<SEC-DOCUMENT>0000950123-11-030129.txt : 20110329
<SEC-HEADER>0000950123-11-030129.hdr.sgml : 20110329
<ACCEPTANCE-DATETIME>20110329145700
ACCESSION NUMBER:		0000950123-11-030129
CONFORMED SUBMISSION TYPE:	40-F
PUBLIC DOCUMENT COUNT:		17
CONFORMED PERIOD OF REPORT:	20101231
FILED AS OF DATE:		20110329
DATE AS OF CHANGE:		20110329

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:		40-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33414
		FILM NUMBER:		11718481

	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>40-F
<SEQUENCE>1
<FILENAME>c14769e40vf.htm
<DESCRIPTION>FORM 40-F
<TEXT>
<HTML>
<HEAD>
<TITLE>FORM 40-F</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#C14769tocpage">Table of Contents</A></H5><P>
<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: 14pt; margin-top: 10pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

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

<DIV align="center" style="font-size: 18pt; margin-top: 10pt"><B>FORM 40-F</B>
</DIV>


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


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


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


<!-- xbrl,dc -->
<DIV align="center" style="font-size: 10pt; margin-top: 10pt; margin-left: 0%"><B>For the fiscal year ended: December&nbsp;31, 2010</B></DIV>
<!-- /xbrl,dc -->
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>
Commission file number: 001-33414</B>
</DIV>

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

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


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


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

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>98-0622284</B><BR>
(I.R.S. employer identification number)
</DIV>

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

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

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


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


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">For annual reports, indicate by check mark the information filed with this form:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><FONT style="font-family: Wingdings">&#254;</FONT> Annual Information Form &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT style="font-family: Wingdings">&#254;</FONT> Audited Annual Financial Statements
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Indicate the number of outstanding shares of each of the issuer&#146;s classes of capital or common
stock as of the close of the period covered by the annual report: <U>366,200,665</U> Common
Shares
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Indicate by check mark whether the registrant by filing the information contained in this form is
also thereby furnishing the information to the Commission pursuant to Rule&nbsp;12g3-2(b) under the
Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;). If &#147;Yes&#148; is marked, indicate the file number
assigned to the registrant in connection with such rule.
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Indicate by check mark whether the registrant: (1)&nbsp;has filed all reports required to be filed by
Section 13(d) or 15(d) of the Exchange Act during the preceding 12&nbsp;months (or for such shorter
period that the registrant has been required to file such reports); and (2)&nbsp;has been subject to
such filing requirements in the past 90&nbsp;days.
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Indicate by check mark whether the registrant has submitted electronically and posted on its
corporate Web site, if any, every Interactive Data File required to be submitted and posted
pursuant to Rule&nbsp;405 of Regulation&nbsp;S-T (232.405 of this chapter) during the preceding 12&nbsp;months (or
for such shorter period that the Registrant was required to submit and post such files).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Not Applicable &#151; Registrant is not yet required to submit and post such files.</B>
</DIV>


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


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




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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="C14769tocpage"></A>
</DIV>

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="90%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C14769101"><B>DISCLOSURE CONTROLS AND PROCEDURES</B></A></DIV></TD>
    <TD>&nbsp;</TD>
<TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C14769102"><B>AUDIT COMMITTEE FINANCIAL EXPERT</B></A></DIV></TD>
    <TD>&nbsp;</TD>
<TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C14769103"><B>CODE OF ETHICS</B></A></DIV></TD>
    <TD>&nbsp;</TD>
<TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C14769104"><B>PRINCIPAL ACCOUNTANT FEES AND SERVICES</B></A></DIV></TD>
    <TD>&nbsp;</TD>
<TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C14769105"><B>OFF-BALANCE SHEET ARRANGEMENTS</B></A></DIV></TD>
    <TD>&nbsp;</TD>
<TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C14769106"><B>TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS</B></A></DIV></TD>
    <TD>&nbsp;</TD>
<TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C14769107"><B>IDENTIFICATION OF THE AUDIT COMMITTEE</B></A></DIV></TD>
    <TD>&nbsp;</TD>
<TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C14769108"><B>INTERACTIVE DATA FILE</B></A></DIV></TD>
    <TD>&nbsp;</TD>
<TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C14769109"><B>MINE SAFETY DISCLOSURE</B></A></DIV></TD>
    <TD>&nbsp;</TD>
<TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C14769110"><B>UNDERTAKING AND CONSENT TO SERVICE OF PROCESS</B></A></DIV></TD>
    <TD>&nbsp;</TD>
<TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C14769111"><B>SIGNATURES</B></A></DIV></TD>
    <TD>&nbsp;</TD>
<TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C14769112"><B>EXHIBIT INDEX</B></A></DIV></TD>
    <TD>&nbsp;</TD>
<TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Annual Information Form for the 12 Months Ended December&nbsp;31, 2010</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Management&#146;s Discussion and Analysis for the 12 Months ended December&nbsp;31, 2010</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Audited Financial Statements for the 12 Months Ended December&nbsp;31, 2010 and December&nbsp;31, 2009</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Consent Letter from PricewaterhouseCoopers LLP</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Mine Safety Disclosure Required by Section&nbsp;1503(a) of the Dodd-Frank Wall Street Reform and
Consumer Protection Act and Implementing Regulations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Officers&#146; Certifications Required by Rule&nbsp;13a-14(a) or Rule&nbsp;15d-14(a)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Officers&#146; Certifications Required by Rule&nbsp;13a-14(b) or Rule&nbsp;15d-14(b) and Section&nbsp;1350 of Chapter
63 of Title 18 of the United States Code</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c14769exv99w1.htm">EX-99.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c14769exv99w2.htm">EX-99.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c14769exv99w3.htm">EX-99.3</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c14769exv99w4.htm">EX-99.4</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c14769exv99w5.htm">EX-99.5</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c14769exv99w6.htm">EX-99.6</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c14769exv99w7.htm">EX-99.7</A></FONT></TD></TR>
</TABLE>
</DIV>
<DIV align="left">
<!-- /TOC -->
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C14769tocpage">Table of Contents</A></H5><P>

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

<DIV align="left">
<A name="C14769101"></A>
</DIV>

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


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company maintains disclosure controls and procedures to ensure that information required to be
disclosed in the Company&#146;s filings under the Securities Exchange Act of 1934, as amended (the
&#147;Exchange Act&#148;) is recorded, processed, summarized and reported in accordance with the requirements
specified in the rules and forms of the Securities and Exchange Commission (the &#147;SEC&#148;). The
Company carried out an evaluation, under the supervision and with the participation of its
management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness
of the design and operation of the Company&#146;s &#147;disclosure controls and procedures&#148; (as defined in
the Exchange Act Rule&nbsp;13a-15(e)) as of the end of the period covered by this report. Based upon
that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the
Company&#146;s disclosure controls and procedures as of December&nbsp;31, 2010, are effective to ensure that
information required to be disclosed by the Registrant in reports it files or submits under the
Exchange Act is recorded, processed, summarized and reported within the time periods specified in
the SEC&#146;s rules and forms and is accumulated and communicated to the Registrant&#146;s management,
including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely
required disclosure.
</DIV>


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


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s management is responsible for establishing and maintaining an adequate system of
internal control over financial reporting. Internal control over financial reporting is a process
to provide reasonable assurance regarding the reliability of the Company&#146;s financial reporting for
external purposes in accordance with accounting principles generally accepted in Canada and the
United States of America. Management conducted an assessment of the Company&#146;s internal control
over financial reporting based on the framework established by the Committee of Sponsoring
Organizations of the Treadway Commission on Internal Control &#151; Integrated Framework. Based on
this assessment, management concluded that, as of December&nbsp;31, 2010, the Company&#146;s internal control
over financial reporting is effective.
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The effectiveness of the Registrant&#146;s internal control over financial reporting as of December&nbsp;31,
2010 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting
firm, as stated in their report included with the Registrant&#146;s Audited Financial Statements, which
are an exhibit to this Annual Report on Form 40-F.
</DIV>


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


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


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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C14769tocpage">Table of Contents</A></H5><P>

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



<DIV align="left">
<A name="C14769102"></A>
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s Board of Directors has determined that all three members of its Audit Committee (Mr.
Brian D. Edgar, Ms.&nbsp;Catherine Stefan, and Mr.&nbsp;William A. Rand), are audit committee financial
experts, within the meaning of the note to paragraph 8(a) of General Instruction B of Form 40-F,
and are also independent within the meaning of United States and Canadian securities regulations.
A description of the education and experience of these persons is set forth in the table below:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Education &#038; experience relevant to</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Member Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>performance of audit committee duties</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- 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">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Brian D. Edgar
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:21px; text-indent:-21px"><B><B>&#149;</B></B>&nbsp;&nbsp;&nbsp; Law degree, with extensive corporate finance experience</DIV></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"><DIV style="margin-left:21px; text-indent:-21px"><B><B>&#149;</B></B>&nbsp;&nbsp;&nbsp; Has held position of President and
Chief Executive Officer of a public company
since 2005</DIV></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"><DIV style="margin-left:21px; text-indent:-21px"><B><B>&#149;</B></B>&nbsp;&nbsp;&nbsp; Has served on audit committees of a
number of public companies</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Catherine J.G. Stefan,
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:21px; text-indent:-21px"><B><B>&#149;</B></B>&nbsp;&nbsp;&nbsp; Chartered Accountant (ICAO)</DIV></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Chair of the Audit Committee
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:21px; text-indent:-21px"><B><B>&#149;</B></B>&nbsp;&nbsp;&nbsp; B.Comm</DIV></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:21px; text-indent:-21px"><B><B>&#149;</B></B>&nbsp;&nbsp;&nbsp; Held position of Chief Operating
Officer of O&#038;Y Properties Inc., President of
Stefan &#038; Associates and Executive
Vice-President of Bramalea Group, Chair, Tax
Committee of the Canadian Institute of Public
Real Estate Companies (CIPREC).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">William A. Rand
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:21px; text-indent:-21px"><B><B>&#149;</B></B>&nbsp;&nbsp;&nbsp; B.Comm (Accounting)</DIV></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"><DIV style="margin-left:21px; text-indent:-21px"><B><B>&#149;</B></B>&nbsp;&nbsp;&nbsp; Two law degrees, with extensive
corporate finance experience</DIV></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"><DIV style="margin-left:21px; text-indent:-21px"><B><B>&#149;</B></B>&nbsp;&nbsp;&nbsp; Has served on audit committees of a
number of public companies</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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


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

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

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

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C14769tocpage">Table of Contents</A></H5><P>

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



<DIV align="left">
<A name="C14769103"></A>
</DIV>

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


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

<DIV align="left">
<A name="C14769104"></A>
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following table discloses the fees billed to the Company by its external auditor during the
last two financial years ended December&nbsp;31, 2010 and 2009. Services were billed and paid in
Canadian dollars and have been translated into U.S. dollars using an average Cdn$/US$ annual
exchange rate of: 1.030 for 2010 and 1.1420 for 2009.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">Periods</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Audit Related</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Ending</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Audit Fees(1)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Fees (2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Tax Fees (3)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">All Other Fees(4)</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December&nbsp;31, 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">419,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">117,259</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">118,035</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">266,454</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December&nbsp;31, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">506,238</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">142,689</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">28,075</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">158,010</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The aggregate fees billed for audit services.</DIV></TD>
</TR>

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

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

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The aggregate fees billed for tax compliance, tax advice, and tax planning services, such as
transfer pricing, tax return preparation and tax advice on the terminated Northern acquisition.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The aggregate fees billed for professional services other than those listed in the other three
columns. For 2010, &#147;All Other Fees&#148; relates to the Company&#146;s equity financing during the year and
work in connection with the adoption of International Financial Reporting Standards. For 2009,
&#147;All Other Fees&#148; relates to the Company&#146;s equity financings during the year, the terminated
Northern acquisition and work in connection with the adoption of International Financial Reporting
Standards.</DIV></TD>
</TR>
</table>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s audit committee mandate and charter provides that the audit committee shall (i)
approve, prior to the auditor&#146;s audit, the auditor&#146;s audit plan (including, without limitation,
staffing), the scope of the auditor&#146;s review and all related fees, and (ii)&nbsp;pre-approve any
non-audit services (including, without limitation, fees therefor) provided to the Company or its
subsidiaries by the auditor or any auditor of any such subsidiary and shall consider whether these
services are compatible with the auditor&#146;s independence, including, without limitation, the nature
and scope of the specific non-audit services to be performed and whether the audit process would
require the auditor to review any advice rendered by the auditor in connection with the provision
of non-audit services.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following sets forth the percentage of services described above that were approved by the audit
committee pursuant to paragraph (c)(7)(i)(C) of Rule&nbsp;2-01 of Regulation&nbsp;S-X:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="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" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Audit Related Fees:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax Fees:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">All Other Fees:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="C14769105"></A>
</DIV>

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


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


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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C14769tocpage">Table of Contents</A></H5><P>

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



<DIV align="left">
<A name="C14769106"></A>
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At December&nbsp;31, 2010, the Company had a reclamation liability of $17,565,000 consisting of
$6,383,000 for U.S. mill and mine obligations, $9,451,000 for Elliot Lake obligations and
$1,731,000 for the McClean Lake and Midwest joint ventures obligations.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In addition, the Company&#146;s contractual obligations at December&nbsp;31, 2010 are as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">After</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Total</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">1 Year</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2-3 Years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">4-5 Years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">5 Years</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Debt Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">405</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating lease
and other obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">22,167</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,551</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,526</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,090</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="C14769107"></A>
</DIV>

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


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

<DIV align="left">
<A name="C14769108"></A>
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company is not required to provide an interactive data file pursuant to 15(a)(iii) of Form 40-F
until fiscal periods ending on or after June&nbsp;15, 2011.
</DIV>

<DIV align="left">
<A name="C14769109"></A>
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The information concerning mine safety violations and other regulatory matters required by Section
1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and implementing
regulations is included as an exhibit to this Annual Report on <font style="white-space: nowrap">Form 40-F.</font>
</DIV>

<DIV align="left">
<A name="C14769110"></A>
</DIV>

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


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


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


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


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

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C14769tocpage">Table of Contents</A></H5><P>

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



<DIV align="left">
<A name="C14769111"></A>
</DIV>

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


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


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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>/s/ Ron F. Hochstein</I>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Title: President and Chief Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date: March&nbsp;29, 2011</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C14769tocpage">Table of Contents</A></H5><P>

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

<DIV align="left">
<A name="C14769112"></A>
</DIV>

<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></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">99.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Annual Information Form for the Year Ended December&nbsp;31, 2010</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" 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">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">99.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Management&#146;s Discussion and Analysis of Results of Operations and Financial Condition for the
Year ended December&nbsp;31, 2010 (Exhibit&nbsp;2 of the Registrant&#146;s Form&nbsp;6-K furnished to the
Commission on March&nbsp;15, 2011)</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" 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">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">99.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consolidated Audited Financial Statements for the Years Ended December&nbsp;31, 2010 and 2009
(Exhibit&nbsp;3 of the Registrant&#146;s Form&nbsp;6-K furnished to the Commission on March&nbsp;15, 2011)
together with the Independent Auditors&#146; Report thereon</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" 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">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">99.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of PricewaterhouseCoopers LLP</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" 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">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">99.5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mine Safety Disclosure Required Under Section&nbsp;1503(a) of the Dodd-Frank Wall Street Reform
and Consumer Protection Act and Implementing Regulations</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" 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">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">99.6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Officers&#146; Certifications Required by Rule&nbsp;13a-14(a) or Rule&nbsp;15d-14(a) of the Securities
Exchange Act of 1934</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" 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">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">99.7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Officers&#146; Certifications Required by Rule&nbsp;13a-14(b) or Rule&nbsp;15d-14(b) and Section&nbsp;1350 of
Chapter&nbsp;63 of Title 18 of the United States Code</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>c14769exv99w1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.1</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;99.1</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><IMG src="c14769c1476900.gif" alt="(DENISON MINES LOGO)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Annual Information Form<BR>
2010
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">March&nbsp;28, 2011
</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"><FONT style="font-variant: SMALL-CAPS"><B>Table Of Contents</B></FONT>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="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"><FONT style="font-variant: SMALL-CAPS">Currency</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Basis Of Presentation</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Note Regarding Forward-Looking Information</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Note To United States Investors Concerning Estimates Of Measured, Indicated And Inferred Resources</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Incorporation and Subsidiaries </FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">General Development of the Business</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Three-Year Highlights</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Denison&#146;s Business</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Overview</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Marketing</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Operations</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">McClean Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Mining Equipment Development Program</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Midwest Project Development</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:45px; text-indent:-15px">White Mesa Mill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Alternate Feed Materials</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">U.S. Mines</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Ore Purchase and Toll Milling</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Mineral Properties</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Summary of Reserves and Resources</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">McClean Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Midwest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Phoenix Deposit at the Wheeler Property</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Henry Mountains Complex</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Arizona Strip</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Colorado Plateau</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Gurvan Saihan Joint Venture</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Mutanga Project</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Mineral Exploration</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">General</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">McClean Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Midwest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Wolly</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Waterfound</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Moore Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Wheeler River</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Park Creek</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Bell Lake Joint Venture</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Huard-Kirsch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Murphy Lake Project</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Hatchet Lake Project</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Turkey Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Bachman Lake Project</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Crawford Lake Project</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Brown Lake Project</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Ford Lake Project</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Jasper Lake Project</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Stevenson River Project</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Ahenakew Lake Project</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">North Wedge Project</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">JNR Operated Projects</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Gold Property</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">U.S. Properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Mongolia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Mutanga</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Quality Assurance and Quality Control Procedures and Protocols</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Manager of UPC</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Denison Environmental Services</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Environmental and Safety Matters</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Canada</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">United States</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Mongolia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Zambia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Employees</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Government Regulation</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Canadian Uranium Industry</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">U.S. Uranium Industry</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Land Tenure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Canadian Royalties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Canadian Income and Other Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">U.S. Income and Other Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Other International Income Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Risk Factors</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Description of Securities</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Common Shares</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Warrants</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Dividend Policy</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Market For Securities</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Directors and Officers</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">directors</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">executive officers</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Standing Committees</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">the Audit Committee</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Other Board committees</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">corporate governance</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Legal and regulatory Proceedings</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Interest of Management and Others in Material Transactions</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Registrar and Transfer Agent</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Material Contracts</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Names and Interests of Experts</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">129</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Additional Information</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD align="left" valign="top">&nbsp;</TD></TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Exhibit&nbsp;1 &#151; Organizational structure</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Schedule&nbsp;A</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Audit Committee Mandate and Charter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" 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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">Schedule&nbsp;B</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Glossary of Terms</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

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

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

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

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


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

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Financial information is presented in accordance with Canadian generally accepted accounting
principles. Differences between generally accepted accounting principles in Canada and in the
United States, as applicable to Denison Mines Corp. (&#147;<B>Denison</B>&#148; or the &#147;<B>Company</B>&#148;), are explained in
Note 27 in the audited consolidated financial statements of the Company as at and for the year
ended December&nbsp;31, 2010, which note is incorporated herein by reference.
</DIV>

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


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The use of any of the words &#147;anticipate&#148;, &#147;continue&#148;, &#147;estimate&#148;, &#147;expect&#148;, &#147;may&#148;, &#147;will&#148;,
&#147;project&#148;, &#147;should&#148;, &#147;believe&#148; and similar expressions are intended to identify forward-looking
information. This information involves known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from those anticipated in such
forward-looking statements. Denison believes that the expectations reflected in this
forward-looking information 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 AIF should not be unduly relied upon. This information speaks only as of the
date of this AIF.
</DIV>

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

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the estimates of Denison&#146;s mineral reserves and mineral resources;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Denison&#146;s 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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">expectations of market prices and costs;</DIV></TD>
</TR>

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

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

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">receipt of regulatory approvals, permits and licences 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 align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s actual results could differ materially from those anticipated in this forward-looking
information as a result of the following and as a result of the risk factors set forth below and
elsewhere in this AIF:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">global financial conditions;</DIV></TD>
</TR>

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

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the market price of Denison&#146;s securities;</DIV></TD>
</TR>

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

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

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

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

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">uncertainty as to reclamation and decommissioning liabilities;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">failure to obtain industry partner, government 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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">delays in obtaining permits and licences 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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">competition for, among other things, capital, acquisitions of mineral reserves,
undeveloped lands and skilled personnel;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">public resistance to the expansion of nuclear energy or uranium mining;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">uranium industry competition and international trade restrictions;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">incorrect assessments of the value of acquisitions;<BR></DIV></TD>
</TR>

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

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the ability of Denison to meet its obligations to its creditors;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">actions taken by regulatory authorities with respect to mining activities</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the potential influence of, or reliance upon, its business partners;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the adequacy of insurance coverage; 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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the other factors discussed under &#147;Risk Factors&#148; in this AIF.</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.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The forward-looking information contained in this AIF are expressly qualified by this cautionary
statement. Denison does not undertake any obligation to publicly update or revise any
forward-looking information after the date of this AIF to conform such information to actual
results or to changes in Denison&#146;s expectations except as otherwise required by applicable
legislation.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">This AIF uses the terms &#147;measured,&#148; &#147;indicated&#148; and &#147;inferred&#148; mineral resources. United States
investors are advised that while such terms are recognized and required by Canadian regulations,
the United States Securities and Exchange Commission does not recognize them. &#147;Inferred mineral
resources&#148; have a great amount of uncertainty as to their existence, and as to their economic and
legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will
ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral
resources may not form the basis of feasibility or other economic studies. <B>United States investors
are cautioned not to assume that all or any part of measured or indicated mineral resources will
ever be converted into mineral
reserves. United States investors are also cautioned not to assume that all or any part of an
inferred mineral resource exists, or is economically or legally mineable.</B>
</DIV>
<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">The definitions of certain technical terms used in this AIF are set forth in Schedule&nbsp;B &#151; Glossary
of Technical Terms.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">This AIF is dated March&nbsp;28, 2011. Except as otherwise indicated, the information contained in this
AIF is stated as at December&nbsp;31, 2010.
</DIV>

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



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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison, formerly International Uranium Corporation (&#147;<B>IUC</B>&#148;), was formed by articles of amalgamation
effective May&nbsp;9, 1997 pursuant to an amalgamation under the <I>Ontario Business Corporations Act </I>(the
&#147;<B>OBCA</B>&#148;). On December&nbsp;1, 2006, IUC and Denison Mines Inc. (&#147;<B>DMI</B>&#148;) combined their business
operations by way of arrangement under the OBCA (the &#147;<B>Denison Arrangement</B>&#148;). Pursuant to the
Denison Arrangement, DMI amalgamated with a subsidiary of IUC, 2113537 Ontario Inc. (&#147;<B>IUC Subco</B>&#148;).
The amalgamated companies continued as &#147;Denison Mines Inc.&#148; Under the Denison Arrangement, IUC
acquired all of the shares of the newly amalgamated DMI in exchange for IUC shares on the basis of
2.88 IUC shares for each DMI share. Effective December&nbsp;1, 2006, IUC&#146;s articles were amended to
change its name to &#147;Denison Mines Corp.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The registered and head office of Denison is located at Atrium on Bay, Suite&nbsp;402, 595 Bay Street,
Toronto, Ontario, M5G 2C2, Canada. Denison&#146;s website address is www.denisonmines.com.
</DIV>

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

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


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

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

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

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the White Mesa mill, a 2,000-ton per day uranium and vanadium processing plant near
Blanding, Utah through Denison White Mesa LLC;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="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 Colorado Plateau mines, straddling the Colorado and Utah border, through Denison
Colorado Plateau LLC;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="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 Arizona Strip properties through Denison Arizona Strip LLC;</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">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Henry Mountains uranium complex in southern Utah and other exploration properties
through Denison Henry Mountains LLC; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="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">miscellaneous properties through Denison Properties LLC.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

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

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s Canadian uranium exploration properties are held directly, except those properties
which belonged to DMI prior to the Denison Arrangement; these are still held through DMI. DMI is a
wholly-owned subsidiary of the Company. It holds a 22.5% interest in the McClean Lake project and a
25.17% interest in the Midwest project, both of which are operated by Denison&#146;s joint venture
partner, AREVA Resources Canada Inc. (&#147;<B>ARC</B>&#148;), a subsidiary of the AREVA Group (&#147;<B>AREVA</B>&#148;). It also
holds a 60% interest in, and is the operator of, the Wheeler River project, host of the Phoenix
deposit.
</DIV>

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



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

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During 2008, the spot price and long term-price for uranium (&#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;)
decreased significantly compared to 2007 prices. The spot price decreased from $90.00 per pound at
December&nbsp;31, 2007 to as low as $44.00 per pound in October&nbsp;2008, and ended the year at $53.00 per
pound. The long-term price for U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>also decreased from $95.00 per pound at
December&nbsp;31, 2007 to $70.00 per pound in October&nbsp;2008 and remained at that level through year end.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In February, Denison announced an independent resource estimate on the Midwest A deposit (formerly
called the Mae Zone) on the Midwest joint venture property in the Athabasca Basin of northern
Saskatchewan. The resource estimate was prepared by Geostat Systems International Inc. (&#147;<B>Geostat</B>&#148;)
in accordance with the requirements of National Instrument 43-101 &#151; <I>Standards of Disclosure for
Mineral Projects</I>, Companion Policy 43-101CP and Form 43-101F (collectively, &#147;<B>NI 43-101</B>&#148;) of the
Canadian Securities Administrators. The report identified indicated mineral resources for the
Midwest A deposit of 5.8&nbsp;million pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> (the Company&#146;s share, 1.5
million pounds) at an average grade of 0.57% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> and inferred mineral
resources containing 4.3&nbsp;million pounds (the Company&#146;s share, 1.1&nbsp;million pounds) at an average
grade of 21.2% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> based on a 0.05% eU (or 0.06% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>)
cut-off grade. See &#147;Denison&#146;s Business &#151; Mineral Properties &#151; Midwest.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In April, Denison purchased 5,465,000 units of Uranerz Energy Corporation (&#147;<B>Uranerz</B>&#148;), each unit
consisting of one common share and one-half of one common share purchase warrant, for $2.40 per
unit or $13,116,000. Denison subsequently divested its holdings in Uranerz in 2010.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During 2008, Denison completed a major refurbishment of its White Mesa mill and an expansion of its
tailings capacity. Processing of conventional ore began on April&nbsp;28, 2008. Production of vanadium
began in July&nbsp;2008 following completion of the refurbishment of the vanadium circuit.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In June, Denison entered into a credit agreement with The Bank of Nova Scotia (the &#147;<B>Credit
Facility</B>&#148;), which provided the Company with a $125,000,000 revolving term credit facility. The
Credit Facility is repayable in full on June&nbsp;30, 2011. The borrower under the Credit Facility is
DMI, and the Company has provided an unlimited full recourse guarantee and a pledge of all of the
shares of DMI. DMI has provided a first priority security interest in all present and future
personal property and an assignment of its rights and interests under all material agreements
relative to the McClean Lake and the Midwest projects. In addition, each of the Company&#146;s material
U.S. subsidiaries has provided an unlimited full recourse guarantee secured by a pledge of all of
its shares and a first priority security interest in its present and future personal property. The
Credit Facility was subsequently amended later in 2008 and 2009.
</DIV>

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

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

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s production in 2008 was 1,616,000 pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> and 1,223,000
pounds of vanadium pentoxide (&#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;).
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Spot prices began the year at $53.00 per pound U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> but remained under
downward pressure hitting the year&#146;s low of $40.00 in the first week of April. Prices peaked at
$54.00 near the end of June then remained volatile over the rest of the year ranging from the low
$40s to the low $50s ending the year at $44.50. The long-term price gradually declined during the
year from $70.00 to end the year at $62.00.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In March, Denison announced that it had received independent estimates of mineral resources on its
Mutanga project in Zambia prepared by CSA Global (UK)&nbsp;Pty Ltd. (&#147;<B>CSA Global</B>&#148;), which was retained
to independently review and audit the mineral resources in accordance with the requirements of NI
43-101. For the Mutanga deposit, the report identified measured resources of 1.9&nbsp;million tonnes at
481 ppm U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> for 1,992,000 pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>, indicated
mineral resources of 8.4&nbsp;million tonnes at 314 ppm U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> for 5,817,000 pounds,
and inferred mineral resources of 7.23&nbsp;million tonnes at 206 ppm U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> for
3,287,000 pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. For the Dibwe deposit, the report identified an
inferred mineral resource containing 9.0&nbsp;million pounds at an average grade of 234 ppm
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> based on a 100 ppm U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>cut-off grade. In
addition, inferred mineral resources of 400,000 pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> for the Mutanga
Extension, 100,000 pounds for the
Mutanga East deposit and 400,000 pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> for the Mutanga West deposit,
based on a 200 ppm U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> cut-off, were reported. See &#147;Denison&#146;s Business &#151;
Mineral Properties &#151; Mutanga Project.&#148;
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In March, Denison announced that it was placing the Rim and Sunday mines on stand-by. The Company
also announced that the White Mesa mill would suspend processing of conventional ore in 2009 once
it had reached production of 500,000 pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>, unless new sales contracts
were signed.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Also in March, Denison announced that it had received independent estimates of mineral resources at
its Tony M and Southwest deposits, which are part of the Henry Mountains complex in southeastern
Utah. Scott Wilson Roscoe Postle Associates Inc. (&#147;<B>Scott Wilson RPA</B>&#148;), which was retained to
independently review and audit the mineral resources in accordance with the requirements of NI
43-101, reported an indicated mineral resource of 8.1&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> and
an inferred mineral resource of 2.8&nbsp;million pounds at a cut-off of 0.10%
eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. See &#147;Denison&#146;s Business &#151; Mineral Properties &#151; Henry Mountains
Complex.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In April, Denison entered into a new long-term contract for the sale of 1,000,000 pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> over five years from its production facilities in the United States and
Canada.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s Chief Executive Officer, E. Peter Farmer, retired effective April&nbsp;30, 2009. Lukas H.
Lundin, then the chairman of Denison&#146;s Board of Directors, was appointed as interim Chief Executive
Officer on that date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In May, Dr.&nbsp;James Gill was appointed as a director of Denison and as the Chairman of Denison&#146;s
Board. In conjunction with this appointment, Denison completed a private placement of 675,000
Common Shares to Dr.&nbsp;Gill on a &#147;flow through&#148; basis under the <I>Income Tax Act </I>(Canada) at a price of
Cdn$2.18 per share. At the same time, Mr.&nbsp;Ron Hochstein, previously the President and Chief
Operating Officer, was appointed as President and Chief Executive Officer of Denison and Mr.&nbsp;Lundin
resigned as Chairman and Chief Executive Officer.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In June, Denison and Northern Continental Resources Inc. (&#147;<B>Northern</B>&#148;) entered into an agreement for
the proposed acquisition of all of the shares of Northern by way of a plan of arrangement under the
<I>Business Corporations Act </I>(British Columbia). Because of Denison&#146;s refusal to match a competing
offer from a third party which was determined to be superior to Denison&#146;s offer, Northern
terminated its agreement with Denison in July and paid Denison a termination fee of approximately
Cdn$450,000.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In June, pursuant to a subscription agreement with Denison (the &#147;<B>KEPCO Subscription Agreement</B>&#148;),
Korea Electric Power Corporation (&#147;<B>KEPCO</B>&#148;) purchased 58,000,000 Common Shares at a price of
Cdn$1.30 per share on a private placement basis, for gross proceeds of Cdn$75,400,000. Under the
same agreement, certain entities affiliated with Mr.&nbsp;Lundin acquired 15,000,000 Common Shares at a
price of Cdn$1.30 per share, for additional gross proceeds of Cdn$19,500,000. After this
transaction, KEPCO became Denison&#146;s largest shareholder, holding approximately 17% of the
outstanding Common Shares at the time.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Concurrent with the execution of the KEPCO Subscription Agreement, Denison entered into two other
significant arrangements with KEPCO. First, Denison entered into a new uranium offtake agreement
with KEPCO and certain of its affiliates (the &#147;<B>KEPCO Offtake Agreement</B>&#148;). The KEPCO Offtake
Agreement provides for the delivery of 20% of Denison&#146;s annual uranium production (&#177;10%), but not
less than 350,000 pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> per year (&#177;10%) from 2010 to 2015.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Second, Denison and KEPCO entered into a strategic relationship agreement (the &#147;<B>KEPCO SRA</B>&#148;)
providing for a long-term collaborative business relationship between the parties. Under the KEPCO
SRA, KEPCO is permitted to require Denison to nominate two persons designated by KEPCO for election
as directors at any shareholder meeting of the Company where directors are to be elected, so long
as KEPCO holds at least 15% of the outstanding Common Shares (or one director if KEPCO holds
between 5% and 15%). Accordingly, Mr.&nbsp;Joo-Ok Chang became a director on June&nbsp;23 as the first of
KEPCO&#146;s nominees. The KEPCO SRA also provides KEPCO with a right of first offer if Denison intends
to sell any of its substantial assets. Similarly, the agreement provides KEPCO with a right to
participate in certain purchases of substantial assets which Denison proposes to acquire. Finally,
the KEPCO SRA provides KEPCO with the right to participate in future offerings of Common Shares of
a certain size in order to preserve its equity position in the Company. See &#147;Risk Factors &#151;
Potential Influence of KEPCO&#148; and &#147;Directors and Officers &#151; Conflicts of Interest&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In June, Denison closed an underwritten public offering of 40,000,000 Common Shares at an issue
price of Cdn$2.05 per share for aggregate gross proceeds of Cdn$82,000,000.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In June, the new alternate feed circuit at the White Mesa mill was completed.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In August, the Athabasca Regional Government (&#147;<B>ARG</B>&#148;) filed an Application for Judicial Review of
the decision to renew the McClean Lake Canadian Nuclear Safety Commission (&#147;<B>CNSC</B>&#148;) licence with the
Canadian Federal Court. The ARG is comprised of the Athabasca Denesuline First Nations of Fond du
Lac, Black Lake and Hatchet Lake and the provincial communities of Camsell Portage, Uranium City,
Stony Rapids and Wollaston Lake. ARG challenged the legality of the renewed licence primarily on
the basis of issues related to the Federal and Provincial Government&#146;s duty to consult with
aboriginal people.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In August, new estimates of mineral resources for the Company&#146;s EZ1 and EZ2 deposits in the Arizona
Strip District in the United States were received from Scott Wilson RPA, which was retained to
independently review and audit the mineral resources in accordance with the requirements of NI
43-101. The report identified inferred mineral resources for the EZ1 deposit containing 1.127
million pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> and for the EZ2 deposit of 0.978&nbsp;million pounds of
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> based on a 0.2% eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> cut-off grade. See
&#147;Denison&#146;s Business &#151; Mineral Properties &#151; Arizona Strip.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In November, Denison announced a production decision for the Arizona 1 deposit. See &#147;Denison&#146;s
Business &#151; Mineral Properties &#151; Arizona Strip.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Over the course of the year, Denison reported continuing exploration successes on the Phoenix
deposit at its 60% owned Wheeler River project. See &#147;Denison&#146;s Business &#151; Mineral Exploration &#151;
Wheeler River&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In December, the Company amended the Credit Facility by reducing the facility amount to $60,000,000
and modifying certain financial covenants.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At the end of the year, Denison and its McClean Lake joint venture partners decided that the
McClean Lake mill would be placed on standby under active care and maintenance following the
milling of the stockpiled ore.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s production for 2009 was 1,426,000 pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> and 501,000 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>.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 2010, the spot price and long-term prices for U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> remained weak for the
first half of the year. The spot price remained in the $40.00 to $44.00 per pound range until July
when it started its steady rise. By the end of the year, the spot price had recovered to $62.50
per pound U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. By comparison, the long-term uranium price saw little movement over 2010. From its start in January at $62.00, the
long-term price fluctuated slightly throughout 2010 and closed the year at $65.00 per pound
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Dr.&nbsp;James Gill resigned as Chairman of the Board and as a director of the Company in February. Mr.
Lundin was reappointed as Chairman at that time. Mr.&nbsp;Tae Wan Kim was appointed as director in May,
as KEPCO&#146;s second nominee to the Board of Directors in accordance with the requirements of the
KEPCO SRA.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In June, the United States District Court for the District of Arizona denied a motion for a
preliminary injunction filed by the Center for Biological Diversity, Grand Canyon Trust, Sierra
Club, Kaibab Band of Paiute Indians of the Kaibab Indian Reservation, and Havasupai Tribe to halt
operations at Denison&#146;s Arizona 1 mine. See &#147;Legal Proceedings.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During the first six months of 2010, the McClean Lake mill processed stockpiled ore from the Sue E,
Sue B, Sue A and McClean North deposits. The mill stopped processing new ore feed at the end of
June, having processed all of the Sue E and Sue A ore. The final circuit clean out was completed
in October. The mill was put on active care and maintenance for the remainder of 2010 and is
scheduled to remain so throughout 2011 and into 2012.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In September, the Canadian Federal Court dismissed the Application for Judicial Review of the
decision to renew the McClean Lake licence filed by ARG in 2009. ARG had challenged the legality
of the renewed licence primarily on the basis of issues related to the Federal and Provincial
government&#146;s duty to consult with aboriginal people. In October, the applicants filed a Notice of
Appeal to the Federal Court of Appeal. See &#147;Legal Proceedings&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Throughout 2010, Denison continued to report significant results on the Phoenix deposit at Wheeler
River. During its summer drill program, Denison, the operator of the Wheeler River project,
discovered two new mineralized zones at the northeast and southwest edges of the Phoenix trend,
bringing the total known mineralization at the Phoenix deposit to four zones.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In November, initial estimates of mineral resources at Zones A and B at the Phoenix deposit at the
Wheeler River project were received from SRK Consulting (Canada) Inc. (&#147;<B>SRK</B>&#148;), which was retained
to independently review and audit the mineral resources in accordance with the requirements of NI
43-101. The report estimated indicated mineral resources at Zone A containing 35.64&nbsp;million pounds
(the Company&#146;s share, 21.38&nbsp;million pounds) at an average grade of 18.0% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>
and inferred mineral resources at Zone B containing 3.81&nbsp;million pounds (the Company&#146;s share, 2.29
million pounds) at an average grade of 7.3% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> based on a cut-off grade of
0.8% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. See &#147;Denison&#146;s Business &#151; Mineral Properties &#151; Phoenix Deposit
at the Wheeler Property&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In December, the Company closed an underwritten private placement (the &#147;<B>2010 Offering</B>&#148;) of
25,000,000 special warrants (the &#147;<B>Special Warrants</B>&#148;), at a price of Cdn$2.45 per Special Warrant,
and 1,400,000 special warrants issued on a &#147;flow-through&#148; basis under the <I>Income Tax Act </I>(Canada)
(the &#147;<B>FT Special Warrants</B>&#148;), at a price of Cdn$3.00 per FT Special Warrant. The Offering raised
aggregate gross proceeds for the Company of Cdn$65,450,000. Each Special Warrant and FT Special
Warrant entitled the holder thereof to receive one Common Share upon exercise. On December&nbsp;20, the
Company filed and obtained a receipt for its final short form prospectus qualifying for
distribution in Ontario, Alberta, British Columbia and Nova Scotia the Common Shares issuable upon
the exercise of the Special Warrants and the FT Special Warrants. The issuance of this receipt
resulted in a deemed exercise of all of the Special Warrants and FT Special Warrants for no
additional consideration, and as a result, an aggregate of 26,400,000 Common Shares were issued to
holders of the Special Warrants and FT Special Warrants on December&nbsp;23, 2010.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In accordance with the KEPCO SRA, KEPCO was entitled, but was not required, to subscribe for
additional Common Shares in an amount that would have allowed it to maintain its existing
shareholding level in Denison after the 2010 Offering. KEPCO refrained from subscribing for
additional Common Shares under this right and, as a result, KEPCO&#146;s interest in Denison dropped to
approximately 15.8%.
</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
Denison&#146;s 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&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> 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>2011 &#151; Recent Developments</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On February&nbsp;22, Denison entered into a Bid Implementation Agreement with White Canyon Uranium
Limited (&#147;<B>White Canyon</B>&#148;) 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 (the &#147;<B>White Canyon Acquisition</B>&#148;).
</DIV>

<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 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. See &#147;Denison&#146;s Business &#151; Operations &#151; White Mesa
Mill&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At 2:46 p.m. on March&nbsp;11, 2011, a powerful earthquake, measuring a magnitude of 9.0 on the Richter
scale, struck off the northeast coast of Japan near the city of Sendai. A tsunami, reportedly in
excess of 10 metres high, then slammed Japan&#146;s Pacific Ocean coast which hosts four nuclear power
plants with 14 reactors. The first signs of a serious nuclear incident occurred at the Fukushima
Daiichi plant after automatic emergency shutdown when off-site electrical power was lost and the
emergency core cooling system failed because the emergency diesel generators were knocked out by
the tsunami. Without the capacity to deliver more water to the reactor core, the temperature of
the fuel rods soon exceeded the design specifications and the rods began to fail breaching the
first line of defence from the release of radioactive materials. Efforts have continued to restore
power and regain operation of the core cooling system but, at the date of this AIF, the situation
is still serious and some radioactivity has been released into the environment. Spot
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> prices reacted quickly to news of this nuclear incident dropping from
the high $60s to below $50 per pound U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> before recovering to the low $60s
at the date of this AIF.
</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">On March&nbsp;15, Denison issued 18,300,000 Common Shares at a price of Cdn$3.55 per share in an
underwritten public offering for gross proceeds of Cdn$64,965,000 (the &#147;<B>2011 Offering</B>&#148;). In
accordance
with the KEPCO SRA, KEPCO was entitled, but was not required, to subscribe for additional Common
Shares in an amount that would have allowed it to maintain its existing shareholding level in
Denison after the 2011 Offering. KEPCO refrained from subscribing for additional Common Shares
under this right and, as a result, KEPCO&#146;s interest in Denison dropped to approximately 15.08%.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In March, estimates of mineral resources for the Hairhan property were received from Roscoe Postle
Associates Inc. (&#147;<B>RPA Inc.</B>&#148;) which was retained to independently review and audit the mineral
resources in accordance with the requirements of NI 43-101. The report estimated indicated mineral
resources containing 19.780&nbsp;million pounds (the Company&#146;s share, 13.846&nbsp;million pounds) at an
average grade of 0.062%U<SUB style="font-size: 85%; vertical-align: text-bottom"> </SUB>and inferred mineral resources containing 5.811&nbsp;million pounds
(the Company&#146;s share, 4.068&nbsp;million pounds) at an average grade of 0.040%U, based on a cut-off
grade of 0.02% U. See &#147;Denison&#146;s Business &#151; Mineral Properties &#151; Gurvan Saihan Joint Venture&#148;.
</DIV>

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



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

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

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

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

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

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

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In December&nbsp;2006, the Company combined its business and operations with DMI by way of the Denison
Arrangement whereby DMI became a wholly-owned subsidiary of the Company. DMI or its predecessor
companies have been in the uranium exploration, development, mining and milling business since
1954. As a result of the combination, the Company, through DMI, holds a 60% interest in the
Wheeler River uranium project, a 22.5% interest in the McClean Lake uranium project, a 25.17%
interest in the Midwest uranium project in northern Saskatchewan, interests in a number of
exploration properties for uranium and other minerals and DES. DES provides services such as
ongoing monitoring of closed mine sites, effluent treatment and maintenance services and hazardous
material abatement. See &#147;Denison Environmental Services&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company, through DMI, is also the manager of Uranium Participation Corporation (&#147;<B>UPC</B>&#148;). UPC is
an investment holding company which invests substantially all of its assets in uranium, either in
the form of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> or uranium hexafluoride (&#147;<B>UF</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>6</B></SUB>&#148;), with the primary
investment objective of achieving appreciation in the value of its uranium holdings. See &#147;Manager
of UPC&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s principal assets as at December&nbsp;31, 2010 include the following:
</DIV>

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

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the White Mesa mill, a 2,000 ton per day uranium and vanadium processing plant near
Blanding, Utah;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Arizona Strip uranium properties, in north central Arizona;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Colorado Plateau uranium/vanadium properties, straddling the southwestern
Colorado and southeastern Utah border;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Henry Mountains Complex uranium properties, in south central Utah; 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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">uranium sales contracts, alternate feed processing contracts, toll milling
agreements and joint venture agreements.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">22.50% interest in the McClean Lake uranium processing facility and uranium deposits
in northern Saskatchewan;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">25.17% interest in the Midwest uranium project, including the Midwest and the
Midwest A deposits, Saskatchewan;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">60% interest in the Wheeler River project including the Phoenix deposit,
Saskatchewan;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">75% interest in the Moore Lake property, Saskatchewan;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">49% interest in the Park Creek property, Saskatchewan;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">22.5% interest in the Wolly project, Saskatchewan;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">various wholly-owned and joint ventured exploration properties in the Athabasca
Basin, Saskatchewan;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">management services agreement with UPC; 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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">environmental services business (DES);</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">70% interest in the Gurvan Saihan Joint Venture, which holds 181,574 hectares of
uranium exploration properties in Mongolia.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">100% interest in the Mutanga uranium project, which holds two mining licences
totalling 457,300 hectares in the southern part of Zambia.</DIV></TD>
</TR>

</TABLE>
</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; margin-left: 4%"><B><I>Marketing</I></B>
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Nuclear power capacity and power generation is growing significantly, while uranium production is
struggling to catch up after many years of low prices and limited exploration for new deposits
required to support the growth of nuclear power and to replace depleting ore bodies. As a result,
there is a tight long-term supply-demand balance which can be expected to continue for the
foreseeable future. Prices must rise to higher, sustained levels to support the new mines required
to meet the increasing demand.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As reported by The World Nuclear Association, there are currently 443 nuclear reactors operating
worldwide in 29 countries, generating 377.8 gigawatts of electricity and supplying 14% of the
world&#146;s electrical requirements. Of greater significance, 62 nuclear reactors are under
construction in 14 countries with the principal drivers of this expansion being China, India, South
Korea and Russia, which have a total of 47 reactors under construction. China, in particular, has
a very aggressive new build program underway. By 2020, it is estimated that there will be 585
nuclear reactors in operation worldwide, supplying 535.0 gigawatts. This would represent an
increase in the number of reactors of over 32% in only 10&nbsp;years, with 11 new countries joining the
nuclear family.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Nuclear reactors are very capital intensive; therefore economics dictate that they need to be
operated to the maximum as base-load power. As a consequence, demand for uranium is nearly
non-elastic. Ux Consulting (&#147;<B>UxCo</B>&#148;<B>) </B>has estimated in its &#147;Uranium Market Outlook &#151; Q1 2011&#148;, that
uranium demand will grow from 185.2&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> in 2010 to 250.3
million pounds in 2020.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">While long-term demand is steadily growing, short-term demand is affected in large part by
utilities&#146; uncovered requirements. Utilities normally purchase the majority of their fuel
requirements under long-term contracts. To the extent that they have uncovered demand in the near
term, they will purchase on the spot market which in turn affects the spot price. Currently, the
level of uncovered demand is relatively low, so utility buying is purely discretionary and price
driven.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Uranium supply is the biggest variable in the supply-demand equation. During the time that the
accumulated inventories from over production in the 1970s were being drawn down, primary mine
production accounted for only approximately 50% of demand. A number of new mines, primarily in
Kazakhstan and Africa, have been brought into production over the last few years while others are
in various stages of development. However, production still only accounts for approximately 75% of
demand and many more mines are required to meet the increasing future demand and to replace mines
that are being depleted.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">UxCo has estimated in its &#147;Uranium Market Outlook &#151; Q1 2011&#148; that existing mine production plus
new planned and potential mine production will increase primary uranium supply from an estimated
139.6&nbsp;million pounds in 2010 to 246.5&nbsp;million pounds in 2020, falling short of expected demand of
250.3&nbsp;million pounds per year. The principal drivers for the increase in primary mine production
are expected to be Kazakhstan, which is projected to increase production by over 40% between 2010
and 2020 and new, low-grade mines in Africa. However prices will need to increase appreciably to
support the additional higher cost production required to meet these production forecasts.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Every year since 1985, world primary production has been less than uranium consumption and now
supplies only approximately 75% of demand. The balance of demand is supplied from secondary
sources such as remaining excess commercial inventories, reprocessing of spent fuel, inventories
held by governments and the downblending of highly-enriched uranium (&#147;<B>HEU</B>&#148;) from nuclear weapons
programs. By far, the most significant of the secondary supplies currently is the 18 to 24&nbsp;million
pounds per year being provided from the HEU downblending program. The HEU program is scheduled to
terminate at the end of 2013. The supply gap created by this termination will need to be made up
from new primary mine production.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Excess commercial inventories, which were once one of the major sources of secondary supplies
during the period from the early 1970s to the early 2000s, have largely been consumed. The
disposition of government inventories held by the United States and Russia will have a market
impact over the next 10 to 20&nbsp;years; however, the rate and timing of this material entering the
market is uncertain.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Reprocessing of spent fuel is another source of secondary supply but is expected to satisfy only 3
to 4% of demand. Expansion of this secondary source would require major investments in facilities
which could only be supported by a significant increase in long-term prices.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In its &#147;Uranium Market Outlook &#151; Q1 2011&#148;, UxCo has estimated that secondary sources of supply
will fall from 50&nbsp;million pounds to 19&nbsp;million pounds per year from now to 2020.
</DIV>

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


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The long-term price ranged from $62.00 per pound at December&nbsp;31, 2009, to a low of $58.00 in March
2010, to $65.00 per pound U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> at December&nbsp;31, 2010. Long-term prices are
driven more by production cost and future supply-demand forecasts than customer inventories.
Long-term prices are less volatile than spot prices.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The spot price began 2010 at $44.50 per pound and remained in the $40 to $44 per pound range for
the first half of the year. Beginning in July, spot prices began a steady rise to end the year at
$62.50.
</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>Competition</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Uranium production is international in scope and is characterized by a relatively small number of
companies operating in only a few countries. The top ten producers accounted for over 90% of the
world&#146;s primary mine supply in 2010.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">About 70% of the world&#146;s production came from four countries, namely Kazakhstan, Canada, Australia
and Namibia. Kazakhstan passed Canada in 2009 as the largest producer, a role Canada had held for
17&nbsp;years.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison sells its uranium under a combination of long-term contracts and spot contracts. The
long-term contracts have a variety of pricing mechanisms, including fixed prices, base prices
adjusted by inflation indices and/or spot price or long-term contract reference prices. Time of
delivery during a year under long-term contracts is at the discretion of the customer, so the
Company&#146;s delivery obligations may vary markedly from quarter to quarter. Spot sales are priced at
or near published industry spot prices.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 2010, approximately 30% of Denison&#146;s total sales volume was sold under long-term contracts, with
the remainder sold in the spot market. The Company currently has three long-term contracts in
place. One contract, the KEPCO Offtake Agreement, is for 20% of the Company&#146;s annual
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> production from any production source (&#177;10%) but not less than 350,000
pounds (&#177;10%) per year from 2010 to 2015 inclusive. This agreement also provides for the purchase
of 20% of production after 2015 subject to certain conditions. The second contract is for delivery
of 1,000,000 pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> from U.S. or Canadian production over a period of
five years beginning in 2011. The third contract is for 20% of production from the White Mesa mill
during the years 2012 to 2017 inclusive, but not less than 200,000 pounds
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.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison will continue to seek long-term contracts at prices sufficient to support the development
of its mineral assets.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As a consequence of the economic crisis that began in mid-2007, world steel production declined
significantly and remained at depressed levels throughout 2009. The global steel industry has been
undergoing a recovery and has now surpassed 2008 production levels primarily due to continued
increases in production in China. Since 92% of the world demand for vanadium goes to the steel
industry, this has had a pronounced effect on the vanadium demand and price.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The chemical and titanium alloy industries represent the other major consumers of vanadium with 4%
each of the world demand.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Vanadium adds strength to high performance steels and strengthens titanium where strength combined
with lightness is required for everything from golf clubs to aerospace applications. As the demand
for these high strength, high performance steels increases and as new uses are developed for
lightweight, high strength titanium, vanadium demand can be expected to increase at a faster rate
than the growth of global steel production. The average vanadium content in steel in the
developing countries is much lower than that in the developed countries and can be expected to
increase, adding to the demand.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">While demand is expected to grow over time, supply has the capacity to increase to meet this
demand. Many primary producers from ore, in countries such as China, Russia and South Africa, were
shut down due to low prices. Production from steel making slag had been cut back or halted. As demand
increases and prices strengthen, some of these facilities can be expected to restart or increase
production thus moderating any anticipated price increases.
</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">Spot prices during 2010 averaged $6.29 per pound ranging from a low of $5.25 per pound in early
January to a high of $7.25 in May. Prices for the last half of the year have been steady at about
$6.20 per pound.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">While long-term demand can be expected to increase, short-term demand is expected to be relatively
stable and prices should remain close if not slightly higher than their current level throughout
2011.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison sells its vanadium both as V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB> and as ferrovanadium (&#147;<B>FeV</B>&#148;) through
spot sales to industry end-users and to trading companies. Sales during 2010 have been principally
into the U.S. market; however, efforts are continuing to expand the Company&#146;s market into Europe,
South America and the Far East.
</DIV>


