
enjoining such person for failure to comply with Rule&nbsp;503 of Regulation&nbsp;D.</DIV></TD>
</TR>

</TABLE>
</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: 7.50in">

<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="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Neither the Company, nor its affiliates, nor any person acting on its or their behalf
(except the Underwriters, their affiliates and any persons acting on any of their behalf, in
respect of which no representation, warranty, covenant or agreement is made) (i)&nbsp;has made or
will make any Directed Selling Efforts with respect to any of the Shares, (ii)&nbsp;has engaged in
or will engage in any form of General Solicitation or General Advertising with respect to
offers or sales of the any of the Shares in the United States (iii)&nbsp;has made or will make any
offer or sale of the Shares in the United States except through the Underwriters as set forth
in this Schedule &#147;C&#148; or (iv)&nbsp;has taken or will take any other action that would cause the
exemptions or exclusions from registration provide by Rule&nbsp;903 of Regulation&nbsp;S or Rule&nbsp;506 of
Regulation&nbsp;D to be unavailable with respect to offers and sales of the Shares pursuant to this
Schedule &#147;C&#148;.</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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company has not and will not, during the period beginning six months prior to the start
of the offering of Shares and ending six months after the completion of the offering of Shares
sell, offer for sale or solicit any offer to buy any of its securities in the United States in
a manner that would be integrated with and would cause the exemption from registration
provided by Rule&nbsp;506 Regulation&nbsp;D to be unavailable with respect to offers and sales of the
Shares pursuant to this Schedule &#147;C&#148;.</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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company will, within prescribed time periods, prepare and file any forms or notices
required under the U.S. Securities Act or applicable blue sky laws in connection with the
offer and sale of the Shares.</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">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company will notify its transfer agent as soon as practicable upon it becoming a
&#147;domestic issuer&#148;, as defined in Regulation&nbsp;S.</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">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">None of the Company, any of its affiliates or any person acting on any of their behalf (other
than the Underwriters, their respective affiliates, or any person acting on any of their
behalf, in respect of which no representation, warranty, covenant or agreement is made) has
taken or will take, directly or indirectly, any action in violation of Regulation&nbsp;M under the
U.S. Exchange Act in connection with the offer and sale of the Shares.</DIV></TD>
</TR>

</TABLE>
</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: 7.50in">



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


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UNDERWRITER&#146;S CERTIFICATE</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In connection with the private placement in the United States of Shares of Denison Mines Corp. (the
&#147;<B>Company</B>&#148;) pursuant to the Underwriting Agreement dated March&nbsp;1, 2011 among the Company and the
Underwriters named therein (the &#147;<B>Underwriting Agreement</B>&#148;), each of the undersigned does hereby
certify 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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>&#091;Name of U.S. broker-dealer affiliate&#093; </B>(the &#147;<B>U.S. Affiliate</B>&#148;) is on the date
hereof, and was on the date of each offer and sale of Shares in the United States, a
duly registered broker or dealer pursuant to Section 15(b) of the U.S. Exchange Act and
the securities laws of each state in which such offer or sale is made (unless exempted
from the respective state&#146;s broker-dealer registration requirements) and a member of
and in good standing with FINRA;</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">all offers and sales of Shares in the United States have been effected by the
U.S. Affiliate in accordance with all applicable U.S. federal and state broker-dealer
requirements;</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">we provided each offeree of Shares that was in the United States a copy of one
or both of the Preliminary U.S. Wrap and/or the Final U.S. Wrap, and we provided each
Purchaser of Shares that was in the United States or that was offered Shares in the
United States, prior to the sale of Shares to such Purchaser, with a copy of the Final
U.S. Wrap and no other written material was used in connection with the offer and sale
of the Shares in the United States;</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">immediately prior to our transmitting any such materials to an offeree that was
in the United States, we had reasonable grounds to believe and did believe that each
such offeree was an institutional &#147;accredited investor&#148; (an &#147;Institutional Accredited
Investor&#148;) as described in Rule&nbsp;501(a)(1), (2), (3)&nbsp;or (7)&nbsp;of Regulation&nbsp;D under the
United States Securities Act of 1933, as amended (the &#147;U.S. Securities Act&#148;), and, on
the date hereof, we continue to believe, that each person in the United States or that
was offered Shares in the United States purchasing the Shares from the Company is an
Institutional Accredited Investor;</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">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">no form of general solicitation or general advertising (as those terms are used
in Regulation&nbsp;D under the U.S. Securities Act) was used by us, including, without
limitation, advertisements, articles, notices or other communications published in any
newspaper, internet, magazine or similar media or broadcast over radio, internet or
television, or any seminar or meeting whose attendees had been invited by general
solicitation or general advertising, in connection with the offer or sale of the Shares
in the United States;</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">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">prior to any sale of Shares to a Purchaser in the United States or that was
offered Shares in the United States, we caused each such Purchaser to execute a U.S.
Subscription Agreement in the form of Exhibit&nbsp;I attached to the Final U.S. Wrap;</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">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">neither we nor any member of the Selling Group, nor any of our or their
affiliates, have taken or will take any action which would constitute a violation of
Regulation&nbsp;M under the U.S. Exchange Act;</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">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the offering of the Shares has been conducted by us in accordance with the
terms of the Underwriting Agreement, including Schedule &#147;C&#148; thereto.</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: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<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">Terms used in this certificate have the meanings given to them in the Underwriting Agreement
including Schedule &#147;C&#148; thereto, unless otherwise defined herein.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>DATED </B>this <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;</U> day of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2011.
</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="40%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="1%">&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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#091;NAME OF UNDERWRITER&#093;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#091;U.S. BROKER-DEALER AFFILIATE&#093;</B></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">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</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">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
</TR>
<!-- End Table Body --></TABLE>
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<P align="center" style="font-size: 10pt">&nbsp;