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

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


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">McClean Lake is owned by Denison (22.5%) and its joint venture partners, ARC (70.0%) and OURD
Canada Co., Ltd. (&#147;OURD&#148;) (7.5%). ARC is the operator/manager of the facility. Denison, ARC and
OURD also jointly own the nearby Midwest project, although ownership ratios are slightly different.
See &#147;Mineral Properties &#151; Midwest.&#148; It is planned that the Midwest ore will be milled at the
McClean Lake mill.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The McClean Lake surface facilities consist of the mill that is licensed to produce 8.0&nbsp;million
pounds of uranium per year. The McClean Lake mill uses sulphuric acid and hydrogen peroxide
leaching and a solvent extraction recovery process to extract and recover the uranium product from
the ore. In addition to the mill facility, other infrastructure on the site includes a sulphuric
acid plant, a ferric sulphate plant, an oxygen plant, warehouses, shops, offices and living
accommodations for site personnel. The facilities have been expanded to a capacity of
approximately 12&nbsp;million pounds per year to permit the processing of ore from the nearby Cigar Lake
mine operated by Cameco Corporation (&#147;<B>Cameco</B>&#148;). Construction of this expansion was completed in
2008. An application for an amendment to the licence to increase the mill&#146;s licensed capacity to
13.0&nbsp;million pounds has been submitted to the CNSC.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">McClean Lake consists of nine known ore deposits, five of which have been mined out with some of
the ore still stockpiled on the surface. The JEB pit was converted into the TMF designed to
receive tailings from Midwest and Cigar Lake ores in addition to the tailings from the McClean Lake
deposits.
</DIV>
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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">Mining of the Sue C ore body was completed in February&nbsp;2002, and all of the ore was stockpiled on
the surface. Mining was then suspended until the third quarter of 2005 when mining began on the
Sue A, Sue E and Sue B deposits. Mining was completed at Sue A in the first quarter of 2006, at
Sue E in the first quarter of 2008 and at Sue B at the end of 2008. Exploration activities for
expansion of the known deposits and identification of new deposits are ongoing. See &#147;Mineral
Exploration &#151; McClean Lake.&#148;
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A feasibility study evaluating the mining of the McClean North deposit via conventional underground
methods is underway. In addition, a prefeasibility study to incorporate the Caribou, Sue D,
McClean South and Sue E Extension utilizing common underground workings for the McClean North
deposit is also being completed. The environmental approvals and licensing for these underground
projects are at varying stages. A production decision is anticipated in 2011 or early 2012.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The table below shows the operating statistics for McClean Lake over the last five years.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ore Milled (thousand tonnes)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">181</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average Grade (% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.97</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.96</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.68</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Production (thousand pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,731</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,609</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,248</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,907</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,794</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Denison&#146;s share (thousand pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">389</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">812</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">731</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">429</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">404</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 2006, mill feed consisted of a combination of the remaining low-grade portion of Sue C ore and
Sue A ore. This low-grade feed continued through 2007 with Sue E material being added to the mix
toward the end of the year. The grade of ore processed during 2008 and 2009 improved as mill feed
consisted primarily of the higher grade Sue E ore. During 2009 and the first six months of 2010,
the mill processed stockpiled ore from the Sue E, Sue B, Sue A and McClean North deposits. The
mill stopped processing of new ore feed at the end of June of 2010 and the final circuit clean out
was completed in October&nbsp;2010. The mill was on active care and maintenance through the remainder
of 2010. Approximately 94,000 tonnes of Sue B ore at an average grade of 0.37%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> remain on the stockpile.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The mill will remain on care and maintenance throughout 2011 and into 2012. The licensing approval
for transporting and processing of McArthur River ore at McClean Lake is in progress. It is
anticipated that processing of McArthur River ore will begin in mid-2012 and will provide an
opportunity to restart the mill and process high grade ore prior to the start up of processing of
Cigar Lake ore, which is currently scheduled to begin in 2013. During the period when the mill is
on care and maintenance, the Cigar Lake Joint Venture will pay for essentially all of the stand-by
expenses according to the terms of the Cigar Lake Joint Venture toll milling agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">For information pertaining to markets and the sale of production, see &#147;Marketing.&#148; For taxes and
royalties, see &#147;Government Regulation &#151; Canadian Royalties&#148; and &#147;Government Regulation &#151; Canadian
Income and Other Taxes.&#148;
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

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


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Two projects are underway on the TMF which will provide future tailings capacity. The first, the
Optimization Project, will maximize the efficiency of the currently licensed tailings space to
provide sufficient capacity, based on current operating plans, to 2015/2016. Documents detailing
the Optimization Project have been submitted to the regulatory authorities for approval. The
second project is the proposed expansion of the TMF, which would provide tailings capacity for the
next 30&nbsp;years. This project entails expanding the TMF above the currently licensed elevation and
will require the submittal of an Environmental Assessment and an amendment to the operating
licence. The engineering and permitting work is underway.
</DIV>

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


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

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The McClean Lake site is operated under various permits, licences, leases and claims granted and
renewed from time to time, all of which are currently in good standing. On July&nbsp;25, 2005, the CNSC
issued Mine Operating Licence, UMOL &#151; MINEMILL &#151; McCLEAN.02/2009 for a four year term which
expired on May&nbsp;30, 2009. In September, 2008 ARC submitted the renewal application for a ten year
licence to operate the McClean Lake mill. On June&nbsp;30, 2009, the CNSC renewed the Mine Operating
Licence for a period of eight years. In addition to renewal of all previously licensed activities,
the new licence authorizes mining of the McClean North deposits using hydraulic bore mining
methods, developed under the Mining Equipment Development program (&#147;<B>MED</B>&#148;), and included the care
and maintenance activities at the Midwest site. Consequently the CNSC revoked the previous Midwest
Uranium Site Preparation Licence. See &#147;Midwest Project Development&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On August&nbsp;2009, ARG filed an Application for Judicial Review of the decision to renew the McClean
Lake CNSC licence with the Canadian Federal Court. The ARG is comprised of the Athabasca
Denesuline First Nations of Fond du Lac, Black Lake and Hatchet Lake and the provincial communities
of Camsell Portage, Uranium City, Stony Rapids and Wollaston Lake. ARG is challenging the legality
of the renewed licence primarily on the basis of issues related to the Federal and Provincial
government&#146;s duty to consult with aboriginal people. The initial hearing on this matter was held
on June&nbsp;8, 2010 and the judge issued his decision in September&nbsp;2010, dismissing the application.
ARG has launched an appeal of this decision. Since the mill is currently on standby, operations
are not expected to be affected as a result of the legal proceedings; however, an adverse decision
by the court could have an impact on the timing of the Company&#146;s future production. See &#147;Risk
Factors&#148;. For additional information on licensing, see &#147;Government Regulation &#151; Canadian Uranium
Industry.&#148;
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The McClean Lake mill operated for the first six months of 2010 and then was shut down and put on
active care and maintenance. During the year there were three reportable spills and one
environmental exceedance, all of which were successfully remediated with no impact to the environment. See
&#147;Environmental and Safety Matters &#151; Canada.&#148;
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

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

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


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As a result of the flood that occurred at Cigar Lake in October&nbsp;2006 and subsequent problems with
the water inflows, the Cigar Lake joint venture announced that processing of its ore at the McClean
Lake mill would be delayed. The Cigar Lake Joint Venture recently announced that production will
tentatively start in 2013; however, the exact date has not been determined due to the uncertainty
of rehabilitation and dewatering efforts.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As a result of the delay in the start up of Cigar Lake and the exhaustion of currently permitted
ore deposits at McClean Lake, the McClean Lake mill was placed on stand-by at the end of June of
2010. Under the Cigar Lake toll milling agreement, the Cigar Lake Joint Venture is funding a
significant portion of the McClean Lake stand-by costs. The relative proportion of the stand-by
costs paid by each party is calculated on the basis of the percentage of mineral reserves between
the McClean Lake and Cigar joint ventures.
</DIV>

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


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

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 2008, three access holes were cased and cemented at the McClean North deposit in preparation for
mining in 2009. In 2009 significant improvements were made to the mining tool and the three holes
drilled in 2008 were mined, as well as a fourth hole was drilled and mined. The MED tool system
recovered approximately 600 tonnes of ore at an average grade of 2.58% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.
An engineering review of the 2009 program was completed in 2010 which resulted in improvements in
the design of the down hole mining tool. The design modifications were completed and a hole
originally drilled in 2009 was re-entered, mined and back filled successfully. A total of
approximately 360 tonnes grading 3.56% was recovered. The 2011 program is primarily focussed on
optimization of the technology with further field testing in 2012.
</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="justify" style="font-size: 10pt; margin-top: 10pt"><B>Midwest Project Development</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Midwest project, owned 25.17% by Denison, 69.16% by ARC and 5.67% by OURD, is host to two
significant uranium deposits: The Midwest deposit, discovered in 1978, and the Midwest A deposit,
which was discovered in 2004/2005.
</DIV>

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

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c14769c1476901.gif" alt="(MAP)">
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Midwest deposit (see &#147;Mineral Properties &#151; Midwest&#148;) will be the first to be mined. Various
studies since its discovery in 1978 have examined the feasibility of mining by open pit, hydraulic
bore-hole mining and underground methods. Mining by open pit has been selected as the preferred
method.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Following the significant increase in the price of uranium starting in 2003, exploration resumed in
an area about 3 kilometres northeast of the Midwest deposit as a follow-up to a hole drilled in the
early 1980s which reported an intersection of 6.9% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> over 3.8 metres.
This work led to the discovery of the Midwest A deposit as well as a number of other significant
mineralized zones. See &#147;Mineral Exploration &#151; Midwest.&#148;
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In December&nbsp;2005, the project description for the development of the Midwest deposit was submitted
to the CNSC, the Environmental Assessment Branch of Saskatchewan Environment and the Canadian
Environmental Assessment Agency. This project description contemplated the Midwest deposit being
mined by open pit and a further expansion of the McClean Lake mill.
</DIV>
<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="justify" style="font-size: 10pt; margin-top: 10pt">The development of this deposit will involve draining the Mink Arm of the South McMahon Lake in
northern Saskatchewan to construct an open pit mine. Other deposits and extensions located to the
north, south and in the basement could be developed once the pit nears completion. Ore from this
deposit would be trucked over a dedicated haul road to the McClean Lake mill.
</DIV>

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

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A revised mine plan has been completed which indicates expected mine production of 34.7&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>. Production would be approximately 8.1 to 8.3&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> per year. In 2010, work continued on the regulatory process,
specifically to obtain regulatory approval of the Environmental Assessment. As of the end of the
year, the Midwest joint venture partners have responded to numerous enquiries. The Fish Habitat
Compensation Plan continues to be the major significant outstanding issue. The parties continue to
try to come to a viable solution. Efforts on approval of the Midwest Environmental Assessment will
continue in 2011, and the project status will be reviewed again during the year.
</DIV>

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


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Construction of the White Mesa mill started in 1979, and conventionally-mined, uranium/vanadium ore
was first processed in May&nbsp;1980. The mill uses sulphuric acid leaching and a solvent extraction
recovery process to extract and recover uranium and vanadium. The mill has been operated on a
campaign basis since its construction due to variable uranium market conditions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In addition to the conventional ore circuit, a circuit for processing certain types of alternate
feed materials was built in 2009. This circuit enables the mill to process both conventional ore
and alternate feed materials simultaneously. See &#147;Alternate Feed Materials&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The mill is licensed to process an average of 2,000 tons of ore per day and to produce up to 8.0
million pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> per year. In full operation, the mill employs
approximately 130 people.
</DIV>
<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="justify" style="font-size: 10pt; margin-top: 10pt"><U>Current Condition and Operating Status</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In late 2006, the Company began a program to refurbish the mill. The refurbishment program
included the purchase of mobile equipment, restoration of the vanadium roasting, fusion and
packaging circuits, replacement of major pumps and component drives, modernization of the mill&#146;s
instrumentation and process control systems, and completion of the relining of tailings Cell 4A.
The total cost of the refurbishment program was approximately $31.0&nbsp;million and was completed in
2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In April&nbsp;2008, the mill began processing uranium/vanadium conventional ore and producing uranium
concentrate. Production of vanadium began in July&nbsp;2008 after completion of the refurbishment of
the vanadium circuit. Processing of conventional ore continued through the end of March&nbsp;2009 when
the mill was shut down for approximately thirty days for relining of the semi-autogenous grinding
mill and other critical maintenance activities. Processing of conventional ore recommenced near
the end of April; however, conventional ore processing was discontinued near the end of May for the
remainder of 2009 due to the decline in uranium prices. The mill began processing conventional ore
again in March&nbsp;2010 and continued throughout the remainder of 2010. During the year, the mill
processed approximately 172,600 tons of Colorado Plateau uranium/vanadium ore, 16,300 tons of ore
from the Arizona 1 mine and 5,500 tons of ore from the Ore Purchase Program. The mill also toll
milled approximately 39,300 tons of ore for White Canyon from its Daneros mine. See &#147;Ore Purchase
and Toll Milling&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 2009, with the completion of an alternate feed processing circuit processing of uranium
tetrafluoride (&#147;<B>UF</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>4</B></SUB>&#148;) alternate feed material began in June. Processing of
UF<SUB style="font-size: 85%; vertical-align: text-bottom">4</SUB> alternate feed material continued through the remainder of 2009 and 2010.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Production at the mill over the past five years is shown below.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Alternate Feed Milled (tons)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">310</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,136</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">214</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Conventional Ore Milled (tons)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">194,440</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144,434</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">248,744</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Uranium Production<br>
(&#146;000&#146;s pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Alternate Feed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">299</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">191</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">254</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">242</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Conventional Ore</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">754</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">423</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">791</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Uranium Production</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,053</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">614</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">885</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">254</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">242</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Vanadium Production<br>
(&#146;000s pounds V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB>)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,347</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">501</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,223</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Year-end Ore Stockpile (tons<B>)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,821</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">174,358</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122,477</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tolled Ore Milled (tons)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,289</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The White Mesa mill will continue processing conventional ore during most of 2011, except for
scheduled maintenance shutdowns. Conventional ore from the Colorado Plateau and Arizona 1 will be
processed as well as potential ore from a short toll milling campaign. Processing of three
different alternate feed materials will continue throughout 2011.
</DIV>

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


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

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

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

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

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


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

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">To ensure sufficient volume for tailings and surface area for tailings solution evaporation, the
Company began the licensing process for tailings Cell 4B in 2009. In late October&nbsp;2009, the State
gave the Company approval to commence the earthwork for Cell 4B. Approval to complete the
earthwork and commence placement of the cell liners was received in June&nbsp;2010. Construction of the
cell was completed in December&nbsp;2010 and final approval to begin use of the cell was received in
January&nbsp;2011. Cell 4B is currently being used for additional evaporation capacity and will provide
approximately 2.0&nbsp;million tons of tailings capacity.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has detected some chloroform contamination at the White Mesa mill site that appears to
have resulted from the operation of a temporary laboratory facility that was located at the site
prior to and during the construction of the mill facility, and from septic drain fields that were
used for laboratory and sanitary wastes prior to construction of the mill&#146;s tailings cells.
Elevated concentrations of nitrate and chloride were also observed in some monitoring wells at the
mill site in 2008, a number of which were upgradient of the mill&#146;s tailings cells. See
&#147;Environmental and Safety Matters &#151; United States.&#148;
</DIV>

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


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

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

<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
</DIV>

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

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

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In the United States, Denison is involved in three mining districts: the Colorado Plateau; Henry
Mountains; and the Arizona Strip. Each of these districts is described in further detail below.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Colorado Plateau district is an area encompassing approximately 20,000 square miles and
straddles the border of southeastern Utah and southwestern Colorado. The Company&#146;s principal
mining complexes in the Colorado Plateau District consist of the La Sal, Van 4, Sunday, and East
Canyon (Rim) zones. The bulk of the mineral deposits in the Colorado Plateau District are
contained in three areas: the Sunday Mine complex, which includes the Sunday/St. Jude, West Sunday,
Topaz and Carnation mines; the La Sal Complex, which includes the La Sal, Beaver and Pandora mines;
and the East Canyon Area, which includes the Rim mine. All of these areas have developed permitted
mines either in operation or on standby. The mines are located approximately 65 to 100 miles
northwest of the Company&#146;s White Mesa mill. Haulage of the ore from the mines to the mill is along
County and State highways.
</DIV>

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

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

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


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

<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

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


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


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c14769c1476902.gif" alt="(MAP)">

</DIV>

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

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

<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /Folio -->
</DIV>

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

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

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

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In January&nbsp;2009, the Company placed the Topaz mine on standby. In March&nbsp;2009, the Company placed
the Rim and Sunday/St. Jude mines on standby, followed by the West Sunday mine which was placed on
standby in October. The mines will be maintained so that they can be restarted with minimal
effort. The Beaver and Pandora mines were operated throughout 2010 and are currently the only
operating mines on the Colorado Plateau district.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The ore production by mine for 2007 through 2010 is shown below.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Mine</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</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">Beaver</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tons</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,941</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,701</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">729</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.21</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.18</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.26</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">% V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.11</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.97</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.41</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pandora</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tons</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,099</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,623</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,444</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.21</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.23</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.23</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">% V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.15</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.23</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.22</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.34</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rim</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tons</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,238</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.04</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">% V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.70</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.40</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sunday/St. Jude</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tons</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,073</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,497</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,879</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.18</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.19</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.16</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">% V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.97</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.04</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.86</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Topaz</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tons</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,506</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,707</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,753</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.09</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.13</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.16</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">% V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.48</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.70</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.86</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">West Sunday</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tons</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,132</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,121</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,526</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.18</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.21</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.17</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">% V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.97</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.13</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.92</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">No mineral reserve or resource estimates have been prepared in accordance with NI 43-101 for any of
these mines. The uranium grades shown above are based on probe grades taken when the ore arrives
at the White Mesa mill. The vanadium grades are based on historical uranium/vanadium ratios.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In addition to the mine production detailed above, a number of low grade stockpiles from the
Colorado Plateau mines were shipped to the mill. During 2007 a total of 7,973 tons were shipped to
the mill grading 0.08% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> and 0.43% V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB>. In 2008, a
total of 6,801 tons were shipped grading 0.08% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> and 0.39%
V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5,</SUB> and in 2010, 213 tons grading 0.09% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> and
0.50% V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB> were shipped.
</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: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Pandora, Beaver and La Sal mines and the Rim mine are all permitted for current operations. At
all the Colorado Plateau mines, air permits have been obtained or are in process. Storm Water as
well as Spill Prevention and Pollution Control Plans were also updated for all Colorado Plateau
mines. These Plans require regular monitoring and reporting.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In February&nbsp;2008, the Company was notified that CDRMS has designated operations at the Sunday Mine
Complex and the Van 4 mine as DMOs. Upon joint consultation with CDRMS, plans were developed to
collect the necessary data and perform characterization testing and prepare assessments of toxic
substance exposures and transport necessary for preparation of the EPP for those mines.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The EPP for the Sunday Mine Complex and the Van 4 mine was filed in 2009 and CDRMS continues with
the review of the plan.
</DIV>

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

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The BLM State Director&#146;s Office completed its review of the Decision Record regarding approval of
the amendment of the Plan of Operations for the Sunday Mines in September&nbsp;2009. The stay was
denied; however, the State Director remanded the Decision Record back to the local field office for
further study and analysis. The Company is continuing to work with the local field office to
provide the information required.
</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: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As a result of routine permit applications for additional ventilation raises and exploration
drilling for the La Sal Complex, the BLM, United States Forest Service (&#147;<B>USFS</B>&#148;) and State of Utah
Department of Oil and Gas and Mining (<B>&#147;UDOGM</B>&#148;) requested that the PO and Utah Mine Permit for the
La Sal Complex be amended to include the current operating plans. Materials required for the
formal amendment of the PO and Utah Mine Permit have been submitted and are under review by the
agencies. The amendment involves the preparation of an Environmental Assessment and will proceed
through public notice and a BLM Decision Record. Current operations are not affected during this
amendment process, but new disturbance activities, such as installation of new vent shafts and
exploration drilling (on public lands), are deferred until the amendment process is complete.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Henry Mountains Complex is one contiguous property located in eastern Garfield County, Utah, 15
to 20 miles north of Bullfrog Basin Marina on Lake Powell and approximately 40 air miles south of
Hanksville, Utah. It is situated three miles west of Utah State Highway 276. The Henry Mountains
Complex includes Bullfrog on the north end of the property, hosting the Indian Bench, Copper Bench
and Southwest uranium deposits, and Tony M located on the south end of the property, hosting the
Tony M deposit and mine. See &#147;Mineral Properties &#151; Henry Mountains Complex.&#148;
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c14769c1476903.gif" alt="(MAP)">
</DIV>


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

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Henry Mountains Complex is comprised of 202 unpatented BLM mining claims and one 640 acre Utah
State Mineral Lease. Seventeen of the claims, comprising a portion of the Tony M property, are
subject to an escalating annual advance minimum royalty based on the uranium spot price, and a 4%
yellowcake royalty, less taxes and certain other deductions. There is also a vanadium production
royalty which is a 2% gross royalty less certain deductions. The advance minimum royalties are
deductible against the uranium and vanadium royalties payable. The Utah State Mineral Lease has an
annual rental of $640 and is subject to royalties set by the State of Utah including: an escalating
annual advance minimum royalty based on the uranium spot price, a uranium royalty of 8% of gross
value less certain deductions; and a vanadium royalty of 4% of gross value less certain deductions.
The advance royalties on the State Lease are only deductible against the uranium and vanadium
royalties paid within the same year.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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


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

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In addition to re-opening the mine, the Company also constructed a number of surface facilities
including a power generation station, compressor station, fuel storage facilities, maintenance
building, offices and dry. An evaporation pond, which was originally constructed when the Tony M
mine was in operation in the 1980&#146;s, and which is used for storage and evaporation of mine water,
was reconstructed to allow for dewatering of the mine.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 2008, 87,421 tons grading 0.15% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> was shipped to the White Mesa mill,
as well as 64,755 tons of ore from the historic stockpiles, grading 0.11%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. In November&nbsp;2008, the Company announced that operations at the Tony M
mine were being placed on temporary stand-by due to high operating costs and the weakening of the
uranium spot price. Shipping of ore from the historic stockpiles continued after the mine was
placed on stand-by.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In March&nbsp;2009, shipping of the historic ore stockpile to the White Mesa mill was completed with
29,737 tons of ore grading 0.11% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>, shipped.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During 2009 and 2010 the mine has been on care and maintenance, and dewatering activities are
continuing so that mining operations can resume quickly, when uranium prices reach viable levels.
</DIV>

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


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

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

<P align="center" style="font-size: 10pt"><!-- Folio -->28<!-- /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 Phase 2 PO has been filed with the BLM and UDOGM. The Phase 2 activities will include addition
of ventilation shafts, upgrading of the shaft and site access road, installation of a production
shaft and expansion of the mine water evaporation reservoir. The Phase 2 permitting efforts
continue with the BLM and UDOGM. Preparation of the Environmental Assessment by BLM was nearing
completion at the end of 2010.
</DIV>

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


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company owns four developed and partially developed mines in the Arizona Strip, being the
Arizona 1, Canyon, Pinenut and Kanab North mines, all of which had been shut down since the 1980s.
In February&nbsp;2007, the Company purchased from Pathfinder Mines Corporation (&#147;<B>Pathfinder</B>&#148;) five
additional uranium deposits in the Arizona Strip: the EZ1, EZ2, DB, WHAT and Moonshine Springs
properties. The Company recommenced development work on the Arizona 1 mine in April&nbsp;2007 and
restarted mining operations in November&nbsp;2009. Development work on the Pinenut mine commenced in
November&nbsp;2010.
</DIV>

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

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

<P align="center" style="font-size: 10pt"><!-- Folio -->29<!-- /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>Arizona Strip</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c14769c1476904.gif" alt="(MAP)">

</DIV>

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

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

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

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Work began on the rehabilitation of the shaft in mid-2007. The rehabilitation of the shaft,
underground development, sinking of an internal raise, which will be used as an ore pass, and the
sinking of a ventilation shaft were completed in September&nbsp;2008. Due to ongoing delays in receipt
of an air quality permit, Redpath was demobilized from the site at that time. In September&nbsp;2009,
the air quality permit for Arizona 1 was received. See &#147;Permitting&#148; below.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On November&nbsp;10, 2009, the Company announced that it had made a production decision on the Arizona 1
mine. The Arizona 1 deposit is being mined using a combination of long hole and shrinkage stoping
methods at a mining rate of up to 300 tons per day, four days per week. In 2010, Arizona 1
produced approximately 21,500 tons at an average grade of 0.56% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In November&nbsp;2009, the Center for Biological Diversity, Grand Canyon Trust, Sierra Club and the
Kaibab Band of Paiute Indians filed a Complaint for Declaratory and Injunctive Relief against the
Secretary of the Interior and the BLM. See &#147;Legal Proceedings&#148;. At this time, this legal action
has not impacted the operations at Arizona 1.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->30<!-- /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">In November&nbsp;2010, a production decision was made on the Company&#146;s second operation on the Arizona
Strip, the Pinenut mine. Expansion of the storm water storage pond and rehabilitation of the
surface facilities and the mine workings have begun. Capital for surface equipment, refurbishment
of the hoisting conveyances and underground development is estimated at $7.4&nbsp;million. First ore
production is expected in 2012.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Ore will be hauled by truck to Denison&#146;s White Mesa mill where the ore will be processed in batches
of approximately 17,000 tons. Uranium recovery is expected to be 95%. Production is expected to
total approximately 936,000 pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>, of which 526,000 pounds is expected
to be produced in 2013 with the balance to be produced in 2014.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Canyon and Kanab North mine sites remain on care and maintenance.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Prior to 2009, the Arizona 1 mine had received all permits, with the exception of an air quality
permit which are required under new State requirements. The air quality permit was issued by the
Arizona Department of Environmental Quality (&#147;<B>ADEQ</B>&#148;), Department of Air Quality (&#147;<B>DAQ</B>&#148;) after a
period of public comment in September&nbsp;2009.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 1992, the State of Arizona updated its laws relating to groundwater issues, requiring that an
Aquifer Protection Permit be obtained for each mine. The Arizona 1 mine has an Individual Aquifer
Protection Permit. The Company prepared documents applying for groundwater General permits for the
on-site ponds, ore storage and development waste storage pads and stormwater collection for the
Pinenut and Canyon mines. In September&nbsp;2009, the groundwater General permits were received for the
stormwater storage ponds for the Pinenut and Canyon mines. However, groundwater General permits
for the ore and waste storage pads will be required for each of those operations. Air Quality
Permits for the Pinenut, Canyon and EZ1/EZ2 projects were issued by ADEQ in March, 2011.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At Pinenut an application for EPA approval of the operation has been submitted.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The BLM has accepted the PO for the EZ1/EZ2 deposits as complete and review is underway. Scoping
for an Environmental Impact Statement is pending finalization of a power line Right of Way
application from the local utility to provide power to the EZ site.
</DIV>

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


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The mill received 2,423 tons in 2008 at an average grade of 0.19% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> and
1.0% V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB>. In 2009, a total of 9,077 tons were received at an average grade
of 0.32% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> and 0.66% 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 11 different mines.
There was 110 tons received under the ore purchase program in 2010.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In January&nbsp;2010, Denison entered into a toll milling agreement with Utah Energy Corp., a
wholly-owned subsidiary of White Canyon. Under the terms of the agreement, White Canyon will
transport up to 55,000 tons per year of ore produced from White Canyon&#146;s mines to the White Mesa
mill for processing. White Canyon will pay Denison the operating costs to mill its ore, a capital
charge, plus a toll milling fee per ton of ore, which is linked to the long-term uranium price.
The agreement has a three-year term with an optional two-year extension. During 2010, the Company
toll milled approximately 39,300 tons of ore for White Canyon producing approximately 204,000
pounds. U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->31<!-- /Folio -->
</DIV>

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

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


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">William C. Kerr, the Company&#146;s Vice President, Exploration, who is a &#147;Qualified Person&#148; in
accordance with the requirements of NI 43-101, is responsible for the mineral reserves and mineral
resources estimates for the Company&#146;s properties in Canada and Zambia and all disclosure of
scientific or technical information concerning mineral projects in those countries in this AIF.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Terry V. Wetz, the Company&#146;s Director of Project Development, who is a &#147;Qualified Person&#148; in
accordance with the requirements of NI 43-101, is responsible for the mineral resources estimates
for the Company&#146;s properties in the United States and Mongolia and all disclosure of scientific or
technical information concerning mineral projects in those countries in this AIF.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following tables show the Company&#146;s estimate of mineral reserves and mineral resources as of
December&nbsp;31, 2010. NI 43-101 requires mining companies to disclose reserves and resources using
the subcategories of proven mineral reserves, probable mineral reserves, measured mineral
resources, indicated mineral resources and inferred mineral resources. Denison reports mineral
reserves and mineral resources separately. Several of the tables below identify &#147;historic resource
estimates,&#148; prepared prior to the implementation of NI 43-101. See &#147;Mineral Properties &#151; Gurvan
Saihan Joint Venture&#148; and &#147;Mineral Properties &#151; Elliot Lake&#148; for the Company&#146;s disclosure
regarding these estimates, including a discussion as to their relevance and reliability.
</DIV>

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Company</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>100% Basis</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Share</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Pounds of U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Pounds of U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Deposit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>% U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McClean &#151; Ore Stockpile</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">751</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">169</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">White Mesa &#151; Ore Stockpile<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Reserves</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">211</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Measured Mineral Resource Estimates</B><SUP style="font-size: 85%; vertical-align: text-top">(2)(3<B>)</B></SUP>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Company</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>100% Basis</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Share</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Pounds of U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Pounds of U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Deposit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"  style="border-bottom: 1px solid #000000"><B>% U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mutanga &#151; Mutanga</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,880.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.048</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,992</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->32<!-- /Folio -->
</DIV>

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

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

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Indicated Mineral Resource Estimates</B><SUP style="font-size: 85%; vertical-align: text-top">(2)(3<B>)</B></SUP>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Company</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>100% Basis</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Share</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Pounds of U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Pounds of U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Deposit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>% U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McClean &#151; Caribou</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,724</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">613</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McClean &#151; Sue D</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,840</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">639</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McClean North</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">206.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,549</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,823</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Midwest<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">354.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,800</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Midwest A</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">464.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,460</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Wheeler &#151; Phoenix</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,638</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,383</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Henry Mountains &#151; Bullfrog</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">651.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,674</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,674</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Henry Mountains-Tony M</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,527.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,140</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,140</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mongolia &#151; Hairhan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,261.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,780</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,846</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mutanga &#151; Mutanga</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,400.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,817</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,817</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Indicated Resources</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,195</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Inferred Mineral Resource Estimates</B><SUP style="font-size: 85%; vertical-align: text-top">(2)(5<B>)</B></SUP>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Company</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>100% Basis</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Share</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Pounds of U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Pounds of U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Deposit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>% U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McClean &#151; Sue E <SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">483.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,643</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McClean &#151; Sue D</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">209</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McClean North</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.79</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Midwest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Midwest A</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,082</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Wheeler &#151; Phoenix</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,811</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,287</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Henry Mountains &#151; Bullfrog</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">685.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,332</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,332</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Henry Mountains -Tony M</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">779.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,750</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Arizona Strip &#151; Arizona 1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">869</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">869</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Arizona Strip &#151; Canyon</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,523</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,523</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Arizona Strip &#151; Pinenut</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,037</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,037</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EZ Complex</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">203.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mongolia &#151; Hairhan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,536.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,811</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,068</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mutanga &#151; Mutanga</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,230.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,287</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,287</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mutanga &#151; Dibwe</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,040.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,967</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,967</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mutanga &#151; Mutanga Ext</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">400</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mutanga &#151; Mutanga East</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mutanga &#151; Mutanga West</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">400</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Inferred Mineral Resources</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,011</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 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">&#147;White Mesa &#151; Ore Stockpile&#148; does not include stockpiled U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> which
has been mined from deposits in the Colorado Plateau where no mineral reserve and mineral
resource estimates have been prepared in accordance with NI 43-101.</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">Mineral resources that are not mineral reserves do not have demonstrated economic viability.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The measured and indicated mineral resources were estimated at various block cut-off grades
and 0.10% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> was selected as most reasonable for the McClean deposits,
0.35% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>for the Caribou deposit, 0.30% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> for
Midwest, 0.05% eU (0.059% eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>) for Midwest A, 0.80%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> for Wheeler, 0.20% eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> with a minimum
thickness of 4 feet for Henry Mountains &#151; Bullfrog, a 0.10% eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> with a
minimum thickness of 2 feet for Henry Mountains Tony M, 0.02% U (0.024%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>) with a minimum thickness of 2.0 metres for Mongolia, and a 100 ppm
cutoff for Mutanga.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company&#146;s share of the indicated mineral resources at Midwest also contains 4.35% nickel
(8.55&nbsp;million pounds) and 0.34% cobalt (0.68&nbsp;million pounds).</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The inferred mineral resources were estimated at various block cut-off grades and 0.10%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> was selected as most reasonable for the McClean deposits, 0.30%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> for Midwest 0.05% eU (0.059% eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>) for
Midwest A, 0.80% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> for Wheeler, 0.20% eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>
with a minimum thickness of 4 feet for Henry Mountains &#151; Bullfrog, 0.10%
eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> with a minimum thickness of 2 feet for Henry Mountains &#151; Tony M,
0.20% eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> for the Arizona Strip and EZ 1 and EZ 2, 0.02% U (0.024%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>) with a minimum thickness of 2.0 metres for Mongolia, 100 ppm for
Mutanga and Dibwe, and 200 ppm for Mutanga Ext, Mutanga East and Mutanga West.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The operator conducted confirmatory drilling on a portion of these resources outside the
designed pit and late in 2006 submitted a preliminary analysis detailing an inferred resource
of 2&nbsp;million pounds on a 100% basis in this area, as compared to the 7.3&nbsp;million pounds that
Scott Wilson RPA has estimated. As at December&nbsp;31, 2010, Scott Wilson RPA has not
re-estimated the resource using the new drill information.</DIV></TD>
</TR>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->33<!-- /Folio -->
</DIV>

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

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





<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Except as stated below, the mineral reserve and mineral resource information shown above is as
reported in the various technical reports prepared in accordance with NI 43-101 (the &#147;<B>Reports</B>&#148;) by
Scott Wilson RPA, Geostat, CSA Global and SRK. See &#147;Mineral Properties &#151; McClean Lake,&#148; &#147;Mineral
Properties &#151; Midwest,&#148; &#147;Mineral Properties &#151; Phoenix Deposit at the Wheeler Property&#148;, &#147;Mineral
Properties &#151; Henry Mountains Complex,&#148; &#147;Mineral Properties &#151; Arizona Strip&#148;, &#147;Mineral Properties
&#151; Gurvan Saihan Joint Venture&#148; and &#147;Mineral Properties &#151; Mutanga&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Information on the McClean &#151; Ore Stockpile was prepared from the year-end stockpile survey, mill
feed and mine production data reported by ARC, the operator of the McClean Lake joint venture. The
White Mesa &#151; Ore Stockpile consists of ore mined from the Arizona 1 deposit and was prepared from
mill feed and mine production data. Reserve and resource information in the Reports has been
adjusted to reflect ore mined into Ore Stockpile and updated, in the case of Arizona and Pinenut,
by Company personnel. The Midwest probable mineral reserve estimates have been reclassified, by
the Company, to indicated mineral resources as a result of the decision not to proceed with the
project at this time.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The reconciliations shown below detail the changes from the Company&#146;s mineral reserve and mineral
resource estimates reported as of December&nbsp;31, 2009.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Reconciliation of Denison&#146;s Share of Uranium Mineral Reserves<BR>
(in thousands of pounds U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2010 Additions</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Reserves</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Throughput</B><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Deletions)</B><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</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">McClean &#151; Ore Stockpile</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">604</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(388</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(47</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">169</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">White Mesa &#151; Ore Stockpile<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(198</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Reserves</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">604</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(586</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">193</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">211</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 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">Corresponds to mill feed. The difference between the 2010 mill feed and Denison&#146;s share of
pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> produced is due to mill recovery and changes of
in-process circuit inventory.</DIV></TD>
</TR>

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

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

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;White Mesa &#151; Ore Stockpile&#148; does not include stockpiled U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> which
has been mined from deposits in the Colorado Plateau where no mineral reserve and mineral
resource estimates have been prepared in accordance with NI 43-101.</DIV></TD>
</TR>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->34<!-- /Folio -->
</DIV>

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

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





<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Reconciliation of Denison&#146;s Share of Uranium Mineral Resources<BR>
(in thousands of pounds U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2010 Additions</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Resources</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Ore Mined</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Deletions)</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</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"><I>McClean &#151; Caribou</I><br>
indicated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">613</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">613</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>McClean &#151; Sue E</I><br>
inferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,643</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,643</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>McClean &#151; Sue D</I><br>
indicated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">639</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">639</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">inferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>McClean North</I><br>
indicated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,829</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,823</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">inferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Midwest</I><br>
indicated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,800</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">inferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Midwest A</I><br>
indicated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,460</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,460</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">inferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,082</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,082</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Wheeler &#151; Phoenix</I><br>
indicated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,383</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,383</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">inferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,287</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,287</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Henry Mountains &#151; Bullfrog</I><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP><br>
indicated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,674</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,674</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">inferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,332</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,332</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Henry Mountains &#151; Tony M</I><SUP style="font-size: 85%; vertical-align: text-top"><I>(</I>3)</SUP><br>
indicated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,140</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,140</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">inferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,750</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Arizona Strip &#151; Arizona 1</I><br>
inferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">956</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(240</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">869</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Arizona Strip &#151; Canyon</I><br>
inferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,523</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,523</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Arizona Strip &#151; Pinenut</I><br>
inferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">873</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">164</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,037</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>EZ Complex</I><br>
inferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Mongolia &#151; Hairhan</I><br>
indicated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,524</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,322</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,846</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">inferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,439</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,629</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,068</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Mutanga</I><br>
measured</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,992</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">indicated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,817</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,817</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">inferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,154</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,154</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



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




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 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">Additions or deletions of resources include reassessment of geological data and new or
updated technical reports.</DIV></TD>
</TR>

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

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

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

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

</TABLE>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On several of Denison&#146;s mineral properties, where there are no current estimates of mineral
reserves or mineral resources, as such terms are defined under NI 43-101, historical estimates
exist. Several of these historical estimates have been reviewed and are considered reasonable and
reliable.
</DIV>
<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: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

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

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Haraat Historical Mineral Resource Estimate</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Company&#146;s</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>100% Basis</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Share</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Pounds U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Pounds U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(% U)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inferred Mineral Resources</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.023</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,398</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,479</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The mineral resource estimate does not comply with the requirements of NI 43-101.
In the opinion of Scott Wilson RPA, the classification complies with the definition
standards of the Canadian Institute of Mining, Metallurgy and Petroleum (&#147;<B>CIM</B>&#148;).</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The cut-off grade is 0.01% eU (0.012%U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>).</DIV></TD>
</TR>

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

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

</TABLE>


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

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Elliot Lake Historical Mineral Resources</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>100% Basis and Company Share</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Tons</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Pounds of U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(pounds/ton)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
</TR>


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


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



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The mineral resource estimate does not comply with the requirements of NI 43-101.
CIM definitions are not used.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The cut-off grade is 0.8 pound/ton U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.</DIV></TD>
</TR>

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

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

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

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

</TABLE>


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


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

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

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

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

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

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Access to the McClean Lake site is by both road and air. Goods are transported to the site by
truck over an all&#151;weather road connecting with the provincial highway system. Air transportation
is provided through the Points North airstrip about 25 kilometres from the project site.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Site activities are carried out all year, despite the cold weather during the winter months. Mean
daily temperatures range from &#151;25&#176;C in January to &#043;15&#176;C in July. The average length of the
frost&#151;free period is about 90&nbsp;days.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Water for industrial activities is obtained from one of the many lakes and ponds that surround the
area. Electric power is obtained from the provincial grid with stand&#151;by power available as
required.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All tailings from the McClean Lake processing facility are deposited in the TMF in the mined out
JEB pit. In addition, the TMF has been designed to receive tailings from the processing of the
high&#151;grade Midwest and Cigar Lake ores.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The terrain at McClean Lake is typical of the Athabasca Basin area with glacial drift features
following northeast&#151;southwest trends to produce sand and gravel ridges. These ridges are
surrounded by low&#151;lying ground which is often water logged and dominated by muskeg. Small ponds
and lakes cover over 25% of the area. Jack pine and spruce, rarely more than 10 metres high, are
the predominant trees. Surface elevations range from 400 to 500 metres above sea level.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->37<!-- /Folio -->
</DIV>

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

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

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


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

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

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

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


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

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Uranium mineralization at McClean North was discovered in January&nbsp;1979 following extensive airborne
electromagnetic surveying and drilling in the McClean Lake area. Further drilling led to the
discovery of the McClean South trend in 1980. In the late 1980s, further airborne and ground
geophysics, percussion and reconnaissance diamond drilling and delineation diamond drilling were
carried out on the McClean North deposits.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Following the discovery of the Sue A deposit in 1988, diamond drilling was continued along the Sue
trend leading to the discovery of the Sue E deposit in late 1991; however, it did not undergo
development drilling until 2001. Sue D was explored by diamond drilling from the surface from 1989
to 1992 with additional fill-in holes drilled between 1994 and 2001.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Caribou deposit was discovered during a winter drilling program in 2002.
</DIV>

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


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

<P align="center" style="font-size: 10pt"><!-- Folio -->38<!-- /Folio -->
</DIV>

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

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The mineralized zones in the McClean trend occur as sausage&#151;shaped pods straddling the
unconformity between the Athabasca sandstones and the crystalline basement. The high grade part of
the mineralized pods undulates from 13 metres above to 13 metres below the unconformity contact
which is, on average, at a depth of 160 metres below the surface in this area. The host rocks for
the mineralization are altered sandstones and Aphebian basement rocks usually altered to clay&#151;rich
rocks. There are 11 discrete pods, arranged along two separate but parallel trends (termed the
North and South zones) separated by approximately 500 metres. Generally, mineralization in the
basement is at the eastern extremity of the combined zone. Uranium mineralization is hosted in
hematitically altered clay&#151;rich zones in which illite forms massive layers. Uranium occurs as
fine&#151;grained coffinite, as veinlets and nodules of pitchblende and as massive masses of
pitchblende/uraninite. Highly variable but generally small amounts of nickel arsenides are
associated with the uranium.
</DIV>

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

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

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


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

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At Sue E, a total of 135 diamond drill holes have been cored for a total of 23,757 metres. Drill
spacing was at 10 metre centres on 12.5 metre lines on all of the above properties. Open pit
mining was completed in 2008; however there are resources south of the existing pit wall that could
be extracted by underground mining methods.
</DIV>

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

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


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Following the completion of a drill hole, the hole is radiometrically logged using a downhole
slim-line gamma probe. The gamma-log results provide an immediate equivalent uranium value
(eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>%) for the hole, which, except in high grade zones, is reasonably
accurate. The gamma-log results, however, have not been used for the purposes of estimating
reserves.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Sample intervals are generally 500 millimetres long, except where higher or lower grade
mineralization boundaries fall within the interval. In that case, two 250 millimetre samples are
collected. Flank samples of 1.0 metre are always collected where mineralization is located. A
background geochemistry sample is collected every 10 metres down the hole.
</DIV>
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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">All sampled core is split in half, one half retained and the other sent to an independent
laboratory. Lost core is not an issue at the McClean project as core recovery has been good.
Control samples are routinely assayed with each batch of core samples analyzed.
</DIV>

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

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


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

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Mineral reserve estimation procedures have evolved over the years. At the time of the feasibility
study in 1990, polygonal methods were used for the JEB, the Sue A, the Sue B, the Sue C deposits
and for the McClean zones. Prior to the start of mining at the JEB deposit, the mineral reserves
were re&#151;evaluated using computerized methods whereby block models were constructed and
geostatistical methods were implemented. Much more recently, these figures have been further fine
tuned using Whittle pit optimization software. Throughout all this, the mineral reserve numbers
have not changed materially. Appropriate tests and audits of the databases on all the McClean
deposits have been carried out by qualified Denison personnel. In the case of JEB, Sue C and Sue
B, the amount of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> recovered into stockpiles was higher than that
estimated from surface drilling.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company received a technical report from Scott Wilson RPA dated November&nbsp;21, 2005, as revised
February&nbsp;16, 2006<B>, </B>on its mineral reserves and mineral resources at certain of the deposits at
McClean Lake in which it has an interest entitled &#147;Technical Report on the Denison Mines Inc.
Uranium Properties, Saskatchewan, Canada&#148; (the &#147;<B>McClean Technical Report</B>&#148;), a copy of which is
available on the Company&#146;s profile on the SEDAR website at <U>www.sedar.com</U>. The
mineral resource estimates for Caribou, as reported in the McClean Technical Report, are as shown
in &#147;Mineral Properties &#151; Summaries of Reserves and Resources<I>.</I>&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In preparing the McClean Technical Report, Scott Wilson RPA reviewed previous estimates of mineral
reserves and mineral resources at the applicable properties, and examined and analyzed data
supporting the previous estimates, as well as other available data regarding the properties,
including extensive information from ARC.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">For the Sue E deposit, Scott Wilson RPA constructed a block model using indicator kriging to both
map out and geologically constrain mineralized areas. A block that had at least one nearby
composite within 10 metres of its centre, and that had composites from at least two different drill
holes in its search neighbourhood was classified as part of the indicated resource. The indicated
resource was evaluated by Scott Wilson RPA using Whittle economic evaluation software showing that
the Sue E pit economics were robust and mineral reserves were estimated. Mining was completed at
the Sue E pit during 2008 recovering about 91% of the probable mineral reserves estimated by Scott
Wilson RPA. Scott Wilson RPA classified approximately 7.3&nbsp;million of the pounds outside the
current pit as inferred mineral resources. Confirmatory drilling in 2006 by the operator has
indicated that this may be reduced to 2.0&nbsp;million pounds. Scott Wilson RPA has not re-estimated
the mineral resources based on this drilling. Denison anticipates that underground mining methods
will be used to extract this material.
</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">The resource estimate for the Caribou deposit is based on a block model for which grade was
interpolated using ordinary kriging. Since there were no plans for the mining of this deposit at
the date of the McClean Technical Report, the economic potential was not evaluated and reserves
were not estimated.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company received a technical report from Scott Wilson RPA dated March&nbsp;31, 2006 on its mineral
resources at the Sue D deposit entitled &#147;Technical Report on the Sue D Uranium Deposit Mineral
Resource Estimate, Saskatchewan, Canada&#148; (the &#147;<B>Sue D Report</B>&#148;), a copy of which is available on the
Company&#146;s profile on the SEDAR website at <U>www.sedar.com</U>. Scott Wilson RPA carried
out an independent resource estimate for Sue D by conventional 3-D computer block modeling. A
minimum vertical mining width of two metres was employed with a 0.1% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>
cut-off.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Due to the significant increase in the price of uranium from 2004 to 2006, Denison requested Scott
Wilson RPA to re-evaluate the uranium resources in the McClean North trend that are amenable to
other methods of mining. The original McClean Technical Report had only evaluated mineral
resources and mineral reserves of the high grade portions under the assumption that they would be
mined using the blind shaft mining method. The Company received a technical report from Scott
Wilson RPA dated January&nbsp;31, 2007, on the mineral reserves and resources at the McClean North
uranium project entitled &#147;Technical Report on the McClean North Uranium Deposit Mineral Resource
Estimate, Saskatchewan, Canada&#148; (the &#147;<B>McClean North Technical Report</B>&#148;), a copy of which is
available on the Company&#146;s profile on the SEDAR website at <U>www.sedar.com</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The re-evaluation of McClean North was carried out by conventional 3-D computer block modeling.
Wire frames were constructed for each of pods 1, 2 and 5. The estimate included internal dilution,
but not external dilution, and was carried out at a 0.1% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> cut-off. This
resource estimate is based entirely on diamond drill information. Block cell dimensions were
selected at 8 metre model grid east west x 5 metre model grid north south and a 2 metre bench
height or approximately 180 tonnes/block. Scott Wilson RPA constructed a resource wireframe based
on kriging, and constructed a special waste wireframe, that generally surrounds the resource
wireframe, using similar kriging parameters but with larger search distances. Subsequent to this
report, the Company reviewed the block model and estimation procedures and revised slightly the
mineral resource estimate for the McClean North deposit.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The McClean South trend is located parallel to and approximately 500 metres south of the McClean
North trend. There are two presently known mineralized pods which were drilled by Canadian Oxy
during 1979-1980 &#151; the Southwest Pod and the Southeast Pod. Canadian Oxy prepared estimates of
tonnages, grades and contained uranium for these deposits as of 1980. The results of these
estimates are set out below.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>McClean South Historical Estimates</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Company&#146;s</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Share</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Tons</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Pounds of U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Pounds U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Deposit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(000&#146;s)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(% U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(000&#146;s)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(000&#146;s)</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Southwest Pod</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">450</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Southeast Pod</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">427.5</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The historical estimates do not comply with the requirement of NI 43-101. CIM definitions
are not used.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The historical estimates cannot be verified and the estimates are not necessarily indicative
of the mineralization on the property.</DIV></TD>
</TR>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->41<!-- /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 is not treating the historical estimate as NI 43-101 defined mineral resources verified by
a qualified person. This trend will require future evaluation.
</DIV>

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


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


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

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

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

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

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

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

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Access to the Midwest project is by both road and air. Goods are transported to the site by truck
over an all&#151;weather road that connects to the provincial highway system. Air transportation is
provided through the Points North airstrip approximately 4 kilometres from the project site. The
nearest permanent community is Wollaston Post, about 70 kilometres from the property on the other
side of Wollaston Lake.
</DIV>
<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">Site activities are carried out all year despite the cold weather during the winter months. Mean
daily temperatures range from &#151;25&#176;C in January to &#043;15&#176;C in July. The average length of the
frost&#151;free period is about 90&nbsp;days.
</DIV>

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

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

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

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

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


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

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 1987, Denison acquired a 45% interest in the Midwest project and became the operator. An
underground test mine program was completed in 1989 which confirmed the results of the surface
drilling program and identified a high-grade mineral reserve containing 35.7&nbsp;million pounds of
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> at an average diluted grade of 99 pounds per tonne, mineable by
underground methods.
</DIV>

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

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

<P align="center" style="font-size: 10pt"><!-- Folio -->43<!-- /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">At the end of 2004, in order to take advantage of uranium prices rapidly increasing, Denison again
increased its interest at Midwest, along with its joint venture partners, by buying the 20.70%
interest in Midwest then held by Redstone Resources Inc. This purchase permitted Denison to
acquire a further 5.21% interest in Midwest, bringing its interest to 25.17% and adding 1.7&nbsp;million
pounds to the Company&#146;s uranium resource base. ARC&#146;s interest increased to 69.16% and OURD&#146;s
interest increased to 5.67%.
</DIV>

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

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Midwest uranium deposits lie near the eastern margin of the Athabasca Basin in the Churchill
Structural Province of the Canadian Shield. The bedrock geology of the area consists of
Precambrian gneisses unconformably overlain by flat lying, unmetamorphosed sandstones and
conglomerates of the Athabasca Group. The Precambrian basement rocks are Aphebian&#151;aged, are
termed the Wollaston Group, and are essentially graphitic pelitic metasediments. These pelitic
metasediments form a steeply dipping syncline which trends northeast. The basement surface is
marked by a paleoweathered zone with lateritic characteristics referred to as regolith.
</DIV>

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


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">After Denison acquired a 45% interest in the project and became the operator in 1987, an
underground exploration test mine program was initiated at the Midwest deposit. From the fall of
1988 through April&nbsp;1989, a 3.7 metre diameter shaft was sunk to a depth of 185 metres on the west
shore of the Mink Arm of South McMahon Lake. From a depth of 170 metres, a crosscut was driven a
total of 180 metres east. At the end of the crosscut, a blind-hole boring rig was installed to
test the unconformity and related mineralization. Blind&#151;hole boring of two 1.2 metre diameter
holes through the mineralization was then carried out.
</DIV>

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

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Midwest deposit is lens to cigar&#151;shaped, 215 metres long with two main pods of high&#151;grade
mineralization separated by a 50 metre long section of low grade disseminated mineralization. The
average width is 80 metres with a maximum of 128 metres. Thickness of the zone averages 10 metres
with a maximum of 30 metres. Overall, the deposit is high grade at 5.50%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. Nickel and arsenic average grades are high, at 4.3% and 5.3%
respectively.
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->44<!-- /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">Locally, mineralized lenses occur along steep faults above and below the main unconformity
mineralization. These are termed &#147;perched&#148; and &#147;deep basement mineralization&#148; respectively.
</DIV>

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

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


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

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

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

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


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

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

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

<P align="center" style="font-size: 10pt"><!-- Folio -->45<!-- /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"><U>Security of Samples</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">No opinion can be given regarding security of samples by the previous owners in the mid to late
1970s, other than to indicate that subsequent geological work, and all metallurgical and
geotechnical work, including the sinking of a shaft and a test mining program in the late 1980s,
have given no cause to doubt the veracity of the samples from which the resource estimations are
based. The best confirmation that proper security of samples was maintained is the previously
mentioned report on the assay data, where the assay data base was checked at two external labs and
found to contain an average variation of only 4% for values greater than 0.5%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">No special security measures were enforced for the core samples from drilling since 2005. They are
transported to the core shack and logging facility in sealed, standard, wooden core boxes, where
they are photographed, logged, radiometrically scanned and, in some cases, split or chipped.
Bagged samples are shipped to SRC in plastic pails or metallic containers.
</DIV>

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


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

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

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

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

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

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Midwest Mineral Resources </B><SUP style="font-size: 85%; vertical-align: text-top">(1) (2) (3)</SUP>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Company</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>100% Basis</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Share</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Pounds of U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Pounds of U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(000&#146;s)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(% U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(000&#146;s)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(000&#146;s)</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Indicated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">354.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,800</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Midwest Technical Report estimated probable mineral reserves but they were reclassified
by the Company to indicated mineral resources in 2008 as a result of the decision not to
proceed with the development of the project at this time.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The cut-off grade for the Midwest indicated resources is 0.30% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The indicated mineral resources also contain 4.35% nickel (Company share of 8.55&nbsp;million
pounds) and 0.34% cobalt (Company share of 0.68&nbsp;million pounds).</DIV></TD>
</TR>

</TABLE>


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

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

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

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

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

<P align="center" style="font-size: 10pt"><!-- Folio -->47<!-- /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">Geostat classified the Midwest A mineral resources as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Midwest A Mineral Resources</B><SUP style="font-size: 85%; vertical-align: text-top">(1) (2)</SUP>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Company</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>100% Basis</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Share</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Pounds of U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Pounds of U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(000&#146;s)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(% U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(000&#146;s)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(000&#146;s)</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Indicated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">464.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,460</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,082</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The mineral resource estimates comply with the requirements of NI 43-101 and the
classifications comply with CIM definition standards.</DIV></TD>
</TR>

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

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

</TABLE>


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


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Phoenix Deposit at the Wheeler Property</B>
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison has a 60% interest in the Wheeler River Joint Venture consisting of 19 unsurveyed mineral
claims totalling 11,720 hectares in northern Saskatchewan. Denison has been the operator since
November&nbsp;10, 2004. The other partners are Cameco (30%) and JCU (Canada) Exploration Company,
Limited (&#147;<B>JCU</B>&#148;) (10%). There are no back-in rights or royalties applicable to this property.
There is an annual requirement of $0.3&nbsp;million either in work or cash to maintain title to the
mineral claims. Based on previous work submitted and approved by the Province of Saskatchewan,
title is secure until 2031.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Phoenix deposit lies within the Wheeler River property located along the eastern edge of the
Athabasca Basin in northern Saskatchewan and is located approximately 35 km north-northeast of the
Key Lake mill and 35 km southwest of the McArthur River uranium mine.
</DIV>



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

<P align="center" style="font-size: 10pt"><!-- Folio -->48<!-- /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 map below shows the Wheeler River property and the location of the Phoenix deposit.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c14769c1476905.gif" alt="(MAP)">
</DIV>


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

Access to the Phoenix deposit is by road or air from Saskatoon. The Phoenix deposit is well
located with respect to all-weather roads and the provincial power grid. Vehicle access to the
property is by the provincial highway system to the Key Lake mill then by the ore haul road between
the Key Lake and McArthur River operations to the eastern part of the property. An older access
road, the Fox Lake Road, between Key Lake and McArthur River, provides access to most of the
northwestern side of the property. Gravel and sand roads and drill trails provide access by either
four-wheel-drive or all-terrain-vehicle to the rest of the property.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The climate is typical of the continental sub-arctic region of northern Saskatchewan, with
temperatures ranging from &#043;32&#176;C in summer to -45&#176;C in winter. Winters are long and cold, with mean
monthly temperatures below freezing for seven months of the year. Winter snow pack averages 70 cm
to 90 cm. Freezing of surrounding lakes, in most years, begins in November and breakup occurs
around the middle of May. The average frost-free period is approximately 90&nbsp;days.
Field-operations are possible year round with the exception of limitations imposed by lakes and
swamps and the periods of break-up and freeze-up.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Average annual total precipitation for the region is approximately 450 mm, of which 70% falls as
rain, with more than half occurring from June to September. Snow may occur in all months but
rarely falls in July or August. The prevailing annual wind direction is from the west with a mean
speed of 12 km/hr.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">La Ronge, roughly 170 km south of the project, is the nearest commercial/urban centre where most
exploration supplies and services can be obtained. The operating Key Lake mill complex is
approximately 35 km southwest of the property. Personnel working on the project commute from a
number of designated communities by air.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Field operations are currently conducted from Denison&#146;s Wheeler River camp, three kilometres due
southwest of the Phoenix deposit. The camp provides accommodations for up to 30 exploration
personnel. Fuel and miscellaneous supplies are stored in existing warehouse and tank facilities at
the camp. The site generates its own power. Abundant water is available from the numerous lakes
and rivers in the area.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The property is characterized by a relatively flat till plain with elevations ranging from 477
metres to 490 metres above sea level. Throughout the area, there is a distinctive north-easterly
trend to landforms resulting from the passage of glacial ice from the northeast to the southwest.
The topography and vegetation at the Phoenix deposit are typical of the taiga forested land common
to the Athabasca Basin area of northern Saskatchewan. The area is covered with between 30 metres
to 50 m of overburden. The terrain is gently rolling and characterized by forested sand and dunes.
Vegetation is dominated by black spruce and jack pine, with occasional small stands of white
birches occurring in more productive and well-drained areas. Productive lichen growth is common to
this boreal landscape mostly associated with mature coniferous stands and bogs.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Wheeler River property was staked on July&nbsp;6, 1977, due to its proximity to the Key Lake uranium
discoveries, and was vended into an agreement on December&nbsp;28, 1978 between AGIP Canada Ltd.
(&#147;<B>AGIP</B>&#148;), E&#038;B Explorations Ltd. (&#147;<B>E&#038;B</B>&#148;) and Saskatchewan Mining Development Corporation (&#147;<B>SMDC</B>&#148;),
with each holding a one-third interest. On July&nbsp;31, 1984, each party divested a 13.3% interest and
allowed Denison Mines Limited, a predecessor company to Denison, to earn in to a 40% interest.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In late 2004, Denison entered into an agreement to earn a further 20% interest by expending
Cdn$7,000,000 within six years. At that time, Denison became the project operator. In 2007, when
the earn-in obligations were completed, the participating interests were Denison, 60%; Cameco, 30%;
and JCU: 10%.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The former operator, Cameco, had identified a major geological unit termed the &#147;quartzite ridge&#148;
and had noted extensive dravite (boron)&nbsp;alteration in the overlying sandstones. Cameco discovered
several uranium mineralized intercepts that occurred in a variety of geological settings throughout
the property.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During the initial years of its option, Denison targeted the west area, or footwall side of the
quartzite ridge. In 2007, Denison completed a major DC resistivity survey to the north of an
earlier Cameco 2003 resistivity survey. Interpretation of the 2007 resistivity survey lead to the
recommendation for drilling three holes to test two separate resistivity lows, both interpreted to
represent &#147;alteration chimneys&#148; within the Athabasca sandstone.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->50<!-- /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">In the summer of 2008, as a direct result of the 2007 DC resistivity survey along the hanging wall
of the quartzite ridge, two drill holes were located 600 metres apart along the same low
resistivity trend. This drilling intersected a zone of characteristic sandstone alteration and
uranium mineralization linked to unconformity-associated uranium deposits. The resulting DC
resistivity anomalies were tested for sandstone &#147;breaches,&#148; postulated to represent alteration
plumes emanating from mineralization at the unconformity. All drill holes during the summer of
2008 intersected either uranium mineralization or very strong alteration close to mineralization.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Subsequent drill programs conducted during 2009 and 2010 have established significant milestones in
the advancement of the project in terms of continuity and extending the high-grade mineralized zone
for a strike length of greater than 900 metres.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Phoenix deposit is an Athabasca Basin unconformity-type uranium deposit lying along the eastern
flank of the Athabasca Basin where, undeformed, late Paleoproterozoic to Mesoproterozoic
sandstones, conglomerates, and mudstones of the Athabasca Group unconformably overlie early
Paleoproterozoic and Archean crystalline basement rocks. The local geology of the Phoenix deposit
is very much consistent with the regional geology.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Uranium mineralization at the Phoenix deposit is of the unconformity-type, associated with the
unconformable surface beneath proterozoic sediments. These are generally interpreted to result
from interaction of hydrothermal fluids with redox conditions prevalent at the intersection of
local and regional faults with the uncomformable surface. Two styles of mineralization have been
traced over a strike length of 900&#043; metres along the Phoenix deposit. They comprise:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="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">Unconformity-hosted uranium mineralization: This is the most widespread and primary
style of mineralization identified to date and the basis for the resource estimate.
Mineralization forms as a sub-horizontal sheet that is developed in the lowermost Athabasca
sandstone from 390 metre to 420 metre depths immediately above the sub-Athabasca
unconformity, or straddling the unconformity and extending downward for several metres into
the underlying basement Proterozoic Wollaston Group metasedimentary rocks. In some
instances, the main mineralized zone is comprised of one to three (1-3 metre) thin, stacked
zones. Uranium mineralization appears to be structurally controlled by a
northeast-southwest trending (55&#186; azimuth) shear fault which dips 55&#186; to the southeast.</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">Mineralization is monomineralic uranium as uraninite/pitchblende and may have some
relationship to the extensions of the shear and its various hanging wall splays; hence,
movement on these faults is interpreted to have continued after deposition of the lower
members of the Manitou Fall Formation of the Athabasca Group. The shear and its various
interpreted hanging wall splays may have been the main conduit for the mineralizing fluids.
Values of all accompanying metals are low, particularly in comparison with several other
Athabasca Basin sandstone-hosted deposits, which can have very high values for nickel,
cobalt, and arsenic.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">Mineralization is associated with extensive clay alteration and varying degrees of
silicification and desilicification which affects densities of the lower sandstone. The
principal clay minerals are illite, chlorite, kaolinite, and dravite, with alteration
focused along structures propagating upward from the shear and associated splays, and
probably does not exceed 100 metre width across strike, making this a relatively narrow
target. The basement in the northeast part of the Phoenix deposit is much more extensively
bleached and clay altered than that to the southwest.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

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

<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">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Basement-hosted mineralization: This is the second type of mineralization, occurring
along several portions of the Phoenix deposit. Basement hosted mineralization is developed
as steeply dipping, discontinuous, thin (1-3 metre thick), parallel to sub-parallel zones
along fractures associated with the shear fault zone for up to 20 metres below the
sub-Athabasca unconformity, and vertically below the unconformity-hosted mineralization.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Since the discovery of Key Lake in 1975-1976, the Key Lake exploration model has emphasized the
geographic association between uranium deposition at, above, or below the unconformity at locations
where graphitic pelite units in the basement subcropped against the basal Athabasca sandstone. The
graphitic pelite units are commonly intensely sheared in contrast to the physically more competent
adjoining rock types that included semipelite, psammite, meta-arkose, or granitoid gneiss.
Effective and efficient use of airborne and ground EM systems was used to map moderate-to-high
conductive graphitic pelite units versus the relatively resistive and non-conductive
quartz-feldspathic rock types.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">However, since discovery of the McArthur River deposit in 1988, the McArthur River exploration
model has emphasized a different association of uranium mineralization and rock type. At McArthur
River, one of the most significant rock types in the basement succession is a massive, homogenous,
and competent quartzite. Mechanically, particularly compared to the adjacent layered members of
the basement stratigraphy, the quartzite is extremely strong, and thus exerts an important control
both in basement and post-Athabasca sandstone structural evolution. Both the footwall and hanging
wall contacts of the quartzite unit, particularly if these contacts involve highly incompetent
rocks such as graphitic pelite, even if these are quite thin, become sites of major thrust,
reverse, and strike-slip faults. Although these faults are loci for mineralization; the poor
conductivity, low magnetic susceptibilities and specific gravity (density)&nbsp;values associated with
the quartzite, as well as other quartzose feldspathic rocks, limits the effectiveness of airborne
and ground geophysical methods in mapping these basement units overlaid by hundreds of meters of
sandstone cover. Thus, borehole geochemistry and drilling are the primary exploration methods.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During the period 1978 through 2006, the operator of the Joint Venture conducted several small
regional campaigns of geotechnical drill testing geophysical anomalies (electromagnetic conductors)
located by airborne and ground geophysical surveys across the Phoenix deposit area. Diamond
drilling on the Phoenix deposit is the principal method of exploration and mineralization
delineation after initial geophysical surveys. Drilling can generally be conducted year round on
Phoenix.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During 2009, three drill programs were carried out, each of which established significant
milestones in the advancement of the project. During the winter program, the first indications of
significant mineralization came from Hole WR-258, which returned 11.2% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>
over 5.5 metres from a depth of 397 metres. The summer drill program continued to test the
discovery, with hole WR-273 returning a value of 62.6% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> over 6.0 metres
at a depth of 405 metres. Mineralization was monomineralic pitchblende with very low
concentrations of accessory minerals and was reported to be remarkably similar to the high-grade
McArthur River P2 deposits. Most of the mineralization occurs as a horizontal sheet within the
basal Athabasca sandstone proximal to where a graphitic pelite unit in the basement intersects the
unconformity. In addition, the alteration changes to the northeast with intense and strong
basement bleaching becoming more prominent, and the strongest graphitic faulting yet observed. A
further drill program in the fall of 2009 established continuity in this high-grade mineralized
zone and has extended the mineralized zone as a possibly continuous unit for a strike length of
greater than one kilometre.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">To date, the Phoenix deposit database contains 104 drill holes totalling 48,898 metres of diamond
drilling from surface, of which 69 holes totalling 31,721 metres delineate Zones A and B.
</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">Denison geologists collect a suite of samples from each drill hole for determining the content and
distribution of trace elements, uranium, and clay minerals (alteration). Denison obtains assays
for all the cored sections through mineralized intervals. All samples for assay or geochemical
species determination are sent to SRC in Saskatoon. Samples for clay analyses are sent to Rekasa
Rocks Inc., in Saskatoon.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Several types of samples are collected routinely from drill core at Phoenix. These include:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">systematic composite geochemical samples of both Athabasca sandstone and metamorphic
basement rocks to characterize clay alteration and geochemical zoning associated with
mineralization;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="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">selective grab samples and split-core intervals for geochemical quantification of
geologically-interesting material and mineralized material, respectively;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="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">samples collected for determination of specific gravity &#151; dry bulk density; 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">non-geochemical samples for determination of mineralogy to assess alteration patterns,
lithology types and mineralization characteristics.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Selective samples form a quantitative assessment of mineralization grade and associated elemental
abundances, while the systematic and mineralogical samples are collected mainly for exploration
purposes to determine patterns applicable to mineral exploration. These sampling types and
approaches are typical for uranium exploration and definition drilling programs in the Athabasca
Basin.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">There are 1,498 U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> analysis records totalling 569 metres in the Phoenix
deposit &#151; Wheeler River project database.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">For additional information on the protocols used by Denison and its consultants in the drilling,
sampling and analysis of the Phoenix deposit, see &#147;Quality Assurance and Quality Control Procedures
and Protocols.&#148;
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Mineralization is monomineralic uranium as uraninite/pitchblende. Values of all accompanying
metals are low, particularly in comparison with several sandstone-hosted deposits, which can have
very high values for nickel, cobalt and arsenic. The Phoenix deposit mineralization occurs at the
unconformity contact between rocks of the Athabasca group and underlying lower Proterozoic
Wollaston Group metasedimentary rocks.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Mineralization and alteration has been traced over a strike length of 900 metres. Since the
discovery hole WR-249 was drilled in 2008, 106 drill holes have reached the target depth,
identifying two distinct zones (Zone A and B) of high-grade mineralization along with two other
zones (Zones C and D) which are less explored.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Alteration is classical unconformity-associated style, with a form and nature similar to other
Athabasca Basin deposits. The sandstones are altered for as much as 200 metres above the
unconformity, and exhibit varying degrees of silicification and desilicification (which causes many
technical drilling problems), as well as dravitization, chloritization, and illitization. In
addition, hydrothermal hematite and druzy quartz are present in the sandstone and often in the
basement rocks. Alteration is focused along structures, propagating upward from the WS shear and
associated splays, and probably does not exceed
100 metres width across strike, making this a relatively narrow target. The basement in the
northeast part of the Phoenix deposit is much more extensively bleached and clay altered than that
to the southwest.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->53<!-- /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"><U>Security of Samples</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Drill core samples are collected and processed at Denison&#146;s Wheeler River camp facility located on
the property, which is off limits to outsiders. Samples are logged, split, bagged and stored in
pails designed by Denison staff at the core preparation facility. Because the mineralized drill
cores are classified as hazardous materials and must be regulated under transport of dangerous
goods, Denison staff have been trained in the proper handling and transport of the cores and
deliver them from the core facility directly to the SRC facilities without outside contact,
generally every two weeks.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">SRC considers customer confidentially and security of utmost importance and takes appropriate steps
to protect the integrity of sample processing at all stages from sample storage and handling to
transmission of results. All electronic information is password protected and backed up on a daily
basis. Electronic results are transmitted with additional security features. Access to SRC
Geoanalytical laboratories&#146; premises is restricted by an electronic security system. The facilities
at the main lab are regularly patrolled by security guards 24 hours a day.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">After the analyses described above are completed, analytical data are securely sent using
electronic transmission of the results, by SRC to Denison. The electronic results are secured using
WINZIP encryption and password protection. These results are provided as a series of Adobe PDF
files containing the official analytical results and a Microsoft Excel spreadsheet file containing
only the analytical results.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison retained SRK to supervise the preparation of and to complete an independent technical
review of the Phoenix deposit. The Company received such report dated November&nbsp;17, 2010 entitled
&#147;Technical Report on the Phoenix Deposit (Zones A &#038; B) &#151; Wheeler River Project, Eastern Athabasca
Basin, Northern Saskatchewan, Canada&#148; (the &#147;<B>Phoenix Report</B>&#148;) prepared in accordance with the
requirements of NI 43-101. A copy of this report is available on the Company&#146;s profile on the
SEDAR website at <U>www.sedar.com</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In the Phoenix Report, SRK classified the Phoenix mineral resource estimates as follows:
</DIV>

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Company&#146;s</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>100% Basis</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Share</B><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pounds U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pounds U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Indicated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,638</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,383</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,811</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,287</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




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

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

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Denison&#146;s share is 60% of total mineral resources.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Inferred mineral resources have a greater amount of uncertainty as to their existence and as
to whether they can be mined economically. It cannot be assumed that all or part of the
inferred mineral resources will ever be upgraded to a higher classification.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Mineral resources are not mineral reserves and do not have demonstrated economic viability.
No mineral reserves have as yet been defined.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Cut-off grade 0.8% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Mineral resources are estimated with no allowance for mining dilution, mining recovery or
process recovery.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">This resource estimate was carried out on a mix of chemical and radiometric probe data. Although
there is a correlation between data, the probe grades tended to be lower in all of the subzones and
are only used when the hole had less than 80% core recovery. The probe estimates the grade outside
of the drill hole
while the chemical grade is the grade of the core internal to the hole. Core sections that did not
meet a minimum GT (Grade in % U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> x Thickness in metres) of 0.05 m%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> or were not sent in for assay were classified as &#147;barren&#148; and an assay
value of 0.0 was assigned through the mineralized zone.
</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>Henry Mountains Complex</B>
</DIV>

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

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

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

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Henry Mountains Complex is one contiguous property located in eastern Garfield County, Utah, 15
to 20 miles north of Bullfrog Basin Marina on Lake Powell and approximately 40 air miles south of
the town of Hanksville, Utah. It is situated three miles west of Utah State Highway 276. The
Henry Mountains Complex includes the Bullfrog property located to the north and the Tony M property
located to the south.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Henry Mountains Complex is comprised of 202 unpatented BLM mining claims totalling
approximately 3,665 acres and one 640 acre Utah State Mineral Lease. The surface rights are owned
by the federal government and administered by the BLM, with the exception of the Utah State Mineral
Lease which has associated state surface rights. Seventeen of the claims, comprising a portion of
the Tony M property, are subject to an escalating annual advance minimum royalty based on the
uranium spot price, and a 4% yellowcake royalty, less taxes and certain other deductions. There is
also a vanadium production royalty which is a 2% gross royalty less certain deductions. The Utah
State Mineral Lease has an annual rental of $640 and is subject to royalties set by the State of
Utah including: an escalating annual advance minimum royalty based on the uranium spot price; a
uranium royalty of 8% of gross value less certain deductions; and a vanadium royalty of 4% of gross
value less certain deductions.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Road access to the Henry Mountains Complex is by paved Highway 276, running between Hanksville and
Bullfrog Basin Marina, Utah. A gravel road, maintained by Garfield County and extending west from
Highway 276, provides access to the northern end of the property. An unimproved county road passes
by the portal of the Tony M mine and extends northerly across the property. A network of
unimproved, dirt exploration roads provide access over the property except for areas of rugged
terrain. The Bullfrog Basin Marina airstrip is located approximately 15 miles south of the Henry
Mountains Complex. The Henry Mountains Complex is located in a relatively remote area of Utah, and
the infrastructure is limited. The distance to Denison&#146;s White Mesa mill is 117 miles.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->55<!-- /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 climate is distinctly arid, with average annual precipitation of approximately 8 inches. Local
records indicate the temperature ranges from a minimum of -10&#176;F to a maximum of 110&#176;F. The
vegetation consists primarily of small plants including some of the major varieties of blackbrush,
sagebrush, and rabbit brush. A few small junipers are also present.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Relief over the combined Bullfrog and Tony M properties is about 2,250 feet. The elevation ranges
from 4,550 feet above sea level at the portal of the Tony M mine, near the southern end of the
property, to 6,800 feet above sea level over the northern end of the properties. The terrain is
typical canyon lands topography, with some areas deeply dissected by gullies and headwalls of
canyons and the rest consisting of gently sloping gravel benches covering the northern half of the
properties.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Bullfrog property was initially explored by Exxon Minerals Company (&#147;<B>Exxon</B>&#148;), while the Tony M
property was explored and developed by Plateau Resources Inc. (&#147;<B>Plateau</B>&#148;), at that time a
subsidiary of Consumers Power Company of Michigan.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Prior to 2005, all exploration, mine development, and related activities for the two properties
were conducted independently. The Bullfrog and Tony M properties are therefore discussed
separately, except where correlations and comparisons are made.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Exxon conducted reconnaissance in the area in 1974 and 1975, and then staked its first Bullfrog
claims in 1975 and 1976. A first phase drilling program conducted in 1977 resulted in the
discovery of what became the &#147;Southwest&#148; uranium deposit. Additional claims were subsequently
staked and drilling was continued by Exxon. Several uranium and vanadium zones were discovered in
the Southwest and Copper Bench and Indian Bench areas. With the declining uranium markets of the
early 1980s, Exxon prepared a prefeasibility report and then discontinued development of the
property.
</DIV>

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

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

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Exploration drilling in the Shootaring Canyon area was initiated by Plateau during 1976 in the
vicinity of outcropping uranium mineralization. In February&nbsp;1977, drilling commenced in what was to
become the Tony M mine. More than 2,000 rotary drill holes totalling about one million feet were
drilled.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Development of the Tony M mine started in September, 1977. By mid-1984, nearly 17 miles of
underground workings had been developed in the Tony M mine. During development of the Tony M
entryways and crosscuts, a total of 237,441 tons of muck with an average grade of 0.121%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> was extracted and stockpiled.
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->56<!-- /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"><U>Geological Setting</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Henry Mountains Complex uranium deposits occur within the Salt Wash Member of the Morrison
Formation, located within the Colorado Plateau. The Morrison Formation is a complex fluvial deposit
of Late Jurassic age that occupies an area of approximately 600,000 square miles, including parts
of 13 western states and small portions of three Canadian provinces, far to the north and east of
the boundary of the Colorado Plateau.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Bullfrog and Tony M deposits consist of two extensive elongate, tabular zones containing a
large concentration of mineralization. Together the Southwest deposit of the Bullfrog property and
the Tony M deposit extend for a distance of about three miles along a north-south trend and have a
maximum width of about one-half mile. The larger Indian Bench and Copper Bench deposits within the
Bullfrog property extend about 3.5 miles along a northwesterly trend.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Mineralization in the Bullfrog property deposits occurs over three stratigraphic zones of the Salt
Wash Member of the Morrison Formation, while mineralization at the Tony M property occurs over four
zones. The Southwest deposit (like most of the adjacent Tony M property) occurs in the lowermost 35
feet to 40 feet of the Salt Wash Member sandstone. Mineralization forming the Copper Bench and
Indian Bench deposits occurs between about 60 feet and 100 feet above the base of the Salt Wash
Member.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The depth below the surface to the base of the three deposits ranges from about 475 feet (Southwest
deposit) to nearly 1,100 feet in both the Copper Bench and Indian Bench deposits.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Surface drilling using rotary tricone technology, together with radiometric gamma logging, was the
primary exploration method used to discover and delineate uranium on the Bullfrog and Tony M
properties.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During development of the Tony M mine, Plateau also conducted an intensive mine geology program to
collect detailed information on the occurrence of uranium, including its thickness, grade, and
lateral extent. This was done through geological mapping, together with face and rib scanning, as
well as gamma probing of short up and down holes extending to about eight feet. Probing was also
done using long-hole drilling to test target zones up to about 150 feet from mine openings. The
results of this program were recorded on a systematic set of cross sections through the Tony M mine
developed at a scale of 10 feet to the inch. Scott Wilson RPA did not have access to the detailed
information collected underground in the Tony M mine.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison carried out no work on the Bullfrog and Tony M properties, with the exception of a review
of available data and critical evaluation, until the end of 2005 when certain activities including
underground reconnaissance and permitting were initiated. See &#147;Operations &#151; Henry Mountains
Complex.&#148;
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The uranium/vanadium mineralization in the Henry Mountains Complex is similar to ores observed
elsewhere in the Colorado Plateau. It occurs as intragranular disseminations within the fluvial
sand facies of the Salt Wash Member. It also forms coatings on sand grains and organic associated
masses. Coffinite is the dominant primary uranium mineral in the mineralized horizons, with
uraninite occurring in only trace amounts.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Vanadium occurs as montroseite (hydrous vanadium oxide) and vanadium chlorite in primary
mineralized zones located below the water table, (i.e., the northern portion of the Tony M
Property). Above the water
table to the south, vanadium chlorite is absent, while montroseite and a suite of secondary
uranium/vanadium minerals are present.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->57<!-- /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"><U>Drilling</U>
</DIV>


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

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

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

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

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

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

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


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Downhole gamma logging of surface holes was done on the Bullfrog property. Standard logging suites
included radiometric gamma, resistivity and self potential measurements, supplemented by
neutron-neutron surveys for dry holes. Deviation surveys were conducted for most of the holes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Assays of samples from core drilling were collected by company geologists and submitted to various
commercial labs for analysis. Results of these analyses were compared to
eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> values from gamma logs to evaluate radiometric equilibrium, logging
tool performance, and validity of gamma logging.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Resource estimates for the Bullfrog property are based on the eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>% gamma
log conversion values used to identify the mineralized zone, its thickness and calculate an average
grade. The procedures implemented to identify the minimum grade and cut-off GT product for resource
estimation are described below under the heading &#147;Cut-Off Grade and Mining Considerations.&#148;
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The same suite of logging surveys and procedures as employed at the Bullfrog property were
conducted for Tony M. Assays of samples from core drilling were collected and submitted for
analysis. Confirmation assays of chemical U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>% were completed on drill core
samples for comparison and calibration with eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>% values from gamma logging.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->58<!-- /Folio -->
</DIV>

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

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Status of Chemical Equilibrium of Uranium</U>
</DIV>


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Exxon conducted analyses of samples from core drilling in the Southwest and Copper Bench deposits
and found that the radioactive disequilibrium of potentially economic grade intercepts in cores,
measured as the ratio of chemical U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>% to log radiometric equivalent
(eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>%), varied from 0.80 to 1.35 and averaged 1.06, close to the
equilibrium value of 1.0. Other investigations had identified no significant disequilibrium
problem.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Plateau conducted an extensive investigation of the state of chemical disequilibrium of uranium in
the Tony M deposit. In 1989, NAC reported that an analysis of results from 1,763 samples,
including 1,137 composite samples collected from buggies coming from the Tony M mine, was completed
in 1983. Based on that analysis, it was concluded: (i)&nbsp;the state of disequilibrium varies from
location to location within the deposit; (ii)&nbsp;with the exception of one small area in the southern
part of the deposit, the equilibrium factor is positive; (iii)&nbsp;low grade material with less than
0.06% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> is depleted in uranium; and (iv)&nbsp;higher grade material containing
more than 0.06% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> is enriched in uranium.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Scott Wilson RPA is of the opinion that based on the information available, the original gamma log
data and subsequent conversion to eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>% values are reliable but slightly
conservative estimates of the uranium U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>% grade. Furthermore, there is no
evidence that radiometric disequilibrium would be expected to negatively affect the uranium
resource estimates of the Henry Mountains Complex.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Based on its review of the grade and thickness of uranium mineralization determined in the original
gamma logs and a comparison with the computer generated GT composites, Scott Wilson RPA is of the
opinion that the original gamma log data and subsequent conversion to eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8
</SUB>values are reliable. Furthermore, Scott Wilson RPA reviewed the chemical analyses of core
from diamond drill holes from the Bullfrog property and is of the opinion that the gamma logging
results for the Bullfrog property provide a reliable, but conservative, estimate of the uranium
content. The review suggests that the resource estimate may underestimate the uranium content of
the Bullfrog property by up to about 5%.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Procedures followed during exploration were well documented and at the time followed best practices
and standards of companies participating in uranium exploration and development. Onsite collection
of the downhole gamma data and onsite data conversion limit the possibility of sample contamination
or tampering.
</DIV>

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

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The basis for this mineral resource estimation is the gamma logs from 1,801 rotary drill holes
located on the Southwest, Copper Bench and Indian Bench deposits. This represents about 80% of the
2,232 total holes drilled on these deposits. A total of 81 core holes were drilled to recover
samples for chemical and geologic analysis and to establish stratigraphic relationships. All of
the drilling and analyses were conducted by past owners, prior to Denison&#146;s tenure. See &#147;Drilling&#148;
above for further detail.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->59<!-- /Folio -->
</DIV>

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

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The grades of the mineralized zones were calculated on a polygonal block-by-block basis. The
pounds of eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> for each polygon were then tabulated along with the area and
calculated volume for each block. The total number of tons and pounds of eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8
</SUB>contained in the blocks were summed to provide a total inventory for each of the three
deposits. Average grades for each deposit were estimated from the grades of the drill hole
intersections used in the resource estimate weighted by tonnage.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The results of 1,671 drill holes were used to prepare the resource estimates for the Tony M and the
Southwest deposits. A total of 32 core holes were drilled to recover samples for chemical and
geologic analysis and to establish a stratagraphic relationship. All of the drilling and analyses
were conducted by past owners, prior to Denison&#146;s tenure. See &#147;Drilling&#148; above for further detail.
</DIV>

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

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><b>HENRY MOUNTAINS COMPLEX MINERAL RESOURCE ESTIMATES<SUP style="font-size: 85%; vertical-align: text-top"><B>(1) (2) (3)</B></SUP></B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&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 nowrap align="center" colspan="2"><B>Tons</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Grade eU</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Contained eU</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Deposit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(%)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(million pounds)</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tony M</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indicated</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.03</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.24</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.83</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Southwest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indicated</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.66</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.25</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.30</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Indian Bench</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indicated</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.22</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.40</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.74</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Copper Bench</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indicated</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.50</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.29</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.93</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.41</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.27</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12.80</TD>
    <TD valign="top">&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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" 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 align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tony M</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inferred</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.65</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.17</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.17</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Southwest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inferred</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.21</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.14</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.58</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Indian Bench</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inferred</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.25</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.42</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.09</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Copper Bench</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inferred</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.50</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.32</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.24</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.61</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.25</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8.08</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
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</DIV>




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    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD colspan="3"><DIV style="text-align: justify"><B>Notes:</B></DIV></TD>
</TR>

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

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

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

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

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Indian Bench and Copper Bench mineral resources were estimated at a cut-off
grade of 0.20% eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>, a minimum thickness of 4 feet and a
minimum GT of 0.8 feet-% that does not include any intervals with less than a 0.5
foot intercept of 0.08% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.</DIV></TD>
</TR>

</TABLE>


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The selection of a 0.20% eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> cut-off for the Copper Bench and Indian Bench
was made by Scott Wilson RPA based on evaluations of current mining and processing costs made by
both Denison and other operators in the region.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The 0.20% eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> cut-off maximizes the tonnage of higher grade mineralization
while maintaining strong positive value. Based on the extensive review of the drilling, Scott
Wilson RPA notes that lowering the
cut-off criteria will increase total tonnage by increasing the number of drill hole intercepts
meeting the cut-off, while also increasing the apparent continuity of mineralization between
adjacent drill holes.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">For the Tony M and Southwest deposits, Denison established minimum grade, thickness and GT
parameters based on conventional Colorado Plateau mining practices and recent operating costs at
the Tony M Mine.
</DIV>

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

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison has a 100% interest in eight breccia pipe uranium deposits in the Arizona Strip district of
northwestern Arizona, being: Arizona 1, Canyon, Pinenut, EZ 1, EZ 2, WHAT, DB 1, and Kanab North.
The EZ 1, EZ 2, WHAT, DB 1 and a fifth deposit, Moonshine Springs, were acquired from Pathfinder in
2007. Moonshine Springs is a sandstone hosted deposit near the surface and gradually becoming
deeper toward the north.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">An independent technical report titled &#147;Technical Report on the EZ1 and EZ2 Breccia Pipes, Arizona
Strip District, U.S.A.&#148; prepared by Scott Wilson RPA in accordance with the requirements of NI
43-101 with respect to the Company&#146;s EZ 1 and EZ 2 properties (&#147;<B>EZ Complex</B>&#148;) was filed on August
11, 2009 (the &#147;<B>EZ Complex Report</B>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Mining operations began at Arizona 1 in late 2009. See &#147;U.S. Mines &#151; Arizona Strip&#148;. At Canyon,
all surface facilities for shaft sinking are in place, and there is a fully developed underground
mine at Pinenut at which Denison commenced shaft dewatering in late 2010. Kanab North, mined
previously, is reported to have only minor quantities of mineralized material remaining in place
and is not included in the mineral resource estimates in the Arizona Strip Report. An
Environmental Impact Statement (&#147;<B>EIS</B>&#148;) is being prepared for the EZ Complex. The WHAT, DB 1 and
Moonshine Springs properties have no development on site or plans for permitting at this time.
</DIV>

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

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

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

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The EZ Complex is also located in Mohave County, Arizona, about 30 miles southwest of Fredonia,
Arizona. The EZ Complex is comprised of 12 unpatented mining claims covering approximately 248
acres.
</DIV>

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

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

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Arizona 1 was substantially developed in the 1990&#146;s with the production shaft completed for 1,250
feet of the proposed final 1,650 foot depth. Drill stations were cut near the current shaft
bottom, and some 40,000 feet of drilling were completed from those stations. A headframe, hoist
and compressor are in place. Denison has completed rehabilitation work, and following receipt of
all necessary permits in 2009, recommenced mine development.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Pinenut is a fully developed underground mine that produced about 0.5&nbsp;million pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> in 1989. A hoist, headframe and compressor are in place. Denison has
completed the construction of a larger stormwater pond and has begun rehabilitation work in
anticipation of receiving all necessary permits in early 2011.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">There is no infrastructure in place at the EZ Complex.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Uranium exploration and mining of breccia pipe uranium deposits started in 1951 when a geologist
employed by the U.S. Geological Survey noted uranium ore on the dump of an old copper prospect on
the South Rim of the Grand Canyon of Northern Arizona. The prospect was inside the Grand Canyon
National Park, but on fee land that predates the park. A mining firm acquired the prospect and
then mined a significant high grade uranium deposit, the Orphan Mine. By the time mining ended in
the early 1960s, 4.26&nbsp;million pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> and some minor amounts of copper
and silver had been produced.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">After the discovery of the first deposit in the 1950s, an extensive search for other deposits was
made by the government and industry, but only a few low grade prospects were found. Exploration
started again in the early 1970s. In the mid 1970s, Western Nuclear acquired the Hack Canyon
prospect located about
25 miles north of the Grand Canyon and found high grade uranium mineralization offsetting an old
shallow copper/uranium site. In the next few years, a second deposit was found a mile away along a
fault.
</DIV>
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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">EFN acquired the Hack Canyon property from Western Nuclear in December&nbsp;1980. Development started
promptly, and the Hack Canyon mine was in production by the end of 1981.
</DIV>

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

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

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Pinenut mine was developed in 1989, but saw only minor production, approximately 0.5&nbsp;million
pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> at an average grade of 1.02% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>, and was
then placed on standby.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The EZ Complex was drilled in the 1980s by Pathfinder. Pathfinder drilled 81 holes for a total of
139,118 feet. Pathfinder entered into a joint venture with EFN and prepared resource estimates for
the two pipes in 1988. At the time of the Denison acquisition of EFN&#146;s mining properties in 1997,
the EFN/Pathfinder joint venture was terminated and control of the EZ 1 and EZ 2 projects reverted
back to Pathfinder. Denison acquired the EZ 1 and EZ 2 projects from Pathfinder in 2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">EFN identified and investigated more than 4,000 circular features in northern Arizona. Some 110 of
the most prospective features were explored by deep drilling, and approximately 50% of those
drilled were shown to contain uranium mineralization. Ultimately, nine pipes were deemed worthy of
development. Total mine production from the EFN breccia pipes from 1980 through 1991 was
approximately 19.1&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> at an average grade of just over 0.60%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Most of the EFN assets were acquired by the Company in 1997. Since that time, Denison has
maintained its ownership of the Kanab North, Pinenut, Arizona 1, and Canyon pipes. All other EFN
breccia pipe prospects were dropped. In addition to the EFN breccia pipe deposits, Denison
acquired four additional breccia pipe deposits (EZ 1, EZ 2, WHAT and DB 1) and one sandstone type
deposit (Moonshine Springs) from Pathfinder.
</DIV>

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

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Surface exposures within the Arizona Strip reveal sedimentary and volcanic rocks ranging in age
from upper Paleozoic to Quaternary; the area is largely underlain by Mississippian through Triassic
sedimentary rocks. However, exposed within the Grand Canyon are older rocks reaching Precambrian
in age.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Arizona 1, in common with all other breccia pipes within the Arizona Strip, was believed by EFN to
have had its origin as a solution collapse of the Redwall Limestone. This collapse worked its way
upward through the overlying formations where the throat diameter is on the order of 200 feet to
300 feet. Vertical displacement in the throat averages some 175 feet. Uranium mineralization is
distributed irregularly over a depth interval of approximately 650 feet mainly at the level of the
Hermit Shale formation to a maximum depth of some 1,400 feet from surface.
</DIV>

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

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Uranium mineralization in the EZ 1 and EZ 2 deposits is located primarily in the Coconino and
Hermit horizons.
</DIV>

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

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

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Breccia pipes are comprised of three interrelated features: a basinal or structurally shallow
depression at surface (designated by some as a collapse cone); a breccia pipe which underlies the
structural depression; and annular fracture rings which occur outside of, but at the margin of the
pipes. Annular fracture rings are commonly, but not always, mineralized. The structural
depression may range in diameter up to 0.5 miles or more, whereas breccia pipe diameters range up
to about 600 feet; the normal range is 200 feet to 300 feet.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Mineralized breccia pipes found to date appear to occur in clusters or trends. Spacing between
pipes ranges from some hundreds of feet within a cluster to several miles within a trend. Pipe
location may have been controlled by deep seated faults, but karstification of the Redwall
Limestone in Mississippian and Permian times is considered to have initiated formation of the
numerous and widespread pipes in the region.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison has not carried out any exploration on the properties since the acquisitions in 1997 and
2007, respectively.
</DIV>

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

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

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Uranium mineralization within Arizona 1 extends significantly in the vertical dimension.
Continuous drill hole intersections of several tens of feet with grades exceeding 1.00%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> or more are not uncommon. The maximum continuous surface drill hole
intersection was 92.5 feet at an average grade of 1.55% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. On average,
the 12 drill holes from surface which had intersected uranium mineralization recorded 75 feet of
0.62% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Uranium mineralization at Canyon is concentrated in three stratigraphic levels: Coconino,
Hermit/Esplanade, and a lower zone. Mineralization extends vertically from a depth of 600 feet to
over 2,100 feet. Intercepts range widely up to several tens of feet with grades in excess of 1.00%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. Twenty-two drill holes from surface encountered uranium mineralization
averaging 100 feet of 0.45% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Uranium mineralization in EZ 1 occurs at two distinct vertical intervals. The Upper zone is
contained within a 400-foot interval 1,170 to 1,560 feet below surface and at its widest point has
a diameter of approximately 183 feet. The Lower zone is at a depth of 1,812 to 2,143 feet and at
its widest point has a diameter of 45 feet. At EZ 2, the mineralization occurs in three distinct
zones: an Upper, Middle and Lower zone. The larger Upper zone is mushroom shaped and is
approximately 300 feet wide at its widest point and occurs from 952 feet to 1,153 feet below
surface. The Middle zone is made up of two central deposits surrounded by multiple ring deposits.
The Middle zone array of deposits occurs between depths of 1,194 to 1,356 feet. The Lower zone
also is a mushroom shaped deposit from 1,417 to 1,512 feet.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Shallow drilling was often conducted to locate the centre of the collapse feature as a guide to the
throat of the underlying breccia pipe. The basic tool for exploring breccia pipes in northern
Arizona is deep rotary drilling supplemented by core drilling, to a depth of 2,000 feet or more
from surface. Prospective pipes were usually first tested with three drill holes. If no showing
of mineralization was present, the effort was abandoned.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->65<!-- /Folio -->
</DIV>

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

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Exploration drilling of breccia pipes is a difficult process. Substantial depths, approximately
2,000 feet, small targets, approximately 200 feet in diameter, and non-homogeneous rock formations
combine to limit the accuracy of the drilling process. The presence of cavernous and brecciated
sediments near the present land surface can result in loss of circulation of drilling fluid; as a
result, much drilling is conducted &#147;blind.&#148; Periodic &#147;spot cores&#148; are taken to determine whether
or not holes are within the target structure or have drifted away from the pipe. Indeed, most
pipes cannot be completely drilled out from the surface due to deviation from desired targets. All
drill holes are surveyed for deviation and logged with gamma logging equipment.
</DIV>

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

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

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All of the basic data for calculation of quantities and grades of mineralized material for the
Arizona 1, Pinenut, Canyon, and EZ1 and EZ2 deposits was derived directly by gamma log
interpretation. Numerous checks were completed on this data by means of chemical assays,
closed-can assays, and various beta gamma analyses.
</DIV>

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

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

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

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

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

<P align="center" style="font-size: 10pt"><!-- Folio -->66<!-- /Folio -->
</DIV>

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

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

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

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

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

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

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Arizona Strip Inferred Mineral Resource Estimates </B><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Grade eU</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><SUP style="font-size: 85%; vertical-align: text-top"><b>(2)(3)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Contained eU</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Tons</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(%)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(pounds)</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Arizona 1<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">956,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Canyon</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,523,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pinenut</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">873,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EZ 1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,127,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EZ 2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">978,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




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

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

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

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Interval grades were converted from the gamma log data and are therefore equivalent
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> (eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>).</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">High eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> grades were cut to 6% at Arizona 1, 10% at Canyon, and 8% at
Pinenut, EZ 1 and EZ 2.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">During 2010, a total of 240,000 pounds. of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> in ore was mined to
stockpile from Arizona 1.</DIV></TD>
</TR>

</TABLE>


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In its feasibility studies of the various Arizona Strip breccia pipes compiled during the 1980s and
1990s, EFN typically used a cut-off grade of 0.15% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. A reasonable
cut-off grade for long term sustainable market conditions would be approximately 0.20%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. This cut-off grade was applied by Scott Wilson RPA to all the breccia
pipe deposits.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 2007, Denison acquired five uranium deposits located in the Arizona Strip district in
northeastern Arizona from Pathfinder, including four breccia pipe type deposits (EZ 1, EZ 2, WHAT
and DB 1) and a sandstone hosted deposit occurring at surface and gradually becoming deeper towards
the north (Moonshine Springs).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Shown below are the historical resource estimates for the WHAT, DB 1 and Moonshine Springs deposits
as presented by Pathfinder to Denison and estimated in 1996. No cut-off grades have been reported
for the breccia pipe deposits, while a 0.05% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> cut-off has been used for
Moonshine Springs.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->67<!-- /Folio -->
</DIV>

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

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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="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 nowrap align="left" style="border-bottom: 1px solid #000000"><B>Deposit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Tons</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>% U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Pounds of U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DB 1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.44</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">911,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">WHAT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">449,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Moonshine Springs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">761,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.16</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,483,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




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

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

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

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The historical estimates cannot be verified and the estimates are not necessarily
indicative of the mineralization on the property.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Pathfinder mineral resource estimates are based on data, reports and documentation obtained
from and prepared by previous operators, including AREVA. Denison is not treating the historical
estimate as NI 43-101 defined mineral resources verified by a qualified person. The properties
will require considerable further evaluation, which Denison&#146;s management and consultants intend to
carry out in due course.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The uranium produced from these deposits is subject to royalties that aggregate less than 2%.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company mined uranium and vanadium bearing ore from its Sunday and Rim mines in the Colorado
Plateau District from November&nbsp;1997 to mid-1999, then the Topaz, Sunday/St. Jude and West Sunday
mines beginning in 2008 to 2009, and is currently mining such ores from its Pandora and Beaver
mines. In 2010, 172,600 tons of ore from the Colorado Plateau were milled at the White Mesa mill.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The resource estimates shown below are based on historical estimates prepared by EFN, adjusted for
production from the Colorado Plateau mines.
</DIV>

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Mineral Tons</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pounds U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pounds of V</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>2</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>5</B></SUB></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>% U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>%V</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>2</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>5</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(millions)</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Colorado Plateau</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28.7</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




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

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

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

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The historical estimate cannot be verified, and the estimate is not necessarily indicative of
the mineralization on the property.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Colorado Plateau mineral resource estimates are based on data, reports and documentation
obtained from and prepared by previous operators, including EFN. Denison is not treating the
historical mineral estimate as NI 43-101 defined resources verified by a Qualified Person. The
properties will require considerable further evaluation, which Denison&#146;s management and consultants
intend to carry out in due course.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On March&nbsp;13, 2007, Denison filed on the SEDAR website at <U>www.sedar.com</U> an independent
technical report entitled &#147;Technical Report on the Uranium Exploration Properties in Mongolia&#148;
prepared by Scott Wilson RPA in accordance with the requirements of NI 43-101 with respect to its
uranium properties in Mongolia (the &#147;<B>2007 Mongolia Report</B>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On March&nbsp;28, 2011, Denison filed on the SEDAR website an independent technical report entitled
&#147;Technical Report on the Hairhan Uranium Property in Mongolia&#148; prepared by RPA Inc. in accordance
with the requirements of NI 43-101 with respect to updated resources estimated for the Hairhan
project
(the &#147;<B>2011 Mongolia Report</B>&#148;). Collectively, the 2007 Mongolia Report and 2011 Mongolia Report
reports are referred to herein as the &#147;<B>Mongolia Technical Reports</B>.&#148;
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->68<!-- /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"><U>Property Description and Location</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison has a significant mineral land position in Mongolia. Denison has been active in Mongolia
for more than 16&nbsp;years, and initial exploration commenced prior to the promulgation of the law on
mineral resources in Mongolia in 1997 (&#147;<B>Mineral Law of Mongolia</B>&#148;). Denison&#146;s property holdings are
divided into two groups: (i)&nbsp;properties obtained prior to the Mineral Law of Mongolia and held
within the Gurvan Saihan Joint Venture (or &#147;<B>GSJV</B>&#148;) with the Government of Mongolia and
Geologorazvedka; and (ii)&nbsp;exploration licences acquired by the GSJV since 1997 that were obtained
subsequent to the enactment of the Mineral Laws of Mongolia. The following details the resources
estimated in the Mongolia Technical Reports. The other properties which Denison holds are covered
in further detail in the section &#147;Mineral Exploration &#151; Mongolia.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The GSJV holds four exploration licences that were obtained under an agreement with the Government
of Mongolia (the &#147;<B>Mineral Agreement</B>&#148;) prior to the introduction of the Mineral Law of Mongolia.
The GSJV licences have an area of 167,260 hectares and are located in the South Gobi region of
Mongolia. This area is termed desert steppe and supports nomadic herdsmen.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Properties Obtained Prior to 1997</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The GSJV was formed in 1994 by EFN, the Government of Mongolia and Geologorazvedka. Denison
currently holds a 70% interest in the GSJV and the Mongolian and Russian participants each hold a
15% interest. Denison is the Managing Director of the GSJV.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The initial properties obtained by the GSJV were granted under a Mineral Agreement with the
Government of Mongolia. The Mineral Agreement grants properties exclusively to the GSJV and
establishes the fiscal and operating policies under which the GSJV operates. Under the GSJV
Founding Agreement:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Government of Mongolia entered into the Mineral Agreement, granting the GSJV
exclusive rights and permits to five areas without obligations for further licensing fees.
This includes the obligation of the Government to provide all necessary authorizations,
permits and licences needed by the joint venture to conduct business.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Russian participant contributed all of the exploration data, records, and
information it possessed for the five areas.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Denison was obligated to provide 100% of venture funding until the predetermined total
had been reached (initially it was $4&nbsp;million that then changed to $5.1&nbsp;million).</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The key provisions and terms of the Mineral Agreement between the GSJV and the Mongolian Government
include:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Exclusive rights were granted to the GSJV for a period of 15&nbsp;years, commencing in 1994,
and for so long thereafter as the GSJV is conducting exploration, development or production
activities on a specific property. Properties on which the GSJV is conducting exploration
activities after 15&nbsp;years must be put into development for the purposes of production
within two years after cessation of exploration activities. The agreement will continue in
effect after 15&nbsp;years as to any property in development or production so long as such
activities continue.</DIV></TD>
</TR>

</TABLE>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->69<!-- /Folio -->
</DIV>



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<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">When Mongolia enacts new laws, the GSJV will not be subject to conditions, restrictions,
taxes, or fees more severe than those effective at the time of approval of the Mineral
Agreement.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">No areas included in the Mineral Agreement can later be designated as closed,
restricted or open to competitive bidding as long as the Mineral Agreement is in effect.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">After the first four years of work, the GSJV may identify certain lands which are no
longer of exploration interest and may release such lands from the Mineral Agreement. The
GSJV and the Mongolian Government will negotiate a procedure and a schedule to release any
such lands from the Mineral Agreement.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The initial funding obligation by Denison was to be fulfilled within four years in
accordance with a schedule in the Mineral Agreement. This commitment was met in 1997.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">After the initial funding of the first $4&nbsp;million (subsequently changed to $5.1
million) of GSJV expenditures, funding will be on the basis of equity share in the GSJV,
and each partner will receive its equity share of net proceeds from mining operations.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Each participant is required to fund its own share of GSJV expenditures, however, the
Company has been funding 100% of all expenditures of the GSJV after the initial funding
obligation.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">If a participant fails to fund its share of expenditures, such participant will be
suspended from participating in the business and management of the GSJV, and will give up
its rights to its share of profits until the participant providing funding on behalf of any
non-funding participant has recovered from net profits of the GSJV an amount equal to 150%
of contributions made on behalf of the non-funding participant.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="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">Specific tax provisions for the GSJV are defined.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In addition to its 15% equity interest in the GSJV, the Government of Mongolia is
entitled to a 4% production royalty.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Participants cannot assign their interest to another party without the written consent
of the other participants.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Government of Mongolia acknowledges that its 15% equity interest in the GSJV and
its production royalty of 4% are its entire interest and waives any rights it may have had
at the time the Mineral Agreement was entered into or under future law to take a greater
interest or impose a greater royalty in the future.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The GSJV is entitled to apply to receive benefits or favourable provisions under new
laws which contain terms or conditions that are more favourable to the GSJV than the
conditions existing when the Mineral Agreement was approved.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Subsequent to the formation of the GSJV, Mongolia enacted the Mineral Law of Mongolia. The Mineral
Law contains some conditions and provisions that are not consistent with the Mineral Agreement.
However, the Mineral Agreement has been recognized as an &#147;International Agreement&#148; under the
Mineral Law, and any inconsistencies between the Mineral Law and the Mineral Agreement have, thus
far, been resolved in favour of the provisions of the Mineral Agreement.
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->70<!-- /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">In July&nbsp;2009, the Great State Khural (the Parliament of Mongolia) enacted the Nuclear Energy Law of
Mongolia (the &#147;<B>New Law</B>&#148;). The New Law granted authority to the Mongolian Nuclear Energy Agency
(&#147;<B>NEA</B>&#148;) and created a framework for all aspects of uranium resource development in Mongolia. A new
government entity, MonAtom, was created by the New Law, which has been designated as the
government&#146;s participating entity in all uranium projects in Mongolia, and is thus the Mongolian
partner in the GSJV.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The New Law also created an umbrella regulatory authority for all uranium and nuclear matters in
Mongolia. The NEA has considerable autonomy and reports directly to the Prime Minister rather than
through any of the existing government agencies. Authority for all uranium exploration and mining
licences has been transferred from the Ministry of Mineral Resources and Energy to NEA. Regulatory
and licensing actions are now also under the NEA.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The GSJV and the Ministry of Mineral Resources and Energy completed the process of extending the
terms of the GSJV&#146;s licences in accordance with the Mineral Law of Mongolia and the terms of the
Mineral Agreement. The four original GSJV exploration licences are valid until January&nbsp;2012.
</DIV>


<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
GSJV, 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 Mineral Agreement, or to licences held by the GSJV that are not subject to the Mineral
Agreement. In October&nbsp;2010, Denison signed a non-binding Memorandum of Understanding with Mon Atom
agreeing to work cooperatively to resolve GSJV ownership, recognizing that the Mineral Agreement
provides certain rights and assurances to the investor in the GSJV.
</DIV>


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Mongolia is a large, landlocked country with an area of about 1,566,000 square kilometres. The
capital is Ulaanbaatar, which is located in the north central part of the country. Ulaanbaatar is
the site of the only international airport in the country. The Trans-Mongolian Railway connects to
the Trans-Siberian Railway in the north and the China rail system to the south. Much of the
country is open and vehicle access is possible to most of the areas. Distances are large, however,
and roads are often poor or non-existent. The local airline, MIAT, serves about 20 communities.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The climate in Mongolia is extreme continental. Temperatures are extreme in winter (down to -50&#186;
C) and summer (up to 40&#186; C). In Ulaanbaatar, July is the warmest and wettest month, with an
average temperature of 17&#186; C and an average rainfall of 76 mm, while January is the coldest and
driest month, with an average temperature of -25&#186; C and no precipitation. Rainfall and temperature
throughout Mongolia are variable depending on elevation.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In the areas where Denison is working, there is essentially no infrastructure currently available
to support mine development.
</DIV>