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



</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.10
<SEQUENCE>11
<FILENAME>c13754exv99w10.htm
<DESCRIPTION>EXHIBIT 10
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 10</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><IMG src="c13754c1375401.gif" alt="(DENISON MINES CORP LOGO)"><BR>
Denison Mines Corp.<BR>
Atrium on Bay, 595 Bay Street, Suite&nbsp;402<BR>
Toronto, ON M5G 2C2<BR>
Ph. 416-979-1991 <B>&#149;</B> Fx. 416-979-5893 <B>&#149;</B> www.denisonmines.com

</DIV>

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


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Denison Mines Corp. 2010 Results</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Conference Call Friday March&nbsp;11, 2011</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Toronto, ON &#151; March&nbsp;1, 2011 (TSX: DML; AMEX: DNN) Denison Mines Corp. (&#147;Denison&#148; or the
&#147;Company&#148;) </B>announces that the Company will hold a telephone conference with a webcast presentation
at 10:00 am Eastern Standard Time on Friday, March&nbsp;11, 2011 to discuss financial results for the
year ending December&nbsp;31, 2010.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Please call in 5-10 minutes before the conference starts and stay on the line (an operator will be
available to assist you). The Call in number is (416)&nbsp;340-8018.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">To view the live presentation, please log on at <U>www.denisonmines.com</U> 10 minutes prior to
the call.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Approximately two hours after the call:
</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">a replay of the telephone conference will be available at 905-694-9451 and the passcode
is 2461552; 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">the presentation will be available at <U>www.denisonmines.com</U>.</DIV></TD>
</TR>

</TABLE>
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Denison Mines Corp. is an intermediate uranium producer with production in the United States and a
diversified portfolio of development projects in Canada, the United States, Mongolia and Zambia.
Further, the Company has strategic ownership interests in two conventional uranium mills in North
America. Denison also has a strong exploration portfolio with large land positions in the United
States, Canada, Mongolia and Zambia, including the 60% owned Wheeler River project, located in the
Athabasca Basin region of northern Saskatchewan.</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">For further information, please contact:
</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="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Ron Hochstein
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">(416) 979-1991 ext. 232</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">President and Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">James Anderson
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">(416) 979-1991 ext. 372</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Executive Vice President &#038; Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="right" 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 --><!-- /Folio -->
</DIV>



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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