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During 1988 and 1989, regional scale exploration drilling was commenced by Geologorazvedka in the
Choir Depression. In addition to providing depression-wide stratigraphic profiles, the early
drilling confirmed the presence of large areas of continuous, shallow uranium mineralization
occurring in sands, siltstones, clays, and coals of the Dzuunbayan Formation. The early
exploration clearly established the favourability of the sedimentary basins of the Gobi region as
hosts for uranium deposits.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->71<!-- /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="justify" style="font-size: 10pt; margin-top: 10pt">Following approval of the formation of the GSJV in January&nbsp;1994, work began immediately on a field
program in the summer of 1994. The focus of the GSJV exploration was for deposits amenable to
in-situ recovery (&#147;<B>ISR</B>&#148;) production methods, and previous exploration in the Choir Depression had
indicated that the deposits there might be suitable for ISR mining. The 1994 work consisted of
limited delineation drilling at Haraat to expand known resources and to increase confidence in the
resources. A small ISR field test was run in 1994 to determine the ISR favourability of the Haraat
type mineralization.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 1996, the GSJV began a major escalation of exploration work. A total of 30,210 metres were
drilled, and 6,000 kilometres of gamma spectrometric surveys were run. This drilling resulted in
the delineation of substantial resources, but as with the previously identified deposits, the
majority of the mineralization was determined to be above the natural water table.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Initial reconnaissance drilling was conducted in the Gurvan Saihan and Hairhan Depressions in 1996,
following gamma surveys which delineated favourable, anomalous trends. Uranium mineralization was
encountered in all of the profiles, and in several instances ore grade mineralization was
discovered.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Initial reconnaissance drilling in the Hairhan Depression totalled slightly over 1,000 metres in 22
holes, and was conducted near the end of the 1996 field season. The largest discovery encountered
by the GSJV to that point in time was made at Hairhan. The discovery hole intersected a 14-metre
thick mineral zone grading 0.144% U.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In May&nbsp;1997, the Company acquired the assets of EFN including its interest in the GSJV.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">No current estimates have been completed at Haraat for the widespread mineralization that occurs
above the natural water table. Historical mineral resource estimates for the mineralization at
Haraat that is below the water table were prepared by Geologorazvedka, as General Contractor, in
1997 and 1998. The results of the estimates are set out below:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Haraat Historical Mineral Resource Estimate</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Company</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>100% Basis</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Share</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pounds of U</B><SUB style="FONT-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="FONT-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pounds U</B><SUB style="FONT-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="FONT-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Million Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Grade %U</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(millions)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR><TD align="left" valign="top">&nbsp;</TD></TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inferred Mineral Resource</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.023</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.48</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD colspan="3"><DIV style="text-align: justify"><B>Notes:</B></DIV></TD>
</TR>

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

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

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The cut-off grade is 0.01% eU (0.012%U<SUB style="FONT-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="FONT-size: 85%; vertical-align: text-bottom">8</SUB>).</DIV></TD>
</TR>

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

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

</TABLE>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The methodology used for the historical mineral resource estimation at Haraat is standard in
the former Soviet Union. It used Russian gamma logs from the 1988 and 1994 drilling and American
gamma logs for the 1996 drilling, which were all converted to a common database and corrected for
disequilibrium using the results of 1,950 core sample chemical analysis. A correction was also
applied for moisture content for mineralization below the water table. The resource estimate was
based on polygons for each drill hole and a density factor of 1.65 tonnes per cubic metre.
</DIV>



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

<P align="center" style="font-size: 10pt"><!-- Folio -->72<!-- /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">Part of the Haraat deposit is above the water table and part is below. The resources below the
water table are presently considered potentially exploitable by ISR methods. Mineralization above
the water table requires further work to confirm its possible economic potential and is not
included in the historical resource estimate.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A major part of the 1996 program was the acquisition, assembly, and operation of an ISR Pilot Plant
at Haraat. This plant was a fully integrated facility, capable of producing a final product,
although drying and packaging equipment were not included. The testing in 1996 included both a
test on mineralization above the water table, as well as a test below the water table, the latter
being the normal operating regime for an ISR project. These tests confirmed that hydraulic control
can be maintained and that uranium solubilization and mobilization can be controlled.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Work in 1997 expanded beyond the level of 1996, with efforts concentrated on drilling to define
mineral resources and to test new exploration targets on the GSJV lands. The bulk of the 1997
drilling was in the Hairhan and Choir Depressions, with a modest amount of initial reconnaissance
drilling conducted in the Ulziit Depression. The Ulziit drilling followed gamma spectrometric
surveys to identify favourable locales. No ISR testing was conducted in 1997.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The 1997 drilling effort was redirected to focus on Hairhan with the goal to delineate and confirm
resources by the end of the 1997 season. In only five months, over 32,000 metres were drilled,
resulting in delineation of a significant uranium deposit. At Hairhan, the natural water table is
near the surface, so all the mineralization of possible commercial interest is below the water
table.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Work in 1998 was once again directed toward the objectives of exploration reconnaissance, resource
delineation, and ISR testing, with over 50,000 metres of drilling, and the first stage ISR testing
at the Hairhan deposit. The Hairhan Depression received the bulk of the exploration drilling
effort in 1998. The mineralization depth ranges from 10 metres to 200 metres, with the average
depth in the 60-metre to 80-metre range. The Hairhan 1998 test confirmed the leachability of the
mineralization at Hairhan.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">With the decline of the uranium price, no drilling was conducted during 1999; however, an extensive
regional geologic reconnaissance program was conducted. In 2000, the GSJV Managing Director placed
the GSJV program on &#147;standby&#148; status.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During 2004 and 2005, the GSJV resumed work and applied for additional exploration licences in six
areas. In the Gurvan Saihan depression, previously identified uranium occurrences, as well as
additional target areas within the depression, were tested with 159 holes totalling 12,533 meters.
Results indicated that uranium mineralization was encountered in a variety of settings, which
indicated that additional exploration drilling was warranted.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Drilling in 2005 was also conducted on a number of new exploration areas which had been obtained in
2004, based on past GSJV reconnaissance work. This drilling amounted to 21,466 metres in three
areas. Two areas returned negative results, but in one area, the Urt Tsav/Hokh Tolgoi licences, a
mineralized paleo-channel environment was discovered. Additional exploration drilling in this area
is warranted.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During 2006, the Company completed in excess of 54,000 metres of drilling, all on new targets which
were identified through previous GSJV and Company reconnaissance programs. Based on the generally
discouraging results of this drilling, the Company released a number of exploration licences. From
2007 to 2010, exploration drilling continued. For descriptions of these programs, see &#147;Mineral
Exploration &#151; Mongolia&#148;.
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->73<!-- /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"><U>Geological Setting</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The geology of Mongolia is dominated by the Altaid orogen &#150; an orogenic collage of subduction and
accretion terranes that extend from the Ural Mountains to the Korean Peninsula (Yakubchuk et al.,
2001, Dejidmaa and Badarch, 1999). This orogen formed between the Neoproterozoic and the
Carboniferous. The Altaid rocks of Mongolia lie between the North China Craton and the Siberian
Craton.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Altaid rocks of Mongolia are a m&#233;lange of Neoproterozoic basement areas separated by various
island arc segments and accretionary wedges. These various sedimentary and volcanic terranes have
been intruded by mafic and felsic plutons ranging in age from Cambrian to Mesozoic. Cretaceous and
younger basins unconformably overlie the Altaid rocks.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Late Mesozoic extensional basins are a prominent geological and topographic feature of central east
Asia. The basins are interpreted as having formed in an intracontinental, back-arc tectonic
setting in response to extensional faulting. These basins, likely fault bounded grabens and half
grabens, were filled by eroded sediment during the Jurassic and Cretaceous periods.
</DIV>


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The GSJV licences cover a number of the internal basins, or depressions, located in central
Mongolia. All of these depressions appear to have similar geological features.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Choir Depression is a linear depression about 150 kilometres long and from 10 kilometres to 20
kilometres wide. The elevation of the depression varies from about 1,100 metres to 1,140 metres
above sea level, while the surrounding upland is from 300 metres to 500 metres higher. Basement
around the Choir Depression comprises Proterozoic schist, gneiss and limestone, Paleozoic granitic
rocks, Permian acid volcanic rocks, and Mesozoic leucogranitic rocks and associated volcanic rocks.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The depression fill is composed of non-lithified sediments with a total thickness of approximately
1,500 metres. The Lower Cretaceous sediments of the Dzuunbayan Formation are divided into two
facies, with the first typically variegated and the second normally grey. The variegated section
is comprised of conglomerate, sandstone, and siltstone, and occurs mainly on the margins of the
depression. The second facies is comprised of lacustrine sediments, typically clays and
argillaceous sandstone, with interbeds of brown coal and disseminated iron sulphides. The Upper
Cretaceous section is comparatively thin in the Choir Depression and is generally from 5 metres to
40 metres thick. It is typically composed of variegated sand and gravel with limonite-goethite
cementation.
</DIV>


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During the period between 1994 and 1999, a total of 147,058 metres were drilled. The
drilling was carried out by Geologorazvedka working as a drilling contractor to the GSJV in
the period from 1994 to 1998. In the period from 1994 to 1996, down hole logging was carried out
by Geologorazvedka. In the period 1996 to 1998, down hole logging was carried out in-house. Holes
are now logged by a Mongolian contractor using Mount Sopris equipment. Some of the early drilling
was logged using Russian equipment, but the Mount Sopris equipment was in place relatively early in
the program.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A significant amount of drilling has been carried out by Denison during the period from 2005 to
2010. See &#147;Mineral Exploration &#151; Mongolia.&#148;
</DIV>


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A percentage of the rotary drill holes completed were cored. The purpose of this coring was to
provide samples for testing to allow determination of specific gravity and disequilibrium factors
for the deposits. Coring also allows analysis of various elements and a check of the reliability
of the electric logging equipment.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->74<!-- /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">Samples were selected on the basis of down-hole radiometric surveys, the presence of alteration in
the cores, and handheld spectrometry results. Cores were split by hand. Samples ranged in length
from 0.2 metres to 0.9 metres, but the bulk of the samples were either 0.2 metres or 0.3 metres.
Samples were transported to the camp near Haraat for sample preparation.
</DIV>


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Core samples were crushed in the GSJV camp to -200, &#043;300 mesh size and transported to the Central
Analytical Laboratory (&#147;<B>CAL</B>&#148;) of Sosnovgeology, a state geological enterprise in Irkutsk, Russia.
CAL is registered by the Russian Federation and is certified to standard N 41083-95. Analyses
performed by CAL were carried out at a level suitable for the estimation of reserves. Reports
translated from Russian indicate that the laboratory maintained internal quality control programs.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Uranium data acquisition for the Hairhan ISR project was focused primarily on gamma logging of
rotary non-core drill holes with a small percentage of rotary core holes and accompanying chemical
assays of core as a means of validating the gamma logging process. This is a standard means of
data verification for such projects.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Other data verification exercises completed by RPA Inc. included: (i)&nbsp;location of drill hole
collars in the field; and (ii)&nbsp;manual checking of the algorithm for converting down hole gamma
readings to uranium grades.
</DIV>


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">For the mineral resource estimate, RPA Inc. accepted and used the drill hole database compiled by
Denison for its 2010 estimate. Denison carried out a detailed correlation of approximately 520
drill holes within the Hairhan deposit. Correlation of the geophysical logs was accomplished using
commonly accepted subsurface exploration methods with a primary emphasis on identifying sands,
interbedded shales, and lignites and assigning them &#147;formation&#148; marker designations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The raw borehole natural gamma data (counts per second or CPS) were processed using the Denison
in-house GAMLOG program (based on Scott&#146;s AEC Algorithm), with output generated on 10 cm intervals
in percent U. For each mineralized zone and for each drill hole, thickness (&#147;<B>TH</B>&#148;) and GT were
calculated using the following parameters:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cut-off Grade</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">0.02%U</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minimum Thickness (TH)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2 metre</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Grade X Thickness (GT)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">0.04</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Waste Thickness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>2 metres</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The values for the density and disequilibrium factor are based on calculations completed by
Geologorazvedka. Density is 1.65 tonnes per cubic metre and the disequilibrium factor is 1.0.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">RPA Inc. reviewed the correlations of sandstone units hosting the uranium mineralization and found
them to be reasonable. The Denison database was used to plot plans for each mineralized zone
showing the GT and TH values for each drill hole that penetrated the zone, with a minimum GT value
of 0.05 metre %. The GT value and the TH values were contoured by hand on separate plans and the
contours were digitized into AutoCAD.
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->75<!-- /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">Each lens within each mineralized zone was classified by the number of drill holes and spacing of
the holes, to reflect confidence in the lens resource estimate. In general, drill hole spacing is
in the order of 100 metres. In some areas where good mineralization was encountered, drill hole
spacing was closed up, and in a few locations, clusters of several holes were drilled at a spacing
of tens of metres. In other areas, two holes are plotted very close together and appear to be
twinned holes.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Indicated mineral resource lenses were generally defined by a minimum of three drill holes. Some
lenses had up to twenty or more drill holes. In one case, an indicated resource lens was defined
by two holes spaced on the order of 50-metres apart. In general, the indicated mineral resource
lenses were contourable and were estimated by the contour method described above.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Inferred mineral resource lenses were mostly defined by a single drill hole or by two drill holes
clustered closely together. In a few cases, indicated resource lenses were defined by two drill
holes on the order of 100 metres apart.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 2011, RPA Inc. estimated mineral resources for the Hairhan property as summarized in the table
below based on exploration drilling conducted up to 2008. The cut-off is 0.04 metre GT over a
minimum of two metres. The average thickness of the indicated resources is 3.7 metres and of the
inferred resources is 3.0 metres.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Hairhan Mineral Resource Estimates</B><SUP style="FONT-size: 85%; vertical-align: text-top">(1)(2)(3)(4)</SUP>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Company</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>100% Basis</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Share</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pounds U</B><SUB style="FONT-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="FONT-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pounds of U</B><SUB style="FONT-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="FONT-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(000&#146;s)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>% U</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Tonnes U</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(000&#146;s)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(000&#146;s)</B><SUB style="FONT-size: 85%; vertical-align: text-bottom"> </SUB></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Indicated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,261</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.062</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,612</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,780</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,846</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,536</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,236</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,811</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,068</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD colspan="3"><DIV style="text-align: justify"><B>Notes:</B></DIV></TD>
</TR>

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

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

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The cut-off grade is 0.02% U.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Minimum thickness of 2 metres.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Density is 1.65 tonnes per cubic metre.</DIV></TD>
</TR>

</TABLE>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">There are no mineral reserves or resources estimated for any of the other Denison Mongolia
properties at this time. See &#147;Mineral Exploration &#151; Mongolia&#148; for a discussion of recent
exploration activities.
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison acquired 100% of the Mutanga Project (&#147;<B>Mutanga</B>&#148;) in 2007 through the acquisition of
OmegaCorp. Mutanga is comprised of the Mutanga and Dibwe deposits plus a number of exploration
areas.
</DIV>


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Mutanga is located in a sparsely populated region in southern Zambia, in the Siavonga District of
the Southern Province, approximately 200 kilometres south of the nation&#146;s capital, Lusaka.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Mutanga is comprised of two mining licences (13880-HQ-LML and 13881-HQ-LML) encompassing 457.3
square kilometres. The mining licences are held by Denison Mines Zambia Limited, a wholly-owned
subsidiary of Denison and have a term of 25&nbsp;years to April&nbsp;2035.
</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"><U>Accessibility, Climate, Local Resources, Infrastructure and Physiography</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Mutanga is located approximately 200 kilometres south of Lusaka. The main road from Lusaka to
Siavonga (the nearest town to the project site) is in fairly good condition. The mine site itself
is located east of the main road and is accessed via 39 kilometres of poorly maintained gravel
road, for which a four-wheel drive vehicle is required. This road will be upgraded for the
project.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Mutanga site lies to the south of the Zambezi escarpment and is situated in the Zambezi valley
at an altitude of 600 metres above sea level. The climate is warm to hot with dry warm winters and
hot summers during which the seasonal rainfall occurs. The average annual rainfall is approximately
720 mm and occurs from November to March.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The population is very sparse and limited to small family settlements. No service facilities or
accommodation are available in the area. Electric power is available from the national grid
approximately 60 kilometres from the project. Ground water sources are available.
</DIV>


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Uranium was first identified in the area in 1957 after a ground survey located five anomalous areas
in the vicinity of Bungua Hill, west of Siavonga. Further exploration in 1958 and 1959 then found
low-grade uranium mineralization that could be followed for over 800 metres of strike extent.
Confirmation of this uranium mineralization was further defined in two campaigns after regional
airborne magnetic and radiometric surveys had been flown over the area in 1974. The Geological
Survey of Zambia (&#147;<B>GSZ</B>&#148;) conducted a ground investigation (1973 to 1977) and a second campaign was
conducted by the Italian oil company AGIP S.p.A. (&#147;<B>AGIP</B>&#148;) between 1974 and 1984.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">GSZ and AGIP completed fairly extensive field programs on several areas within the licence. Both
GSZ and AGIP carried out &#145;resource&#146; estimations on prospects within the current licence area. The
Mutanga and Dibwe deposits were investigated by AGIP during the late 1970s and early 1980s.
Considerable exploration was undertaken by AGIP including extensive resource drilling at both Dibwe
and Mutanga. AGIP estimated a combined resource for Mutanga and Dibwe containing more than 20
million pounds of U<SUB style="FONT-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="FONT-size: 85%; vertical-align: text-bottom">8</SUB>.
</DIV>


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Mutanga uranium deposits are located within the Zambezi Rift Valley which is hilly with large
fault-bounded valleys filled with Permian, Triassic and possibly Cretaceous sediments of the Karoo
Supergroup. Rocks of the Karoo Supergroup (late carboniferous to Jurassic) occupy the rift trough
of the Zambezi Valley. The Lower Karoo Group comprises a basal conglomerate, tillite and sandstone
overlain unconformably by conglomerate, coal, sandstone and carbonaceous siltstones and mudstones
(the Gwembe Formation), and fine-grained lacustrine sediments of the Madumabasia Formation. The
Upper Karoo sediments unconformably overlay the Lower Karoo and comprise a series of arenaceous
continental sediments overlain by mudstones capped by basalt.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The uranium mineralization identified to date appears to be restricted to the Escarpment Grit
Formation of the Karoo Supergroup. Within the tenement area, the Karoo sediments are in a
northeast trending rift valley. They have a shallow dip and are displaced by a series of normal
faults, which, in general, trend parallel to the axis of the valley. The Madumabisa Mudstones form
an impermeable unit and are thought to have prevented uranium mineralization from moving further
down through stratigraphy.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Mineralization is associated with iron-rich areas (goethite)&nbsp;as well as secondary uranium being
distributed within mud flakes and mud balls as well in pore spaces, joints, and other fractures.
</DIV>



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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">It is probable that the uranium was eroded from the surrounding gneissic and plutonic basement
rocks during weathering and deposition of the immature grits and sandstones. The uranium was
transported together with this material in a presumably arid environment. Uranium was precipitated
during reducing conditions in certain favourable units. Later fluctuations in the groundwater
table caused remobilization of this material; uranium was again dissolved and then re-deposited in
reducing often clay-rich areas with a certain degree of enrichment.
</DIV>


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The first drilling of Mutanga subsequent to Denison&#146;s acquisition of OmegaCorp commenced on October
17, 2007 at the Dibwe deposit. The initial focus of the drilling campaign was to collect bulk
sample material from the Dibwe prospect for metallurgical testing. This program continued until
the onset of the rainy season in the first week of December&nbsp;2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All rigs were relocated to Mutanga for the 2007/08 rainy season. The objective of the program was
infill drilling to support an NI 43-101 estimate. Drill hole spacing was 50 x 50 metres. After
the end of the rainy season in April&nbsp;2008, the rigs returned to Dibwe (Central) for a 50 x 100
metre infill program. Development drilling was completed July&nbsp;17, 2008, and the rig fleet
transferred to exploration drilling. See &#147;Mineral Exploration &#151; Mutanga&#148;.
</DIV>


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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="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></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Development Drilling (October&nbsp;17, 2007 &#151; December&nbsp;31, 2007)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,232m</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Development Drilling (January&nbsp;1, 2008 &#151; July&nbsp;17, 2008)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,366m</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Denison Development Drilling to end of 2008</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,598m</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">RC and diamond drilling campaign samples were shipped to Genalysis in Johannesburg for preparation.
Once prepared, the assay pulps were forwarded by Genalysis to its Perth assay laboratory where the
samples were held in secure, quarantined storage.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Data Verification: Processes for Determining Uranium Content by Gamma Logging</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Exploration for uranium deposits in Zambia typically involves identification and testing of
sandstones within reduced sedimentary sequences. The primary method of collecting information is
through extensive drilling (both RC and diamond drill coring) and the use of down hole geophysical
probes. The down hole geophysical probes measure natural gamma radiation, from which an indirect
estimate of uranium content can be made.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The radiometric (gamma)&nbsp;probe measures gamma radiation which is emitted during the natural
radioactive decay of uranium. The gamma radiation is detected by a sodium iodide crystal, which
when struck by a gamma ray emits a pulse of light. This pulse of light is amplified by a
photomultiplier tube, which outputs a current pulse. The gamma probe is lowered to the bottom of a
drill hole and data is recorded as the tool is withdrawn up the hole. The current pulse is carried
up a conductive cable and processed by a logging system computer which stores the raw gamma cps
data.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If the gamma radiation emitted by the daughter products of uranium is in balance with the actual
uranium content of the measured interval, then uranium grade can be calculated solely from the
gamma intensity measurement. Down hole cps data is subjected to a complex set of mathematical
equations, taking into account the specific parameters of the probe used, speed of logging, size of
bore hole, drilling fluids and presence or absence of and type of drill hole casing. The result is
an indirect measurement of uranium content within the sphere of measurement of the gamma detector.
</DIV>


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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 basis of the indirect uranium grade calculation (referred to as &#147;eU<SUB style="FONT-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="FONT-size: 85%; vertical-align: text-bottom">8</SUB>&#148;
for &#147;equivalent U<SUB style="FONT-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="FONT-size: 85%; vertical-align: text-bottom">8</SUB>&#148;) is the sensitivity of the sodium iodide crystal used
in each individual probe. Each probe&#146;s sensitivity is measured against a known set of standard
&#147;test pits,&#148; with various known grades of uranium mineralization, located at the DOE&#146;s Grand
Junction, Colorado office. The ratio of cps to known uranium grade is referred to as the probe
&#147;K-Factor,&#148; and this value is determined for every gamma probe when it is first manufactured and is
also periodically checked throughout the operating life of each probe. In addition, certain
boreholes at the Mutanga property are cased and the probes are periodically checked for any
instrument drift. Application of the K-Factor, along with other probe correction factors, allows
for immediate grade estimation in the field as each drill hole is logged.
</DIV>


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Core and RC chip samples were collected for a number of purposes in addition to purely geological
reasons: verification of lithology as determined from geophysical logging and examination of drill
cuttings if RC; determination of uranium content as a general check of gamma probing to determine
if gamma measurement and chemical uranium content are close to balance (this is referred to as
&#147;radiometric disequilibrium&#148;); whole rock analysis; and specific geochemistry for uranium species
and other minerals of interest. Core diameter is typically 76mm. For zones selected for
laboratory analyses, one half of the core was normally used and the other half retained. The
minimum length of core submitted was usually 0.2 metres and the maximum length per sample was 0.4
metres. Sample intervals were selected by geologists in the field based on lithology,
oxidation/reduction and uranium grade (from gamma logging and from hand-held gamma counters).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Samples were analyzed at Genalysis in Perth. Samples were transported in a dedicated truck from
Zambia to Johannesburg, where Genalysis operates a dedicated sample preparation facility. The
sample was crushed, pulped and homogenized and a sample pulp air freighted to the lab in Perth,
Australia.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Genalysis laboratory has been in operation since 1975 and is fully certified and accredited by
Australian standards. Genalysis is an accredited NATA (National Association of Testing
Authorities, Australia) laboratory (Number 3244). Genalysis has been approved by AQIS (Australian
Quarantine and Inspection Service) for the receipt and treatment of samples from interstate and
overseas. Genalysis is an Associate Member of the Association of Mining and Exploration Companies
Inc. and a Member of the Standards Association of Australia.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Drill hole logging was conducted by trained and dedicated personnel devoted solely to this task.
The tools and a complete set of spares, were manufactured by Mount Sopris Instrument Company in
Golden, Colorado and were shipped to Zambia in 2007, ahead of the drilling season. Denison
retained the services of a senior geophysical consultant to oversee training, implementation and
quality control protocols with the Zambian logging personnel. All tools were checked and
calibrated before being shipped to Zambia and a variety of system checks and standards were also
established for routine checking and calibration of tools. In addition, Denison cased a
mineralized hole at one of its centrally located development areas and this cased hole was logged
periodically to ensure exact repeatability of the gamma probes.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Drill hole logging data was stored on digital media in the logging truck at the exploration sites.
The digital data are periodically brought in from the field locations to the Lusaka office. The
raw and converted logging data was copied and then sent via e-mail to Denison&#146;s Saskatoon office,
where all data was checked and reviewed.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Samples of drill core were chosen on the basis of radiometric data collected during core logging.
This radiometric data was obtained by using a hand-held scintillometer and on the basis of
subsequent down hole probing. The hand-held scintillometer provides quantitative data only and
cannot be used to calculate uranium grades; however, it did allow the geologist to identify uranium
mineralization in the core and select intervals for geochemical sampling.
</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">Additional samples were collected above and below the horizons of interest in order to &#147;close-off&#148;
sample intervals. Sample widths were selected according to radiometric values and lithologic
breaks or changes. All reasonable efforts were made to ensure that splitting of the core was
representative and that no significant sampling biases occurred. Once the sample intervals were
identified, an exclusive sample number was assigned to each interval and recorded by the on-site
geologist.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">After the geological logging of the core and sample selection, all of the selected sample intervals
of drill core were split longitudinally at the drill site. One half of the core was placed in a
new sample bag along with a sample tag corresponding to the sample number. The other half of the
core was re-assembled in the core box and stored for future reference. Samples were transported by
dedicated truck transport and delivered to Genalysis for preparation. As standard procedure, field
duplicates are included in assay suites sent to the laboratory and reference samples are used to
verify laboratory controls and analytical repeatability
</DIV>


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On March&nbsp;20, 2009, the Company filed on SEDAR, available at www.sedar.com, an independent technical
report entitled &#147;NI 43-101 Technical Report Mutanga Uranium Project, Zambia&#148; (the &#147;<B>Mutanga Report</B>&#148;)
prepared by CSA Global in accordance with the requirements of NI 43-101 with respect to the
Company&#146;s deposits in Mutanga.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In preparing the Mutanga Report, CSA Global carried out the following procedures.
U<SUB style="FONT-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="FONT-size: 85%; vertical-align: text-bottom">8</SUB> grades were estimated into a block model for each deposit, constructed
to honour the interpreted mineralized zones and the surface topography. Blocks within each model
were coded by the relevant domains using the domain wireframes and then constrained to the surface
topography. Blocks situated above the topographic surface were deleted. Adequate waste was built
into the block models to ensure that they were suitable for open pit optimisation and mine
planning. To speed up processing time, waste blocks were filtered out of each block model prior to
grade interpolation and then re-merged into the block file after grades were assigned to each
model.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Ordinary kriging was used to estimate U<SUB style="FONT-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="FONT-size: 85%; vertical-align: text-bottom">8</SUB> based on the modelled variogram
parameters. Inverse distance squared estimation was completed as a comparison with the kriged
estimate.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The grade interpolation strategy for both deposits involved setting up search parameters in a
search ellipse for each domain, which was then aligned to the geometry of each domain. A series of
grade interpolation &#147;runs&#148; were then completed, at progressively larger search distances until all
blocks received an interpolated grade. Constraints were applied to the number of grade values and
holes used in the interpolations in order to improve the reliability of the estimates.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Upon completion of grade estimation for both deposits, a series of block model validations were
completed to test the robustness of each estimate.
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->80<!-- /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>Mutanga Mineral Resource Estimates</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Measured</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>U</B><SUB style="FONT-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="FONT-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pounds</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Lower</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>U</B><SUB style="FONT-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="FONT-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>U</B><SUB style="FONT-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="FONT-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Deposit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Cut-off ppm</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>ppm</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mutanga</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,880</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,992</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Indicated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Inferred</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B><B>U</B><SUB style="FONT-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="FONT-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 0px solid #000000"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pounds</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Lower</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>U</B><SUB style="FONT-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="FONT-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pounds</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>U</B><SUB style="FONT-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="FONT-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>U</B><SUB style="FONT-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="FONT-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Deposit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Cut-off ppm</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>ppm</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>U</B><SUB style="FONT-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="FONT-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>ppm</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(,000)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mutanga</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">314</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,817</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,230</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">206</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,287</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mutanga Ext</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">400</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mutanga East</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">320</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mutanga West</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">400</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dibwe</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">234</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,967</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>8,400</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>314</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,817</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>25,470</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>235</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13,154</B></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD colspan="3"><DIV style="text-align: justify"><B>Notes:</B></DIV></TD>
</TR>

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

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

</TABLE>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Based on the results of recent mining and processing studies, the updated mineral resource
estimates for Mutanga and Dibwe are reported at a 100 ppm U<SUB style="FONT-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="FONT-size: 85%; vertical-align: text-bottom">8</SUB> cut-off.
Recent drilling at Mutanga has validated the previous historical drilling data and provided
increased confidence in the U<SUB style="FONT-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="FONT-size: 85%; vertical-align: text-bottom">8</SUB> grade, geological interpretation and tonnage
factors resulting in a significant portion of Mutanga being classified as indicated mineral
resources. The remainder of the mineral resource has been assigned to the inferred mineral
resource category, due to the limited understanding of geological continuity, low drilling density
and the uncertainty surrounding the historical data.
</DIV>



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

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In the Athabasca Basin, Denison is participating in 31 exploration projects, primarily located in
the southeast part of the Basin. During 2010, 34,492 metres were drilled on projects which Denison
operates, and a further 5,612 metres were drilled by ARC on properties in the McClean Lake mill
area. In particular, Denison&#146;s program at its 60% owned Wheeler River project yielded positive
results, culminating in the completion of an initial estimate of mineral resources at the Phoenix
deposit in November&nbsp;2010, see &#147;Mineral Properties &#151; Phoenix Deposit at the Wheeler River Property&#148;.
The Wheeler River project remains the major focus of the Company&#146;s exploration activities in 2011.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison is participating in four drill programs in the Athabasca Basin during the 2010-2011 winter
season; Denison is operator of three of these programs, and the other is managed by ARC. Of the
Denison operated projects, one drill program will be undertaken at the Wheeler River project and
the other two will be at the Moore Lake and Hatchet projects. ARC plans to undertake a winter
drill program at the McClean Lake project. No field work is planned for the Midwest and Waterfound
projects this year, and a minor amount of geophysics is planned for the Wolly project.
</DIV>



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

<P align="center" style="font-size: 10pt"><!-- Folio -->81<!-- /Folio -->
</DIV>

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

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




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On Denison&#146;s operated and non-operated projects, a total of 44,550 metres of drilling is planned
for 2011. In addition to these major drill campaigns, Denison and ARC expect to carry out a number
of geophysical surveys to identify targets for future drill programs.
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The McClean project includes the deposits of the Sue Trend, and the JEB, Caribou and McClean Lake
sandstone hosted deposits. The &#147;Sue Trend&#148; represents an arcuate graphitic gneiss which flanks
various granitic domes, and one of these domes is associated with virtually all of the
mineralization at the property. Depths to basement are relatively shallow, rarely exceeding 175
metres, which is well within the range of open pit mining methods. The Sue trend is host to five
deposits, including Sue A, Sue C, Sue E and Sue B which have been mined. The Sue E deposit is
geologically similar to the Sue C deposit, in that it is basement hosted and contains an order of
magnitude more pounds than the nearby unconformity hosted deposits (Sue A, B and D). The McClean
group of deposits represents the fifth largest property in the Athabasca Basin in terms of
production and identified mineral resources and has 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> since inception. In the Company&#146;s view, significant exploration
potential still remains. However, no drilling was carried out on this property in 2010 by its
operator, ARC. A variety of compilation and database review programs were completed.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 2011, work on the McClean Lake project will consist of 4,250 metres of &#147;brown-field&#148; diamond
drilling in support of near-term mining operations. Targets at McClean South, Sue D, Caribou and
McClean North will be tested.
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Little exploration activity was carried out at the Midwest project in 2010. Only minor compilation
and some core racking were carried out during the year, and no work is planned for 2011.
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Wolly uranium exploration project is a large and well located property which surrounds the
McClean Lake uranium operations and comprises approximately 23,700 hectares, making it double the
size of the Wheeler River project.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In October&nbsp;2004, Denison entered into an agreement with ARC to earn up to a 22.5% interest in the
Wolly project by spending up to Cdn$5,000,000 on exploration activities over a six-year period.
Denison completed its earn-in during 2009.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Wolly was first explored in the mid 1970s by its prior owners, due to its proximity to the Rabbit
Lake discoveries. Because of the relatively shallow depths to the unconformity, which do not
exceed 200 metres, drill testing there is less expensive than many other properties in the area,
and any Wolly deposits discovered would be amenable to open pit extraction methods. Wolly
originally included the McClean area until the decision was made to place McClean into production,
at which time McClean was separated out.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The 2010 exploration programs which were conducted by ARC, as operator, consisted of a number of
ground geophysical surveys, which were dedicated to refining future drill targets, and a 19-hole
drilling program for 3,431 metres. The holes were drilled in the JEB West and Geneva areas. No
significant mineralization was returned from any hole completed in this year&#146;s work. For 2011, a
small moving loop geophysical survey will be conducted over the shallow Snake Lake East area, along
strike from the previously mined JEB deposit.
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Waterfound property, owned 15.0% by Denison, is a deeper project with depths to the
unconformity in the range of 450 to 550 metres. A relatively long conductor, termed the D1, is
present on the property and has been the main focus of exploration for a number of years. This
conductor is host of the &#147;Alligator&#148; showing, in the north part of the claim group where Hole WF-08
in the early 1990&#146;s intersected a value of 3.81% U over 10.53 metres at a depth of approximately
450 metres. A significant amount of geophysical work took place in the past four years prior to
the 2009 five hole drill program, totalling almost 3,360 metres. No significant results were
returned from the drilling, which was testing the west strike extensions of the Alligator showing
in a geophysically complex area. A three hole, 2,182.2 metre program took place in 2010 and tested
this conductor in an undrilled area. No significant drill results were obtained.
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Moore Lake property, owned 75% by Denison and 25% by JNR Resources Inc. (&#147;<B>JNR</B>&#148;), comprises 11
contiguous claims totalling approximately 36,000 hectares. The property is located in the
southeastern portion of the Athabasca Basin in the La Ronge Mining District of Saskatchewan. The
Moore Lake property is subject to a 2.5% net smelter return royalty. The target on the Moore Lake
property is an Athabasca unconformity type deposit.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Early exploration on the Moore Lake project has been at the Maverick zone, although uranium
mineralization has been intersected in several other locations on the project. The primary
exploration target area on the project is the 2.5 km long Maverick mineralized trend where pods of
high grade unconformity-type mineralization have been outlined. Basement and sandstone hosted
mineralization have also been intersected on the Avalon, Venice, Rarotonga, and Nutana Grid areas.
Mineralized intercepts have been recovered along nearly 800 metres of strike, and the mineralized
system has been traced by wide-spaced drilling for over three kilometres. Based on the program of
13 holes drilled in 2008, it was determined that the Maverick Zone was too small to be economically
significant. Since then, work has consisted of several campaigns of resistivity geophysical
surveying to identify targets along a reappearance of the Maverick stratigraphy. The Moore Lake
Joint Venture is planning an eight hole, 3,000 metre program in 2011 which will continue to test
these targets.
</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 holds a 60% interest in the Wheeler River project consisting of 19 mineral claims totalling
11,720 hectares. The other parties are Cameco Corp. at a 30% interest and JCU holding the
remaining 10%. Denison is the operator. It is favourably located along strike from the McArthur
River mine and is underlain by many of the same geological features. A prime target during the
2005 to 2008 period has been the quartzite ridge, where significant but uneconomic mineralization
has been intercepted at a depth of 300 metres, at two different locations along the footwall of the
ridge separated by 600 metres.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 2008, as a result of a DC resistivity survey along the hanging wall of the quartzite ridge, an
alteration zone was discovered in an area where a number of historic drill holes had been lost in
altered sandstone. The resulting DC resistivity anomalies were tested for sandstone &#147;breaches&#148;
postulated to represent alteration plumes emanating from mineralization at the unconformity. All
drill holes during the summer of 2008 either intersected mineralization or very strong alteration
close to mineralization.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During 2009, three drill programs were carried out, each of which established significant
milestones in the advancement of the project. During the winter program, the first indications of
significant mineralization came from Hole WR-258 which returned 11.2% U<SUB style="FONT-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="FONT-size: 85%; vertical-align: text-bottom">8</SUB>
over 5.5 metres from a depth of 397 metres. The summer drill program continued to test this
mineralization, known now as the Phoenix deposit, with Hole WR-273 returning a value of 62.6%
U<SUB style="FONT-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="FONT-size: 85%; vertical-align: text-bottom">8</SUB> over 6 metres at a depth of 405 metres. A further drill program in the
fall of 2009 established continuity in this high-grade area. The Phoenix deposit bears
similarities to the McArthur River P2 deposits.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Two drill programs were carried out by Denison in 2010 under which 28,362 metres of core were
drilled for the dual purposes of discovering extensions of the Phoenix Zone and providing data in
support of an initial estimate of mineral resources in accordance with NI 43-101 which was
completed in November&nbsp;2010. Both of these programs were very successful, resulting in the
discovery of two new zones, namely Zones C and D, along strike and in the completion of mineral
resource estimates in late 2010.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Joint Venture approved the largest budget in the property&#146;s history, totalling an annual
spending of Cdn$10,000,000 for the Wheeler River project in 2011. Seventy-five holes are planned
to be drilled in an attempt to expand mineral resource estimates in the known deposits (Zones A and
B), to evaluate Zones C and D and to explore for new zones along the nine kilometre structure as
delineated by the existing geophysics. In addition, further geophysical work will attempt to
extend the structure to the Southwest. This work will entail using three diamond drill rigs
simultaneously. It is anticipated that a total of 35,000 metres of diamond drilling will be
carried out.
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison entered into an agreement with Cameco in March&nbsp;2006 for an option to earn an aggregate 75%
interest in Cameco&#146;s Park Creek uranium exploration project in two stages, by incurring
Cdn$2,800,000 in exploration expenditures over a period of three years to earn a 49% interest, with
a second option to earn an additional 26% interest by incurring expenditures of Cdn$3,000,000
before the end of 2014. Denison is the operator during the earn-in period and has earned the
initial 49% interest.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The current project lands were staked by Cameco in 1992. These lands were previously explored as
part of the Umpherville Lake Project by Noranda in the 1970&#146;s and until the mid 1980&#146;s, and then by
Rio Algom until the early 1990&#146;s. Most of Cameco&#146;s exploration activities, which followed this
period until 2004, on the Bird Lake thrust fault which traverses the central portion of the
property on the Esker grid. Based on exploration to date, boulder sampling on the project
indicates a broad illite anomaly and an area of weak uranium and lead enrichment on the Esker grid.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison has carried out geophysical surveys and several drill programs. Drilling along the Bird
Lake Fault on the Esker grid has located areas of strong alteration and anomalous geochemistry in
the vicinity of the intersection of north-south faults with the Bird Lake fault.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During the 2009 winter, a ground D.C. resistivity survey was carried out. The results suggest that
the resistivity survey successfully mapped the major basement structural corridors within the
surveyed area. During the 2009 summer exploration season, a drill core re-logging program was
carried out in order to better understand the Park Creek basement geology on a property scale, as
well as to help determine which geological features, if any, were contributing to the resistivity
anomalies generated that previous winter.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During the winter of 2010, six holes representing 2,074.1 metres, were drilled in two areas. Four
holes targeted resistivity anomalies on the Esker grid. Although favourable structures were
located, explaining the resistivity anomalies, no significant uraniferous results were obtained.
Two holes, targeting high-frequency EM Conductors as an indication of an extension of a possible
mineralized zone, were unaltered.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">No work is planned for 2011 on this project.
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Bell Lake project is a joint venture with JNR and is located in the Athabasca Basin some 50 to
75 kilometres northwest of the Rabbit Lake mine. Denison holds a 60% interest and is the operator
of the prospect. The project consists of nine claims totalling 26,550 hectares. Historic drill
holes on the property indicate that the conductive horizons may be attributed to graphite and
sulphides in the basement lithologies. Assessment credits are in good standing. No work was
carried out in 2010. In early 2011, a program of line cutting followed by ground magnetic and
fixed loop EM surveys were carried out to cover any eastern extension of the Bell North Conductive
Trend.
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Huard-Kirsch property is a joint venture between Denison and Aben Resources Ltd. Denison has
an approximate 52% interest in the property.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">No exploration activities were conducted on this property in 2009 or 2010, and none is planned for
2011.
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Murphy Lake property is a joint venture between Denison and Virginia Energy Resources Inc. with
each party having a 50% interest and Denison is the operator.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During the summer of 2008, two drill holes were completed on the Murphy Lake property for a total
of 600 metres. Both targeted a time-domain electromagnetic (&#147;<B>TDEM</B>&#148;) anomaly, outlined by ground
geophysics completed during 2008. While anomalous mineralization was obtained, including the
presence of a faulted basement wedge, no work was carried out in 2010. For 2011, a small moving
loop survey and magnetic and VEF surveys will be completed on Claim S-111636. Assessment credits
are in good standing.
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Hatchet Lake property is a joint venture between Denison and Virginia Energy Resources Inc.,
with each company having a 50% interest and Denison is the operator. The property currently
consists of 11 claims, totalling 33,930 hectares, which were acquired in 2004 and 2005. The area
has been previously explored over the last 40&nbsp;years, by a number of prior owners including
Urangesellschaft Canada Ltd., Saskatchewan Mining Development Corporation, Cogema Resources Inc.
(now ARC), Numac Oil and Gas Ltd., Gulf Minerals Canada Ltd., Asamera Minerals Corp., Eldorado
Resources Ltd., Cameco, JNR and the Company. Previous work has outlined several areas of interest
in the Wollaston meta-sediments which surround broad Archean granite domes on the property.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In the Richardson-Crooked Lake area, geophysical surveys and about 150 drill holes have been
completed over the 10 kilometre trend since 1976. This work outlined NW-SE trending conductors,
anomalous radioactivity (up to 5,500 cps) at the unconformity, indicative alteration including
bleaching, hematization and quartz dissolution concentrated near the unconformity, sheared graphite
in the basement pelites and anomalous base metal values in basement fault zones and the basal
sandstone. On the southeast part of the property, fairly comprehensive work has been completed in
the Tuning Fork Lake area. In this area there is evidence of a NE oriented structure with
unconformity offset. Hole Q20-1 intersected 0.1% U over 0.5 metres in the basement lithologies in
the hanging wall of the fault.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During the winter of 2010, 11 holes totalling 2,161 metres were drilled. Drilling returned
interesting results with potential, including several 1.0 metre zones up to 0.1%
U<SUB style="FONT-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="FONT-size: 85%; vertical-align: text-bottom">8</SUB> in the first hole. The third hole yielded over 100 metres of strongly
altered and faulted basement rocks. Despite the absence of anomalous uranium values in this hole,
further work is justified.
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison is planning a drill program for 2011, consisting of 14 holes, totalling approximately 2,300
metres, in areas of strongly altered basement rocks.
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Turkey Lake Project is located along the northeastern edge of the Athabasca Basin in northern
Saskatchewan. The project is well situated, bordering the northern claim boundary of the Wolly
Project, about 28 kilometres north of the McClean Lake project and approximately 25 kilometres
north of the Eagle Point mine. The Turkey Lake property is 100% owned by Denison.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Prior to Denison&#146;s involvement, the Turkey Lake property was explored by Gulf Minerals and Cameco.
In 1978, Gulf Minerals Canada drilled a total of 13 holes into the main Turkey Lake conductors. Of
these, several returned encouraging results, the best of which was TUR-4 which intersected 0.136% U
over 0.6 metres. The intersection was within the sandstone column just above the sub-Athabasca
unconformity at a vertical depth of only 20 metres. Follow-up holes drilled within the vicinity of
TUR-4 also intersected significantly elevated radioactivity.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During the summer of 2008, a medium-density soil sampling geochemical survey was completed over the
main Turkey Lake conductor set. The program was designed to selectively analyze the samples using
a technique known as Enhanced Enzyme Leach Analysis. The survey indicated weakly anomalous nickel,
thorium and uranium results within the TUR-4 drilling area, as well as an interesting zone of
depletion to the north along the conductor system. Historical drill holes were located and
re-collared during the course of the program.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s work in 2009 included an airborne geophysical survey conducted during the summer months
in conjunction with the Le Drew Lake and Hatchet Lake projects. The survey collected magnetics,
electromagnetics, and radiometrics over the project areas.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During 2010, Denison drilled 14 holes totalling 1,895 metres to test the double conductor set which
had returned anomalous radioactivity in past work. One hole intersected elevated radioactivity, at
250 to 1100 cps, over 12 metres very near surface. Assay results from this core returned a maximum
of 0.13% U<SUB style="FONT-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="FONT-size: 85%; vertical-align: text-bottom">8</SUB> over 1.0 metre. Further work is warranted, but none is planned
for 2011.
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On Denison&#146;s 100% owned Bachman Lake project, early work concentrated on the two known conductor
systems ML-1 and ML-2, while large parts of the property have only seen regional work. Denison
believes that there is good potential for the discovery of unconformity type uranium mineralization
on this property.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 2009, Denison targeted one hole at 648 metres to test strong basement alteration with weakly
anomalous unconformity geochemistry detected at BH 08-02 from 2008 drilling. The 2009 hole,
BH-09-01, was a step-out hole drilled 185 metres north of fence BH-08-02 with a southerly dip, with
a view to better explain the interpreted airborne and ground conductors which appear coincident
with strong lower sandstone hosted alteration, such as bleaching and desilicification. Hole 09-01
was successfully drilled to a depth of 648 metres as planned. The unconformity was intersected at
461 metres and a significant cut of basement lithologies was collected and sampled. In addition,
several basement conductors and faults were intersected. The structural data collected will
further improve the overall geological interpretation of this conductive trend. As the project is
in good standing, no work was carried out in 2010 and none has been proposed for 2011.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At this 75% Denison-owned joint venture, with Freeport-McMoRan Copper &#038; Gold Inc. (&#147;<B>Freeport</B>&#148;)
owning the balance, the current project lands were established in 1995 and 1996. One of a pair of
east west conductors was drill tested in the mid 1990&#146;s, and the results disclosed an extensive
alteration zone between approximately 350 metres to 450 metres depth with an east west extension of
900 metres. Several holes drilled by Denison in 2007 were lost in areas of extensive quartz
dissolution in the sandstone. These holes remain priority targets for follow up in the future. At
this time, the project is in good standing. No work was carried out in 2009 and 2010, nor has any
been proposed for 2011.
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Brown Lake is another co-owned project between Denison and Freeport, with Denison again owning 75%.
At this small property, extensive exploration has been conducted in the past. Significant uranium
mineralization has been intersected in one hole and favourable alteration and geochemistry in
several others. The best assay was an average of 1.42% U<SUB style="FONT-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="FONT-size: 85%; vertical-align: text-bottom">8</SUB> over one metre
in one hole drilled in 1979.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison does not believe that much potential exists in this immediate area based on extensive
follow up drilling carried out, but there is still potential in the regional area for both
unconformity and basement hosted deposits. Four holes totalling 1,164 metres were drilled in late
fall of 2009. The results of the four hole fence drilled on the Brown Lake project yielded weakly
anomalous geochem results along the main conductive trend. The overall interpretation of the
northeast dipping (45 degrees) synclinal structure are bolstered, and further evidence has been
collected regarding to the two main fault structures interpreted on the property. Up until then,
no structural data had been collected on the property. No work was carried out in 2010 and none is
planned for 2011.
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On this 100% Denison-owned property, several geophysical surveys, consisting of ground magnetic and
electromagnetic surveys, were carried out in the winter of 2009 to prioritize future drill targets.
Further resistivity surveys had been carried out during the summer of 2009 to define any sandstone
alteration zones and controlling structures related to historical mineralization where sub-economic
mineralization was encountered in several holes. More than 60 holes have tested this property to
date.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A total of six holes for 1,988 metres were drilled in late fall of 2009 to test two separate
interpreted conductive structures. A re-interpretation of the property geology and geophysics
suggested the presence of several untested conductive fault structures situated in ideal
metamorphic rock types. Based on ground geophysics completed in 2008 and 2009, Denison identified
a significant conductive fault structure that had remained untested to date.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Drilling along the northern interpreted conductor on the Ford Lake grid intersected a significant
basement and sandstone fault structure with weak associated unconformity mineralization (40ppm U
partial digestion). No significant geochemistry was noted from the drilling conducted on the
southern conductor.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A ground resistivity survey conducted on the Morin Lake grid during the fall of 2009 yielded mixed
results. As assessment credits on this property are in good standing, no work was carried out in
2010, and none is proposed for 2011.
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Jasper Lake property is wholly-owned and operated by Denison. The target on the property is an
unconformity-type uranium deposit at or near the contact between the Athabasca sandstones and
underlying basement rocks. Work was carried out by Denison in 2008, and sufficient assessment
credits will keep the project in good standing for several years.
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Stevenson River property is wholly-owned and operated by Denison. The Company completed a
two-hole helicopter supported drill program during the summer of 2008. No mineralization or
significant radiometric peaks were encountered. This property is in good standing; no work was
carried out in 2010, and none is proposed for 2011.
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Ahenakew Lake property is wholly-owned and operated by Denison. Four diamond drill holes
totalling 804 metres were completed during the winter of 2008/2009. None of the drill holes had
Athabasca Group sandstone overlying basement rocks. Although all holes encountered varying amounts
of strongly graphitic pelite with locally massive graphite none intersected any significant uranium
anomalies. A historic hole in 1986 intersected 4,350 ppm over 0.4 metres at a shallow 57 metre
depth, so there is some potential for uranium mineralization. However, no work was carried out in
2010 and none is planned for 2011.
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The North Wedge Project is 51% owned by Denison, with JNR holding the balance. Denison is the
operator of the project. The winter 2008/2009 exploration program on the North Wedge claim
consisted of approximately 300 meters of diamond drilling over two holes. The drilling targeted a
weak geophysical anomaly as well as Tabbernor faulting. This work was unsuccessful in defining
either mineralization or alternation. No further work is planned for the immediate future.
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On JNR operated projects Dufferin, Kelic Lake, Lazy Edwards and Pendleton, ground geophysical
surveys were carried out on a variety of locations in 2009. No additional work was carried out in
2010.
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison holds a 100% interest in a gold prospect at Talbot Lake in Ontario. In 2009, Denison
entered into an option agreement with Abbastar Resources Corp., whereby Abbastar may earn interests
in the Talbot Lake property.
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The uranium mineralization found in the Colorado Plateau was deposited in alluvial fans by braided
streams. The shape and size of the mineralized lenses are extremely variable. As a result,
exploration and mining have historically involved conducting exploration to find the lens and then
following its erratic path with limited surface exploration drilling. This is unlike other types
of mining where mineralization is almost completely delineated by extensive surface drilling prior
to mining.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The unusual nature of these deposits has traditionally resulted in a limited amount of drilling
being dedicated to delineate resources prior to mining. Traditionally, there will be some
resources that have been delineated at the beginning of each year, uranium will be mined during the
year and approximately the same amount of resources will remain delineated at the end of the year.
This pattern has persisted since the 1940s.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison conducted drilling at three sites in 2008. Two of these sites are close to existing,
active Denison mines, and the third site, Monogram Mesa, is a block of claims in an area of
extensive historical production by past operators. Towards the end of 2008 and then into 2009,
Denison drilled a total of 100 holes, amounting to 17,066 metres (55,995 feet) on its exploration
properties in the United States. Drilling in 2010 totalled 15,717 metres (51,569 feet) in the
vicinity of the Beaver and Pandora mines.
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->88<!-- /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">Commencing in November&nbsp;2008, a 41-hole program totalling 6,143 metres (20,125 feet) was conducted
near active mining areas of the Pandora mine. This drilling confirmed minable grade mineralization
in the eastern portion of the Pandora mine, and by late 2009, mining operations were actively
producing from that area. In 2010, 11 holes totalling 1,963 metres (6,440 feet) were drilled in
advance of active mine areas at the Pandora mine. Results of this drilling were negative, and
future drilling will focus on stepping out to new target areas further removed from current mining
areas.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The majority of 2010 drilling in the U.S. was directed to the Beaver Mine area. A total of 62
holes totalling 13,755 metres (45,129 feet) were completed along known trends and in areas between
mineralized pods where historical drilling is limited. A new mineralized channel was delineated
parallel to active mining in the west Beaver area; the new zone is approximately 300 metres long.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Two drilling campaigns were conducted at the Sunday Mines Complex in a combined resource
exploration effort and hydrogeological characterization program in support of permitting
requirements. The first phase of a two-phase program was conducted in March and April&nbsp;2009.
Twenty -two holes totalling 3,781 metres (12,407 feet) were drilled, primarily to collect
subsurface data for hydrogeological characterization as required under the Colorado DMO program.
See &#147;Operations &#150; US Properties&#148;. This initial phase of drilling encountered two minor mineralized
zones, which were subsequently further tested in the second phase of work. The second phase of
drilling was conducted in August and September and amounted to 7,152 metres (23,463 feet) in 37
holes. Drill results were generally marginal, encountering only isolated, thin mineral
intersections. Further geologic interpretation in the entire Sunday Complex area is needed to
develop additional drill-worthy targets.
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 2007, the Company expanded its programs in Mongolia to include environmental characterization
work, hydrology studies, and preliminary development planning at the Hairhan and Haraat projects.
Aquifer characterization tests were conducted at both the Hairhan and Haraat deposits. An initial
Social Impact Assessment Scoping Study and Stakeholder Interview Program was completed in the
region of the Hairhan and Haraat projects. Since the majority of the mineralization at the Haraat
deposit is above the natural water table and not amenable to ISR, a preliminary Scoping Study was
conducted to identify possible alternative exploitation methods, including open pit mining with
conventional milling, heap leaching, and vat leaching.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Drilling in 2007 consisted of 45,746 metres on the Hairhan and Haraat projects. Drilling at
Hairhan was directed primarily to closing the drill spacing in mineralized zones. The Hairhan work
also continued to extend the southern end of the main Hairhan central deposit. At Haraat, drilling
included reconnaissance work in order to determine the potential extent of known mineral trends. A
resource area designated Northeast Haraat was delineated in 2007. This area was initially
encountered in drilling in the late 1990&#146;s, but had not been evaluated since.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company also tested three target areas in 2007 in new frontier areas in southwest Mongolia.
This included drilling 10,290 metres to investigate geologic settings in areas which had been
mapped and exhibited favourable surficial geology. Although the initial drilling did not lead to
any mineral discoveries, these areas warrant further work at a time when markets justify new
frontier programs.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 2008, a total of 72,423 metres of drilling was carried out on the Hairhan depression, the Choir
depression and other exploration targets. At Hairhan, over 25,000 metres, using seven rigs, was
dedicated to infill drilling and the establishment of hydrogeological wells for baseline
groundwater and monitoring wells.
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->89<!-- /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="justify" style="font-size: 10pt; margin-top: 10pt">At the Choir depression, only a limited amount of drilling was carried out, but the Company was
successful in discovering several small isolated mineralized zones which will be future targets.
Several drill holes were cored to obtain metallurgical samples. The preliminary metallurgical test
work indicated that recoveries of approximately 90% could be achieved using either acid or
carbonate leach.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At the Ulziit depression, a 25,000 metre program was completed and a new discovery of moderate
mineralization in permeable sands was made.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Drilling on the Urt Tsav/Hokh Tolgoi licence area extended the mineralized paleo-channel system.
Further detailed delineation work is needed to confirm the potential of this system to host sizable
uranium deposits.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Baseline groundwater sampling wells were installed in Hairhan in 2008 and quarterly sampling was
initiated. Similarly, quarterly sampling of springs and local herders&#146; wells was initiated.
Baseline studies were completed at Hairhan for soils, vegetation, wildlife and surface water. A
baseline gamma survey was also conducted over the Hairhan area and surrounding locales where future
development might affect the current land condition.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Late in 2008, the Company submitted to the Mineral Resources Committee of Mongolia a resource
estimate prepared in accordance with Russian procedures. This submission is required to advance
projects from exploration licences to mining licences.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Committee approved the GSJV resource estimates becoming the first officially accepted and
approved uranium resource registered in Mongolia. A Preliminary Feasibility Study, structured in
accordance with Mongolian standards, was submitted in early 2009 and is under review.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 2009, a program totalling 13,878 metres of drilling was carried out on the Hairhan, Choir,
Ulziit and Gurvan Saihan licence areas.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At the Hairhan project, in 2009 a 4,869 metre drilling program was directed toward testing of
outlying areas to support determination of which areas of the exploration licence could be reduced.
As a result of this drilling, the eastern, southeastern, and southern areas of the Hairhan
depression were found to be unfavourable for uranium mineralization, and these areas were
subsequently released from the licence.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In the Haraat area in the Choir depression, drilling totalled 1,998 metres in 2009. A new zone of
sandstone-hosted mineralization, tested in 2007 and 2008, was extended with the 2009 drilling.
This prospective new zone, along the eastern margin of the depression, warrants further
exploration.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In the Ulziit licence areas, a 6,509 metre drilling program was completed in 2009. This work
tested the three areas where anomalous mineralization had been encountered in the 2008 campaign.
The 2009 results were encouraging, as mineralization has been discovered hosted in permeable
sandstones and associated with redox interfaces.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In the Gurvan Saihan area, a small drilling program was conducted in 2009, primarily to meet
licence-holding work commitments. Drilling totalling 502 metres was selectively located to gather
core for analysis of lithologic associations.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Work continued in 2009 on environmental data collection and related permitting activities at
Hairhan. Quarterly groundwater baseline sampling continued, as did collection of baseline samples
on herders&#146; wells and local springs. Archeological surveys were completed at Hairhan and Haraat.
A General Environmental Impact Assessment was submitted to the Ministry of Nature and Environment.
This assessment was accepted and is another of the components needed to proceed to obtain a mining
licence at Hairhan.
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->90<!-- /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">Activity by the GSJV generally slowed in 2010 due to uncertainties regarding joint venture
ownership and structure as a consequence of the enactment of the New Law. Work proceeded on
environmental programs, most notably the finalization and submittal to relevant agencies of a
Detailed Environmental Impact Assessment for the Hairhan ISR project with a satellite ISR project
for Haraat on resources below the water table. The Prefeasibility Study submitted in early 2009
was placed on hold in 2010 in order to update and revise the study to meet Mongolian standards for
a &#147;final&#148; Feasibility Study.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Drilling in 2010 was limited in scope to focus on essential priorities and to meet annual
exploration work requirements. At Hairhan, three holes totalling 653 metres were drilled to test
deep extension of known mineralization; results were encouraging as a possible new target has been
located. In the Choir Depression, 1,998 metres of drilling was conducted to continue extension of
the new mineralized trend developing along the east margin of the licence area. At Gurvan Saihan,
infill drilling of 1,356 metres was completed, which supported preparation of an initial resource
estimate, in accordance with Russian methods and Mongolian standards. At year end the resource
estimate was submitted to the Mineral Resource Committee of the Ministry of Mineral Resources and
Energy. Confirmation and extension drilling totalling 3,509 metres were conducted on three
discoveries in the Ulziit licence.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In the period since the Company resumed exploration work, following temporary cessation of programs
in 2000, the following drilling work has been conducted:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Total</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Area</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Metres</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Choir</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,397</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,862</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,998</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">591</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,848</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hairhan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,349</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,653</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,869</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">653</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,524</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gurvan Saihan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,533</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,664</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">502</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,356</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,055</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ulziit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,089</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,509</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,509</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,107</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Urt Tsav/Hokh Tolgoi</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,054</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,509</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">GSJV Exploration areas</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,412</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,124</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,536</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Denison Exploration
areas</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,658</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,290</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,948</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Totals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,999</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,782</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,336</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72,423</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,878</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">247,527</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">With the enactment of the New Law, authority over all uranium exploration licences was transferred
from the Ministry of Mineral Resources and Energy to the NEA. Accordingly, the GSJV coordinated
with both agencies to effect the re-registration of the GSJV licences with the NEA. Late in 2009,
materials were submitted to reduce four of the six GSJV licences. This action must be approved by
the NEA and local authorities in the areas of the licence to ensure that no environmental damage
remains in areas being released. The reduction of the licence areas lowered annual exploration
licence fees for the GSJV from slightly over $1&nbsp;million to less than $300,000.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Work commenced on Mutanga late in 2007, and the project was the focus of a major development
drilling effort until mid-2008 when the rigs were turned to exploration. The drills concentrated
on testing areas identified as a result of an airborne radiometric survey over the prospective
parts of the project not covered by a previous survey. This work was successful in discovering
three new areas of mineralization of moderate to strong mineralization.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During 2009, Denison focussed on the consolidation and re-evaluation of geological and geophysical
data. During the year, Denison developed a further understanding of the Project geology through
surface geophysical (radiometric)&nbsp;programs, geological mapping and petrographic studies. Geological
and geophysical data validation programs continued throughout the year. This work continued
through 2010 as well as some regional studies.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->91<!-- /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">In 2010, Denison continued to advance Mutanga in preparation for a significant work program in
2011. A 17,000 metre, $3.9&nbsp;million drill program is planned for the year to follow up on
favourable 2008 drill results in an attempt to increase the project&#146;s resource base. In addition,
some metallurgical test work will be carried out.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Quality Assurance and Quality Control Procedures and Protocols</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following section details the Quality Assurance and Quality Control (&#147;<B>QA/QC</B>&#148;) procedures and
protocols for all exploration programs operated by Denison.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following details the protocols used by all Denison staff and consultants on exploration
programs in the Athabasca Basin. The use of very large historic databases, and ongoing compilation
and evaluation, allows Denison to target both reconnaissance and detail follow up targets on many
of its projects. Selected control points on historic and newly cut grids are located by
differential Global Positional System (&#147;<B>GPS</B>&#148;). Diamond drill holes are initially located with
respect to local grid coordinates, and are located post-drilling by differential GPS. This GPS
allows very accurate definition of the surface elevation control, which is critical in location of
any unconformity offsets. Denison also collects down hole spatial data which allows determination
of the true position of the drill hole, as the azimuth and dip down the hole often varies from that
at the collar of the hole.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison collects several types of down hole geochemical data during drilling operations, as
follows:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="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">Regular geochemical samples of two types are collected at specific intervals down the
hole, generally at predetermined intervals in the 5.0 to 10.0 metre range:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="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">Regular samples are taken for clay analysis by spectrometer (PIMA). The speciation of
clays determined by this method helps to characterize proximity to mineralized alteration
zones at the unconformity. Less than 10 centimetres of sample is collected for this work.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="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">Regular samples of core are taken for multi-element geochemical analysis to determine
background levels of 53 elements; elevated concentrations of certain elements can then aid
in economic evaluation of the hole. Three selected samples of less than 10 centimetres are
composited to make up this sample.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Selected samples of drill core are sampled on the basis of radiometric data collected
during core logging, and on the local geology in the hole. This radiometric data is
obtained by using a hand held scintillometer. The scintillometer does not allow
quantification of grades, but it does help to identify mineralization and therefore select
samples for further geochemical analysis and assay. These special samples are selected for
geochemical analysis and are generally less than 10 cm.</DIV></TD>
</TR>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->92<!-- /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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Following completion of drilling, the hole is flushed with water for an hour to remove any
material from the bottom of the hole, and then a radiometric probe is lowered through the
rods to within 10 metres of the bottom. Readings are taken both on the way down and on the
way up. Probe results are presented as &#147;grade equivalent&#148; eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. The
downhole probes are calibrated originally by the manufacturer at test pits with known
mineralization in the United States. These probes are also regularly tested in the test
pits at a government-owned facility in Saskatoon. In addition, Denison is further
calibrating the probes by developing a correlation curve of probe grades versus
corresponding high-grade assays on split core as received from the laboratory. At the
Wheeler River project, different probes are used depending on the observed grade of
mineralization at the unconformity as the standard probes generally become saturated at
grades above 20% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="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">Assay data is collected where the geologist suspects, on the basis of alteration,
geology, scintillometer and probe results, that the grade of a sample could be greater than
0.01% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. The start and end points of the sample are marked;
Denison strives to keep a constant 0.5 metre sample interval. Flank samples are taken
above and below the suspected mineralized interval to geochemically constrain this
mineralization. These samples are split longitudinally with a mechanical splitter, and
half of the core is archived. The sample is placed in individual plastic bags, a sample
tag is placed in the bag and sealed and a corresponding tag is stapled to the core box
where the core was removed, and the samples are collected in five gallon pails for shipment
to the analytical lab.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Once the diamond drill core is geologically logged but before sampling, the core is photographed,
the core boxes are labelled with aluminium tags, and all core is stored in specially constructed
core racks out of doors in the event the core needs to be re-logged or re-sampled in the future.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The geochemical lab routinely inserts and tests known standards inserted with batches of the
Company&#146;s samples as an internal check on their analytical precision. The Company regularly submits
a variety of duplicate samples in the sample stream as a check on the accuracy of the analytical
lab. On Denison operated projects where the Company anticipates definition drilling of potentially
economic mineral deposits, Denison will insert known samples containing known standards into the
sample stream. Following receipt of the analytical results, the Company uses specialized
statistical software to monitor the expected results of the control samples against the actual
results.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Clay analysis (PIMA)&nbsp;are scanned in-house using a PIMA II spectrometer by Integrated Spectronics.
Following this, spectral analyses are completed on each sample result by a contractor who
specializes in determination of clay altered rocks. Sample pails for geochemical analysis and
assay type samples are transported to the analytical laboratories of SRC in Saskatoon, Saskatchewan
by representatives of a licensed and bonded transport company regulated to transport this type of
material.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All analyses are conducted by SRC, a Standards Council of Canada (CCRMP)&nbsp;certified analytical
laboratory. SRC has specialized in the field of uranium research and analysis for over 30&nbsp;years and
is a CNSC licensed laboratory for the analysis of uranium samples.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All data for U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> assaying is obtained under a QA/QC program that involves
sample processing and analysis as follows:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Drill cores are received by the analytical laboratory from Denison in sealed five-gallon
plastic pails. Each core sample is contained in a sealed plastic bag with a sample tag. A
packing slip is enclosed that contains instructions and a sample number list. Samples are
verified against the packing slip. Any extra samples or missing samples are noted and
Denison is informed.</DIV></TD>
</TR>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->93<!-- /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 style="margin-top: 10pt">
<TABLE width="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">Samples are sorted by the analytical laboratory according to location (sandstone or
basement origin) radioactivity, and are dried and processed as follows:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Samples are processed from lowest to highest radioactivity.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Crushed to 60% -2 millimetres. Approximately 200 grams of crush is riffled out then ground
in a chrome steel grinding mill to 90% -106 microns.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Replicates are chosen at random and another 200 grams of crush is riffled and ground.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The pulp is digested in aqua regia leach and diluted. The solutions are then analyzed by
ICP for % U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Certified U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> standards are analyzed with samples with
corresponding radioactivities. The detection limit is 0.002 wt% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.
Accuracy at various concentrations of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> are listed below:</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV 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 nowrap align="left" style="border-bottom: 1px solid #000000"><B>Sample #</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>%U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Typical Accuracy</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BL-1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.026</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#177;0.004</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BL-4a</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.147</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#177;0.004</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BL-2a</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.502</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#177;0.008</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BL-3</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#177;0.02</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BL-5</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#177;0.10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">RS2-11</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#177;0.7</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Check assays are done on selected pulps by DNC (Delayed Neutron Counting) at SRC. All radioactive
samples are monitored and recorded as per CNSC licence 01784-1-09.0.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All uranium exploration technical information is obtained, verified and compiled under a formal
quality assurance and quality control program in Mongolia. The following details the protocols
used by all Denison staff and consultants.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Processes for Determining Uranium Content by Gamma Logging</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Exploration for uranium deposits in Mongolia typically involves identification and testing of
permeable sandstones within reduced sedimentary sequences. The primary method of collecting
formation is through extensive drilling and the use of down hole geophysical probes. The down hole
geophysical probes measure natural gamma radiation, from which an indirect estimate of uranium
content can be made.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The radiometric (gamma)&nbsp;probe measures gamma radiation which is emitted during the natural
radioactive decay of uranium. The gamma radiation is detected by a sodium iodide crystal, which
when struck by a gamma ray emits a pulse of light. This pulse of light is amplified by a
photomultiplier tube, which outputs a current pulse. The gamma probe is lowered to the bottom of a
drill hole and data is recorded as the tool is withdrawn up the hole. The current pulse is carried
up a conductive cable and processed by a logging system computer which stores the raw gamma cps
data.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If the gamma radiation emitted by the daughter products of uranium is in balance with the actual
uranium content of the measured interval, then uranium grade can be calculated solely from the
gamma intensity measurement. Down hole cps data is subjected to a complex set of mathematical
equations, taking into account the specific parameters of the probe used, speed of logging, size of
bore hole, drilling fluids and presence or absence of and type of drill hole casing. The result is
an indirect measurement of uranium content within the sphere of measurement of the gamma detector.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->94<!-- /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 basis of the indirect uranium grade calculation (referred to as &#147;eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>&#148;
for &#147;equivalent U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>&#148;) is the sensitivity of the sodium iodide crystal used
in each individual probe. Each probe&#146;s sensitivity is measured against a known set of standard
&#147;test pits,&#148; with various known grades of uranium mineralization, located at the U.S. DOE&#146;s Grand
Junction, Colorado office. The ratio of cps to known uranium grade is referred to as the probe
&#147;K-Factor,&#148; and this value is determined for every gamma probe when it is first manufactured and is
also periodically checked throughout the operating life of each probe. Application of the
K-Factor, along with other probe correction factors, allows for immediate grade estimation in the
field as each drill hole is logged.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Core Sampling, Processing, and Assaying</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Core samples are collected for a number of purposes: verification of lithology as determined from
geophysical logging and examination of drill cuttings, determination of uranium content as a
general check of gamma probing to determine if gamma measurement and chemical uranium content are
close to balance (this is referred to as &#147;radiometric disequilibrium&#148;), whole rock analysis, and
specific geochemistry for uranium species and other minerals of interest. Typically core is only
taken over select intervals of interest as identified from logging of drill holes. This reduces
the amount of core through barren zones or horizons of no interest and greatly reduces overall
exploration costs.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Core diameter is typically 76 millimetres. For zones selected for laboratory analyses, one half of
the core will normally be used. The minimum length of core submitted is usually 0.2 metres and the
maximum length per sample is 0.4 metres. Sample intervals are selected by geologists in the field
based on lithology, oxidation/reduction, and uranium grade (from gamma logging and from hand-held
gamma counters).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Core samples are prepared at either the Central Analytical Laboratory or Activation Laboratories
Ltd.&#146;s facilities in Ulaanbaatar, Mongolia. Samples are crushed and then ground to -200 mesh. The
sample pulps are split to 250 to 300 grams for laboratory work.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Quality Assurance and Quality Control Measures</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Drill hole logging is conducted by an independent Mongolian contractor. The contractor developed
its logging capabilities specifically to meet Denison&#146;s logging requirements in Mongolia. The
tools, and a complete set of spares, were manufactured by Mount Sopris Instrument Company in
Golden, Colorado and were shipped to Mongolia in 2005 ahead of the drilling season. Denison has
retained the services of a senior geophysical consultant to oversee training, implementation, and
quality control protocols with the Mongolian logging contractor. All tools were checked and
calibrated before being shipped to Mongolia, and a variety of system checks and standards are also
established for routine checking and calibration of tools. In addition, Denison cased a
mineralized hole at one of its centrally located exploration areas, and this cased hole can be
logged periodically to ensure exact repeatability of the gamma probes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Drill hole logging data is stored on digital media in the logging truck at the exploration sites.
The digital data are periodically brought in from the field locations to the Ulaanbaatar office.
The raw and converted logging data are copied and then sent via e-mail to Denison&#146;s Denver office,
where all data is checked and reviewed.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Samples of drill core are chosen on the basis of radiometric data collected during core logging.
This radiometric data is obtained by using a hand held scintillometer. The general concept behind
the scintillometer is similar to the gamma probe except the radiometric pulses are displayed on a
scale and the respective count rates are recorded manually by the geologist logging the core. The
hand-held scintillometer provides quantitative data only and cannot be used to calculate uranium
grades. However, it does allow the geologist to identify uranium mineralization in the core and to
select intervals for geochemical sampling.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->95<!-- /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">Additional samples are collected above and below the horizons of interest in order to &#147;close-off&#148;
sample intervals. Sample widths are selected according to radiometric values and lithologic breaks
or changes. All reasonable efforts are made to ensure that splitting of the core is representative
and that no significant sampling biases occur. Once the sample intervals are identified, an
exclusive sample number is assigned to each interval and recorded by the on-site geologist.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">After the geological logging of the core and sample selection, all of the selected sample intervals
of drill core are split longitudinally at the drill site. One half of the core is placed in a new
sample bag along with a sample tag corresponding to the sample number. The other half of the core
is re-assembled in the core box and stored for future reference. Samples are transported to
Ulaanbaatar under the supervision of the project geologists and delivered to either the Central
Analytical Laboratory or Activation Laboratories Ltd. for preparation. As standard procedure,
field duplicates are included in assay suites sent to the laboratories and reference samples are
used to verify laboratory controls and analytical repeatability.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All uranium exploration technical information is obtained, verified and compiled under a formal
quality assurance and quality control program in Zambia. The following details the protocols used
by all Denison staff and consultants.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Processes for Determining Uranium Content by Gamma Logging</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Exploration for uranium deposits in Zambia typically involves identification and testing of
sandstones within sedimentary sequences. The primary method of collecting information is through
extensive drilling (both Reverse Circulation and Diamond Drill coring) and the use of down hole
geophysical probes. The down hole geophysical probes measure natural gamma radiation, from which
an indirect estimate of uranium content can be made.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The radiometric (gamma)&nbsp;probe measures gamma radiation which is emitted during the natural
radioactive decay of uranium.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The gamma radiation is detected by a sodium iodide crystal, which when struck by a gamma ray emits
a pulse of light. This pulse of light is amplified by a photomultiplier tube, which outputs a
current pulse.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The gamma probe is lowered to the bottom of a drill hole and data is recorded as the tool is
withdrawn up the hole. The current pulse is carried up a conductive cable and processed by a
logging system computer which stores the raw gamma cps data.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If the gamma radiation emitted by the daughter products of uranium is in balance with the actual
uranium content of the measured interval, then uranium grade can be calculated solely from the
gamma intensity measurement. Down hole cps data is subjected to a complex set of mathematical
equations, taking into account the specific parameters of the probe used, speed of logging, size of
bore hole, drilling fluids and presence or absence of and type of drill hole casing. The result is
an indirect measurement of uranium content within the sphere of measurement of the gamma detector.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The basis of the indirect uranium grade calculation (referred to as &#147;eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>&#148;
for &#147;equivalent U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>&#148;) is the sensitivity of the sodium iodide crystal used
in each individual probe. Each probe&#146;s sensitivity is measured against a known set of standard
&#147;test pits,&#148; with various known grades of uranium mineralization, located at the U.S. DOE&#146;s Grand
Junction, Colorado office. The ratio of cps to known uranium grade is referred to as the probe
&#147;K-Factor,&#148; and this value is determined for every gamma probe when it is first manufactured and is
also periodically checked throughout the operating life of each probe. In addition, certain
boreholes at the Mutanga property are cased and the probes are periodically checked for any
instrument drift. Application of the K-Factor, along with other probe correction factors, allows
for immediate grade estimation in the field as each drill hole is logged.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->96<!-- /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"><I>Core Sampling, Processing, and Assaying</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In addition to purely geological purposes, drill core and reverse circulation chip samples are
collected for the following reasons:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">verification of lithology as determined from geophysical logging and examination of
drill cuttings;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">determination of uranium content as a general check of gamma probing to determine if
gamma measurement and chemical uranium content are close to balance;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">whole rock analysis; 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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">specific geochemistry for uranium species and other minerals of interest.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Core diameter is typically 76 millimetres. For zones selected for laboratory analyses, one half of
the core will normally be used and the other half retained. The minimum length of core submitted
is usually 0.2 metres and the maximum length per sample is one metre. Sample intervals are
selected by geologists in the field based on lithology, mineralization and uranium grade (from
gamma logging and from hand-held gamma counters).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Samples are analyzed at the Genalysis Laboratory in Perth, Australia. Samples are transported in a
dedicated truck from Zambia to Johannesburg, South Africa where Genalysis operates a dedicated
sample preparation facility. The sample is crushed, pulped and homogenized and a sample pulp is
air freighted to the lab in Perth.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">This laboratory has been in operation since 1975 and now processes over 1,000,000 samples per year.
It is fully certified and accredited by Australian standards. Genalysis is an accredited NATA
(National Association of Testing Authorities, Australia) laboratory (Number 3244). Genalysis has
been approved by AQIS (Australian Quarantine and Inspection Service) for the receipt and treatment
of samples from interstate and overseas. Genalysis is an Associate Member of the Association of
Mining and Exploration Companies Inc., and a Member of the Standards Association of Australia.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Quality Assurance and Quality Control Measures</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Drill hole logging is conducted by trained and dedicated personnel devoted solely to this task. The
tools, and a complete set of spares, were manufactured by Mount Sopris Instrument Company in
Golden, Colorado and were shipped to Zambia in 2007. Denison has retained the services of a senior
geophysical consultant to oversee training, implementation, and quality control protocols with the
Zambian logging personnel. All tools were checked and calibrated before being shipped to Zambia,
and a variety of system checks and standards have also been established for routine checking and
calibration of tools. In addition, a mineralized hole at the Mutanga Prospect was cased
specifically to be logged periodically to ensure exact repeatability of the gamma probes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Drill hole logging data is stored on digital media in the logging truck at the exploration sites.
The raw and converted logging data are periodically copied electronically to the Company&#146;s Lusaka,
Toronto and Saskatoon offices, where all data is checked and reviewed.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Samples of drill core or reverse circulation drill chips are chosen on the basis of radiometric
data collected during core logging. This radiometric data is obtained by using a hand-held
scintillometer and on the basis of down hole probing results. The general concept behind the
scintillometer is similar to the gamma probe except the radiometric pulses are displayed on a scale
and the respective count rates are recorded manually by the technician logging the core or chips.
The hand-held scintillometer provides quantitative data only and cannot be used to calculate
uranium grades; however, it does allow the geologist to identify uranium mineralization in the core
and to select intervals for geochemical sampling.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->97<!-- /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">Additional samples are collected above and below the horizons of interest in order to &#147;close-off&#148;
sample intervals. Sample widths are selected according to radiometric values and lithologic breaks
or changes. All reasonable efforts are made to ensure that splitting of the core or bulk chip
samples are representative and that no significant sampling biases occur. Once the sample
intervals are identified, an exclusive sample number is assigned to each interval and recorded by
the on-site geologist.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">After the geological logging of the core or chips and the selection of representative samples, all
of the remaining drill hole material is stored at site for future reference. Drill core is stored
in metal trays, and reverse circulation drill chips are stored in numbered and tagged plastic bags.
All samples, irrespective of type, are kept in buildings constructed for the purpose.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As standard procedure, field duplicates of reverse circulation drill chips are included in assay
suites sent to the laboratory. Reference and blank, meaning unmineralized, samples are used to
verify laboratory controls and analytical repeatability.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All uranium exploration technical information is obtained, verified and compiled under a formal
quality assurance and quality control program in the Southwestern United States. The following
details the protocols used by all Denison staff and consultants.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Processes for Determining Uranium Content by Gamma Logging</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Exploration for uranium deposits in the Southwest United States typically involves identification
and testing of permeable sandstones within reduced sedimentary sequences. The primary method of
collecting formation is through extensive drilling and the use of down hole geophysical probes.
The down hole geophysical probes measure natural gamma radiation, from which an indirect estimate
of uranium content can be made.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The radiometric (gamma)&nbsp;probe measures gamma radiation which is emitted during the natural
radioactive decay of uranium. The gamma radiation is detected by a sodium iodide crystal, which
when struck by a gamma ray emits a pulse of light. This pulse of light is amplified by a
photomultiplier tube, which outputs a current pulse. The gamma probe is lowered to the bottom of a
drill hole and data is recorded as the tool is withdrawn up the hole. The current pulse is carried
up a conductive cable and processed by a logging system computer which stores the raw gamma cps
data.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If the gamma radiation emitted by the daughter products of uranium is in balance with the actual
uranium content of the measured interval, then uranium grade can be calculated solely from the
gamma intensity measurement. Down hole cps data is subjected to a complex set of mathematical
equations, taking into account the specific parameters of the probe used, speed of logging, size of
bore hole, drilling fluids and presence or absence of and type of drill hole casing. The result is
an indirect measurement of uranium content within the sphere of measurement of the gamma detector.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The basis of the indirect uranium grade calculation (referred to as &#147;eU<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>&#148;
for &#147;equivalent U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>&#148;) is the sensitivity of the sodium iodide crystal used
in each individual probe. Each probe&#146;s sensitivity is measured against a known set of standard
&#147;test pits,&#148; with various known grades of uranium mineralization, located at the U.S. DOE&#146;s Grand
Junction, Colorado office. The ratio of cps to known uranium grade is referred to as the probe
&#147;K-Factor,&#148; and this value is determined for every gamma probe when it is first manufactured and is
also periodically checked throughout the operating life of each probe. Application of the
K-Factor, along with other probe correction factors, allows for immediate grade estimation in the
field as each drill hole is logged.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->98<!-- /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"><I>Core Sampling, Processing, and Assaying</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Core samples are collected for a number of purposes: verification of lithology as determined from
geophysical logging and examination of drill cuttings, determination of uranium content as a
general check of gamma probing to determine if gamma measurement and chemical uranium content are
close to balance (this is referred to as &#147;radiometric disequilibrium&#148;), whole rock analysis, and
specific geochemistry for uranium species and other minerals of interest. Typically core is only
taken over select intervals of interest as identified from logging of drill holes. This reduces
the amount of core through barren zones or horizons of no interest and greatly reduces overall
exploration costs.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Core diameter is typically 2<FONT style="font-size: 70%"><SUP>1</SUP></FONT>/<FONT style="font-size: 60%">2</FONT> &#151; 3<FONT style="font-size: 70%"><SUP>1</SUP></FONT>/<FONT style="font-size: 60%">4</FONT> inches. For zones selected for laboratory analyses, one half
of the core will normally be used. The minimum length of core submitted is usually one foot and
the maximum length per sample is two feet. Sample intervals are selected by geologists in the
field based on lithology, oxidation/reduction, and uranium grade (from gamma logging and from
hand-held gamma counters).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Core samples are prepared at the White Mesa mill in Blanding, Utah. Samples are crushed and then
ground to -200 mesh. The sample pulps are split to 250 to 300 grams for laboratory work.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Quality Assurance and Quality Control Measures</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Drill hole logging is conducted by Denison in-house personnel. The logging capabilities are
designed specifically to meet Denison&#146;s logging requirements in the Southwest United States. The
tools, and a complete set of spares, were manufactured by Mount Sopris Instrument Company in
Golden, Colorado. Denison has retained the services of a senior geophysical consultant to oversee
training, implementation, and quality control protocols for the southwest United States&#146;
operations. All tools are checked and calibrated before being used in the southwest United States,
and a variety of system checks and standards are also established for routine checking and
calibration of tools.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Drill hole logging data is stored on digital media in the logging truck at the exploration sites.
The digital data are periodically brought in from the field locations to the Egnar, Colorado field
office. The raw and converted logging data are copied and then sent via e-mail to Denison&#146;s Denver
office, where all data is checked and reviewed.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Samples of drill core are chosen on the basis of radiometric data collected during core logging.
This radiometric data is obtained by using a hand held scintillometer. The general concept behind
the scintillometer is similar to the gamma probe except the radiometric pulses are displayed on a
scale and the respective count rates are recorded manually by the geologist logging the core. The
hand-held scintillometer provides quantitative data only and cannot be used to calculate uranium
grades. However, it does allow the geologist to identify uranium mineralization in the core and to
select intervals for geochemical sampling.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Additional samples are collected above and below the horizons of interest in order to &#147;close-off&#148;
sample intervals. Sample widths are selected according to radiometric values and lithologic breaks
or changes. All reasonable efforts are made to ensure that splitting of the core is representative
and that no significant sampling biases occur. Once the sample intervals are identified, an
exclusive sample number is assigned each interval and recorded by the on-site geologist.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->99<!-- /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">After the geological logging of the core and sample selection, all of the selected sample intervals
of drill core are split longitudinally at the drill site. One half of the core is placed in a new
sample bag along with a sample tag corresponding to the sample number. The other half of the core
is re-assembled in the core
box and stored for future reference. Samples are stored at the Egnar, Colorado office under the
supervision of the project geologists and delivered to either the White Mesa mill or Activation
Laboratories Ltd. for preparation. As standard procedure, field duplicates are included in assay
suites sent to the laboratories, and reference samples are used to verify laboratory controls and
analytical repeatability.
</DIV>


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">DMI is the manager of UPC. UPC is a public company with the primary investment objective of
achieving an appreciation in the value of its uranium holdings. The Company does not, directly or
indirectly, have an ownership interest in UPC. As manager, DMI provides the corporation&#146;s officers
and manages the activities of UPC including purchasing uranium for and on behalf of UPC as directed
by the UPC board, arranging for its storage at converters and attending to regulatory reporting for
UPC.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">For its management services, DMI receives the following fees from UPC: a) a commission of 1.5% of
the gross value of any purchases or sales of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> and UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>
completed at the request of the Board of Directors of UPC; b) a minimum annual management fee of
Cdn$400,000 (plus reasonable out-of-pocket expenses) plus an additional fee of 0.3% per annum based
upon UPC&#146;s net asset value between Cdn$100.0&nbsp;million and Cdn$200.0&nbsp;million and 0.2% per annum based
upon UPC&#146;s net asset value in excess of Cdn$200.0&nbsp;million; c) a fee of Cdn$200,000 upon the
completion of each equity financing where proceeds to UPC exceed Cdn$20.0&nbsp;million; d) a fee of
Cdn$200,000 for each transaction or arrangement (other than the purchase or sale of
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> and UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>) of business where the gross value of such
transaction exceeds Cdn$20.0&nbsp;million (&#147;<B>an initiative</B>&#148;); e) an annual fee up to a maximum of
Cdn$200,000, at the discretion of the Board of Directors of UPC, for on-going maintenance or work
associated with an initiative; and f) a fee equal to 1.5% of the gross value of any uranium held by
UPC prior to the completion of any acquisition of at least 90% of the common shares of UPC.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During 2010, DMI earned an aggregate of $2.58&nbsp;million in management fees and commissions as manager
of UPC.
</DIV>


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">DES was formed in 1997 to provide mine decommissioning and mine care and maintenance services to
industry and government, as well as to manage Denison&#146;s post mine closure environmental obligations
on its Elliot Lake landholdings. Over the last few years the focus of DES has changed from mine
decommissioning to post-closure mine care and maintenance services and currently 94% of DES&#146;s
business comes from these post-closure mine care and maintenance services. DES is headquartered in
Elliot Lake, Ontario.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The primary activities of DES in 2010 were: providing the ongoing monitoring of Denison&#146;s two
closed Elliot Lake mine sites; environmental monitoring, effluent treatment and maintenance
services for Rio Algom&#146;s five closed Elliot Lake mines; effluent treatment and care and maintenance
services for the Yukon Government at the Faro Complex, which includes the former Anvil Range
properties; the care and maintenance of the closed Vale Shebandowan Mine west of Thunder Bay,
Ontario; and the care and maintenance of a closed base metal mine at Les Mines Selbaie in Quebec.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">DES also carried out work on several other smaller contracts.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Environmental and Safety Matters</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has adopted an Environmental, Health and Safety Policy (the &#147;<B>EHS Policy</B>&#148;) that affirms
Denison&#146;s commitment to environmentally responsible management and compliance with occupational
health and safety laws. Under the EHS Policy, the Company has committed to run its operations in
compliance with applicable legislation, in a manner that minimizes the impact on our ecosystem.
The EHS Policy mandates the use of regular monitoring programs to identify risks to the
environment, to the public and to Denison&#146;s employees and to ensure compliance with regulatory
requirements. The EHS Policy also sets out Denison&#146;s requirement to train its employees regarding
environmental and health and safety compliance and best practices and to provide adequate resources
in this regard. Finally, the EHS Policy requires regular reporting to the Board of Directors
regarding the Company&#146;s compliance and the results of the Company&#146;s monitoring.
</DIV>

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


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The McClean Lake facility operated continuously until early July when it was placed on stand-by
under active care and maintenance. Hydraulic containment of the TMF was consistently maintained
throughout the year. There was one lost time accident and three reportable spills and one action
level exceedence during the year. All radiological monitoring was conducted in accordance with the
routine schedule. The facility has maintained its internationally recognized ISO 14001:2004
certification.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The McClean operation and the Midwest project are combined under a single Operating Licence issued
by the CNSC. The combined Preliminary Closure Plan was prepared by ARC and approved by the
authorities, estimating the total decommissioning and reclamation costs to be Cdn$43.1&nbsp;million.
Financial assurances are in place for this entire amount, with Denison&#146;s share being Cdn$9.7
million.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s uranium mine at Elliot Lake, Ontario, which started operations in 1957, was permanently
closed upon completion of deliveries of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> to Ontario Hydro in May&nbsp;1992.
During its 35&nbsp;years of continuous operation, the facility produced 147&nbsp;million pounds of
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> in concentrates from the milling of 70&nbsp;million tons of ore.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">By 1998, all significant capital reclamation activities at Denison&#146;s two closed Elliot Lake mines
had been completed and, for the most part, decommissioning has progressed to the long-term
monitoring phase.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During 2010, the treatment plants operated as planned and all environmental targets were met.
Monitoring and other remediational expenses were Cdn$1.2&nbsp;million for the year. Monitoring costs
for 2011 are budgeted to be Cdn$0.6&nbsp;million. All expenditures are funded from the Reclamation
Trust described below under &#147;Reclamation.&#148; It is estimated that sufficient funds are in the
Reclamation Trust to meet all monitoring costs through 2016.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All activities and monitoring results are reviewed regularly by the CNSC and the Elliot Lake Joint
Regulatory Group (the &#147;<B>JRG</B>&#148;) consisting of federal and provincial regulators.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Reclamation</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Pursuant to a Reclamation Funding Agreement, effective June&nbsp;30, 1994, with the Governments of
Canada and Ontario, Denison has established a Reclamation Trust from which all spending on its
Elliot Lake reclamation activities is funded. When the Reclamation Trust was first established in
1994, Denison was required to deposit 90% of its cash receipts after deducting permitted expenses,
as defined in such agreement, into the Reclamation Trust. In 1997, the Governments of Canada and
Ontario agreed to suspend the 90% funding requirement provided Denison maintained four years of
cash requirements in the Reclamation Trust. Early in 1999, the Governments of Canada and Ontario
agreed to further amend the Reclamation Funding Agreement, effective when Denison received an
amended site decommissioning licence, which was obtained on April&nbsp;22, 1999. Pursuant to that
amendment, Denison is required to maintain in the Reclamation Trust sufficient funds to meet six
years of cash requirements.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">DES has maintained its internationally recognized ISO 9001:2008 certification which is a
certification for Quality Management Systems. In 2010, DES had one lost time accident.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Denison exploration office in Saskatchewan had no lost time accidents in 2010. All required
permits were obtained, and the exploration sites were remediated as required.
</DIV>

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


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During 2010, the White Mesa mill began processing conventional ore in March and continued
throughout the remainder of the year. The alternate feed circuit was operating throughout 2010.
The mill operations did not register a lost time accident in 2010 and as of December&nbsp;31, 2010 had
reached nearly 1.5&nbsp;million man-hours without a lost time accident.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has detected some chloroform contamination at the mill site that appears to have
resulted from the operation of a temporary laboratory facility that was located at the site prior
to and during the construction of the mill facility, and from septic drain fields that were used
for laboratory and sanitary wastes prior to construction of the mill&#146;s tailings cells. In April
2003, the Company commenced an interim remedial program of pumping the chloroform contaminated
water from the groundwater to the mill&#146;s tailings cells. This will enable the Company to begin
clean up of the contaminated areas and to take a further step towards resolution of this
outstanding issue. Pumping from the wells continued in 2010. Denison is continuing to work with
the State of Utah to develop a long-term corrective action plan. A draft of an action plan was
submitted and is currently being reviewed by the State. While the investigations to date indicate
that this chloroform contamination appears to be contained in a manageable area, the scope and
costs of final remediation have not yet been determined and could be significant.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Elevated concentrations of nitrate and chloride were observed in some monitoring wells at the mill
site in 2008 a number of which are upgradient of the mill&#146;s tailings cells. Pursuant to a
Stipulated Consent Agreement with UDEQ, the Company retained INTERA, Inc., an independent
professional engineering firm, to investigate these elevated concentrations and to prepare a
Contamination Investigation Report for submittal to UDEQ. The investigation was completed in 2009
and the Contamination Investigation Report was submitted to UDEQ in January&nbsp;2010. INTERA concluded
in the Report that: (1)&nbsp;the nitrate and chloride are co-extensive and appear to originally come
from the same source; and (2)&nbsp;the source is
upgradient of the mill property and is not the result of mill activities. UDEQ has reviewed the
Report and has concluded that further investigations are required before UDEQ can determine the
source of the contamination or the responsibility for clean up. UDEQ and Denison are finalizing a
plan and schedule to conduct these further investigations. Although the contamination appears to
be contained in a manageable area, the scope and costs of final remediation have not yet been
determined and, if determined to be the responsibility of the Company, could be significant.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Reclamation</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The White Mesa mill is subject to decommissioning liabilities. Denison, as part of its Radioactive
Materials Licence, is required to annually review its estimate for the decommissioning of the White
Mesa mill site and submit it to UDEQ for approval. The estimate of closure costs for the mill is
$18.8&nbsp;million, and financial assurances are in place for the total amount.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During 2010, the Company had three active mining operations, two in Utah and one in Arizona. There
were six mines which were on care and maintenance.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 2010, there was a fatality at the contractor-operated Pandora mine in Utah. An employee of the
contractor was killed by a rock fall within the mine. The MSHA investigation resulted in the
issuance of six citations, five of which were issued against the contractor and one against the
Company for failure to notify MSHA in a timely manner. The fatality was the only lost time
accident at the mining operations in 2010.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All of the Company&#146;s mines in the U.S. are subject to closure and reclamation liabilities. The
estimate of the reclamation costs for the various mining operations in Colorado, Utah and Arizona
is $3.7&nbsp;million. Financial bonds are in place for the total amount.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">There were no medical aid or lost time accidents during the 2010 drilling and other field programs.
Basic first aid and safety training programs were implemented in Mongolia in 2009. These programs
involve Company personnel in addition to contractors. In addition, field personnel were trained in
safe handling of core samples (radiological material) in accordance with Mongolian requirements.
Annual reports are provided to agencies responsible for tracking compliance by entities involved
with handling radioactive materials.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Mutanga project was on stand-by throughout 2010. There were no medical aid or lost time
accidents or environmental matters.
</DIV>


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At December&nbsp;31, 2010, the Company had a total of 348 active employees, of which 95 (34 hourly) are
in Canada, 182 (121 hourly) in the United States, 7 are in Mongolia and 64 (55 hourly) are in
Zambia. None of the Company&#146;s employees are unionized.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In the United States, the Company also retains the services of White Mesa Inc., an independent
local native-owned company that provides the services of 95 additional personnel to the mill and
mine operations.
</DIV>


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

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The federal government recognizes that the uranium industry has special importance in relation to
the national interest and therefore regulates the mining, extraction, use and export of uranium
under the <I>Nuclear Safety and Control Act </I>(&#147;<B>NSCA</B>&#148;) which replaced the <I>Atomic Energy Control Act </I>in
1997. The NSCA is administered by the CNSC which issues licences pursuant to the regulations under
the NSCA. All of the McClean Lake and Midwest uranium operations are governed primarily by such
licences and are subject to all applicable federal statutes and regulations and to all laws of
general application in Saskatchewan, except to the extent that such laws conflict with the terms
and conditions of the licences or applicable federal laws.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The export of uranium is regulated by the Canadian federal government which establishes nuclear
energy policy. Denison&#146;s uranium exports are required to have export licences and export permits
granted by the CNSC and the Department of Foreign Affairs and International Trade respectively.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Environmental matters related to the McClean Lake uranium facility and the Midwest project are
regulated by the CNSC and Saskatchewan Environment. A number of other ministries and departments
of the federal and Saskatchewan governments also regulate certain aspects of the operation. Prior
to proceeding with development of the McClean Lake uranium facility and Midwest project, the
proponents were required to submit Environmental Impact Statements for review. After completion of
that review and receipt of recommendations, the federal and Saskatchewan governments issued the
appropriate authorizations, subject to the normal licensing process, for the McClean Lake uranium
facility in 1995 and for Midwest in 1998.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Decommissioning activities at Elliot Lake are carried out under two decommissioning licences issued
by the CNSC, one for the Stanrock tailings area and one for the Denison mine site and tailings
areas. These licences are issued for an indefinite period. Decommissioning of the facilities
pursuant to the terms of the decommissioning licences has been completed and, after a lengthy
period of care, maintenance and monitoring, Denison may then apply to the CNSC for permission to
abandon the sites.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Uranium milling in the U.S. is primarily regulated by the NRC pursuant to the <I>Atomic Energy Act of
1954</I>, as amended. Its primary function is to ensure the protection of employees, the public and
the environment from radioactive materials and it also regulates most aspects of the uranium
recovery process. The NRC regulations pertaining to uranium recovery facilities are codified in
Title 10 of the Code of Federal Regulations (&#147;<B>10 CFR</B>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On August&nbsp;16, 2004, the State of Utah became an Agreement State for the regulation of uranium
mills. This means that the primary regulator for the White Mesa mill is now UDEQ rather than NRC.
At that time, the mill&#146;s NRC Source Material Licence was transferred to the State and became a
Radioactive Materials Licence. The State of Utah incorporates, through its own regulations or by
reference, all aspects of 10 CFR pertaining to uranium recovery facilities. The White Mesa mill&#146;s
licence was due for renewal on March&nbsp;31, 2007. Denison submitted its application for renewal of
the licence on February&nbsp;28, 2007. During the period that the State is reviewing the licence
renewal application, the mill can continue
to operate under its existing Radioactive Materials Licence. The mill&#146;s licence was initially
issued in 1980 and was renewed in 1987 and 1997.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">When the State became an Agreement State it required that a groundwater discharge permit (a &#147;<B>GWDP</B>&#148;)
be put in place. The GWDP is required for all similar facilities in the State of Utah, and
specifically tailors the implementation of the State groundwater regulations to the mill site. The
State of Utah requires that every operating uranium mill in the State have a GWDP, regardless of
whether or not the facility discharges to groundwater. The GWDP for the mill was finalized and
implemented in March&nbsp;2005. The GWDP required that the mill add over 40 additional monitoring
parameters and fifteen additional monitoring wells at the site.
</DIV>
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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">Uranium mining is subject to regulation by a number of agencies including the applicable State
divisions responsible for mining within the State, the BLM, the U.S. Forest Service and the Mine
Safety and Health Administration.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison is required to have export licences issued by the NRC for its uranium exports. Such
licences are obtained by the Company as required.
</DIV>

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


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The right to explore for minerals is acquired in Saskatchewan under a mineral claim from the
province of Saskatchewan (a &#147;<B>Mineral Claim</B>&#148;). The initial term of a Mineral Claim is two years,
renewable for successive one&#151;year periods, provided the Mineral Claim is in good standing. To
maintain a Mineral Claim in good standing, generally, the holder of a Mineral Claim must expend a
prescribed amount on exploration. Excess expenditures can be applied to satisfy expenditure
requirements for future claim years. Except for exploration purposes, a Mineral Claim does not
grant the holder the right to mine minerals. A holder of a Mineral Claim in good standing has the
right to convert a Mineral Claim into a Mineral Lease. Surface exploration work on a Mineral Claim
requires additional governmental approvals.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The right to mine minerals in Saskatchewan is acquired under a mineral lease from the province (a
&#147;<B>Mining Lease</B>&#148;). A Mining Lease is for a term of 10&nbsp;years, with a right to renew for successive
10-year terms in the absence of default by the lessee. The lessee is required to spend certain
amounts for work during each year of a Mining Lease. A Mining Lease cannot be terminated except in
the event of default and for certain environmental concerns, as prescribed in <I>The Crown Minerals
Act </I>(Saskatchewan). However, Mining Leases may be amended unilaterally by the lessor by amendment
to <I>The Crown Minerals Act </I>(Saskatchewan) or <I>The Mineral Disposition Regulations</I>, 1986
(Saskatchewan).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The surface facilities and mine workings are located on lands owned by the Province of
Saskatchewan. The right to use and occupy lands is acquired under a surface lease (a &#147;<B>Surface
Lease&#148;</B>) from the Province of Saskatchewan. A Surface Lease is for a period of time, up to a
maximum of 33&nbsp;years, as is necessary to allow the lessee to operate its mine and plant and
thereafter to carry out the reclamation of the lands involved. Surface Leases are also used by the
Province of Saskatchewan as a mechanism to achieve certain environmental protection, radiation
protection and socio-economic objectives and contain certain undertakings in this regard.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s land holdings in the U.S. are held either by leases from the fee simple owners
(private parties or the state) or unpatented mining claims located on property owned by the U.S.
Federal Government. Annual fees must be paid to maintain unpatented mining claims, but work
expenditures are not required. Holders of unpatented mining claims are generally granted surface
access to conduct mineral exploration and mining activities. However, additional mine permits and
plans are generally required prior to conducting exploration or mining activities on such claims.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On July&nbsp;9, 2009, BLM issued a Notice of Proposed Withdrawal (&#148;<B>2009 Notice</B>&#148;) under which it proposed
that a total of approximately 1&nbsp;million acres of public lands around the Grand Canyon National Park
be withdrawn from location and entry under the Mining Law of 1872. In the 2009 Notice, BLM stated
that the purpose of the withdrawal, if determined to be appropriate, would be to protect the Grand
Canyon watershed from any adverse effects of locatable hardrock mineral exploration and mining.
The 2009 Notice segregates the lands from location and entry under the mining laws for up to two
years to allow time for various studies and analysis, including appropriate National Environmental
Policy Act analysis. These actions will support a final decision on whether or not to proceed with
a withdrawal.
</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">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.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">BLM published a draft Environmental Impact Statement for public comment on February&nbsp;18, 2011, which
evaluated the proposed withdrawal, as well as a number of alternatives, including the &#147;no action&#148;
alternative, meaning BLM would not proceed with the withdrawal, and two alternatives that would
involve the withdrawal of reduced amounts of lands. All of the Company&#146;s Arizona Strip properties,
with the exception of its Moonshine Springs property, are located within the lands that are the
subject of the 2009 Notice, but the Arizona 1 and Canyon mines and the EZ Complex would not be
included in one of the reduced land alternatives.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company 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 of more of the Company&#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"><B>Canadian Royalties</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison pays royalties to the Province of Saskatchewan on the sale of uranium extracted from ore
bodies in the province under the terms of Part&nbsp;III of the Crown Mineral Royalty Schedule, 1986
(Saskatchewan) (the &#147;<B>Royalty Schedule</B>&#148;) as amended. The calculations call for the payment of a
basic royalty (currently 5% of gross sales of uranium), reduced by a Saskatchewan resource credit
(currently 1% of gross sales of uranium).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Royalty Schedule also provides for additional tiered royalties to become payable as a
percentage of revenue after Denison has deducted from revenue its capital costs for mill expansion
and mine development in accordance with provisions set out in the Royalty Schedule. Denison&#146;s
remaining capital recovery banks may not be sufficient to offset expected revenue, in which case,
tiered royalties could become payable in 2011 in accordance with the following:
</DIV>



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center"><B>Average Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Adjusted Average Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Tiered Royalty as a % of Revenues</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Cdn $ per Kilogram of U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><SUP style="font-size: 85%; vertical-align: text-top"><B>1</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Cdn $ per Pound U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><SUP style="font-size: 85%; vertical-align: text-top"><B>2</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>within the Bracket</B></TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top"><DIV style="margin-left:15px; text-indent:-15px">Up to $30
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Up to $17.51
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0%</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">$30 to $45
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$17.51 to $26.27
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">6%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top">$45 to $60
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$26.27 to $35.03
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10%</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">More than $60
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">More than $35.03
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">15%</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">1999 bracket value to be indexed annually</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">Bracket value adjusted to 2010</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Discussions are being held between the Saskatchewan government and the uranium mining companies
aimed at updating the Royalty Schedule to make it more equitable in light of the changed economic
conditions in the industry.
</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>Canadian Income and Other Taxes</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison and its Canadian subsidiaries are subject to federal and provincial income taxes. In 2010,
taxable income was subject to federal taxes at a rate of 18%, and provincial taxes in Saskatchewan,
Ontario, Quebec, British Columbia and the Yukon Territory at rates varying between 10.5% and 15%.
Taxable income is allocated between provinces based on a two point average of the proportion of
salaries and revenues attributable to each province. Denison expects that it will not be liable
for Canadian income taxes on a current tax basis for the financial year ended 2010.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In recent years, Denison has issued shares eligible for treatment as &#147;flow through shares&#148;, as
defined in subsection 66(15) of <I>the Income Tax Act </I>(Canada). As a result, a significant portion
of Denison&#146;s Canadian Exploration Expenditures (&#147;<B>CEE</B>&#148;) have been renounced to shareholders and are
not available to Denison as a tax deduction.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison and its Canadian subsidiaries are also subject to capital and other taxes in Ontario and
Saskatchewan. In Ontario, Denison is subject to tax on a provincial allocation of its paid up
capital (as defined in the relevant provincial legislation). For the first six months of 2010,
paid up capital in excess of Cdn. $15&nbsp;million (adjusted based on Denison&#146;s provincial allocation),
will be taxed at a rate of 0.15%; Ontario eliminated its capital tax effective July&nbsp;1, 2010. In
Saskatchewan, capital taxes were eliminated on July&nbsp;1, 2008. As a resource corporation in
Saskatchewan, however, Denison is subject to a resource surcharge of 3% of the value of resource
sales.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison is not currently under audit by the Canada Revenue Agency (the &#147;<B>CRA</B>&#148;) or any of the
provincial taxing authorities in respect of any of the above noted income or other taxes.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s subsidiaries in the United States are subject to federal and state income taxes. For
federal tax purposes, corporate taxpayers are subject to either regular income tax or alternative
minimum tax (&#147;<B>AMT</B>&#148;). Denison&#146;s taxable income for AMT purposes is typically higher than it would
be for regular tax purposes. The AMT taxable income, however, is taxed at a rate of 20%, as
compared with regular taxable income, which is taxable at a rate of approximately 35%. A taxpayer
is required to pay the greater of its regular tax liability and its AMT tax liability. AMT paid in
excess of regular tax, in prior years, may be carried forward indefinitely as a credit against
regular income tax in future years. In 2010, Denison expects that it will not be liable for either
regular tax or AMT.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s subsidiaries in the United States are also subject to property, and sales taxes in
various states. Denison is not currently under any audit by federal or state taxing authorities in
the United States which would have a material adverse impact on the Company.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Other International Income Taxes</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s operations in Zambia and Mongolia are both subject to income taxes in their respective
jurisdictions. Due to the stage of these projects, Denison has not been liable to pay income taxes
in past years. Denison does not expect to be liable to pay income taxes, in either jurisdiction,
during the development stages of either project.
</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>RISK FACTORS</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">There are a number of factors that could negatively affect Denison&#146;s business and the value of the
Common Shares, including the factors listed below. The following information pertains to the
outlook and conditions currently known to Denison that could have a material impact on the
financial condition of Denison. Other factors may arise in the future that are currently not
foreseen by management of Denison that may present additional risks in the future. Current and
prospective security holders of Denison should carefully consider these risk factors.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Current global financial conditions have been subject to increased volatility and numerous
financial institutions have either gone into bankruptcy or have had to be rescued by governmental
authorities. Access to financing has been negatively impacted by both sub-prime mortgages and the
liquidity crisis affecting the asset-backed commercial paper market and the effect of these events
on Canadian and global credit markets. These factors may impact the ability of Denison to obtain
equity or debt financing in the future and, if obtained, on terms favourable to Denison. If these
increased levels of volatility and market turmoil continue, Denison&#146;s operations could be adversely
impacted and the trading price of the Common Shares could continue to be adversely affected.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Securities of mining companies have experienced substantial volatility in the past, often based on
factors unrelated to the financial performance or prospects of the companies involved. These
factors include macroeconomic conditions in North America and globally, and market perceptions of
the attractiveness of particular industries. The price of Denison&#146;s securities is also likely to
be significantly affected by short-term changes in commodity prices, other mineral prices, currency
exchange fluctuation, or in its financial condition or results of operations as reflected in its
periodic earnings reports. Other factors unrelated to the performance of Denison that may have an
effect on the price of the securities of Denison include the following: the extent of analytical
coverage available to investors concerning the business of Denison may be limited if investment
banks with research capabilities do not follow Denison&#146;s securities; lessening in trading volume
and general market interest in Denison&#146;s securities may affect an investor&#146;s ability to trade
significant numbers of securities of Denison; the size of Denison&#146;s public float and its inclusion
in market indices may limit the ability of some institutions to invest in Denison&#146;s securities; and
a substantial decline in the price of the securities of Denison that persists for a significant
period of time could cause Denison&#146;s securities to be delisted from an exchange, further reducing
market liquidity. If an active market for the securities of Denison does not continue, the
liquidity of an investor&#146;s investment may be limited and the price of the securities of the Company
may decline. If an active market does not
exist, investors may lose their entire investment in the Company. As a result of any of these
factors, the market price of the securities of Denison at any given point in time may not
accurately reflect the long-term value of Denison. Securities class-action litigation often has
been brought against companies following periods of volatility in the market price of their
securities. Denison may in the future be the target of similar litigation. Securities litigation
could result in substantial costs and damages and divert management&#146;s attention and resources.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Dilution from Further Equity Financing</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If Denison raises additional funding by issuing additional equity securities, such financing may
substantially dilute the interests of shareholders of Denison and reduce the value of their
investment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Volatility and Sensitivity to Market Prices</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Because the majority of Denison&#146;s revenue is 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 mineral 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>
<P align="center" style="font-size: 10pt">&nbsp;

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

<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, public and political response
to a nuclear incident, reprocessing of used reactor fuel and the re-enrichment of depleted uranium
tails, sales of excess civilian and military inventories (including from the dismantling of nuclear
weapons) by governments and industry participants, uranium supply, including the supply from other
secondary sources and production levels and costs of production. With respect to vanadium, such
factors include, among others: demand for steel, political and economic conditions in vanadium
producing and consuming countries, world production levels and costs of production.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Although Denison employs various pricing mechanisms within its sales contracts to manage its
exposure to price fluctuations, there can be no assurance that such a program will be successful.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Ability to Maintain Obligations under Credit Facility and Other Debt</B>
</DIV>


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Public Acceptance of Nuclear Energy and Competition from Other Energy Sources</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, including the
risk of a nuclear incident, 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>Uranium Industry Competition and International Trade Restrictions</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The international uranium industry, including the supply of uranium concentrates, is competitive.
Denison markets uranium in direct competition with supplies available from a relatively small
number of 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>


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

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</DIV>




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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Significant competition exists for the limited supply of mineral lands available for acquisition.
Many participants in the mining business include large, established companies with long operating
histories. The Company may be at a disadvantage in acquiring new properties as many mining
companies have greater financial resources and more technical staff. Accordingly, there can be no
assurance that the Company will be able to compete successfully to acquire new properties or that
any such acquired assets would yield reserves or result in commercial mining operations.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Replacement of Mineral Reserves and Resources</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, EZ Complex, Colorado Plateau, Henry Mountains, GSJV and Mutanga and Dibwe projects 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>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Imprecision of Mineral Reserve and Resource Estimates</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>Decommissioning and Reclamation</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As owner and operator of the White Mesa mill and numerous uranium and uranium/vanadium mines
located in the United States and as part owner of the McClean Lake mill, McClean Lake mines, the
Midwest uranium project and certain exploration properties, and for so long as the Company remains
an owner thereof, the Company is obligated to eventually reclaim or participate in the reclamation
of such properties. Most, but not all, of the Company&#146;s reclamation obligations are bonded, and
cash and other assets of the Company have been reserved to secure this bonded amount. Although the
Company&#146;s financial statements record a liability for the asset retirement obligation, and the
bonding requirements are generally periodically reviewed by applicable regulatory authorities,
there can be no assurance or guarantee that the ultimate cost of such reclamation obligations will
not exceed the estimated liability contained on the Company&#146;s financial statements.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Decommissioning plans for the Company&#146;s properties have been filed with applicable regulatory
authorities. These regulatory authorities have accepted the decommissioning plans in concept, not
upon a detailed performance forecast, which has not yet been generated. As Denison&#146;s properties
approach or go
into decommissioning, further regulatory review of the decommissioning plans may result in
additional decommissioning requirements, associated costs and the requirement to provide additional
financial assurances. It is not possible to predict what level of decommissioning and reclamation
(and financial assurances relating thereto) may be required in the future by regulatory
authorities.
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Technical Innovation and Obsolescence</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Requirements for Denison&#146;s products and services may be affected by technological changes in
nuclear reactors, enrichment and used uranium fuel reprocessing. These technological changes could
reduce the demand for uranium or reduce the value of Denison&#146;s environmental services to potential
customers. In addition, Denison&#146;s competitors may adopt technological advancements that give them
an advantage over Denison.
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has investigated its rights to explore and exploit all of its material properties and,
to the best of its knowledge, those rights are in good standing. However, no assurance can be
given that such rights will not be revoked, or significantly altered, to its detriment. There can
also be no assurance that the Company&#146;s rights will not be challenged or impugned by third parties,
including the local governments, and in Canada, by First Nations and Metis.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The validity of unpatented mining claims on U.S. public lands is sometimes 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 BLM 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 and resources or its long term
business prospects.
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison prepares estimates of future production for particular operations. No assurance can be
given that production estimates will be achieved. Failure to achieve production estimates could
have an adverse impact on Denison&#146;s future cash flows, earnings, results of operations and
financial condition. These production estimates are based on, among other things, the following
factors: the accuracy of reserve estimates; the accuracy of assumptions regarding ground conditions
and physical characteristics of ores, such as hardness and presence or absence of particular
metallurgical characteristics; the accuracy of estimated rates and costs of mining and processing;
and assumptions as to future commodity prices.
</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&#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>Mining and Insurance</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s business is capital intensive and subject to a number of risks and hazards, including
environmental pollution, accidents or spills, industrial and transportation accidents, labour
disputes, changes in the regulatory environment, natural phenomena (such as inclement weather
conditions earthquakes, pit wall failures and cave-ins) and encountering unusual or unexpected
geological conditions. Many of the foregoing risks and hazards could result in damage to, or
destruction of, Denison&#146;s mineral properties or processing facilities, personal injury or death,
environmental damage, delays in or interruption of or cessation of production from Denison&#146;s mines
or processing facilities or in its exploration or development activities, delay in or inability to
receive regulatory approvals to transport its uranium concentrates, or costs, monetary losses and
potential legal liability and adverse governmental action. In addition, due to the radioactive
nature of the materials handled in uranium mining and processing, additional costs and risks are
incurred by Denison on a regular and ongoing basis.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Although Denison maintains insurance to cover some of these risks and hazards in amounts it
believes to be reasonable, such insurance may not provide adequate coverage in the event of certain
circumstances. No assurance can be given that such insurance will continue to be available or it
will be available at economically feasible premiums or that it will provide sufficient coverage for
losses related to these or other risks and hazards.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison may be subject to liability or sustain loss for certain risks and hazards against which it
cannot insure or which it may reasonably elect not to insure because of the cost. This lack of
insurance coverage could result in material economic harm to Denison.
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company maintains regulatory licences in order to operate its mills at White Mesa and McClean
Lake, all of which are subject to renewal from time to time and are required in order for the
Company to operate in compliance with applicable laws and regulations. In addition, depending on
the Company&#146;s business requirements, it may be necessary or desirable to seek amendments to one or
more of its licences from time to time. While the Company has been successful in renewing its
licences on a timely basis in the past and in obtaining such amendments as have been necessary or
desirable, there can be no assurance that such licence renewals and amendments will be issued by
applicable regulatory authorities on a timely basis or at all in the future.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Nature of Exploration and Development</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Exploration for and development of mineral properties is speculative, and involves significant
uncertainties and financial risks that even a combination of careful evaluation, experience and
knowledge may not eliminate. While the discovery of an ore body may result in substantial rewards,
few properties which are explored are commercially mineable or ultimately developed into producing
mines. Major expenses may be required to establish reserves by drilling, constructing mining and
processing facilities at a site, developing metallurgical processes and extracting uranium from
ore. It is impossible to ensure that the current exploration and development programs of Denison
will result in profitable commercial mining operations or that current production at existing
mining operations will be replaced with new reserves.
</DIV>

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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 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>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Governmental Regulation and Policy Risks</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s mining and milling operations and exploration activities, as well as the
transportation and handling of the products produced, are subject to extensive regulation by state,
provincial and federal governments. Such regulations relate to production, development,
exploration, exports, imports, taxes and royalties, labour standards, occupational health, waste
disposal, protection and remediation of the environment, mine decommissioning and reclamation, mine
safety, toxic substances, transportation safety and emergency response, and other matters.
Compliance with such laws and regulations has increased the costs of exploring, drilling,
developing, constructing, operating and closing Denison&#146;s mines and processing facilities. It is
possible that, in the future, the costs, delays and other effects associated with such laws and
regulations may impact Denison&#146;s decision as to whether to operate existing mines, or, with respect
to exploration and development properties, whether to proceed with exploration or development, or
that such laws and regulations may result in Denison incurring significant costs to remediate or
decommission properties that do not comply with applicable environmental standards at such time.
Denison expends significant financial and managerial resources to comply with such laws and
regulations. Denison anticipates it will have to continue to do so as the historic trend toward
stricter government regulation may continue. Because legal requirements are frequently changing
and subject to interpretation, Denison is unable to predict the ultimate cost of compliance with
these requirements or their effect on operations. Furthermore, future changes in governments,
regulations and policies, such as
those affecting Denison&#146;s mining operations and uranium transport could materially and adversely
affect Denison&#146;s results of operations and financial condition in a particular period or its long
term business prospects.
</DIV>


<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>

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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">Worldwide demand for uranium is directly tied to the demand for electricity produced by the nuclear
power industry, which is also subject to extensive government regulation and policies. The
development of mines and related facilities is contingent upon governmental approvals that are
complex and time consuming to obtain and which, depending upon the location of the project, involve
multiple governmental agencies. The duration and success of such approvals are subject to many
variables outside Denison&#146;s control. Any significant delays in obtaining or renewing such permits
or licences in the future could have a material adverse effect on Denison. In addition, the
international marketing of uranium is subject to governmental policies and certain trade
restrictions, such as those imposed by the suspension agreement between the United States and
Russia and the agreement between the United States and Russia related to the supply of Russian HEU
into the United States. Changes in these policies and restrictions may adversely impact Denison&#146;s
business.
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company owns uranium properties directly and through joint venture interests and is undertaking
uranium development programs in Mongolia and Zambia. As with any foreign operation, these
international properties and interests are subject to certain risks, such as the possibility of
adverse political and economic developments, foreign currency controls and fluctuations, as well as
risks of war and civil disturbances. Other events may limit or disrupt activities on these
properties, restrict the movement of funds, result in a deprivation of contract rights or the
taking of property or an interest therein by nationalization or expropriation without fair
compensation, increases in taxation or the placing of limits on repatriations of earnings. No
assurance can be given that current policies of Mongolia or Zambia or the political situations
within these countries will not change so as to adversely affect the value or continued viability
of the Company&#146;s interest in these assets. As an example, in July&nbsp;2009, the Parliament of Mongolia
enacted the New Law, which granted authority to the Mongolian Nuclear Energy Agency and created a
framework for all aspects of uranium resource development in Mongolia.
</DIV>


<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
GSJV, 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, the Company may become involved in a dispute with respect to one of its foreign
operations and may become subject to the exclusive jurisdiction of a foreign court or may find that
it is not successful in subjecting foreign persons to the jurisdiction of the courts in Canada.
The Company may also be precluded from enforcing its rights with respect to a government entity
because of the doctrine of sovereign immunity.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Environmental, Health and Safety Risks</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison has expended significant financial and managerial resources to comply with environmental
protection laws, regulations and permitting requirements in each jurisdiction where it operates,
and anticipates that it will be required to continue to do so in the future as the historical trend
toward stricter environmental regulation may continue. The uranium industry is subject to, not
only the worker health, safety and environmental risks associated with all mining businesses,
including potential liabilities to third parties for environmental damage, but also to additional
risks uniquely associated with uranium mining and processing. The possibility of more stringent
regulations exists in the areas of worker health and safety, the disposition of wastes, the
decommissioning and reclamation of mining and processing sites, and other environmental matters
each of which could have a material adverse effect on the costs or the viability of a particular
project.
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s facilities operate under various operating and environmental permits, licences and
approvals that contain conditions that must be met, and Denison&#146;s right to continue operating its
facilities is, in a number of instances, dependent upon compliance with such conditions. Failure to
meet any such condition could have a material adverse effect on Denison&#146;s financial condition or
results of operations.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Although the Company believes its operations are in compliance, in all material respects, with all
relevant permits, licences and regulations involving worker health and safety as well as the
environment, there can be no assurance regarding continued compliance or ability of the Company to
meet stricter environmental regulation, which may also require the expenditure of significant
additional financial and managerial resources.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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>Aboriginal Title and Consultation Issues</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">First Nations and M&#233;tis title claims as well as related consultation issues may impact Denison&#146;s
ability and that of its joint venture partners to pursue exploration, development and mining at its
Saskatchewan properties. Pursuant to historical treaties, First Nations bands in Northern
Saskatchewan ceded title to most traditional lands but continue to assert title to the minerals
within the lands. Managing relations with the local native bands is a matter of paramount
importance to Denison. There may be no assurance however that title claims as well as related
consultation issues will not arise on or with respect to the Company&#146;s properties.
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s sales of uranium and vanadium products and its environmental services expose Denison to
the risk of non-payment. Denison manages this risk by monitoring the credit worthiness of its
customers and
requiring pre-payment or other forms of payment security from customers with an unacceptable level
of credit risk.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Although Denison seeks to manage its credit risk exposure, there can be no assurance that Denison
will be successful, and it is possible that some of Denison&#146;s customers could fail to pay for the
uranium or vanadium purchased or the environmental services provided.
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Most of Denison&#146;s revenue is denominated in U.S. dollars; however, its operating costs are incurred
in the currencies of the United States, Canada, Mongolia and Zambia. Consequently, changes in the
relative value of the different currencies affect Denison&#146;s earnings and cash flows.
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Capital Intensive Industry; Uncertainty of Funding</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The exploration and development of mineral properties and the ongoing operation of mines requires a
substantial amount of capital and may depend on Denison&#146;s ability to obtain financing through joint
ventures, debt financing, equity financing or other means. General market conditions, volatile
uranium and vanadium markets, a claim against the Company, a significant disruption to the
Company&#146;s business or operations or other factors may make it difficult to secure financing
necessary for the expansion of mining activities or to take advantage of opportunities for
acquisitions. There is no assurance that the Company will be successful in obtaining required
financing as and when needed on acceptable terms.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Dependence on Key Personnel and Qualified and Experienced Employees</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s success will largely depend on the efforts and abilities of certain senior officers and
key employees. Certain of these individuals have significant experience in the uranium industry.
The number of individuals with significant experience in this industry is small. While Denison
does not foresee any reason why such officers and key employees will not remain with Denison, if
for any reason they do not, Denison could be adversely affected. Denison has not purchased key man
life insurance for any of these individuals.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s success will also depend on the availability of qualified and experienced employees to
work in Denison&#146;s operations and Denison&#146;s ability to attract and retain such employees. The
number of individuals with relevant mining and operational experience in this industry is small.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Disclosure and Internal Controls</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Internal controls over financial reporting are procedures designed to provide reasonable assurance
that transactions are properly authorized, assets are safeguarded against unauthorized or improper
use, and transactions are properly recorded and reported. Disclosure controls and procedures are
designed to ensure that information required to be disclosed by a company in reports filed with
securities regulatory agencies is recorded, processed, summarized and reported on a timely basis
and is accumulated and communicated to a company&#146;s management, including its chief executive
officer and chief financial officer, as appropriate, to allow timely decisions regarding required
disclosure. A control system, no matter how well designed and operated, can provide only
reasonable, not absolute, assurance with respect to the reliability of reporting, including
financial reporting and financial statement preparation.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Potential Influence of KEPCO</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 the 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 the Common Shares, it will be entitled to appoint 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
OBCA 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">The KEPCO SRA 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>

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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>Conflicts of Interest</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Some of the directors of Denison are also directors of other companies that are similarly engaged
in the business of acquiring, exploring and developing natural resource properties. Such
associations may give rise to conflicts of interest from time to time. In particular, one of the
consequences will be that corporate opportunities presented to a director of Denison may be offered
to another company or companies with which the director is associated, and may not be presented or
made available to Denison. The directors of Denison are required by law to act honestly and in
good faith with a view to the best interests of Denison, to disclose any interest which they may
have in any project or opportunity of Denison, and to abstain from voting on such matter.
Conflicts of interest that arise will be subject to and governed by the procedures prescribed in
the Company&#146;s Code of Ethics and by the OBCA.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Reliance on ARC as Operator</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As ARC is the operator and majority owner of the McClean Lake and Midwest properties in
Saskatchewan, Canada, Denison is and will be, to a certain extent, dependent on ARC for the nature
and timing of activities related to these properties and may be unable to direct or control such
activities.
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Both the McClean Lake mill and the Midwest properties employ unionized workers who work under
collective agreements. ARC, as the operator of both of these projects, is responsible for all
dealings with unionized employees. ARC may not be successful in its attempts to renegotiate the
collective agreements, which may impact mill and mining operations. Any lengthy work stoppages may
have a material adverse impact on the Company&#146;s future cash flows, earnings, results of operations
and financial condition.
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As part of a reorganization in 2004, DMI acquired from Denison Energy all of Denison Energy&#146;s
mining and environmental services assets and agreed to assume all debts, liabilities and
obligations relating to
such assets before the date of the reorganization. In addition, DMI agreed to provide certain
indemnities in favour of Denison Energy for certain claims and losses relating to matters with
respect to Denison Energy&#146;s mining business prior to the date of the arrangement, to breaches by
DMI of certain of its agreements, covenants, representations and warranties in the agreements
governing such reorganization, and to damages caused by breaches by DMI of its representations and
warranties in certain agreements related to such arrangement. Denison cannot predict the outcome
or the ultimate impact of any legal or regulatory proceeding against Denison or affecting the
business of Denison and cannot predict the potential liabilities associated with the indemnities
provided in favour of Denison Energy. Consequently, there can be no assurance that the legal or
regulatory proceedings referred to in this AIF or any such proceedings that may arise in the future
will be resolved without a material adverse effect on the business, financial condition, results of
operation or cash flows of Denison.
</DIV>


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



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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The holders of Common Shares are entitled to receive notice of, and to one vote per share at, every
meeting of shareholders of Denison, to receive such dividends as the Board of Directors declares
and to share equally in the assets of Denison remaining upon the liquidation, dissolution or
winding up of Denison after the creditors of Denison have been satisfied. As of December&nbsp;31, 2010,
Denison had an aggregate of 366,200,665 Common Shares issued and outstanding. As at the date
hereof, Denison had an aggregate of 384,660,915 Common Shares issued and outstanding. The Common
Shares trade on the TSX under the symbol &#147;DML&#148; and on the NYSE Amex under the symbol &#147;DNN&#148;.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On March&nbsp;1, 2006, DMI issued 2,225,000 common share purchase warrants (the &#147;<B>Warrants</B>&#148;) with a five
year term. As part of the Denison Arrangement, the Company agreed to assume the obligations
relating to the Warrants and to issue Common Shares to holders upon exercise. Accordingly,
effective December&nbsp;1, 2006, each Warrant entitled the holder to acquire 2.88 Common Shares at a
price of Cdn$30.00. Except as stated, no other terms of the Warrants were changed.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Warrants were listed on the TSX and traded under the symbol &#147;DEN.WT.A&#148;. As at December&nbsp;31,
2010, an aggregate of 2,225,000 Warrants were outstanding. On March&nbsp;1, 2011, the Warrants expired.
No Warrants were exercised prior to their expiry.
</DIV>



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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Holders of Common Shares are entitled to receive dividends if, as and when declared by the Board of
Directors. The directors have adopted a policy of dedicating cash flow to reinvestment in the
business of the Company. Accordingly, no dividends have been declared to date. Further, the
Company is restricted from paying dividends under its Credit Agreement.
</DIV>



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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Price Range and Trading Volume of Securities</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following table sets forth certain trading information for the months indicated in respect of
the Common Shares 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%">
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    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Month</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Price Range (Cdn$)</B></TD>
    <TD>&nbsp;</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">January</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">$1.32 &#150; $1.71</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,320,436</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">February</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">$1.31 &#150; $1.56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,619,357</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">March</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">$1.37 &#150; $1.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,816,815</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">April</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">$1.46 &#150; $1.78</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,390,565</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">May</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">$1.28 &#150; $1.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,041,244</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">June</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">$1.25 &#150; $1.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,579,687</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">July</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">$1.15 &#150; $1.67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,722,633</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">August</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">$1.40 &#150; $1.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,135,853</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">September</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">$1.45 &#150; $1.83</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,944,065</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">October</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">$1.68 &#150; $2.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,259,881</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">November</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">$2.16 &#150; $3.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102,704,555</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">December</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">$3.13 &#150; $3.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,520,341</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following table sets forth certain trading information for the months indicated in respect
of the Warrants from 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="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Month</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Price Range (Cdn$)</B></TD>
    <TD>&nbsp;</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">January</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">$0.16 &#150; $0.285</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,300</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">February</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">$0.24 &#150; $0.26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,400</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">March</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">$0.105 &#150; $0.185</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">April</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">$0.11 &#150; $0.165</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,600</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">May</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">$0.11 &#150; $0.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,300</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">June</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">No trading</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">No trading</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">July</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">$0.10 &#150; $0.16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,470</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">August</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">$0.10 &#150; $0.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,900</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">September</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" colspan="2">$0.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">October</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">$0.08 &#150; $0.085</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">November</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">$0.08 &#150; $0.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">323,450</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">December</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">$0.02 &#150; $0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">612,995</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 -->118<!-- /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"><FONT style="FONT-variant: SMALL-CAPS"><B>Directors and Officers</B></FONT>
</DIV>



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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following table sets out the names and the provinces and countries of residence of each of the
directors of Denison as of the date hereof, their respective positions and offices held with
Denison and their principal occupations during the five preceding years. The following table also
identifies the members of each committee of the Board of Directors.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>Name and Province and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Country of Residence</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Principal Occupation and Employment for Past Five Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Director Since</B><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- 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="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-variant: SMALL-CAPS">Joo-ok Chang</FONT> <SUP style="FONT-size: 85%; vertical-align: text-top">(4)</SUP>
<br>Seoul, Korea
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President of KEPCO, an international electric power company,
commencing in 2009; prior: Director and General Manager of Korea
East-West Power Co., Ltd., from 2004-2008.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">2009</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="FONT-variant: SMALL-CAPS">John H. Craig, <SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></FONT>
<br>Ontario, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lead Director of the Board of the Company; Lawyer, Partner,
Cassels Brock &#038; Blackwell LLP, a business and litigation law firm
based in Ontario.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">1997</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="FONT-variant: SMALL-CAPS">W. Robert Dengler<SUP style="FONT-size: 85%; vertical-align: text-top">(3, 4, 6</SUP></FONT>)
<br>Ontario, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Director, commencing in 2006; prior: Vice-Chairman and
Director of Dynatec Corporation in 2005; President and Chief
Executive Officer of Dynatec Corporation.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">2006</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="FONT-variant: SMALL-CAPS">Brian D. Edgar<SUP style="FONT-size: 85%; vertical-align: text-top">(2, 5, 7)</SUP></FONT>
<br>British Columbia, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief Executive Officer of Metalline Mining Company,
a publicly-held resource company based in British Columbia,
commencing in 2010: prior: President and Chief Executive Officer
of Dome Ventures Corporation, previously a publicly-held resource
company based in British Columbia, commencing in 2005.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">2005</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="FONT-variant: SMALL-CAPS">Ron F. Hochstein<SUP style="FONT-size: 85%; vertical-align: text-top">(4)</SUP></FONT>
<br>British Columbia, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief Executive Officer of the Company, commencing
2009; director of the Company since 2000; prior: President and
Chief Operating Officer of the Company from 2006-2009; President
and Chief Executive Officer and Director of the Company from 2000
&#151; 2006.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">2000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="FONT-variant: SMALL-CAPS">Tae-Wan Kim</FONT>
<br>Seoul, Korea
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director of the Power Generation Department of Korea Hydro and
Nuclear Power Co. Ltd. (&#147;<B>KHNP</B>&#148;), a subsidiary of KEPCO, commencing
in December&nbsp;2008; prior: General Manager of KHNP&#146;s Ulchin Nuclear
Power Plant from 1995 &#151; 2008.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">2010</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="FONT-variant: SMALL-CAPS">Lukas H. Lundin<SUP style="FONT-size: 85%; vertical-align: text-top">(3)</sup></FONT>
<br><FONT style="FONT-variant: SMALL-CAPS">B</FONT>ritish Columbia, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board of the Company; Mining Executive.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">1997</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="FONT-variant: SMALL-CAPS">William A. Rand<SUP style="FONT-size: 85%; vertical-align: text-top">(3, 5)</SUP></FONT>
<br><FONT style="FONT-variant: SMALL-CAPS">B</FONT>ritish Columbia, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director of Rand Edgar Investment Corp., a private investment
company based in British Columbia.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><FONT style="FONT-variant: SMALL-CAPS">1997</FONT>
</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="FONT-variant: SMALL-CAPS">Catherine J. G. Stefan<SUP style="FONT-size: 85%; vertical-align: text-top">(2, 5, 8)</SUP></FONT>
<br>Ontario, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, Stefan &#038; Associates, a consulting firm based in Ontario.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2006</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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

<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD colspan="2"><DIV style="text-align: justify"><B>Notes:</B></DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The term of office of each of the directors of Denison will expire at the Annual
General Meeting of the shareholders to be held on May&nbsp;12, 2011.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Member, Corporate Governance and Nominating Committee</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Member, Compensation Committee</DIV></TD>
</TR>
</table>
</div>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->119<!-- /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: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Member, Environment, Health and Safety Committee</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Member, Audit Committee</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Chair, Compensation Committee and Environment Health and Safety Committee</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Chair, Corporate Governance and Nominating Committee</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Chair, Audit Committee</DIV></TD>
</TR>

</TABLE>
</DIV>



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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following table sets out the names and the provinces or states and countries of residence of
each of the executive officers of Denison as of the date hereof, their respective positions and
offices held with Denison and their principal occupations during the five preceding years. Mr.
Hochstein, the President and Chief Executive Officer of the Company, is discussed under &#147;Directors&#148;
above.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>Name and Province and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Country of Residence</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Position with Denison and Employment for Past Five Years</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR><TD align="left" valign="top">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="FONT-variant: SMALL-CAPS">James R. Anderson</FONT>
<br>Ontario, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President and Chief Financial Officer
commencing in 2006; prior: Executive Vice President and
Chief Financial Officer of DMI from 2004 &#151; 2006.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="FONT-variant: SMALL-CAPS">Philip G. Buck</FONT>
<br>Colorado, U.S.A<FONT style="FONT-variant: SMALL-CAPS">.</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President, Mining commencing in January, 2008;
prior: General Manager, Canada Dynatec Corporation from
2006 &#151; 2008; Area Manager of Dynatec Corporation from
2003 &#151; 2005.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="FONT-variant: SMALL-CAPS">Donald C. Campbell</FONT>
<BR>Ontario, Canada</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President, Commercial, commencing in 2006; prior:
Vice President, Marketing and Special Projects of DMI
from 2004 &#151; 2006.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="FONT-variant: SMALL-CAPS">David C. Frydenlund</FONT>
<br>Colorado, U.S.A.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice-President, U.S. Legal and Regulatory Affairs and
Corporate Secretary commencing 2010; prior:
Vice-President, U.S. Legal and Regulatory Affairs and
Assistant Corporate Secretary from 2006 &#151; 2009;
Vice-President and General Counsel and Corporate
Secretary of the Company from 1997 &#151; 2006.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="FONT-variant: SMALL-CAPS">William C. Kerr</FONT>
<BR>
Ontario, Canada</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice-President, Exploration commencing 2006; prior: Vice-President Exploration and Development for DMI in
2006; Director, Resources for DMI from 2004 &#151; 2006.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="FONT-variant: SMALL-CAPS">Harold R. Roberts</FONT>
<br>Colorado, U.S.A.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President, U.S. Operations commencing
2006; prior: Vice President, Corporate Development of
International Uranium (USA)&nbsp;Corporation from 2005 &#151;
2006.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="FONT-variant: SMALL-CAPS">Curt D. Steel</FONT>
<br>Connecticut, U.S.A.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President, Sales and Marketing commencing in 2008;
prior: Senior Trader, NUKEM Inc. from 1998 &#151; 2007.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The directors and executive officers of Denison, as a group, beneficially own, or control or
direct, directly or indirectly, 2,617,542 Common Shares or less than one percent of the Common
Shares of Denison as of the date of this AIF. No single director or officer beneficially owns or
controls or directs, directly or indirectly, one percent or more of the Common Shares as of the
date of this AIF. The information as to Common Shares beneficially owned or directed by the
directors and officers, not being within the knowledge of the Company, has been furnished by each
such individual.
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->120<!-- /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"><B>Cease Trade Orders, Bankruptcies, Penalties or Sanctions</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">To the knowledge of the Company, other than as referred to below, no director or officer of the
Company, and no shareholder holding a sufficient number of securities of Denison to affect
materially the control of Denison:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">is, as at the date of this AIF, or has, within the previous ten year period, been a director
or executive officer of a company (including Denison) 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">was subject to a cease trade or similar order or an order that denied the
relevant company access to any exemption under securities legislation that was in
effect for a period of more than 30 consecutive days that was issued (A)&nbsp;while that
person was acting in such capacity or (B)&nbsp;after that person ceased to act in such
capacity but which resulted from an event that accrued while that person was acting in
that capacity; 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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">became bankrupt, made a proposal under any legislation relating to bankruptcy
or insolvency or was subject to or instituted any proceedings, arrangement or
compromise with creditors or had a receiver, receiver manager or trustee appointed to
hold its assets (A)&nbsp;while that person was acting in such capacity or (B)&nbsp;within a year
of that person ceasing to act in such capacity, 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="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">has, within the previous ten year period, become bankrupt, made a proposal under any
legislation relating to bankruptcy or insolvency, or become subject to or instituted any
proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or
trustee appointed to hold such person&#146;s assets; or</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">is, or has been, subject to any penalties or sanctions (i)&nbsp;imposed by a court relating to
securities legislation or by a securities regulatory authority or has entered into a
settlement agreement with a securities regulatory authority, or (ii)&nbsp;imposed by a court or
regulatory body that would likely be considered important to a reasonable security holder in
making an investment decision.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Messrs.&nbsp;Rand and Edgar were directors of New West Energy Services Inc. (TSX-V) when, on September
5, 2006, a cease trade order was issued by the British Columbia Securities Commission against that
company for its failure to file financial statements within the prescribed time. The default was
rectified and the order was rescinded on November&nbsp;9, 2006. Mr.&nbsp;Rand is still a director of the
company, while Mr.&nbsp;Edgar resigned in August&nbsp;2009.
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Some of Denison&#146;s directors are also directors and officers of other natural resource companies
and, consequently, there exists the possibility for such directors and officers to be in a position
of conflict relating to any future transactions or relationships between the Company or common
third parties. However, the Company is unaware of any such pending or existing conflicts between
these parties. Any decision made by any of such directors and officers involving the Company are
made in accordance with their duties and obligations to deal fairly and in good faith with the
Company and such other companies and their obligations to act in the best interests of Denison&#146;s
shareholders. In addition, each of the directors of the Company discloses and refrains from voting
on any matter in which such director may have a conflict of interest.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">None of the present directors or senior officers of the Company, and no associate or affiliate of
any of them, has any material interest in any transaction of the Company or in any proposed
transaction which has materially affected or will materially affect the Company except as described
herein.
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->121<!-- /Folio -->
</DIV>

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

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




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During the 12-month period ending December&nbsp;31, 2010, the Company incurred management and
administrative service fees of $82,000 with a company owned by Mr.&nbsp;Lukas Lundin, the Chairman of
the Company, which provides investor relations, office premises, secretarial and other services in
Vancouver. No amounts were due to this company as of December&nbsp;31, 2010.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In December, the independent directors of the Board approved a donation by Denison of $658,000 to
Lundin for Africa (&#147;<B>LFA</B>&#148;), a not-for-profit organization with a common director. LFA has programs
in Zambia and Mongolia, as well as other countries. At December&nbsp;31, 2010, an amount of $658,000
was due to LFA. This donation has since been made.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Two of Denison&#146;s directors, Messrs.&nbsp;Chang and Kim, are employed by KEPCO. Through its corporate
holdings, KEPCO is a significant shareholder of the Company, with approximately 15.08% of the
outstanding Common Shares as of the date hereof. In addition, KEPCO has a strategic relationship
with the Company which may present a conflict of interest for Mr.&nbsp;Chang or Mr.&nbsp;Kim. The KEPCO SRA
provides KEPCO with a right of first offer for certain asset sales and the right to be approached
to participate in certain potential acquisitions being considered by Denison. While the Company is
not aware of a pending or existing conflict of interest with Mr.&nbsp;Chang or Mr.&nbsp;Kim as of the date
hereof, the interests of KEPCO as shareholder of Denison and KEPCO&#146;s business relationships with
Denison may place Mr.&nbsp;Chang or Mr.&nbsp;Kim in a position of conflict as directors of the Company in the
future.
</DIV>


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



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

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The audit committee of the Company&#146;s Board of Directors is principally responsible for:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">recommending to the Company&#146;s Board of Directors the external auditor to be nominated
for election by the Company&#146;s shareholders at each annual general meeting and negotiating
the compensation of such external auditor;</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">overseeing the work of the external auditor;</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">reviewing the Company&#146;s annual and interim financial statements, management&#146;s
discussion and analysis (&#147;<B>MD&#038;A</B>&#148;) in respect thereof and press releases regarding earnings
before they are reviewed and approved by the Board of Directors and publicly disseminated
by the Company; and</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">reviewing the Company&#146;s financial reporting procedures for the Company&#146;s public
disclosure of financial information extracted or derived from its financial statements.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Audit Committee Mandate/Terms of Reference</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s Board of Directors has adopted an audit committee mandate/terms of reference (the
&#147;<B>Mandate</B>&#148;) which sets out the Audit Committee&#146;s mandate, organization, powers and responsibilities.
The complete Mandate is attached as Schedule&nbsp;A to this AIF.
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->122<!-- /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"><B>Composition of the Audit Committee</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Below are the details of each Audit Committee member, including his or her name, whether she or he
is independent and financially literate as such terms are defined under National Instrument 52-110
- <I>Audit Committees </I>of the Canadian Securities Administrators (&#147;<B>NI 52-110</B>&#148;) and his or her education
and experience as it relates to the performance of his or her duties as an Audit Committee member.
All three audit committee members have &#147;financial expertise&#148; within the meaning of the U.S.
Sarbanes-Oxley Act of 2002, as amended, and are financially literate under NI 52-110. The
qualifications and independence of each member is discussed below and in the Company&#146;s Management
Information Circular dated March&nbsp;16, 2011 (the &#147;<B>Circular</B>&#148;), a copy of which is available on the
Company&#146;s profile on the SEDAR website at <U>www.sedar.com</U>.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="50%">&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="3"><B>Education &#038; Experience Relevant to</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Member Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Independent</B><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Financially Literate</B><SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Performance of Audit Committee Duties</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Brian D. Edgar
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#149;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Law degree, with extensive
corporate finance experience</TD>
</TR>
<TR valign="bottom">
    <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="left" valign="top"><B>&#149;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Held position of President
and Chief Executive Officer of a
public company from 2005 to current.</TD>
</TR>
<TR valign="bottom">
    <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="left" valign="top"><B>&#149;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Has served on audit
committees of a number of public
companies</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">William A. Rand
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#149;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">B.Comm (Accounting)</TD>
</TR>
<TR valign="bottom">
    <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="left" valign="top"><B>&#149;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Two law degrees, with
extensive corporate finance
experience</TD>
</TR>
<TR valign="bottom">
    <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="left" valign="top"><B>&#149;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Has served on audit
committees of a number of public
companies</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Catherine J.G.
Stefan,<br>
Chair of the Audit
Committee
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#149;</B><BR>

<B>&#149;</B><BR>

<B>&#149;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chartered Accountant (ICAO)<br>
B.Comm<br>
Held position of Chief
Operating Officer, O&#038;Y Properties
Inc., President of Stefan &#038;
Associates and Executive
Vice-President of Bramalea Group,
Chair, Tax Committee of the Canadian
Institute of Public Real Estate
Companies (CIPREC).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Independent within the meaning of NI 52-110.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">To be considered financially literate, a member of the Committee must have the ability
to read and understand a set of financial statements that present a breadth and level of
complexity of accounting issues that are generally comparable to the breadth and complexity
of the issues that can reasonably be expected to be raised by the Company&#146;s financial
statements.</DIV></TD>
</TR>

</TABLE>
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Since the commencement of the Company&#146;s most recently completed financial year, there has not been
a recommendation of the Audit Committee to nominate or compensate an internal auditor which was not
adopted by the Company&#146;s Board of Directors.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Pre-Approval Policies and Procedures</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Audit Committee has adopted specific policies and procedures for the engagement of non-audit
services as described in Section&nbsp;D of the Mandate.
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->123<!-- /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"><B>External Auditor Service Fees (By Category)</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following table discloses the fees billed to the Company by its external auditor,
PricewaterhouseCoopers LLP, during the last two fiscal years. Services were billed and paid in
Canadian dollars and have been translated into U.S. dollars using an average annual exchange rate
of: $1.030 for 2010 and $1.1420 for 2009. The Company&#146;s external auditor was also the
auditor for DMI prior to the Denison Arrangement.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>Financial Year</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Audit Related</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Ending</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Audit Fees</B><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fees</B><SUP style="FONT-size: 85%; vertical-align: text-top"> (2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Tax Fees</B><SUP style="FONT-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>All Other Fees</B><SUP style="FONT-size: 85%; vertical-align: text-top">(4)</SUP></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December&nbsp;31, 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">419,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">117,259</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">118,035</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">266,454</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December&nbsp;31, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">506,238</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">142,689</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">28,075</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">158,010</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




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

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

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The aggregate fees billed for audit services.</DIV></TD>
</TR>

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

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

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The aggregate fees billed for tax compliance, tax advice, and tax planning services, such as
transfer pricing, tax return preparation and, for 2009, tax advice on the terminated Northern
acquisition.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The aggregate fees billed for professional services other than those listed in the other
three columns. For 2010, &#147;All Other Fees&#148; relates to the Company&#146;s equity financing during
the year and work in connection with the adoption of International Financial Reporting
Standards. For 2009, &#147;All Other Fees&#148; relates to the Company&#146;s equity financings during the
year, the terminated Northern acquisition and work in connection with the adoption of
International Financial Reporting Standards.</DIV></TD>
</TR>

</TABLE>
</DIV>



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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Board currently has three other standing committees in addition to the Audit Committee, namely
the Corporate Governance and Nominating Committee, the Compensation Committee and the Environment,
Health and Safety Committee. Each standing committee of the Board operates according to its
mandate, which is approved by the Board and sets out the committee&#146;s duties and responsibilities.
A discussion of each committee and its composition can be found in the Circular.
</DIV>


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As a Canadian reporting issuer with its Common Shares listed on the TSX, Denison has in place
a system of corporate governance practices which is responsive to applicable Canadian requirements,
including National Policy 58-201 &#151; <I>Corporate Governance Guidelines </I>of the Canadian
Securities Administrators (the &#147;<B>Guidelines</B>&#148;). Denison&#146;s corporate governance practices meet or
exceed the Guidelines and all other applicable Canadian requirements. Reference is made to the
Statement of Corporate Governance Practice in the Circular, which contains a description of the
Company&#146;s system of corporate governance practices with reference to the Guidelines.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison is classified as a foreign private issuer under U.S. securities law and its Common Shares
are listed on NYSE Amex. Pursuant to the rules of the NYSE Amex (the &#147;<B>NYSE Rules</B>&#148;), a foreign
private issuer is permitted to follow home country practice except with respect to certain rules,
with which Denison complies. As required by the NYSE Rules, Denison has disclosed a brief summary
of the significant ways in which Denison&#146;s corporate governance practices differ from those
required to be followed by U.S. domestic issuers under the NYSE&#146;s listing standards on its web site
at www.denisonmines.com.
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Except as described below, the Company is not currently a party to, nor was it a party to
during the last financial year, and none of the Company&#146;s property is or was the subject of, any
material legal proceedings, and the Company knows of no such legal proceedings that are
contemplated. However, from time to time, the Company may become party to routine litigation
incidental to its business. DMI has provided certain indemnities in favour of Denison Energy
against any future liabilities it may incur related to the assets and liabilities transferred to
DMI on March&nbsp;8, 2004.
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->124<!-- /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>Arizona 1 Licence Challenge</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On November&nbsp;16, 2009, as amended on February&nbsp;1, 2010, the Center for Biological Diversity, Grand
Canyon Trust, Sierra Club, Kaibab Band of Paiute Indians and Havasupai Tribe (the &#147;<B>Plaintiffs</B>&#148;)
filed a lawsuit against the U.S. Secretary of the Interior and BLM (together, the &#147;<B>Defendants</B>&#148;) in
the U.S. District Court seeking an order declaring that the Defendants have violated environmental
laws in relation to the Company&#146;s Arizona 1 mine, by not requiring a new Plan of Operations in
connection with the start of mining activities. The Plaintiffs are also claiming that, if a new
Plan of Operations is not required, the Defendants failed to conduct a review of potential
environmental impacts from the mine since the existing Plan of Operations for the mine was approved
by BLM in 1988. The Plaintiffs further claim that all required permits have not been obtained for
the mine under the Clean Air Act, and that, as a result, BLM failed to take all actions necessary
to prevent unnecessary degradation of the public lands. The Plaintiffs are seeking an order
declaring that the Defendants have violated these environmental laws in relation to the Arizona 1
mine, and an injunction directing operations to cease and stopping the Defendants from authorizing
or allowing any further mining or exploration operations at the Arizona 1 mine until BLM complies
with all applicable laws. On February&nbsp;8, 2010 the Defendants filed an Answer to the Plaintiffs&#146;
complaint denying the foregoing allegations. Denison has been added as an intervener in this
lawsuit, and believes that each of these allegations is without legal merit; is not supported by
the administrative record; and should be dismissed.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On April&nbsp;19, 2010, the Plaintiffs filed a motion for a preliminary injunction to shut down
operations at the mine pending a decision on the merits of the case. A hearing on the motion for
an injunction was held on June&nbsp;11, 2010, and on June&nbsp;17, 2010 the judge denied the Plaintiffs&#146;
request for preliminary injunctive relief. On July&nbsp;12, 2010, the Plaintiffs appealed the ruling on
the preliminary injunction to the Ninth Circuit Court of Appeals, and on July&nbsp;14, 2010 filed
another motion for preliminary injunction, pending appeal. That motion was denied by the judge on
August&nbsp;11, 2010. On August&nbsp;16, 2010 the Plaintiff&#146;s filed an emergency motion for an injunction
pending appeal in the Court of Appeals. On August&nbsp;31, 2010, a two-judge panel denied that motion.
The appeal to the Court of Appeals of the district judge&#146;s original ruling denying the preliminary
injunction was heard on January&nbsp;14, 2011 and a decision of the Court of Appeals is pending at this
time. The original case is ongoing. If the Plaintiffs are successful on the appeal or on the
merits, the Company may be required to stop mining activities at the Arizona 1 mine pending
resolution of this matter. Any required stoppage of mining could have a significant adverse impact
on the Company.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On August&nbsp;6, 2009, ARG filed an Application for Judicial Review of the decision to renew the
McClean Lake CNSC licence with the Canadian Federal Court. The ARG is comprised of the Athabasca
Denesuline First Nations of Fond du Lac, Black Lake and Hatchet Lake and the provincial communities
of Camsell Portage, Uranium City, Stony Rapids and Wollaston Lake. ARG is challenging the legality
of the renewed licence primarily on the basis of issues related to the Federal and Provincial
government&#146;s duty to consult with aboriginal people. The initial hearing on this matter was held
on June&nbsp;8, 2010 and the judge issued his decision in September&nbsp;2010, dismissing the application.
ARG has launched an appeal of this decision. Since the mill is currently on standby, operations
are not expected to be affected as a result of the legal proceedings; however, an adverse decision
by the court could have an impact on the timing of the Company&#146;s future production.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->125<!-- /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>EPA Findings</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In August&nbsp;2009, ADEQ issued an air quality permit that authorized the restart and operation of the
Arizona 1 mine. Despite this authorization by ADEQ and a previous authorization of construction
and operation of the mine by the EPA in 1988, the EPA has alleged that a new EPA approval is
required at this time, notwithstanding the ADEQ permit. On May&nbsp;3, 2010, the EPA issued a Finding
of Violation to Denison alleging non-compliance with the provisions of the Clean Air Act for not
obtaining this second EPA approval and associated matters. The EPA and Denison are currently in
discussions to settle this administrative action, which may involve the payment of a stipulated
penalty.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On August&nbsp;17, 2010, the EPA issued a Notice of Violation under the Clean Air Act, citing four
violations of the National Emission Standards for Hazardous Air Pollutants for underground uranium
mines, relating to operations at Denison&#146;s La Sal mines complex in Utah in 2009. Those violations
were for alleged failure to obtain prior approval from the EPA for the radon monitoring method used
at the site, for some gaps in data collection and reporting, and for allegedly exceeding the
emission standards at certain receptors using the prescribed air dispersion model. Denison has
applied to the EPA for approval to continue to use the radon monitoring method at the site, which
is the same method used historically by the uranium mining industry. Similarly Denison does not
believe the prescribed air dispersion model is sophisticated enough to accurately calculate
potential doses from radon to nearby receptors at the La Sal mines, given the complex terrain and
other factors at the site, and has applied to the EPA for approval to use a more sophisticated air
dispersion model. The Clean Air Act provides that, when a person is in violation of certain
provisions of the Act, the EPA may issue an administrative penalty, issue an order requiring
compliance with the requirements, or bring a civil action, among other remedies. Administrative
penalties can be based on the number of days of violation, the size of the business, the economic
benefit of non-compliance, the seriousness of the violation and other factors, and can be
significant. The EPA has not issued an order or brought civil enforcement action at this time.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On July&nbsp;29, 2010, Uranium Watch, Living Rivers and Center for Water Advocacy (the &#147;<B>Pandora
Plaintiffs</B>&#148;) filed a lawsuit against the U.S. Forest Service (&#147;<B>USFS</B>&#148;) and the Forest Supervisor for
the Manti-La Sal National Forest (together, the &#147;<B>Pandora Defendants</B>&#148;) seeking an order declaring
that the Pandora Defendants have violated environmental laws in relation to the Company&#146;s Pandora
mine, by not requiring an Environmental Assessment or Environmental Impact Statement under the
National Environmental Policy Act (&#147;<B>NEPA</B>&#148;) in connection with the USFS&#146;s approval of Plans of
Operation authorizing the Company to construct two vent holes and drill 16 uranium exploration
holes at the mine. The Pandora Plaintiffs are seeking an order declaring that the Pandora
Defendants have violated NEPA and vacating the USFS&#146; approval of the Plans of Operation for these
two projects, and enjoining the USFS from allowing the projects to proceed pending full compliance
with the law. The Pandora Plaintiffs also filed a motion for a temporary restraining order and
preliminary injunction against the commencement of the projects. Denison has been added as an
intervener in this lawsuit. A hearing on the motion for a preliminary injunction was held on
September&nbsp;2, 2010, and on September&nbsp;14, 2010 the judge denied the Pandora Plaintiff&#146;s request for
preliminary injunctive relief. The original case is ongoing. At this time, all of the exploration
holes have been drilled and one of the two vent holes has been installed.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><FONT style="font-variant: SMALL-CAPS"><B>Interest Of Management And Others In Material Transactions</B></FONT>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Other than as disclosed in this AIF, no director or executive officer of Denison, no person or
company that beneficially owns, controls or directs, indirectly or directly, more than 10% of the
Common Shares, and no associate or affiliate of any of them, has or has had, within the three most recently
completed financial years or during the current financial year, any material interest in any
transaction which materially affects or is reasonably expected to materially affect Denison.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->126<!-- /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"><FONT style="font-variant: SMALL-CAPS"><B>Registrar And Transfer Agent</B></FONT>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Computershare Investor Services Inc. acts as the registrar and transfer agent for the Common
Shares. The address for Computershare Investor Services Inc. is 100 University Avenue, 9th Floor,
Toronto, ON, M5J 2Y1, Canada, and the telephone number is 1-800-564-6253.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Reference is made to the material contracts which have been filed by Denison with the Canadian
securities regulatory authorities on the SEDAR website at <U>www.sedar.com</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Below are the particulars of each contract, other than those entered into in the ordinary course of
business, that is material to Denison and that was entered into between January&nbsp;1, 2010 and
December&nbsp;31, 2010 or was entered into before those dates but is still in effect. No disclosure is
made regarding any contract that was entered into before January&nbsp;1, 2002.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Reclamation Funding Agreement made as of the 21<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> day of December&nbsp;1995
among DML, Her Majesty the Queen in Right of Canada (the &#147;<B>Government of Canada</B>&#148;) and Her
Majesty the Queen in Right of the Province of Ontario (the &#147;<B>Government of Ontario</B>&#148;) as
amended by the Amending Agreement made as of the 11<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of April&nbsp;1997 among
DML, the Government of Canada and the Government of Ontario and as further amended by the
Amending Agreement made as of the 25<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of February&nbsp;1999 among DML, the
Government of Canada and the Government of Ontario and further amended by an Assignment and
Novation Agreement made as of the 29<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of December, 2003 among Denison
Energy, the Company, the Government of Canada and the Government of Ontario.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">According to the Reclamation Funding Agreement, the Company is required to maintain funds in
an Environmental Trust sufficient for the succeeding six years of the estimated reclamation
and on-going care and monitoring expenditures for the Company&#146;s closed Elliot Lake mining
facility.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Arrangement Agreement dated as of September&nbsp;18, 2006, as amended and restated as of
October&nbsp;16, 2006, with effect as and from September&nbsp;18, 2006, among DMI, IUC and IUC Subco.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">According to the Arrangement Agreement, IUC, DMI and IUC Subco completed the Denison
Arrangement pursuant to which DMI and IUC Subco amalgamated, and each shareholder of DMI
received 2.88 Common Shares of IUC for each share of DMI held. In addition, pursuant to the
Arrangement Agreement, IUC filed Articles of Amendment to change IUC&#146;s name to &#147;Denison
Mines Corp.&#148;.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Credit Facility dated as of June&nbsp;30, 2008, as amended as of December&nbsp;31, 2008 and
December&nbsp;31, 2009.</DIV></TD>
</TR>

</TABLE>
</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 style="margin-top: 10pt"><TABLE width="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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">According to the Credit Facility, as amended, The Bank of Nova Scotia has agreed to provide
Denison with a $60,000,000 revolving term credit facility. The Credit Facility is repayable
in full on June&nbsp;30, 2011. The borrower under the Credit Facility is DMI and the Company has provided
an unlimited full recourse guarantee and a pledge of all of the shares of DMI. DMI has
provided a first priority security interest in all present and future personal property and
an assignment of its rights and interests under all material agreements relative to the
McClean Lake and the Midwest projects. In addition, each of the Company&#146;s material U.S.
subsidiaries has provided an unlimited full recourse guarantee secured by a pledge of all of
its shares and a first priority security interest in all of its present and future personal
property. The Company is required to maintain certain financial covenants on a consolidated
basis.</DIV></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">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The KEPCO SRA made as of June&nbsp;15, 2009 among the Company, KEPCO and KEPCO Canada
Uranium Investment Limited Partnership.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The KEPCO SRA provides for a long-term collaborative business relationship between the
parties. Under the KEPCO SRA, Denison has agreed to nominate for election to Denison&#146;s
Board at any shareholder meeting at which directors are to be elected, two persons
designated by KEPCO as long as KEPCO holds at least 15% of the outstanding Common Shares,
and one person if KEPCO&#146;s shareholding percentage drops below 15% of the outstanding Common
Shares but stays above 5%. The KEPCO SRA also provides that if Denison intends to sell an
interest in certain of its substantial assets, it will first notify KEPCO of each such
proposed sale and provide KEPCO with a 30-day right of first offer to allow KEPCO to
purchase the interest in the asset that Denison proposes to sell. The KEPCO SRA provides
that Denison will allow KEPCO to participate in potential purchases of certain assets,
including a mill facility, a producing mine or a mineral resource for which a production
feasibility study has been completed, which Denison plans to pursue with a co-investor.
KEPCO&#146;s ability to purchase will not be available where Denison and KEPCO cannot agree on
terms within a reasonable time or where their involvement would adversely affect Denison&#146;s
ability to pursue an investment opportunity. The right of first offer and co-investment
rights are subject to pre-existing contractual commitments and do not apply to certain
pre-existing transactions. KEPCO is also entitled to subscribe for additional Common Shares
in order to maintain or increase its shareholding percentage in Denison to thresholds which
are relevant to its rights under the KEPCO SRA and KEPCO Offtake Agreement, in circumstances
where Denison completes a public offering or broadly distributed private placement to raise
proceeds of greater than Cdn$10&nbsp;million. Denison is entitled to terminate the KEPCO SRA if
KEPCO&#146;s shareholding percentage in Denison drops below 5% and stays below 5% for 60&nbsp;days
following delivery of a notice to that effect by Denison to KEPCO.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Underwriting Agreement dated March&nbsp;1, 2011 among Denison and GMP Securities L.P.,
Cormark Securities Inc., Scotia Capital Inc., Dundee Securities Ltd. and Raymond James Ltd.
(collectively, the &#147;<B>Underwriters</B>&#148;).</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Pursuant to the terms of the Underwriting Agreement, Denison sold to the Underwriters on
March&nbsp;15, 2011, a total of 18,300,000 Common Shares at a price of Cdn$3.55 per share for
total consideration of Cdn$64,965,000, and Denison paid the Underwriters a fee of Cdn$0.1775
per Common Share. The Underwriting Agreement contains customary representations,
warranties, covenants and indemnification rights.</DIV></TD>
</TR>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->128<!-- /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"><FONT style="font-variant: SMALL-CAPS"><B>Names And Interests Of Experts</B></FONT>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s independent auditors are PricewaterhouseCoopers LLP, Chartered Accountants, Licensed
Public Accountants, who have issued an independent auditors&#146; report dated March&nbsp;10, 2011 in respect
of Denison&#146;s consolidated financial statements as at December&nbsp;31, 2010 and 2009 and for each of the
years ended 2010 and 2009 and the Company&#146;s internal control over financial reporting as at
December&nbsp;31, 2010. PricewaterhouseCoopers LLP has advised that they are independent with respect
to the Company within the meaning of the Rules of Professional Conduct of the Institute of
Chartered Accountants of Ontario and has complied with the SEC&#146;s rules on auditor independence.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">William C. Kerr, Vice-President Exploration of Denison, who is a &#147;qualified person&#148; within the
meaning of this term in NI 43-101, has prepared sections of this AIF that are of a scientific or
technical nature pertaining to the Company&#146;s mineral projects in Canada and Zambia. To the
knowledge of Denison, William C. Kerr is the registered or beneficial owner, directly or
indirectly, of less than one percent of the outstanding Common Shares.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Terry V. Wetz, Director of Project Development of Denison, who is a &#147;qualified person&#148; within the
meaning of this term in NI 43-101, has prepared sections of this AIF that are of a scientific or
technical nature pertaining to the Company&#146;s mineral projects in the United States and Mongolia.
To the knowledge of Denison, Terry V. Wetz is the registered or beneficial owner, directly or
indirectly, of less than one percent of the outstanding Common Shares.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Scott Wilson RPA, now RPA Inc., which was retained to independently review and audit the mineral
reserves and mineral resources in accordance with the requirements of NI 43-101, prepared the
following technical reports:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Arizona Strip Technical Report dated February&nbsp;26, 2007 by David A. Ross, P.Geo. and
Thomas C. Pool, P.E.;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Elliot Lake Report dated June&nbsp;29, 2007 by Lawrence B. Cochrane, Ph.D., P.Eng. and
Leo R. Hwozdyk, P.Eng.;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The 2007 Mongolia Report dated February&nbsp;27, 2007 by Thomas C. Pool, P.E. and Neil N.
Gow, P.Geo.;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Henry Mountains Technical Report September&nbsp;9, 2006 by Thomas C. Pool, P.E.;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">McClean Technical Report dated November&nbsp;21, 2005 as amended on February&nbsp;16, 2006 by
Richard E. Routledge, M.Sc., P.Geo. and James W. Hendry, P.Eng.;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">McClean North Technical Report January&nbsp;31, 2007 by Richard E. Routledge, M.Sc.,
P.Geo.;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Sue D Report dated March&nbsp;31, 2006 by Richard E Routledge, M.Sc., P.Geo. and James W.
Hendry, P.Eng.;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Midwest Technical Report dated June&nbsp;1, 2005, as amended on February&nbsp;14, 2006 by
Richard E. Routledge, M.Sc., P.Geo., James W. Hendry, P.Eng. and Luke Evans, M.Sc.,
P.Eng.;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Tony M Report dated March&nbsp;19, 2009 by Douglas H. Underhill, Ph.D., C.P.G. and
William Roscoe, Ph.D., P.Eng.; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">EZ Complex Report dated June&nbsp;24, 2009 by David A. Ross, P.Geo. and Christopher
Moreton, Ph.D., P.Geo.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The 2011 Mongolia Report dated March&nbsp;23, 2011 by Hrayr Agnerian, M.Sc. (Applied),
P. Geo. and William E. Roscoe, Ph.D., P.Eng.</DIV></TD>
</TR>

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

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Midwest A Technical Report dated January&nbsp;31, 2008 was prepared by Michel Dagbert, P.Eng. of
Geostat, which was retained to independently review and audit the mineral reserves in accordance
with the requirements of NI 43-101.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Mutanga Technical Report dated March&nbsp;19, 2009 was prepared by Malcolm Titley, B.Sc. (Geology
and Chemistry), MAusIMM, MAIG, of CSA Global, which was retained to independently review and audit
the mineral reserves and mineral resources in accordance with the requirements of NI 43-101.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Phoenix Report dated November&nbsp;17, 2010 was prepared by Gilles Arseneau, Ph.D., P.Geo. and Cliff
Revering, P.Eng. of SRK, which was retained to independently review and audit the mineral resources
in accordance with the requirements of NI 43-101.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All of the authors of the technical reports noted above are independent of Denison. To the
knowledge of Denison as of the date hereof, the partners, employees and consultants of each of RPA
Inc. (formerly Scott Wilson RPA), Geostat, CSA Global and SRK who participated in the preparation
of the aforementioned reports, or who were in a position to influence the outcome of such reports
and each of RPA Inc., Geostat, CSA Global and SRK are the registered or beneficial owner, directly
or indirectly, of less than one percent of the outstanding Common Shares.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Additional information regarding the Company is available on the SEDAR website at
<U>www.sedar.com</U>. Further information concerning the Company, including directors&#146; and
officers&#146; remuneration and indebtedness, principal holders of the Company&#146;s securities, options to
purchase securities and interests of insiders in material transactions, where applicable, is
contained in the Circular for the Annual General Meeting of Shareholders to be held on May&nbsp;12,
2011. Additional financial information is provided in the Company&#146;s audited consolidated financial
statements and MD&#038;A for the financial year ended December&nbsp;31, 2010.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A copy of this AIF, as well as the Circular and such other information and documentation that the
Company makes available via SEDAR, can be found at <U>www.sedar.com</U>. In addition, certain of
this information is distributed to shareholders in connection with Denison&#146;s Annual General Meeting
of Shareholders. The Company will provide any of the foregoing documents subject to its rights to
require people who are not security holders of the Company to pay a reasonable charge. Copies of
these documents may be obtained by writing to:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 8%; margin-top: 10pt">Denison Mines Corp.<BR>
Atrium on Bay<BR>
Suite&nbsp;402<BR>
595 Bay Street<BR>
Toronto, Ontario<BR>
M5G 2C2
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 8%; margin-top: 10pt">Telephone: (416)&nbsp;979-1991 Ext. 251<BR>
Facsimile: (416)&nbsp;979-5893<BR>
Email: info@denisonmines.com
</DIV>


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</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><FONT style="font-variant: SMALL-CAPS"><B>Exhibit&nbsp;1 &#151; Organizational Structure</B></FONT><BR>
<FONT style="font-variant: SMALL-CAPS"><B>as at december 31, 2010 </B></FONT>
</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="center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c14769c1476906.gif" alt="(GRAPHIC)">
</DIV>

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

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</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><FONT style="font-variant: SMALL-CAPS"><B>Schedule&nbsp;A</B></FONT>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>Denison Mines Corp.<BR>
Audit Committee Mandate and Charter</B>

</DIV>

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


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Board shall appoint annually from among its members at the first meeting of the
Board following the annual meeting of the shareholders a committee to be known as the Audit
Committee (the &#147;Committee&#148;) to be composed of three (3)&nbsp;directors or such other number not
less than three (3)&nbsp;as the Board may from time to time determine.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Any member of the Committee may be removed or replaced at any time by the Board. Any
member of the Committee ceasing to be a director or ceasing to qualify under A(3) below
shall cease to be a member of the Committee. Subject to the foregoing, each member of the
Committee shall hold office as such until the next annual appointment of members to the
Committee after his or her election. Any vacancy occurring in the Committee shall be
filled at the next meeting of the Board.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Each member of the Committee shall:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">be a member of the Board;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">not be an officer or employee of the Company or any of its affiliates;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">be an unrelated director as defined in the Toronto Stock Exchange (the
&#147;TSX&#148;) Corporate Governance Guidelines (&#147;TSX Guidelines&#148;) as the same may be
amended from time to time;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">satisfy the independence requirements applicable to members of audit
committees under each of Multilateral Instrument 52-110 &#151; <I>Audit Committees </I>of the
Canadian Securities Administrators (&#147;M1 52-110&#148;), Rule&nbsp;10A-3(b)(1)(ii) of the
United States Securities and Exchange Commission, and any other applicable laws and
regulations, as the same may be amended from time to time (with the TSX Guidelines,
&#147;Applicable Laws&#148;); and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">satisfy the financial literacy requirements prescribed by Applicable
Laws.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">A majority of the Committee shall constitute a quorum.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Committee shall elect annually a chairperson from among its members.</DIV></TD>
</TR>

</TABLE>
</DIV>

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


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Committee&#146;s purpose is to assist the Board in its supervision of the management
of the business and affairs of the Company through oversight of:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the integrity of the Company&#146;s financial statements, Management&#146;s
Discussion and Analysis (&#147;MD&#038;A&#148;) and other financial reporting;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the integrity of the Company&#146;s internal control and management
information systems;</DIV></TD>
</TR>

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

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

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Company&#146;s compliance with all applicable laws, rules, regulations,
policies and other requirements of governments, regulatory agencies and stock
exchanges relating to accounting matters and financial disclosure;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the auditor&#146;s qualifications and activities;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">communication among the auditor, management and the Board; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">such other matters as are determined by the Board from time to time.</DIV></TD>
</TR>

</TABLE>
</DIV>

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


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Committee shall have direct channels of communication with the Company&#146;s
auditor to discuss and review specific issues as appropriate.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Committee, or any member of the Committee with the approval of the Committee, may
retain at the expense of the Company such independent legal, accounting (other than the
auditor) or other advisors on such terms as the Committee may consider appropriate and shall
not be required to obtain the approval of the Board in order to retain or compensate any
such advisors.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Committee shall have unrestricted access to Company personnel and documents and
shall be provided with all necessary funding and other resources to carry out its
responsibilities;</DIV></TD>
</TR>

</TABLE>
</DIV>

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


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The responsibilities of the Committee shall be to:</DIV></TD>
</TR>

<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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">with respect to financial accounting matters:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">review with management and the external auditors the annual
consolidated financial statements, MD&#038;A and press release announcing annual
financial results of operations before making recommendations to the Board
relating to approval of such documents;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">review with management and the external auditors interim
financial statements, MD&#038;A and press release announcing interim financial
results of operations before making recommendations to the Board relating to
approval of such documents;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">review and discuss with management and the external auditors
all public disclosure documents containing audited or unaudited financial
information including: any Prospectus; the Annual Report; interim unaudited
reports; the Annual Information Form; Management Information Circular, and any
material change report pertaining to the Company&#146;s financial matters. The
Committee will review the consistency of the foregoing documents with facts,
estimates or judgments contained in the audited or unaudited financial
statements;</DIV></TD>
</TR>

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

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

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<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt"><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">satisfy itself that adequate procedures are in place for the
review of the Company&#146;s disclosure of financial information extracted or
derived from the
Company&#146;s financial statements, other than the Company&#146;s financial
statements, MD&#038;A and earnings press releases, and shall periodically assess
the adequacy of those procedures;</DIV></TD>
</TR>
<TR><TD align="left" valign="top">&nbsp;</TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">prior to the completion of the annual audit, and at any other
time deemed advisable by the Committee, review and discuss with management and
the auditor the quality of the Company&#146;s accounting policies and financial
statement presentation, including, without limitation, the following:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">all critical accounting policies and practices
to be used, including, without limitation, the reasons why certain
estimates or policies are or are not considered critical and how
current and anticipated future events may impact those determinations
as well as an assessment of any proposed modifications by the auditors
that were not made;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">all alternative accounting treatments for
policies and practices that have been discussed by management and the
auditors; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">other material written communications between
the auditor and management, including, without limitation, any
management letter, schedule of unadjusted differences, the management
representation letter, report on internal controls, as well as the
engagement letter and the independence letter;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">review annually the accounting principles and practices
followed by the Company and any changes in the same as they occur;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">review new accounting principles of the Canadian Institute of
Chartered Accountants and the Financial Accounting Standards Board which would
have a significant impact on the Company&#146;s financial reporting as reported to
the Committee by management;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">review the status of material contingent liabilities as reported to the
Committee by management;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">review potentially significant tax problems as reported to the
Committee by management; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">review any errors or omissions in the current or prior year&#146;s
financial statements which appear material as reported to the Committee by
management;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="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">with respect to the external auditors:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">be directly responsible for the appointment, compensation,
retention, termination and oversight of the work of the auditor (including,
without limitation, resolution of disagreements between management and the
auditor regarding financial reporting) for the purpose of preparing or issuing
an audit report or performing other audit, review or services for the Company;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">approve, prior to the auditor&#146;s audit, the auditor&#146;s audit plan
(including, without limitation, staffing), the scope of the auditor&#146;s review
and all related fees;</DIV></TD>
</TR>

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

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

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<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">satisfy itself as to the independence of the auditor. The
Committee shall pre-approve any non-audit services (including, without
limitation, fees therefor) provided to the Company or its subsidiaries by the
auditor or any auditor of any such subsidiary and shall consider whether these
services are compatible with the auditor&#146;s independence, including, without
limitation, the nature and scope of the specific non-audit services to be
performed and whether the audit process would require the auditor to review any
advice rendered by the auditor in connection with the provision of non-audit
services. The Committee shall not allow the auditor to render any non-audit
services to the Company or its subsidiaries that are prohibited by Applicable
Law;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">review and approve the Company&#146;s policies concerning the hiring
of employees and former employees of the Company&#146;s auditor or former auditor.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="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">with respect to internal controls:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">oversee management&#146;s design, testing and implementation of the
Company&#146;s internal controls and management information systems and review the
adequacy and effectiveness thereof.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="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">with respect to concerns and complaints:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">establish procedures for:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the receipt, retention and treatment of
complaints received by the Company regarding accounting, internal
accounting controls or auditing matters; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the confidential, anonymous submission by
employees of the Company of concern regarding questionable accounting
or auditing matters.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="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">with respect to ethics:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Committee shall be responsible for oversight and
enforcement of the Code of Ethics for the Chief Executive Officer, Senior
Financial Officers and Other Officers of the Company, subject to the
supervision of the Board.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="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">with respect to general audit matters:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">inquire of management and the external auditors as to any
activities that may or may not appear to be illegal or unethical;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">review with management, the operations analyst and the external
auditors any frauds reported to the Audit Committee;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">review with the external auditors the adequacy of staffing for
accounting and financial responsibilities; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">report and make recommendations to the Board as the Committee
considers appropriate.</DIV></TD>
</TR>


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

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

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


</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In addition, the Board may refer to the Committee such matters and questions relating
to the Company as the Board may from time to time see fit;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Any member of the Committee may require the auditors to attend any or every meeting of
the Committee.</DIV></TD>
</TR>

</TABLE>
</DIV>

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


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The times of and the places where meetings of the Audit Committee shall be held and the
calling of and procedure at such meetings shall be determined from time to time by the
Committee, provided however that the Committee shall meet at least quarterly, and the
Committee shall maintain minutes or other records of its meetings and activities. Notice
of every such meeting to be given in writing not less than five (5)&nbsp;days prior to the date
fixed for the meeting, and shall be given to the auditors of the Company, that the auditors
shall be entitled to attend and be heard thereat. Meetings shall be convened whenever
requested by the auditors, the operations analyst or any member of the Audit Committee in
accordance with the <I>Ontario Business Corporations Act.</I></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">As part of each meeting of the Committee at which it recommends that the Board
approve the financial statements of the Company, and at such other times as the Committee
deems appropriate, the Committee shall meet separately with the auditor to discuss and
review specific issues as appropriate.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">F. <B>Evaluation of Charter and Mandate</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">On at least an annual basis, the Committee shall review and assess the adequacy of
this Charter and Mandate and recommend any proposed changes to the Board of Directors.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All prior resolutions of the Board relating to the constitution and responsibilities of
the Audit Committee are hereby repealed.</DIV></TD>
</TR>

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

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

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<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="center" style="font-size: 10pt; margin-top: 10pt"><FONT style="font-variant: SMALL-CAPS"><B>Schedule&nbsp;B</B></FONT>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>Glossary of Technical Terms</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Note: The terms related to mineral resources and mineral reserves presented herein are as defined
in &#147;CIM DEFINITION STANDARDS on Mineral Resources and Mineral Reserves&#148; prepared by the CIM
Standing Committee on Reserve Definitions, adapted by CIM Council, December&nbsp;11, 2005.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>eU</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><BR><BR>
This term refers to equivalent U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> grade derived by gamma logging
of drill holes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Historical Estimate</B><BR><BR>
A historical estimate means an estimate of mineral reserves or mineral resources prepared prior to
February&nbsp;1, 2001.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Indicated Mineral Resource</B><BR><BR>
An Indicated Mineral Resource is that part of a Mineral Resource for which quantity, grade or
quality, densities, shape and physical characteristics, can be estimated with a level of confidence
sufficient to allow the appropriate application of technical and economic parameters, to support
mine planning and evaluation of the economic viability of the deposit. The estimate is based on
detailed and reliable exploration and testing information gathered through appropriate techniques
from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely
enough for geological and grade continuity to be reasonably assumed.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Inferred Mineral Resource</B><BR><BR>
An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or
quality can be estimated on the basis of geological evidence and limited sampling and reasonably
assumed, but not verified, geological and grade continuity. The estimate is based on limited
information and sampling gathered through appropriate techniques from locations such as outcrops,
trenches, pits, workings and drill holes
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Measured Mineral Resource</B><BR><BR>
A Measured Mineral Resource is that part of a Mineral Resource for which quantity, grade or
quality, densities, shape, and physical characteristics are so well established that they can be
estimated with confidence sufficient to allow the appropriate application of technical and economic
parameters, to support production planning and evaluation of the economic viability of the deposit.
The estimate is based on detailed and reliable exploration, sampling and testing information
gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings
and drill holes that are spaced closely enough to confirm both geological and grade continuity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Mineral Reserve</B><BR><BR>
A Mineral Reserve is the economically mineable part of a Measured or Indicated Mineral Resource
demonstrated by at least a Preliminary Feasibility Study. This Study must include adequate
information on mining, processing, metallurgical, economic and other relevant factors that
demonstrate, at the time of reporting, that economic extraction can be justified. A Mineral
Reserve includes diluting materials and allowances for losses that may occur when the material is
mined.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Mineral Resource</B><BR><BR>
A Mineral Resource is a concentration or occurrence of diamonds, natural solid inorganic material,
or natural solid fossilized organic material including base and precious metals, coal, and
industrial materials in or on the Earth&#146;s crust in such form and quantity and of such a grade or
quality that it has reasonable
prospects for economic extraction. The location, quantity, grade, geological characteristics and
continuity of a Mineral Resource are known, estimated or interpreted from specific geological
evidence and knowledge.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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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>Pre-Feasibility Study</B><BR><BR>
A Pre-Feasibility Study is a comprehensive study of the viability of a mineral project that has
advanced to a stage where the mining method, in the case of underground mining, or the pit
configuration, in the case of an open pit, has been established and an effective method of mineral
processing has been determined, and includes a financial analysis based on reasonable assumptions
of technical, engineering, legal, operating, economic, social, and environmental factors and the
evaluation of other relevant factors which are sufficient for a Qualified Person, acting
reasonably, to determine if all or part of the Mineral Resource may be classified as a Mineral
Reserve.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Probable Mineral Reserve</B><BR><BR>
A &#145;Probable Mineral Reserve&#146; is the economically mineable part of an Indicated, and in some
circumstances, a Measured Mineral Resource demonstrated by at least a Preliminary Feasibility
Study. This Study must include adequate information on mining, processing, metallurgical,
economic, and other relevant factors that demonstrate, at the time of reporting, that economic
extraction can be justified.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Proven Mineral Reserve</B><BR><BR>
A &#145;Proven Mineral Reserve&#146; is the economically mineable part of a Measured Mineral Resource
demonstrated by at least a Preliminary Feasibility Study. This Study must include adequate
information on mining, processing, metallurgical, economic, and other relevant factors that
demonstrate, at the time of reporting, that economic extraction is justified.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Qualified Person</B><BR><BR>
A &#145;Qualified Person&#146; means an individual who is an engineer or geoscientist with at least five
years of experience in mineral exploration, mine development or operation or mineral project
assessment, or any combination of these; has experience relevant to the subject matter of the
mineral project and the technical report and is a member or licensee in good standing of a
professional association.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>V</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>2</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>5</B></SUB><BR><BR>

Vanadium pentoxide. It is the form of vanadium produced at the White Mesa mill, often called
blackflake.
</DIV>


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

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<SEQUENCE>3
<FILENAME>c14769exv99w2.htm
<DESCRIPTION>EX-99.2
<TEXT>
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<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;99.2</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2010<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">This Management&#146;s Discussion and Analysis (&#147;MD&#038;A&#148;) of Denison Mines Corp. and its subsidiary
companies and joint ventures (collectively, &#147;Denison&#148; or the &#147;Company&#148;) provides a detailed
analysis of the Company&#146;s business and compares its financial results with those of the previous
year. This MD&#038;A is dated as of March&nbsp;10, 2011 and should be read in conjunction with, and is
qualified by, the Company&#146;s audited consolidated financial statements and related notes for the
year ended December&nbsp;31, 2010. The financial statements are prepared in accordance with generally
accepted accounting principles in Canada with a discussion in Note 27 of the material differences
between Canadian and United States generally accepted accounting principles and practices affecting
the Company. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Other continuous disclosure documents, including the Company&#146;s press releases, quarterly and annual
reports, Annual Information Form and Form 40-F are available through its filings with the
securities regulatory authorities in Canada at <U>www.sedar.com</U> and the United States at
<U>www.sec.gov/edgar.shtml</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Certain information contained in this MD&#038;A constitutes &#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;, &#147;be achieved&#148; or &#147;has the potential to&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Forward looking statements are based on the opinions and estimates of management as of the date
such statements are made, and they are subject to known and unknown risks, uncertainties and other
factors that may cause the actual results, level of activity, performance or achievements of
Denison to be materially different from those expressed or implied by such forward-looking
statements. 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 MD&#038;A should not be unduly relied upon. This
information speaks only as of the date of this MD&#038;A. In particular, this MD&#038;A may contain
forward-looking information pertaining to the following: the estimates of Denison&#146;s mineral
reserves and mineral resources; estimates regarding Denison&#146;s uranium and vanadium production
levels 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 and regulatory actions on Denison;
exploration, development and expansion plans and objectives; Denison&#146;s expectations regarding
raising capital and adding to its mineral reserves and resources through acquisitions and
development; and receipt of regulatory approvals, permits and licences 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 and the Short Form&nbsp;Prospectus
dated March&nbsp;8, 2011, available at <U>http://www.sedar.com,</U> and in its Form 40-F available at
<U>http://www.sec.gov</U>, as well as the following: global financial conditions, the market price
of Denison&#146;s securities, volatility in market prices for uranium and vanadium; ability to access
capital, changes in foreign currency exchange rates and interest rates; liabilities inherent in
mining operations; uncertainties associated with estimating mineral reserves and resources and
production; uncertainty as to reclamation and decommissioning liabilities; 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; public resistance to the
expansion of nuclear energy and uranium mining; uranium industry competition and international
trade restrictions; incorrect assessments of the value of acquisitions; geological, technical and
processing problems; the ability of Denison to meet its obligations to its creditors; actions taken
by regulatory authorities with respect to mining activities; the potential influence of or reliance
upon its business partners, and the adequacy of insurance coverage.
</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 MD&#038;A is expressly qualified by this cautionary statement. Denison
does not undertake any obligation to publicly update or revise any forward-looking information
after the date of this MD&#038;A to conform such information to actual results or to changes in
Denison&#146;s expectations except as otherwise required by applicable legislation.
</DIV>

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2010<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred
Resources: </B>&#147;This MD&#038;A&#148; may use the terms &#147;Measured&#148;, &#147;Indicated&#148; and &#147;Inferred&#148; Resources. United
States investors are advised that while such terms are recognized and required by Canadian
regulations, the United States Securities and Exchange Commission does not recognize them.
&#147;Inferred Mineral Resources&#148; have a great amount of uncertainty as to their existence, and as to
their economic and
legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will
ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral
Resources may not form the basis of feasibility or other economic studies. <B>United States investors
are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will
ever be converted into Mineral Reserves. United States investors are also cautioned not to assume
that all or any part of an Inferred Mineral Resource exists, or is economically or legally
mineable.</B>
</DIV>

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


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Denison&#146;s 2010 production totaled 1,442,000 pounds uranium oxide
(&#147;U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>&#148;) and 2,347,000 pounds of vanadium blackflake
(&#147;V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB>&#148;).</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 sales were 1,839,000 pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> at an average price of
$47.67 per pound.</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">Vanadium sales totaled 541,000 pounds V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB> at an average price of
$6.44 per pound and 1,003,000 pounds of ferrovanadium (&#147;FeV&#148;) at an average price of $13.40
per pound.</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">At the end of 2010 the Company had 87,000 pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> and 679,000
pounds V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB> and 11,000 pounds FeV in inventory available for sale.
Based on spot market prices at December&nbsp;31, 2010, this inventory has a value of $9,800,000.</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 is essentially debt-free and has a cash balance of $97.6&nbsp;million.</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 Company received initial estimates of mineral resources at Zones A and B at the
Phoenix deposit at the Wheeler River project in the Athabasca Basin in northern
Saskatchewan by SRK Consulting (Canada) Inc., which was retained to independently review
and audit the resources in accordance with the requirements of National Instrument 43-101.
The report estimated indicated mineral resources at Zone A containing 35,640,000 pounds
(the Company&#146;s share 21,380,000 pounds) at an average grade of 18.0%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> and inferred mineral resources at Zone B containing 3,810,000
pounds (the Company&#146;s share, 2,290,000 pounds) at an average grade of 7.3%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> based on a cut-off grade of 0.8% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.
Denison is encouraged by these estimates for the potential of Wheeler River in terms of its
high grade and size.</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 Company began development of its Pinenut mine in Arizona in the fourth quarter.
Production is expected to commence in 2012.</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 Company completed equity issues in December raising aggregate gross proceeds of
$64,769,000.</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">In Zambia, the Company was granted mining licences for its Mutanga and Dibwe properties.
These licences are for a period of 25&nbsp;years.</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">Denison was formed by articles of amalgamation effective May&nbsp;9, 1997 pursuant to the Business
Corporations Act (Ontario) (the &#147;OBCA&#148;) and by articles of arrangement effective December&nbsp;1, 2006.
Denison is a reporting issuer in all of the Canadian provinces. Denison&#146;s common shares are listed
on the Toronto Stock Exchange (the &#147;TSX&#148;) under the symbol &#147;DML&#148; and on the NYSE Amex LLC (&#147;Amex&#148;)
under the symbol &#147;DNN&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison is an intermediate uranium producer with production in the U.S. combined with a diversified
development portfolio with projects in the U.S., Canada, Zambia and Mongolia. Denison&#146;s assets
include its 100% ownership of the White Mesa mill in Utah and its 22.5% ownership of the McClean
Lake mill in Saskatchewan. The Company also produces vanadium as a co-product from some of its
mines in Colorado and Utah. The Company is also in the business of processing uranium-bearing
waste materials, referred to as &#147;alternate feed materials&#148;, for the recovery of uranium, alone or
in combination with other metals, at the Company&#146;s White Mesa mill.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison owns interests in a portfolio of exploration projects, including the Wheeler River
property, along with other properties in close proximity to the Company&#146;s mills in the Athabasca
Basin in Saskatchewan and in the Colorado Plateau, Henry Mountains and Arizona Strip regions of the
southwestern United States.
</DIV>
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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="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2010<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison is the manager of Uranium Participation Corporation (&#147;UPC&#148;), a publicly traded company
which invests in uranium oxide in concentrates and uranium hexafluoride. Denison is also engaged
in mine decommissioning and environmental services through its Denison Environmental Services
(&#147;DES&#148;) division.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison intends to position itself as an important global uranium producer with annual uranium
production of not less than 10&nbsp;million pounds by 2020. This will take place through production
from Denison&#146;s currently operating mines and through its ongoing business development activities,
including exploration and development of existing projects. Denison will also look to diversify
its production geographically and evaluate opportunities to make in-situ uranium recovery a larger
component of its production.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Nuclear power capacity and power generation is growing significantly, while uranium production is
struggling to catch up after many years of low prices and limited exploration for new deposits
required to support the growth of nuclear power and to replace depleting ore bodies. As a result,
there is a tight long-term supply-demand balance which can be expected to continue for the
foreseeable future. Prices must rise to higher, sustained levels to support the new mines required
to meet the increasing demand.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As reported by The World Nuclear Association, there are currently 443 nuclear reactors operating
worldwide in 29 countries, generating 377.8 gigawatts of electricity and supplying 14% of the
world&#146;s electrical requirements. Of greater significance, 62 nuclear reactors are under
construction in 14 countries with the principal drivers of this expansion being China, India, South
Korea and Russia which have a total of 47 reactors under construction. China, in particular, has a
very aggressive new build program underway. By 2020, it is estimated that there will be 585
nuclear reactors in operation worldwide, supplying 535 gigawatts. This would represent an increase
in the number of reactors of over 32% in only 10&nbsp;years, with 11 new countries joining the nuclear
family.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Nuclear reactors are very capital intensive; therefore economics dictate that they need to be
operated to the maximum as base-load power. As a consequence, demand for uranium is nearly
non-elastic. Ux Consulting (&#147;UxCo&#148;<B>) </B>has estimated in its &#147;Uranium Market Outlook &#151; Q1 2011&#148;, that
uranium demand will grow from 185.2&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> in 2010 to 250.3
million pounds in 2020.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">While long-term demand is steadily growing, short-term demand is affected in a large part by
utilities&#146; uncovered requirements. Utilities normally purchase the majority of their fuel
requirements under long-term contracts. To the extent that they have uncovered demand in the near
term, they will purchase on the spot market which in turn affects the spot price. Currently, the
level of uncovered demand is relatively low, so utility buying is purely discretionary and price
driven.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Uranium supply is the biggest variable in the supply-demand equation. During the time that the
accumulated inventories from over production in the 1970s were being drawn down, primary mine
production accounted for only approximately 50% of demand. A number of new mines, primarily in
Kazakhstan and Africa, have been brought into production over the last few years while others are
in various stages of development. However, production still only accounts for approximately 75% of
demand and many more mines are required to meet the increasing future demand and to replace mines
that are being depleted.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">UxCo has estimated in its &#147;Uranium Market Outlook &#151; Q1 2011&#148; that existing mine production plus
new planned and potential mine production will increase primary uranium supply from an estimated
139.6&nbsp;million pounds in 2010 to 246.5&nbsp;million pounds in 2020 falling short of expected demand of
250.3&nbsp;million pounds per year. The principal drivers for the increase in primary mine production
are expected to be Kazakhstan, which is projected to increase production by over 40% between 2010
and 2020 and new, low-grade mines in Africa. However prices will need to increase appreciably to
support the additional higher cost production required to meet these production forecasts.
</DIV>
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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="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2010<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Every year since 1985, world primary production has been less than uranium consumption and now
supplies only approximately 75% of demand. The balance of demand is supplied from secondary
sources such as remaining excess commercial inventories, reprocessing of spent fuel, inventories
held by governments and the downblending of highly-enriched uranium (&#147;HEU&#148;) from nuclear weapons
programs. By far, the most significant of the secondary supplies currently is the 18 to 24&nbsp;million
pounds per year being provided from the HEU downblending program. The HEU program is scheduled to
terminate at the end of 2013. The supply gap created by this termination will need to be made up
from new primary mine production.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Excess commercial inventories, which were once one of the major sources of secondary supplies
during the period from the early 1970s to the early 2000s, have largely been consumed. The
disposition of government inventories held by the United States and Russia will have a market
impact over the next 10 to 20&nbsp;years; however, the rate and timing of this material entering the
market is uncertain.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Reprocessing of spent fuel is another source of secondary supply but is expected to satisfy only 3
to 4% of demand. Expansion of this secondary source would require major investments in facilities
which could only be supported by a significant increase in long-term prices.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">UxCo expects that secondary sources of supply will fall from 50&nbsp;million pounds to 19&nbsp;million pounds
per year from now to 2020.
</DIV>

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


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The long-term price moved in a narrow band in 2010. It began the year at $62.00 per pound
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>, went to a low of $58.00 in March&nbsp;2010 and eventually ended the year at
$65.00 per pound U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> at December&nbsp;31, 2010. Long-term prices are driven more
by production cost and future supply-demand forecasts than customer inventories. Long-term prices
are less volatile than spot prices.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The spot price began 2010 at $44.50 per pound and remained in the $40 to $44 range for the first
half of the year. Beginning in July, spot prices began a steady rise per pound
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> to end the year at $62.50 per pound. Prices continued to increase in
the first quarter of 2011.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Uranium production is international in scope and is characterized by a relatively small number of
companies operating in only a few countries. The top ten producers accounted for over 90% of the
world&#146;s primary mine supply in 2010.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Over 70% of the world&#146;s production came from four countries, namely &#151; Kazakhstan, Canada,
Australia and Namibia. Kazakhstan passed Canada in 2009 as the largest producer, a role Canada had
held for 17&nbsp;years.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison sells its uranium under a combination of long-term contracts and spot contracts. The
long-term contracts have a variety of pricing mechanisms, including fixed prices, base prices
adjusted by inflation indices and/or spot price or long-term contract reference prices. Time of
delivery during a year under long-term contracts is at the
discretion of the customer, so the Company&#146;s delivery obligations may vary markedly from quarter to
quarter. Spot sales are priced at or near published industry spot prices.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2010<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 2010, approximately 30% of Denison&#146;s total sales volume was sold under long term contracts, with
the remainder sold in the spot market. The Company currently has three long-term contracts in
place. One contract, the KEPCO Offtake Agreement, is for 20% of the Company&#146;s annual production
from any production source (&#177;10%) but not less than 350,000 pounds (&#177;10%) per year from 2010 to
2015 inclusive. This agreement also provides for the purchase of 20% of production after 2015
subject to certain conditions. The second contract is for delivery of 1,000,000 pounds of
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> from U.S. or Canadian production over a period of five years beginning
in 2011. The third contract is for 20% of production from the White Mesa mill during the years
2012 to 2017 inclusive, but not less than 200,000 pounds per year.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison will continue to seek long-term contracts at prices sufficient to support the development
of its mineral assets.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As a consequence of the economic crisis that began in mid-2007, world steel production declined
significantly and remained at depressed levels throughout 2009. The global steel industry has been
undergoing a gentle recovery and has now surpassed 2008 production levels primarily due to
continued increases in production in China. Since 92% of the world demand for vanadium goes to the
steel industry, this has had a pronounced effect on the vanadium demand and price.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The chemical and titanium alloy industries are the other major consumers of vanadium with 4% each
of the world demand.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Vanadium adds strength to high performance steels and strengthens titanium where strength combined
with lightness is required for everything from golf clubs to aerospace applications. As the demand
for these high strength, high performance steels increases and as new uses are developed for
lightweight, high strength titanium, vanadium demand can be expected to increase at a faster rate
than the growth of global steel production. The average vanadium content in steel in the
developing countries is much lower than that in the developed countries and can be expected to
increase, adding to the demand.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">While demand is expected to grow over time, supply has the capacity to increase to meet this
demand. Many primary producers from ore, in countries such as China, Russia and South Africa, were
shut down due to low prices. Production from steel making slag had been cut back or halted. As
demand increases and prices strengthen, some of these facilities can be expected to restart or
increase production thus moderating any anticipated price increases.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Spot prices during 2010 averaged $6.29 per pound ranging from a low of $5.25 per pound in early
January to a high of $7.25 in May. Prices for the last half of the year were steady at about $6.20
per pound.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">While long-term demand can be expected to increase, short-term demand is expected to be relatively
stable and prices should remain close if not slightly higher than their current level throughout
2011.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison sells its vanadium both as black flake (V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB>) and as ferrovanadium
(FeV) through spot sales to industry end-users and to trading companies. Sales during 2010 have
been principally into the U.S. market; however, efforts are continuing to expand the Company&#146;s
market into Europe, South America and the Far East.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2010<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>SELECTED ANNUAL FINANCIAL INFORMATION</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following selected financial information was obtained directly from or calculated using the
Company&#146;s consolidated financial statements for the years ended December&nbsp;31, 2010, December&nbsp;31,
2009 and December&nbsp;31, 2008.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Three Months ended</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Year ended</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Year ended</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Year ended</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Dec. 31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Dec. 31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Dec. 31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Dec. 31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR><TD align="left" valign="top">&nbsp;</TD></TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Results of Operations</B>:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">39,232</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">128,320</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">79,170</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">123,184</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,297</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,235</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(147,012</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(80,648</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Basic earnings (loss)&nbsp;per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.04</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.04</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.51</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.42</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Diluted earnings (loss)&nbsp;per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.04</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.04</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.51</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.42</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">As at Dec. 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">As at Dec. 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">As at Dec. 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR><TD align="left" valign="top">&nbsp;</TD></TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Financial Position:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Working capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">137,098</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">75,578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">34,655</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Long-term investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,605</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,691</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">714,458</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">691,039</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">717,433</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">952,474</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">867,981</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">885,702</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total long-term liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">131,373</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">127,931</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">249,716</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company recorded a net loss of $14,235,000 ($0.04 per share) for 2010 compared with net loss of
$147,012,000 ($0.51 per share) for 2009.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Uranium sales revenue for the fourth quarter was $22,760,000 from the sale of 449,000 pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> at an average price of $49.97 per pound. Uranium sales for the same
period in 2009 were 548,000 pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> at an average price of $44.14 per
pound resulting in revenue of $24,800,000. Uranium revenue in the fourth quarter of 2010 also
included amortization of the fair value increment related to Denison Mines Inc. (&#147;DMI&#148;) sales
contracts of $325,000 (2009 &#151; $622,000).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Uranium sales revenue for the year ended December&nbsp;31, 2010 totaled $87,978,000. Sales were
1,839,000 pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> at an average price of $47.67 per pound. For the year
ended December&nbsp;31, 2009, uranium sales revenue was $59,889,000 from the sale of 1,127,000 pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>at an average price of $51.17 per pound. Uranium revenue also included
amortization of the fair value increment related to DMI sales contracts of $325,000 (2009 &#151;
$2,313,000).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During the fourth quarter the Company sold 314,000 pounds of V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB> at an
average price of $6.34 per pound and 386,000 pounds of FeV at an average price of $12.70 per pound.
In the fourth quarter of 2009, the Company sold 11,000 pounds of V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB> at an
average price of $6.00 per pound and 142,000 pounds FeV at an average price of $10.96 per pound.
Total vanadium sales revenue for the fourth quarter 2010 was $6,896,000 compared to $1,617,000 in
the fourth quarter of 2009.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During the year ended December&nbsp;31, 2010, the Company sold 1,003,000 pounds of FeV at an average
price of $13.40 per pound and 541,000 pounds V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5 </SUB>at an average price of
$6.44 per pound. Total vanadium sales revenue was $16,934,000. During the year ended December&nbsp;31,
2009, the Company sold 520,000 pounds of V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB> at an average price of $3.73
per pound and 229,000 pounds as FeV at an average price of $11.09 per pound. Total vanadium sales
revenue was $4,480,000.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2010<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 2010, Denison processed third party ore at its White Mesa mill under a toll milling agreement.
Revenue from toll milling totaled $4,963,000.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Revenue from the environmental services division for the three months and year ended December&nbsp;31,
2010 was $4,221,000 and $15,492,000 compared to $3,985,000 and $12,226,000 in the same periods in
2009. Revenue from the management contract with UPC for the three months and year ended December
31, 2010 was $487,000 and $2,576,000 compared to $636,000 and $2,522,000 in the same periods in
2009.
</DIV>

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


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The McClean Lake joint venture produced 1,731,000 pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> for the year
ended December&nbsp;31, 2010 compared with 3,609,000 pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> for the year
ended December&nbsp;31, 2009. Denison&#146;s 22.5% share of production totaled 389,000 pounds for the 2010
period and 812,000 pounds for the 2009 period. The feeding of ore to the McClean mill was
completed in June and the mill was placed on stand-by in August.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Canadian production costs<SUP style="font-size: 85%; vertical-align: text-top">1 </SUP>for the year were $30.63 (CDN$31.56) 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>compared to $27.51 (CDN$31.41) per pound U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> for
2009.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Inventory available for sale from Canadian production was 19,000 pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>
at December&nbsp;31, 2010.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On June&nbsp;30, 2009, the Canadian Nuclear Safety Commission (&#147;CNSC&#148;) renewed the operating licence for
the McClean Lake operation for a period of eight years to June&nbsp;30, 2017. The Athabasca Regional
Government (the &#147;ARG&#148;), which is comprised of three First Nations and four provincial communities
from the Athabasca Basin, launched an application for a judicial review of CNSC&#146;s decision to
grant the McClean Lake operating licence. ARG challenged the legality of the licence renewal on
the basis of issues related to the Federal and Provincial Governments&#146; duty to consult with
Aboriginal people. The initial hearing on this matter was held on June&nbsp;8, 2010 and the judge
issued his decision in September&nbsp;2010, dismissing the application. ARG has launched an appeal of
this decision. An adverse decision by the Court could have an impact on the timing of future
production.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The White Mesa mill processed alternate feed materials throughout 2010. The mill began processing
of Colorado Plateau type ores in mid-March through to October. In November, the mill processed a
third party&#146;s ore under a toll milling agreement and then began processing Denison&#146;s Arizona 1 ore
in December. Uranium production during the quarter totaled 229,000 pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8
</SUB>and 391,000 pounds V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB> and totaled 1,053,000 pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> and 2,347,000 pounds V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5 </SUB>for the year ended
December&nbsp;31, 2010 compared to 107,000 pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> and nil
V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB> for the three months and 614,000 pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> and
501,000 pounds V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB> in the year ended December&nbsp;31, 2009.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At December&nbsp;31, 2010, a total of 92,800 tons of conventional ore was stockpiled at the mill
containing approximately 369,000 pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> and 1,732,000 pounds
V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB>. The Company also had approximately 392,000 pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> contained in alternate feed material stockpiled at the mill at December
31, 2010.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Production costs<SUP style="font-size: 85%; vertical-align: text-top">1</SUP> at White Mesa for the three months ended December&nbsp;31, 2010 were $39.30
per pound U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> and for the year ended December&nbsp;31, 2010 were $38.46.
Production costs were $32.66 per pound U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> in the three months ended
December&nbsp;31, 2009 and $60.33 for the year ended December&nbsp;31, 2009.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Inventory available for sale from U.S. production was 68,000 pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>,
679,000 pounds V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB> and 11,000 pounds FeV at December&nbsp;31, 2010.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On November&nbsp;16, 2009, as amended on February&nbsp;1, 2010, the Center for Biological Diversity, Grand
Canyon Trust, Sierra Club, Kaibab Band of Paiute Indians and Havasupai Tribe (the &#147;Plaintiffs&#148;)
filed a lawsuit against the U.S. Secretary of the Interior and the U.S. Bureau of Land Management
(&#147;BLM&#148;) (together, the &#147;Defendants&#148;) seeking an order declaring that the Defendants have violated
environmental laws in relation to the Company&#146;s Arizona 1 mine, by not requiring a new Plan of
Operations in connection with the start of mining activities. The Plaintiffs are also claiming
that, if a new Plan of
</DIV>

<DIV align="left">
<DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV>
</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"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Production costs include the costs of mining the ore
fed to the mill in the period plus the costs of milling less a credit for
vanadium produced in the period and excluding depreciation and amortization,
which is a non-GAAP measure.</DIV></TD>
</TR>

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

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

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

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





<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2010<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Operations is not required, the Defendants failed to conduct a review of
potential environmental impacts from the mine since the existing Plan of Operations for the mine was approved
by BLM in 1988. The Plaintiffs further claim that all required permits have not been obtained for
the mine under the Clean Air Act, and that, as a result, BLM failed to take all actions necessary
to prevent unnecessary degradation of the public lands. The Plaintiffs are seeking an order
declaring that the Defendants have violated these environmental laws in relation to the Arizona 1
mine, and an injunction directing operations to cease and stopping the Defendants from authorizing
or allowing any further mining or exploration operations at the Arizona 1 mine until BLM complies
with all applicable laws. On February&nbsp;8, 2010 the Defendants filed an Answer to the Plaintiffs&#146;
complaint denying the foregoing allegations. Denison has been added as an intervener in this
lawsuit, and believes that each of these allegations is without legal merit; is not supported by
the administrative record; and should be dismissed.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On April&nbsp;19, 2010, Plaintiffs filed a motion for a preliminary injunction to shut down operations
at the mine pending a decision on the merits of the case. A hearing on the motion for an
injunction was held on June&nbsp;11, 2010, and on June&nbsp;17, 2010 the judge denied the Plaintiffs&#146; request
for preliminary injunctive relief. On July&nbsp;12, 2010, the Plaintiffs appealed the ruling on the
preliminary injunction to the Ninth Circuit Court of Appeals, and on July&nbsp;14, 2010 filed another
motion for preliminary injunction, pending appeal. That motion was denied by the judge on August
11, 2010. On August&nbsp;16, 2010 the Plaintiff&#146;s filed an emergency motion for an injunction pending
appeal in the Court of Appeals. On August&nbsp;31, 2010, a two-judge panel denied that motion. The
appeal to the Court of Appeals of the district judge&#146;s original ruling denying the preliminary
injunction was heard on January&nbsp;14, 2011, and a decision of the Court of Appeals is pending at this
time. The original case is ongoing. If the Plaintiffs are successful on the appeal or on the
merits, the Company may be required to stop mining activities at the Arizona 1 mine pending
resolution of this matter. Any required stoppage of mining could have a significant adverse impact
on the Company.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In August&nbsp;2009, the Arizona Department of Environmental Quality (&#147;ADEQ&#148;) issued an air quality
permit that authorized the restart and operation of the Arizona 1 mine. Despite this authorization
by ADEQ and a previous authorization of construction and operation of the mine by the United States
Environmental Protection Agency (&#147;EPA&#148;) in 1988, EPA has alleged that a new EPA approval is
required at this time, notwithstanding the ADEQ permit. On May&nbsp;3, 2010, EPA issued a Finding of
Violation to Denison alleging non-compliance with the provisions of the Clean Air Act for not
obtaining this second EPA approval and associated matters. EPA and Denison are currently in
discussions to settle this administrative action which may involve the payment of a stipulated
penalty.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On July&nbsp;29, 2010, Uranium Watch, Living Rivers and Center for Water Advocacy (the &#147;Pandora
Plaintiffs&#148;) filed a lawsuit against the U.S. Forest Service (&#147;USFS&#148;) and the Forest Supervisor for
the Manti-La Sal National Forest (together, the &#147;Pandora Defendants&#148;) seeking an order declaring
that the Pandora Defendants have violated environmental laws in relation to the Company&#146;s Pandora
mine, by not requiring an Environmental Assessment or Environmental Impact Statement under the
National Environmental Policy Act (&#147;NEPA&#148;) in connection with the USFS&#146;s approval of Plans of
Operation authorizing the Company to construct two vent holes and drill 16 uranium exploration
holes at the mine. The Pandora Plaintiffs are seeking an order declaring that the Pandora
Defendants have violated NEPA and vacating the USFS&#146; approval of the Plans of Operation for these
two projects, and enjoining the USFS from allowing the projects to proceed pending full compliance
with the law. The Pandora Plaintiffs also filed a motion for a temporary restraining order and
preliminary injunction against the commencement of the projects. Denison has been added as an
intervener in this lawsuit. A hearing on the motion for a preliminary injunction was held on
September&nbsp;2, 2010, and on September&nbsp;14, 2010 the judge denied the Pandora Plaintiff&#146;s request for
preliminary injunctive relief. The original case is ongoing. At this time, all of the exploration
holes have been drilled and one of the two vent holes has been installed.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On August&nbsp;17, 2010, EPA issued a Notice of Violation under the Clean Air Act, citing four
violations of the National Emission Standards for Hazardous Air Pollutants for underground uranium
mines, relating to operations at Denison&#146;s La Sal mines complex in Utah in 2009. Those violations
were for alleged failure to obtain prior approval from EPA for the radon monitoring method used at
the site, for some gaps in data collection and reporting, and for allegedly exceeding the emission
standards at certain receptors using the prescribed air dispersion model. Denison has applied to
EPA for approval to continue to use the radon monitoring method at the site, which is the same
method used historically by the uranium mining industry. Similarly Denison does not believe the
prescribed air dispersion model is sophisticated enough to accurately calculate potential doses
from radon to nearby receptors at the La Sal mines, given the complex terrain and other factors at
the site, and has applied to EPA for approval to use a more sophisticated air dispersion model.
The Clean Air Act provides that, when a person is in violation of certain provisions of the Act,
EPA may issue an administrative penalty, issue an order requiring compliance with the requirements,
or bring a civil action, among other remedies. Administrative penalties can be based on the number
of days of violation, the size of the business, the economic benefit of non-compliance, the
seriousness of the violation and other factors, and can be significant. EPA has not issued an
order or brought civil enforcement action at this time.
</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 align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2010<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Operating costs for the three months and year ended December&nbsp;31, 2010 include recoveries of $82,000
and $13,191,000 respectively relating to the change in net realizable value provisions on the
Company&#146;s uranium and vanadium inventory. For the three months and year ended December&nbsp;31, 2009
operating costs include write-downs of $6,291,000 and $3,712,000 respectively relating to the
change in net realizable value provisions of the Company&#146;s uranium and vanadium inventory.
Operating costs also include expenses relating to DES amounting to $4,189,000 for the three months
and $14,063,000 for the year 2010 compared to $3,886,000 and $11,432,000 respectively for the same
periods in 2009.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Sales Royalties and Capital Taxes</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Sales royalties on Canadian production and capital taxes totaled $201,000 and $2,325,000 for the
three months and year ended December&nbsp;31, 2010 compared with $628,000 and $1,675,000 for the same
periods in 2009. Denison pays a Saskatchewan basic uranium royalty of 4% of gross uranium sales
after receiving the benefit of a 1% Saskatchewan resource credit. Denison also pays Saskatchewan
capital taxes based on the greater of 3.0% of gross uranium sales or capital tax otherwise computed
under the Corporation Capital Tax Act (Saskatchewan). The Government of Saskatchewan also imposes
a tiered royalty which ranges from 6% to 15% of gross uranium sales after recovery of mill and mine
capital allowances which approximate capital costs. The Government of Saskatchewan, in conjunction
with the uranium industry in Saskatchewan, is reviewing the current tiered royalty structure with a
view to altering it to better align it with current and future industry economics.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison is engaged in uranium exploration, as both operator and non-operator of joint ventures and
as operator of its own properties in Canada, the U.S., Mongolia and Zambia. For the three months
ended December&nbsp;31, 2010 exploration expenditures totaled $1,547,000 and $7,526,000 for the year
ended December&nbsp;31, 2010 as compared to $2,553,000 and $10,120,000 for the three months and year
ended December&nbsp;31, 2009.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A majority of the exploration expenditures during 2010 were spent in the Athabasca Basin region of
northern Saskatchewan. Denison is engaged in uranium exploration as part of the AREVA Resources
Canada Inc. (&#147;ARC&#148;) operated McClean and Midwest joint ventures, as well as on 29 other exploration
projects including the Company&#146;s 60% owned Wheeler River project. Denison&#146;s share of exploration
spending on its Canadian properties totaled $1,157,000 of which $1,135,000 was expensed in the
statement of operations for the three months ended December&nbsp;31, 2010 and totaled $6,038,000 of
which $5,945,000 was expensed in the statement of operations for the year ended December&nbsp;31, 2010.
For the three months ended December&nbsp;31, 2009, Canadian exploration spending totaled $2,330,000 of
which $2,297,000 was expensed and totaled $8,330,000 of which $7,726,000 was expensed for the year
ended December&nbsp;31, 2009.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Exploration expenditures of $262,000 for the three months and $566,000 for the year ended December
31, 2010 were made on the Company&#146;s properties in the United States primarily in the Colorado
Plateau.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Exploration expenditures of $129,000 for the three months ended December&nbsp;31, 2010 ($121,000 for the
three months ended December&nbsp;31, 2009) and of $970,000 for the year ended December&nbsp;31, 2010
($2,054,000 for the year ended December&nbsp;31, 2009) were incurred in Mongolia on the Company&#146;s joint
venture properties. The Company has a 70% interest in the Gurvan Saihan Joint Venture (&#147;GSJV&#148;) in
Mongolia. The other parties to the joint venture are the Mongolian government as to 15% and
Geologorazvedka, a Russian entity, as to 15%. Under the new Nuclear Energy Law, the Government of
Mongolia could acquire a 34% to 51% interest 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. In October, the Company and Mon-Atom, the Mongolian state owned
uranium company and partner in the GSJV, signed a Memorandum of Understanding (&#147;MOU&#148;). The purpose
of the MOU is to establish a co-operative arrangement with Mon-Atom to address the ownership issue
in the context of existing agreements between the GSJV and the Government of Mongolia and the
Nuclear Energy Law and to establish the basis for negotiation of an Investment Agreement.
Discussions are also underway between industry groups and the Mongolian Government in an effort to
have some of the provisions amended in the Nuclear Energy Law.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In Zambia, the Company was granted mining licences for its Mutanga and Dibwe properties in late
March. These licences are for a period of 25&nbsp;years.
</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 align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2010<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">General and administrative expenses totaled $4,898,000 for the three months ended December&nbsp;31, 2010
compared with $3,085,000 for the three months ended December&nbsp;31, 2009. For the year ended December
31, 2010, general and administrative expenses totaled $14,312,000 compared to $13,883,000 for the
same period in 2009. General and administrative expenses consist primarily of payroll and related
expenses for personnel, contract and professional services and other overhead expenditures. The
increased expenditures in 2010 result from increased incentive compensation, a donation to Lundin
for Africa and an increase in litigation expenditures.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Stock option expense totaled $594,000 and $1,831,000 for the three months and year ended December
31, 2010 respectively. In fiscal 2009, stock option expense totaled $1,089,000 and $3,847,000 for
the three months and year ending December&nbsp;31, 2009.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Other income (expense)&nbsp;totaled ($5,337,000) for the three months ended December&nbsp;31, 2010 compared
with $1,961,000 for the three months ended December&nbsp;31, 2009. For the year ended December&nbsp;31,
2010, other income (expense)&nbsp;totaled $5,812,000 compared to $(14,551,000) for the same period in
2009. This consists primarily of foreign exchange losses, interest expense and investment disposal
gains. Foreign exchange losses totaled $4,998,000 for the three months and $8,003,000 for the year
ended December&nbsp;31, 2010. Other income also included a uranium sales contract termination fee in
2010. In the second quarter, the Company agreed to terminate one of its sales contracts in
exchange for a termination fee of $11,000,000. The fee is payable in two installments of
$6,000,000 received in June&nbsp;2010 and $5,000,000 due in March&nbsp;2011.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>OUTLOOK FOR 2011</B>
</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. 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">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">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 -->- 10 -<!-- /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="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2010<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Exploration and development activities will be restarted at the Company&#146;s Mutanga project in
Zambia. A 17,000 metre exploration drill program will follow up on positive drilling results
obtained in 2008 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&nbsp;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 ARC.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>SUMMARY OF QUARTERLY FINANCIAL RESULTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Q4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Q3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Q2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Q1</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR><TD align="left" valign="top">&nbsp;</TD></TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">39,232</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">39,883</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">27,230</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">21,975</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,297</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,521</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,672</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,089</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Basic and diluted earnings (loss)
per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.04</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.03</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.03</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2009</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Q4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Q3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Q2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Q1</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR><TD align="left" valign="top">&nbsp;</TD></TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">31,052</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,748</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13,372</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">21,998</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(36,127</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(91,343</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(18,215</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,327</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Basic and diluted earnings (loss)
per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.11</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.27</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.07</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.01</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>LIQUIDITY AND CAPITAL RESOURCES</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Cash and cash equivalents were $97,554,000 at December&nbsp;31, 2010 compared with $19,804,000 at
December&nbsp;31, 2009. The increase of $77,750,000 was due primarily to cash provided by operations of
$35,551,000, sales of long-term investments of $8,118,000 and new common share issues totaling
$61,250,000 less expenditures on property, plant and equipment of $27,310,000.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Net cash provided by operating activities of $35,551,000 during the year ended December&nbsp;31, 2010 is
comprised of net loss for the year, adjusted for non-cash items and for changes in working capital
items. Significant changes in working capital items during the period include a decrease in
accounts payable and accrued liabilities of $4,004,000 and an increase of $1,877,000 in inventories
and a decrease of $5,176,000 in trade and other receivables.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Net cash used in investing activities was $19,472,000 consisting primarily of expenditures on
property, plant and equipment of $27,310,000 less proceeds from the sale of investments of
$8,118,000.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Net cash from financing activities totaled $60,565,000 consisting of $61,250,000 from the issue of
common shares less $685,000 repayment of debt obligations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In total, these sources and uses of cash resulted in a net cash inflow after the effect of foreign
exchange of $77,750,000 during the year.
</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 align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2010<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has in place a $60,000,000 revolving term credit facility (&#147;the credit facility&#148;). The
credit facility contains three financial covenants, one based on maintaining a certain level of
tangible net worth, which must be greater than or equal to the sum of $665,000,000 plus an amount
equal to (i)&nbsp;50% of each equity issue after September&nbsp;30, 2009 and 50% of positive Net Income in
each fiscal quarter from September&nbsp;30, 2009, the second requiring a minimum current ratio of 1.10
to 1 and the other requires the Company to reduce the borrowing facility to $35,000,000 for a
period of time each quarter before drawing further amounts. The credit facility terminates on June
30, 2011. There is no debt outstanding under this facility; however $19,816,000 of the line was
used as collateral for certain letters of credit at December&nbsp;31, 2010.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The borrower under the facility is DMI and the Company has provided an unlimited full recourse
guarantee and a pledge of all of the shares of DMI. DMI has provided a first-priority security
interest in all present and future personal property and an assignment of its rights and interests
under all material agreements relative to the McClean Lake and Midwest projects. In addition, each
of the Company&#146;s material US subsidiaries has provided an unlimited full recourse guarantee secured
by a pledge of all of its shares and a first-priority security interest in all of its present and
future personal property. The credit facility is subject to a standby fee of 100 basis points.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In February&nbsp;2011, the Company entered into an agreement with a syndicate of investment dealers who
have agreed to purchase 18,300,000 common shares of the Company at a purchase price of CDN$3.55 per
common share for aggregate gross proceeds of CDN$64,965,000. The offering is scheduled to close on
March&nbsp;15, 2011.
</DIV>

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


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>TRANSACTIONS WITH RELATED PARTIES</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company is a party to a management services agreement with UPC. Under the terms of the
agreement, the Company will receive the following fees from UPC: a) a commission of 1.5% of the
gross value of any purchases or sales of uranium completed at the request of the Board of Directors
of UPC; b) a minimum annual management fee of CDN$400,000 (plus reasonable out-of-pocket expenses)
plus an additional fee of 0.3% per annum based upon UPC&#146;s net asset value between CDN$100,000,000
and CDN$200,000,000 and 0.2% per annum based upon UPC&#146;s net asset value in excess of
CDN$200,000,000; c) a fee of CDN$200,000 upon the completion of each equity financing where
proceeds to UPC exceed CDN$20,000,000; d) a fee of CDN$200,000 for each transaction or arrangement
(other than the purchase or sale of<SUB style="font-size: 85%; vertical-align: text-bottom"> </SUB>uranium) of business where the gross value of such
transaction exceeds CDN$20,000,000 (&#147;an initiative&#148;); e) an annual fee up to a maximum of
CDN$200,000, at the discretion of the Board of Directors of UPC, for on-going maintenance or work
associated with an initiative; and f) a fee equal to 1.5% of the gross value of any uranium held by
UPC prior to the completion of any acquisition of at least 90% of the common shares of UPC.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following transactions were incurred with UPC for the periods noted below:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Three Months</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Three Months</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Year</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Year</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Ended</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Ended</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Ended</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Ended</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Dec. 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Dec. 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Dec. 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Dec. 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Management fees (including expenses)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">487</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">397</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,614</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,541</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Commission fees on purchase and sale of uranium</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">239</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">962</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">981</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">487</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">636</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,576</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,522</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At December&nbsp;31, 2010, accounts receivable includes $281,000 (2009 &#151; $117,000) due from UPC with
respect to the fees indicated above.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On November&nbsp;18, 2010, the Company entered into a uranium concentrate loan agreement with UPC which
entitles the Company to borrow 150,000 pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> from UPC. The
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> loan is subject to a loan fee and requires collateral in the form of an
irrevocable standby letter of credit. The amounts loaned were to be repaid by February&nbsp;3, 2011 or
a later date agreed to by both parties. On December&nbsp;24, 2010, the Company issued a letter of
credit in favour of UPC in the amount of $10,065,000 as collateral for the U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> loan.
On January&nbsp;3, 2011, the Company borrowed 150,000 pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> from UPC. On
February&nbsp;3, 2011, the repayment date for the U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> loan was amended to April
4, 2011 and the letter of credit was increased to $12,045,000.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 12 -<!-- /Folio -->
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2010<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has incurred management and administrative service fees of $82,000 (2009:$53,000) with
a company owned by the Chairman of the Company which provides corporate development, office
premises, secretarial and other services. At December&nbsp;31, 2010, an amount of $nil (2009: $nil) was
due to this company.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In December&nbsp;2010, the Company agreed to make a donation of $658,000 to Lundin for Africa, a
not-for-profit organization with a common director. At December&nbsp;31, 2010, an amount of $658,000
was due to this organization. Lundin for Africa has programs in Zambia, Mongolia and other
countries.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Korea Electric Power Corporation (&#147;KEPCO&#148;)</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In June&nbsp;2009, Denison completed definitive agreements with KEPCO. The agreements included a
long-term offtake agreement which provides for the delivery to KEPCO of 20% of Denison&#146;s annual
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> production (&#177;10%) but not less than 350,000 pounds (&#177;10%) per year from
2010 to 2015 inclusive. KEPCO also purchased 58,000,000 common shares of Denison representing
approximately 17% of the issued and outstanding capital as at the June&nbsp;2009 share purchase.
Pursuant to a strategic relationship agreement, KEPCO is entitled to subscribe for additional
common shares in Denison&#146;s future share offerings. KEPCO also has the right to require Denison to
nominate two persons designated by KEPCO to Denison&#146;s board of directors if KEPCO holds at least a
15% share interest in Denison (or one director if KEPCO&#146;s share interest is between 5% and 15%).
Currently, KEPCO&#146;s interest in Denison is approximately 15.8%.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At March&nbsp;10, 2011, there were 366,360,915 common shares issued and outstanding and 6,026,014 stock
options outstanding to purchase a total of 6,026,014 common shares for a total of 372,386,929
common shares on a fully-diluted basis. The Company has also agreed to issue an additional
18,300,000 common shares under an equity financing which is scheduled to close on March&nbsp;15, 2011.
Under its agreement with Denison, KEPCO is entitled to subscribe for 3,442,000 additional common
shares that would allow it to maintain its existing shareholding level in Denison. KEPCO has not
yet indicated whether it will exercise its right.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company carried out an evaluation, under the supervision and with the participation of its
management, including the President and Chief Executive Officer and the Chief Financial Officer, of
the effectiveness of the design and operation of the Company&#146;s &#147;disclosure controls and procedures&#148;
(as defined in the Exchange Act Rule&nbsp;13a-15(e)) as of the end of the period covered by this report.
Based upon that evaluation, the President and Chief Executive Officer and the Chief Financial
Officer concluded that the Company&#146;s disclosure controls and procedures are effective.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s management is responsible for establishing and maintaining an adequate system of
internal control over financial reporting. Management conducted an evaluation of the effectiveness
of internal control over financial reporting based on the <I>Internal Control &#151; Integrated Framework</I>
issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this
evaluation, management concluded that the Company&#146;s internal control over financial reporting was
effective as of December&nbsp;31, 2010.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">There has not been any change in the Company&#146;s internal control over financial reporting that
occurred during the Company&#146;s fourth fiscal quarter of 2010 that has materially affected, or is
reasonably likely to materially affect, the Company&#146;s internal control over financial reporting.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The preparation of the Company&#146;s consolidated financial statements in conformity with generally
accepted accounting principles in Canada requires management to make judgments with respect to
certain estimates and assumptions. These estimates and assumptions, based on management&#146;s best
judgment, affect the reported amounts of certain assets and liabilities, including disclosure of
contingent liabilities. On an ongoing basis, management re-evaluates its
estimates and assumptions. Actual amounts, however, could differ significantly from those based on
such estimates and assumptions.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 13 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
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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="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2010<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Significant areas critical in understanding the judgments that are involved in the preparation of
the Company&#146;s consolidated financial statements and the uncertainties inherent within them include
the following:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Depletion and Amortization of Property, Plant and Equipment</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Depletion and amortization of property, plant and equipment used in production is calculated on a
straight line basis or a unit of production basis as appropriate. The unit of production method
allocates the cost of an asset to production cost based on current period production in proportion
to total anticipated production from the facility. Mining costs are amortized based on total
estimated uranium in the ore body. Mill facility costs to be amortized are reduced by estimated
residual values. In certain instances, the total anticipated production from a facility will
include estimated toll milling volume. If Denison&#146;s estimated amounts to be processed under toll
milling arrangements prove to be significantly different from actual or its reserves and resource
estimates are different from actual (in the case where unit of production amortization is used),
there could be a material adjustment to the amounts of depreciation and amortization to be recorded
in the future.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Impairment of Long-Lived Assets</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s long-lived assets consist of plant and equipment, mineral properties, and intangible
assets. Long-lived assets are assessed by management for impairment whenever events or changes in
circumstances indicate that the related carrying amounts may not be recoverable. To test
recoverability, the net book value of the long-lived asset is compared to the estimated
undiscounted future cash flows generated by their use and eventual disposal. Impairment is
measured as the excess of the carrying value over the fair value, determined principally by
discounting the estimated net future cash flows expected to be generated from the use and eventual
disposal of the related asset. In the event that the Company has insufficient information about
the long-lived asset to estimate future cash flows to test the recoverability of the capitalized
cost amounts, the Company will test for impairment by comparing the fair value to the carrying
amount without first performing a test for recoverability.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The amount by which the purchase price of a business acquisition exceeds the fair value of
identifiable assets and liabilities acquired is goodwill. Goodwill is allocated to the reporting
units acquired based on management&#146;s estimates of the fair value of each reporting unit as compared
to the fair value of the assets and liabilities of the reporting unit. Estimates of fair value may
be impacted by changes in commodity prices, currency exchange rates, discount rates, level of
capital expenditures, interest rate, operating costs and other factors that may be different from
those used in determining fair value. Changes in estimates could have a material impact on the
carrying value of the goodwill. For reporting units that have recorded goodwill, the estimated fair
value of the unit is compared to its carrying value at least once each year, or when circumstances
indicate that the value may have become impaired. If the carrying value exceeds the estimated or
implied fair value of goodwill, which is equal to management&#146;s estimate of potential value within
the reporting unit, any excess of the carrying amount of goodwill over the estimated or implied
goodwill is deducted from the carrying value of goodwill and charged to the current period
earnings.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company values its concentrate inventories, work in process and ore stockpiles at the lower of
cost or net realizable value at the end of the reporting period. Costs represent the average cost,
and include direct labour and materials costs, mine site overhead and depreciation and depletion.
Realizable value is based on commodity prices, which can be subject to significant change from
period-to-period.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Future Tax Assets and Liabilities</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Future tax assets and liabilities are calculated using the asset and liability method. Under the
asset and liability method, future tax assets and liabilities are recognized for the future tax
consequences attributable to differences between the financial statement carrying amounts of
existing assets and liabilities and their respective tax bases. Future tax assets and liabilities
are measured using enacted or substantially enacted tax rates expected to apply when the
differences are expected to be recovered or settled. The effect on future tax assets and
liabilities of a change in tax rates is recognized in income in the period the change is known. To
the extent that the Company considers it to be more likely than not that a future tax asset will be
recovered, a tax asset will be set up, otherwise the Company provides a valuation allowance against the excess. It is possible that changes could
occur in the future that may affect the recoverability of the carrying value of future tax assets
and a write-down may be required.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 14 -<!-- /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="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2010<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Provision for Other than Temporary Impairment in the Value of Investments</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company reviews those investments that are classified as available for sale on a quarterly
basis and focuses its attention on investments for which the fair value has been below cost for six
months and on investments that have experienced significant declines in the market based on
critical events and current economic conditions, even if those investments have been below cost for
less than a six month period. When a loss in value is considered to be other than a temporary
impairment this is recognized in the results of operations. Provisions for other than temporary
impairment in the value of investments are reviewed on a regular basis and, if appropriate, are
increased if additional negative information becomes available. Any such provisions are only
released on the sale of the security.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison follows CICA Handbook section 3110, Asset Retirement Obligations, which requires that the
fair value of the full decommissioning cost of an asset be capitalized as part of property, plant
and equipment when the asset is initially constructed. In subsequent periods, Denison then is
required to recognize &#147;interest&#148; on the liability, to amortize the capital costs in a rational and
systematic manner, and to adjust the carrying value of the asset and liability for changes in
estimates of the amount or timing of underlying future cash flows. Denison has accrued, in
accordance with CICA Handbook Section&nbsp;3110, its best estimate of the ongoing reclamation liability
in connection with the decommissioned Elliot Lake mine site and is currently accruing its best
estimate of its share of the cost to decommission its other mining and milling properties. The
costs of decommissioning are subject to inflation and to government regulations, which are subject
to change and often not known until mining is substantially complete. A significant change in
either may materially change the amount of the reclamation liability accrual.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison has recorded stock based compensation expense in accordance with the CICA handbook section
3870, using the Black-Scholes option pricing model, based on its best estimate of the expected life
of the options, the expected volatility factor of the share price, a risk-free rate of return,
expected dividend yield and an expected forfeiture rate. The use of different assumptions
regarding these factors could have a significant impact on the amount of stock-based compensation
expense charged to income over time. Changes in these estimates will only apply to future grants
of options and the amounts amortized over the vesting period of existing options should not change
as a result.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison has assumed an obligation to pay certain and limited retiree medical and dental benefits
and life insurance as set out in a plan to a group of former employees. Denison has made certain
assumptions and will retain an actuary at least once every three years to estimate the anticipated
costs related to this benefit plan. The actual cost to Denison of this plan will be influenced by
changes in health care practices and actuarial factors. While the plan contains certain limits,
changes in assumptions could affect earnings.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>NEW ACCOUNTING STANDARDS ADOPTED</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company adopted the following new accounting standards issued by the CICA Handbook effective
January&nbsp;1, 2010:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="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">CICA Handbook Section&nbsp;1582 &#147;Business Combinations&#148;, Section&nbsp;1601 &#147;Consolidated Financial
Statements&#148; and Section&nbsp;1602 &#147;Non-Controlling Interests&#148; which replace the former CICA 1581
&#147;Business Combinations&#148; and CICA 1600 &#147;Consolidated Financial Statements&#148; and establish a new
section for accounting for a non-controlling interest in a subsidiary. These sections provide
the Canadian equivalent to FASB Statements No.141(R) &#147;Business Combinations&#148; and No.160
&#147;Non-Controlling Interests in Consolidated Financial Statements&#148;. CICA 1582 is effective for
business combinations for which the acquisition date is on or after the beginning of the first
annual reporting period after January&nbsp;1, 2011. CICA 1601 and CICA 1602 apply to interim and
annual consolidated financial statements relating to years beginning on or after January&nbsp;1,
2011 although early adoption is permitted. CICA 1582, which replaces Handbook Section&nbsp;1581,
Business Combinations, establishes standards for the measurement of a </DIV></TD>
</TR>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->- 15 -<!-- /Folio -->
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2010<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">business combination and
the recognition and measurement of assets acquired and liabilities assumed. CICA 1601, which replaces Handbook Section&nbsp;1600, carries
forward the existing Canadian guidance on aspects of the preparation of consolidated financial
statements subsequent to acquisition other than non-controlling interests. CICA 1602 establishes
guidance for the treatment of non-controlling interests subsequent to acquisition through a
business combination. The Company has early adopted all three sections effective January&nbsp;1,
2010. There was no impact to the Company&#146;s financial statements from adopting these standards.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ACCOUNTING STANDARDS ISSUED BUT NOT YET ADOPTED</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The CICA has issued the following accounting standards effective for the fiscal years beginning on
or after January&nbsp;1, 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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In February&nbsp;2008, the Accounting Standards Board announced that Canadian publicly accountable
enterprises will be required to adopt International Financial Reporting Standards (&#147;IFRS&#148;)
effective January&nbsp;1, 2011. As a result, the Company will publish its first consolidated
financial statements, prepared in accordance with IFRS, for the quarter ending March&nbsp;31, 2011.
The Company will also provide comparative data on an IFRS basis including an opening balance
sheet as at January&nbsp;1, 2010.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>CONVERSION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company is in the process of converting its basis of accounting from Canadian GAAP to IFRS to
be effective in the first quarter report 2011. The conversion date for IFRS reporting is January
1, 2011. The restatement for comparative purposes of amounts reported for the year ended December
31, 2010 will also be required.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The conversion to IFRS from Canadian GAAP is a significant undertaking. Management has established
an IFRS project team that is staffed with both internal and external resources.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The implementation project plan consists of three phases:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Initial diagnostic phase</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Impact analysis and design phase</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Implementation phase</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The initial diagnostic phase was completed in third quarter 2008. The impact analysis and design
phase and the implementation phase were initiated in 2009 and efforts are continuing.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The impact analysis and design phase involves the selection of IFRS accounting policies by senior
management and review by the audit committee; the quantification of impact of changes to the
Company&#146;s existing accounting policies on its opening IFRS balance sheet; and the development of
draft IFRS financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The implementation phase involves the implementation of required changes to the Company&#146;s
information systems and procedures. It will culminate in the collection of financial information
necessary to prepare IFRS financial statements and audit committee approval of financial
statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During the fourth quarter, the preliminary calculation of the IFRS opening balance sheet amounts
for January&nbsp;1, 2010 was completed and details are disclosed below. The Company also made
significant progress in the process of restating its interim financial statements for 2010 and the
development of a framework for its first time IFRS financial statements. Additional work that is
underway includes implementation of information systems and internal control changes required, none
of which are significant.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Preliminary IFRS Consolidated Opening Balance Sheet</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s preliminary IFRS opening balance sheet at January&nbsp;1, 2010 reflects the impact of the
applicable IFRS 1 elections that it expects to apply on its transition to IFRS. The opening
balance sheet also reflects the impact of accounting policy differences arising from the transition
from Canadian GAAP to IFRS. The opening consolidated IFRS balance sheet is preliminary and the
final opening balance sheet may reflect further adjustments relating to any new IFRS pronouncements
or other items that are identified through the first quarter 2011.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2010<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Reconciliation of Consolidated Balance Sheets as previously Reported Under Canadian GAAP and IFRS
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Preliminary</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">As at</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Effect of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">as at</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31, 2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Conversion to</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">January 1, 2010</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands) (unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">REF</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Canadian GAAP basis</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">IFRS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">IFRS basis</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR><TD align="left" valign="top">&nbsp;</TD></TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS"><B>ASSETS</B></FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Current</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,804</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,804</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Trade and other receivables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,773</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,773</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,216</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,216</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Prepaid expenses and other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,604</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87,397</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inventories &#151; ore in stockpiles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,530</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,530</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,605</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,605</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Prepaid expense and other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">287</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">287</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restricted cash and investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,656</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,656</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">B</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">691,039</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(369,644</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">321,395</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Intangibles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,436</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,436</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">C</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,028</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(51,028</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">867,981</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(420,675</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">447,306</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD align="left" valign="top">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS"><B>LIABILITIES</B></FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Current</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts payable and accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">D</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,508</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">218</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,726</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of long-term liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Post employment benefits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">380</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">380</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Reclamation and remediation
obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">752</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">752</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Debt obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">869</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">869</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Other long-term liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">313</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">313</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,822</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">218</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,040</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,187</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,187</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for post-employment benefits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,426</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,426</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reclamation and remediation obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,154</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,154</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Debt obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">195</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">195</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other long-term liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,051</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,051</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">E</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102,918</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(88,856</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,062</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139,753</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(88,638</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,115</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS"><B>SHAREHOLDERS&#146; EQUITY</B></FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Share capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">F</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">849,488</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">848</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">850,336</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Share purchase warrants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,830</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,830</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Contributed surplus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,922</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deficit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">G</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(242,494</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(260,987</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(503,481</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">H</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,482</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(71,898</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,584</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Liabilities and Equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">867,981</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(420,675</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">447,306</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2010<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

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

<DIV style="margin-top: 10pt">
<TABLE width="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">Prepaid and other assets<br><BR>
Adjustment results from moving from the temporal to current rate method of foreign exchange
translation for Zambia prepaid assets.</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.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Property, plant and equipment</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>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjustment to property, plant and equipment assets to reflect impairment amount calculated in accordance with IFRS </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(325,849</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">
Adjustment results from moving from the temporal to current rate
method of foreign exchange translation for Zambia property,
plant and equipment assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(23,577</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjustment to reflect the unwind of a deferred tax gross-up
related to the acquisition of assets of OmegaCorp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(20,218</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total adjustment to property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(369,644</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">Goodwill<br><BR>

Impairment of goodwill as calculated in accordance with IFRS.</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">D.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Accounts Payable<br><BR>

Effect of using US GAAP accounting for flow through shares due to the absence of IFRS
specific guidance. Recognition of the liability related to the &#147;premium&#148; between the quoted
price of the Company&#146;s shares at the flow-through share closing date and the amount the
investor pays for the actual flow-through shares.</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">E.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Deferred income taxes</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>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Elimination of deferred tax liability related to the acquisition of OmegaCorp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(20,218</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax effects of other IFRS adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(68,638</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total adjustment to deferred income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(88,856</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">F.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Share Capital<br><BR>

Effect of using US GAAP accounting for flow through shares due to the absence of IFRS
specific guidance</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">G.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Deficit</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>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjustment results from moving from the temporal to current rate method of foreign exchange translation to opening balances of Zambia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(23,580</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">
Adjustment to reflect the unwind of a deferred tax gross-up
related to the acquisition of assets of OmegaCorp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(20,218</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjustment to property, plant and equipment assets to reflect
impairment amount calculated in accordance with IFRS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(325,849</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Impairment of goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(51,028</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Effect of using US GAAP accounting for flow through shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,066</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjustment to deferred income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88,856</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reset of cumulative translation adjustment account to zero</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,898</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total adjustment to deficit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(260,987</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">H.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Accumulated Other Comprehensive Income<br><BR>
Adjustment to reset cumulative translation gains to zero as per IFRS 1 election for
cumulative translation differences.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2010<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Elected IFRS 1 Exemptions from Full Retrospective Application</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s transition to IFRS follows IFRS 1, which offers the possibility to utilize certain
exemptions from full retrospective application of IFRS. The Company evaluated the options
available in IFRS 1 and elected to adopt transitional implementation policies in the areas of
business combinations, cumulative translation differences and fair value as a deemed cost election.
A summary of these transitional accounting policies is given below.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="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">Business Combinations</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company elected to utilize the option in IFRS 1 to not apply IFRS 3 retrospectively to
business combinations completed prior to January&nbsp;1, 2010. The impact of this policy
decision is that all prior business combinations will continue to be accounted for as they
originally were under Canadian GAAP.</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">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Cumulative Translation Differences</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">IFRS 1 provides the option to reset the cumulative translation account within other
comprehensive income to zero as of the date of transition to IFRS as an alternative to
calculating the retrospective cumulative translation adjustments required to be in
compliance with the principles of IAS 21 for the periods prior to transition.</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">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Property, Plant and Equipment</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">IFRS 1 provides the option to record assets, on an item by item basis, at fair value on
transition or at an earlier date as an alternative to full retrospective application of IFRS
in accounting for the assets. Denison chooses to adopt this transition policy on an asset
by asset basis for its property, plant and equipment and its mineral property assets.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Adoption of IFRS 6 for Exploration and Evaluation Expenditures</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison elected to adopt the provisions of IFRS 6 which allow the Company to continue with the
current accounting policies regarding the accounting for exploration and evaluation expenditures,
with the exception of impairment which must follow the guidance provided under IFRS 6.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The current policy is to expense exploration expenditures on mineral properties not sufficiently
advanced. An exploration and evaluation asset will no longer be classified as such when the
technical feasibility and commercial viability of extracting a mineral resource are demonstrable.
Exploration and evaluation assets will be assessed for impairment, and any impairment loss
recognised, before reclassification.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">With respect to impairment, the Company will follow the guidance under IFRS 6 which provides
examples of impairment triggering events that are applicable to exploration and evaluation assets:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Right to explore has, or will in the near future, expire and renewal is not expected;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Further exploration and evaluation expenditures are not budgeted or planned;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Decision was made to discontinue activities due to lack of discovery; or</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">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Development is likely but the exploration and evaluation asset is unlikely to be
recovered in full.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If an impairment triggering event is noted which may indicate that a write-down is appropriate, an
impairment test in accordance with IAS 36 shall be performed. Impairment assessments are conducted
at the level of cash-generating units (&#147;CGU&#146;s&#148;), which is the lowest level for which identifiable
cash inflows are largely independent of the cash flows of other assets. For mining and milling
assets, the CGU&#146;s have been defined based on geographical locations that are consistent with the
segments used for disclosure purposes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Key IFRS Accounting Policies</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following is a summary of key IFRS accounting policies which differ significantly from the
comparable Canadian GAAP policies and which were applied in preparing the preliminary consolidated
IFRS balance sheet as of January&nbsp;1, 2010.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Items included in the financial statements of each consolidated entity in the Denison group are
measured using the currency of the primary economic environment in which the entity operated (&#147;the
functional currency&#148;). Primary and secondary indicators are used to determine the functional
currency (primary indicators have priority over secondary indicators). Primary indicators include
the currency that mainly influences sales prices and the currency that mainly influences labour,
material and other costs. Secondary indicators include the currency in which funds from financing
activities are generated and the currency in which receipts from operating activities are usually
retained. For our Canadian, U.S., Zambian and Mongolian entitles, the local currency has been determined to be the
functional currency.
</DIV>
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<P align="center" style="font-size: 10pt"><!-- Folio -->- 19 -<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2010<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The consolidated financial statements are presented in US dollars, which is the Company&#146;s reporting
currency.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The financial statements of entities that have a functional currency that is different than the
reporting currency are translated into US dollars as follows: assets and liabilities at the
closing rate at the date of the statement of financial position; and income and expenses &#151; at the
quarterly average rates (as this is considered a reasonable approximation to actual transactional
rates). All resulting changes are recognized in other comprehensive income as cumulative
translation adjustments.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The accounting for future or deferred income taxes is fundamentally similar to the current Canadian
GAAP standard. However, there are some specific differences that impact deferred tax balances or
the amount reported in profit or loss for deferred taxes. Under Canadian GAAP, the cost(benefit)
of current and deferred income taxes is typically recognized as income or an expense, and included
in profit or loss for the period &#151; except, amongst other items, where any portion of the
cost(benefit) relates to a capital transaction in the same period or an item that is credited or
charged directly to equity in the same period. Under IFRS, if the transaction that gives rise to a
temporary difference is recorded directly in equity, then the cost(benefit) of current and deferred
income taxes, whether in the same or a subsequent period, is also recorded directly in equity
(rather than in profit or loss). Under Canadian GAAP, where an asset is acquired (other than in a
business combination) and the tax basis is less than the cost of the asset, a deferred tax
liability is recognized on the asset acquisition, and is added to the cost of the asset through a
gross-up calculation. IFRS does not permit the recognition of a deferred tax liability on the
initial recognition of an asset, in a transaction that is not a business combination. The carrying
value of our deferred tax balances have also changed to the extent that the accounting basis of
various assets and liabilities have been adjusted as part of the IFRS conversion.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Under Canadian GAAP, where flow-through shares are issued, they are initially recorded in share
capital at their issue price. When the issuing entity renounces the associated deductions (by
filing the prescribed forms) to the investors, the tax effect of the resulting temporary difference
is recorded as a cost of issuing the shares (a reduction in share capital). While IFRS does not
provide specific guidance on the accounting for flow-through shares, it is generally agreed that
the method required by the SEC &#151; under US GAAP &#151; is appropriate. As a result, under IFRS, the
proceeds from issuing flow-through shares are allocated between the offering of shares and the sale
of tax benefits. The allocation is based on the difference (&#147;premium&#148;) between the quoted price of
the company&#146;s shares at the flow-through share closing date and the amount the investor pays for
the actual flow-through shares. A liability is recognized for the premium and is extinguished when
the tax effect of the temporary differences, resulting from the renunciation, is recorded &#151; with
the difference between the liability and the value of the tax assets renounced being recorded as a
deferred tax expense. If the flow-through shares are not issued at a premium, a liability is not
established, and on renunciation the full value of the tax assets renounced is recorded as a
deferred tax expense.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Property, Plant and Equipment</I><BR><BR>

Property, plant and equipment are recorded at acquisition or production cost, less accumulated
depreciation. Cost includes all expenditures incurred to prepare an asset for its intended use,
including the purchase price and installation costs, freight charges, duties and borrowing costs.
Depreciation is calculated on a straight line or unit of production basis as appropriate. Where a
straight line methodology is used, the assets are depreciated to their estimated residual value
over an estimated useful life which ranges from three to fifteen years depending upon the asset
type. Where a unit of production methodology is used, the assets are depreciated to their estimated
residual value over the useful life defined by management&#146;s best estimate of recoverable reserves
and resources in the current mine plan.
</DIV>

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

With respect to exploration and evaluation expenditures, the company has adopted the provisions of
IFRS 6.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Mineral property costs include acquisition costs relating to acquired mineral use and exploration
rights and are capitalized.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2010<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Once a development mineral property goes into commercial production, the property is classified as
&#147;Producing&#148; and the accumulated costs are amortized over the estimated recoverable resources in the
current mine plan using a unit of production basis. Commercial production occurs when a property is
substantially complete and ready for its intended use.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Mineral Properties &#151; Joint Interests</I><BR><BR>
The Company has various interests in development and exploration projects located in Canada which
are held through option or joint agreements. Under IFRS, the accounting treatment for these
properties will be as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Canadian Properties</I><BR><BR>
The Company has a 22.5% interest in the McClean Lake project and a 25.17% interest in the Midwest
project located in the Athabasca Basin of Saskatchewan, Canada. Other significant mineral property
interests that the Company has in Canada include Wheeler River, Moore Lake, Wolly and Park Creek.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The accounting for these properties was reviewed within the context of the IFRS standards and it
was concluded that these joint interests are actually joint ownership arrangements (for accounting
purposes). The joint ownership and the contractual obligations are most appropriately presented in
the financial statements when they are accounted for using the undivided interest method (which is
very similar to the current proportional reporting method used to report these operations under
Canadian GAAP).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Impairment Evaluations</I><BR><BR>
The carrying amounts of long-lived assets are reviewed and tested when events or changes in
circumstances suggest that the carrying amount may not be recoverable. Impairment assessments are
conducted at the level of cash-generating units (&#147;CGU&#146;s&#148;), which is the lowest level for which
identifiable cash inflows are largely independent of the cash inflows of other assets. For mining
and milling assets, the CGU&#146;s have been defined based on geographical locations that are consistent
with the segments used for disclosure purposes. This definition reflects the strategic linkage of
the properties from an operational perspective and/or the management decision-making structure of
the operations. Denison Environmental Services (DES)&nbsp;is a distinct business offering and
represents a separate CGU.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Impairment Reversals</I><BR><BR>
Where an adjustment to property, plant and equipment assets has been made to reflect impairment
amounts calculated in accordance with IFRS and subsequent IFRS 1 election to use fair market values
as deemed cost, there will be no future reversal of impairments.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Provision for Environmental Rehabilitation</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Mining, extraction and processing activities normally give rise to obligations for environmental
rehabilitations. Provisions for the cost of each rehabilitation program are normally recognized at
the time that an environmental disturbance occurs or a constructive obligation is determined. When
the extent of disturbance increases over the life of an operation, the provision is increased
accordingly.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">When provisions for closure and rehabilitation are initially recognized, the corresponding cost is
capitalized as an asset, representing part of the cost of acquiring the future economic benefits of
the operation. The capitalized cost of closure and rehabilitation activities is recognized in
property, plant and equipment and depreciated over the future production from the operations to
which it relates.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Significant judgments and estimates are involved in forming expectations of future activities and
the amount and timing of the associated cash flows. Those expectations are formed based on
existing environmental and regulatory requirements or, if more stringent, our environmental
policies which give rise to a constructive obligation. When expected cash flows change, the
revised cash flows are discounted using the risk-free pre-tax discount rate and adjustment is made
to the provision.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Adjustments to the estimated amount and timing of future closure and rehabilitation cash flows are
a normal occurrence in light of the significant judgment and estimates involved.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2010<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At December&nbsp;31, 2010, the Company had reclamation liabilities of $17,565,000 consisting of
$6,383,000 for U.S. mill and mine obligations, $9,451,000 for Elliot Lake and $1,731,000 for the
McClean Lake and Midwest joint ventures.<BR>
In addition, the Company&#146;s contractual obligations at December&nbsp;31, 2010 are as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">After</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Total</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">1 Year</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2-3 Years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">4-5 Years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">5 Years</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR><TD align="left" valign="top">&nbsp;</TD></TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Debt Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">405</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating lease and other obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">22,167</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,551</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,526</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,090</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company periodically reviews the anticipated costs of decommissioning and reclaiming its mill
and mine sites as part of its environmental planning process. Further, the Company formally
reviews the mill&#146;s reclamation estimate annually with applicable regulatory authorities. The mill
and mine reclamation estimates at December&nbsp;31, 2010 are $17,565,000 which are expected to be
sufficient to cover the projected future costs for reclamation of the mill and mine operations.
However, there can be no assurance that the ultimate cost of such reclamation obligations will not
exceed the estimated liability contained in the Company&#146;s financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has posted bonds, letters of credit and trust funds as security for these liabilities.
At December&nbsp;31, 2010, the amount of these restricted cash and investments and line of credit
collateralizing the Company&#146;s reclamation obligations was $32,697,000.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has detected some chloroform contamination at the White Mesa mill site that appears to
have resulted from the operation of a temporary laboratory facility that was located at the site
prior to and during the construction of the mill facility, and from septic drain fields that were
used for laboratory and sanitary wastes prior to construction of the mill&#146;s tailings cells. In
April&nbsp;2003, the Company commenced an interim remedial program of pumping the chloroform
contaminated water from the groundwater to the mill&#146;s tailings cells. This will enable the Company
to begin clean up of the contaminated areas and to take a further step towards resolution of this
outstanding issue. Pumping from the wells continued in 2010. Denison is continuing to work with
the State of Utah to develop a long-term corrective action plan. A draft of an action plan was
submitted by Denison and is currently being reviewed by the State. While the investigations to
date indicate that this chloroform contamination appears to be contained in a
manageable area, the scope and costs of final remediation have not yet been determined and could be
significant.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Elevated concentrations of nitrate and chloride were observed in some monitoring wells at the mill
site in 2008 a number of which are upgradient of the mill&#146;s tailings cells. Pursuant to a
Stipulated Consent Agreement with UDEQ, the Company retained INTERA, Inc., an independent
professional engineering firm, to investigate these elevated concentrations and to prepare a
Contamination Investigation Report for submittal to UDEQ. The investigation was completed in 2009
and the Contamination Investigation Report was submitted to UDEQ in January&nbsp;2010. INTERA concluded
in the Report that: (1)&nbsp;the nitrate and chloride are co-extensive and appear to originally come
from the same source; and (2)&nbsp;the source is upgradient of the mill property and is not the result
of Mill activities. UDEQ has reviewed the Report, and has concluded that further investigations
are required before it can determine the source of the contamination and the responsibility for
clean up. UDEQ and Denison are finalizing a plan and schedule to conduct further investigations.
Although the contamination appears to be contained in a manageable area, the scope and costs of
final remediation have not yet been determined and, if determined to be the responsibility of the
Company, could be significant.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company does not have a formal research and development program. Process development efforts
expended in connection with processing alternate feeds are included as a cost of processing.
Process development efforts expended in the evaluation of potential alternate feed materials that
are not ultimately processed at the mill are included in mill overhead costs. The Company does not
rely on patents or technological licences in any significant way in the conduct of its business.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 22 -<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2010<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">There are a number of factors that could negatively affect Denison&#146;s business and the value of
Denison&#146;s common shares, including the factors listed below. The following information pertains to
the outlook and conditions currently known to Denison that could have a material impact on the
financial condition of Denison. This information, by its nature, is not all inclusive. It is not a
guarantee that other factors will not affect Denison in the future.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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 conditions in North America and globally, and market perceptions of
the attractiveness of particular industries. The price of Denison&#146;s securities is also likely to
be significantly affected by short-term changes in commodity prices, other mineral prices, currency
exchange fluctuation, or in its financial condition or results of operations as reflected in its
periodic earnings reports. Other factors unrelated to the performance of Denison that may have an
effect on the price of the securities of Denison include the following: the extent of analytical
coverage available to investors concerning the business of Denison may be limited if investment
banks with research capabilities do not follow Denison&#146;s securities; lessening in trading volume
and general market interest in Denison&#146;s securities may affect an investor&#146;s ability to trade
significant numbers of securities of Denison; the size of Denison&#146;s public float and its inclusion
in market indices may limit the ability of some institutions to invest in Denison&#146;s securities; and
a substantial decline in the price of the securities of Denison that persists for a significant
period of time could cause Denison&#146;s securities to be delisted from an exchange, further reducing
market liquidity. If an active market for the securities of Denison does not continue, the
liquidity of an investor&#146;s investment may be limited and the price of the securities of the
Corporation may decline. If an active market does not exist, investors may lose their entire
investment in the Corporation. As a result of any of these factors, the market price of the
securities of Denison at any given point in time may not accurately reflect the long-term value of
Denison. Securities class-action litigation often has been brought against companies following
periods of volatility in the market price of their securities. Denison may in the future be the
target of similar litigation. Securities litigation could result in substantial costs and damages
and divert management&#146;s attention and resources.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Dilution from Further Equity Financing</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If Denison raises additional funding by issuing additional equity securities, such financing may
substantially dilute the interests of shareholders of Denison and reduce the value of their
investment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><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 is derived from the sale of uranium and vanadium,
Denison&#146;s net earnings and operating cash flow are closely related and sensitive to fluctuations in
the long and short term market price of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> and V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB>.
Among other factors, these prices also affect the value of Denison&#146;s reserves and the market price
of Denison&#146;s common shares. Historically, these prices have fluctuated and have been and will
continue to be affected by numerous factors beyond Denison&#146;s control.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">With respect to uranium, such factors include, among others: demand for nuclear power, political
and economic conditions in uranium producing and consuming countries, reprocessing of used reactor
fuel and the re-enrichment of depleted uranium tails, sales of excess civilian and military
inventories (including from the dismantling of nuclear weapons) by governments and industry
participants, uranium supply, including the supply from other secondary sources and production
levels and costs of production. With respect to vanadium, such factors include, among others:
demand for steel, political and economic conditions in vanadium producing and consuming countries,
world production levels and costs of production.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 23 -<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2010<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</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>

<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. The Company may be at a disadvantage in acquiring new properties as many mining
companies have greater financial resources and more technical staff. Accordingly, there can be no
assurance that the Company will be able to compete successfully to acquire new properties or that
any such acquired assets would yield reserves or result in commercial mining operations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><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, EZ Complex, Colorado Plateau, Henry Mountains, GSJV, Mutanga and Dibwe projects 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>
<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="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2010<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<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 the Company remains
an owner thereof, the Company is obligated to eventually reclaim or participate in the reclamation
of such properties. Most, but not all, of the Company&#146;s reclamation obligations are bonded, and
cash and other assets of the Company have been reserved to secure this bonded amount. Although the
Company&#146;s financial statements record a liability for the asset retirement obligation, and the
bonding requirements are generally periodically reviewed by applicable regulatory authorities,
there can be no assurance or guarantee that the ultimate cost of such reclamation obligations will
not exceed the estimated liability contained on the Company&#146;s financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Decommissioning plans for the Company&#146;s properties have been filed with applicable regulatory
authorities. These regulatory authorities have accepted the decommissioning plans in concept, not
upon a detailed performance forecast, which has not yet been generated. As Denison&#146;s properties
approach or go into decommissioning, further regulatory review of the decommissioning plans may
result in additional decommissioning requirements, associated costs and the requirement to provide
additional financial assurances. It is not possible to predict what level of decommissioning and
reclamation (and financial assurances relating thereto) may be required in the future by regulatory
authorities.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><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">The Company has investigated its rights to explore and exploit all of its material properties and,
to the best of its knowledge, those rights are in good standing. However, no assurance can be
given that such rights will not be revoked, or significantly altered, to its detriment. There can
also be no assurance that the Company&#146;s rights will not be challenged or impugned by third parties,
including the local governments, and in Canada, by First Nations and Metis.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The validity of unpatented mining claims on U.S. public lands is sometimes 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 BLM 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
</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="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2010<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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 and resources 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; and 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; and unexpected labour shortages or
strikes and varying conditions in the commodity 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.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Although Denison maintains insurance to cover some of these risks and hazards in amounts it
believes to be reasonable, such insurance may not provide adequate coverage in the event of certain
circumstances. No assurance can be given that such insurance will continue to be available or it
will be available at economically feasible premiums or that it will provide sufficient coverage for
losses related to these or other risks and hazards.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison may be subject to liability or sustain loss for certain risks and hazards against which it
cannot insure or which it may reasonably elect not to insure because of the cost. This lack of
insurance coverage could result in material economic harm to Denison.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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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="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2010<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</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">The Company maintains regulatory licences in order to operate its mills at White Mesa and McClean
Lake, all of which are subject to renewal from time to time and are required in order for the
Company to operate in compliance with applicable laws and regulations. In addition, depending on
the Company&#146;s business requirements, it may be necessary or desirable to seek amendments to one or
more of its licences from time to time. While the Company has been successful in renewing its
licences on a timely basis in the past and in obtaining such amendments as have been necessary or
desirable, there can be no assurance that such licence renewals and amendments will be issued by
applicable regulatory authorities on a timely basis or at all in the future.
</DIV>

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

<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">The Company&#146;s mining and milling operations and exploration activities, as well as the
transportation and handling of the products produced are subject to extensive regulation by state,
provincial and federal governments. Such regulations relate to production, development,
exploration, exports, imports, taxes and royalties, labour standards, occupational health, waste
disposal, protection and remediation of the environment, mine decommissioning and reclamation, mine
safety, toxic substances, transportation safety and emergency response, and other matters.
Compliance with such laws and regulations has increased the costs of exploring, drilling,
developing, constructing, operating and closing Denison&#146;s mines and processing facilities. It is
possible that, in the future, the costs, delays and other effects associated with such laws and
regulations may impact Denison&#146;s decision as to whether to operate existing mines, or, with respect
to exploration and development properties, whether to proceed with exploration or development, or
that such laws and regulations may result in Denison incurring significant costs to remediate or
decommission properties that do not comply with applicable environmental standards at such time.
Denison expends significant financial and managerial resources to comply with such laws and
regulations. Denison anticipates it will have to continue to do so as the historic trend toward
stricter government regulation may continue. Because legal requirements are frequently changing
and subject to interpretation, Denison is unable to predict the ultimate cost of compliance with
these requirements or their effect on operations. Furthermore, future changes in governments,
regulations and policies, such as those affecting Denison&#146;s mining operations and uranium transport
could materially and adversely affect Denison&#146;s results of operations and financial condition in a particular period
or its long term business prospects.
</DIV>
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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2010<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Failure to comply with applicable laws, regulations and permitting requirements may result in
enforcement actions. These actions may result in orders issued by regulatory or judicial
authorities causing operations to cease or be curtailed, and may include corrective measures
requiring capital expenditures, installation of additional equipment or remedial actions.
Companies engaged in uranium exploration operations may be required to compensate others who suffer
loss or damage by reason of such activities and may have civil or criminal fines or penalties
imposed for violations of applicable laws or regulations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Worldwide demand for uranium is directly tied to the demand for electricity produced by the nuclear
power industry, which is also subject to extensive government regulation and policies. The
development of mines and related facilities is contingent upon governmental approvals that are
complex and time consuming to obtain and which, depending upon the location of the project, involve
multiple governmental agencies. The duration and success of such approvals are subject to many
variables outside Denison&#146;s control. Any significant delays in obtaining or renewing such permits
or licences in the future could have a material adverse effect on Denison. In addition, the
international marketing of uranium is subject to governmental policies and certain trade
restrictions, such as those imposed by the suspension agreement between the United States and
Russia and the agreement between the United States and Russia related to the supply of Russian HEU
into the United States. Changes in these policies and restrictions may adversely impact Denison&#146;s
business.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company owns uranium properties directly and through joint venture interests and is undertaking
uranium development programs in Mongolia and Zambia. As with any foreign operation, these
international properties and interests are subject to certain risks, such as the possibility of
adverse political and economic developments, foreign currency controls and fluctuations, as well as
risks of war and civil disturbances. Other events may limit or disrupt activities on these
properties, restrict the movement of funds, result in a deprivation of contract rights or the
taking of property or an interest therein by nationalization or expropriation without fair
compensation, increases in taxation or the placing of limits on repatriations of earnings. No
assurance can be given that current policies of Mongolia or Zambia or the political situations
within these countries will not change so as to adversely affect the value or continued viability
of the Company&#146;s interest in these assets. As an example, in July&nbsp;2009, the Parliament of Mongolia
enacted the New Law, which granted authority to the Mongolian Nuclear Energy Agency and created a
framework for all aspects of uranium resource development in Mongolia.
</DIV>

<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
GSJV, 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, the Company may become involved in a dispute with respect to one of its foreign
operations and may become subject to the exclusive jurisdiction of a foreign court or may find that
it is not successful in subjecting foreign persons to the jurisdiction of the courts in Canada.
The Company may also be precluded from enforcing its rights with respect to a government entity
because of the doctrine of sovereign immunity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><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>
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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="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2010<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</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.<BR><BR>
Although the Company believes its operations are in compliance, in all material respects, with all
relevant permits, licences and regulations involving worker health and safety as well as the
environment, there can be no assurance regarding continued compliance or ability of the Company to
meet stricter environmental regulation, which may also require the expenditure of significant
additional financial and managerial resources.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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 the Company&#146;s properties.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s sales of uranium and vanadium products and its environmental services expose Denison to
the risk of non-payment. Denison manages this risk by monitoring the credit worthiness of its
customers and requiring pre-payment or other forms of payment security from customers with an
unacceptable level of credit risk. Although Denison seeks to manage its credit risk exposure,
there can be no assurance that Denison will be successful, and it is possible that some of
Denison&#146;s customers could fail to pay for the uranium or vanadium purchased or the environmental
services provided.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Most of Denison&#146;s revenue is denominated in U.S. dollars; however, its operating costs are incurred
in the currencies of the United States, Canada, Mongolia and Zambia. Consequently, changes in the
relative value of the different currencies affect Denison&#146;s earnings and cash flows.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><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 the Company, a significant disruption to the
Company&#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 the Company will be successful in obtaining required
financing as and when needed on acceptable terms.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><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.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 29 -<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2010<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denison&#146;s success will also depend on the availability of qualified and experienced employees to
work in Denison&#146;s operations and Denison&#146;s ability to attract and retain such employees. The
number of individuals with relevant mining and operational experience in this industry is small.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Internal controls over financial reporting are procedures designed to provide reasonable assurance
that transactions are properly authorized, assets are safeguarded against unauthorized or improper
use, and transactions are properly recorded and reported. Disclosure controls and procedures are
designed to ensure that information required to be disclosed by a company in reports filed with
securities regulatory agencies is recorded, processed, summarized and reported on a timely basis
and is accumulated and communicated to a company&#146;s management, including its chief executive
officer and chief financial officer, as appropriate, to allow timely decisions regarding required
disclosure. A control system, no matter how well designed and operated, can provide only
reasonable, not absolute, assurance with respect to the reliability of reporting, including
financial reporting and financial statement preparation.
</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 appoint one
director. 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 OBCA 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">The KEPCO strategic relationship agreement 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>Conflicts of Interest</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Some of the directors of Denison are also directors of other companies that are similarly engaged
in the business of acquiring, exploring and developing natural resource properties. Such
associations may give rise to conflicts of interest from time to time. In particular, one of the
consequences will be that corporate opportunities presented to a director of Denison may be offered
to another company or companies with which the director is associated, and may not be presented or
made available to Denison. The directors of Denison are required by law to act honestly and in good
faith with a view to the best interests of Denison, to disclose any interest which they may have in
any project or opportunity of Denison, and to abstain from voting on such matter. Conflicts of
interest that arise will be subject to and governed by the procedures prescribed in the Company&#146;s
Code of Ethics and by the OBCA.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Reliance on ARC as Operator</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As ARC is the operator and majority owner of the McClean Lake and Midwest properties in
Saskatchewan, Canada, Denison is and will be, to a certain extent, dependent on ARC for the nature
and timing of activities related to these properties and may be unable to direct or control such
activities.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Both the McClean Lake mill and the Midwest properties employ unionized workers who work under
collective agreements. ARC, as the operator of both of these projects, is responsible for all
dealings with unionized employees. ARC may not be successful in its attempts to renegotiate the
collective agreements, which may impact mill and mining operations. Any lengthy work stoppages may
have a material adverse impact on the Company&#146;s future cash flows, earnings, results of operations
and financial condition.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 30 -<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
Management&#146;s Discussion and Analysis<BR>
Year Ended December&nbsp;31, 2010<BR>
(Expressed in U.S. Dollars, Unless Otherwise Noted)

</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. 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 herein or any such proceedings that may arise in the
future will be resolved without a material adverse effect on the business, financial condition,
results of operation or cash flows of Denison.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The disclosure of scientific and technical information regarding Denison&#146;s properties in the MD&#038;A
was prepared by or under the supervision of William C. Kerr, the Company&#146;s Vice-President,
Exploration and Terry Wetz, Director of Project Development, who are Qualified Persons in
accordance with the requirements of National Instrument 43-101.
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->- 31 -<!-- /Folio -->
</DIV>



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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>c14769exv99w3.htm
<DESCRIPTION>EX-99.3
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.3</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;99.3</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><IMG src="c14769c1476907.gif" alt="(DENISON MINES LOGO)">
</DIV>


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


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">Financial Statements<BR>
for the years ending<BR>
December&nbsp;31, 2010 and 2009

</DIV>

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

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

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

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



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Responsibility for Financial Statements</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s management is responsible for the integrity and fairness of presentation of these
consolidated financial statements. The consolidated financial statements have been prepared by
management, in accordance with Canadian generally accepted accounting principles for review by the
Audit Committee and approval by the Board of Directors.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The preparation of financial statements requires the selection of appropriate accounting policies
in accordance with generally accepted accounting principles and the use of estimates and judgments
by management to present fairly and consistently the consolidated financial position of the
Company. Estimates are necessary when transactions affecting the current period cannot be
finalized with certainty until future information becomes available. In making certain material
estimates, the Company&#146;s management has relied on the judgement of independent specialists.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s management has developed and maintains a system of internal accounting controls to
ensure, on a reasonable and cost-effective basis, that the financial information is timely reported
and is accurate and reliable in all material respects and that the Company&#146;s assets are
appropriately accounted for and adequately safeguarded.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The consolidated financial statements have been audited by PricewaterhouseCoopers LLP, our
independent auditors. Their report outlines the scope of their examination and expresses their
opinions on the consolidated financial statements and internal control over financial reporting.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>&#147;Ron F. Hochstein&#148;</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>&#147;James R. Anderson&#148;</I></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ron F. Hochstein
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">James R. Anderson</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">President and Chief Executive Officer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice-President and <BR>

Chief Financial Officer</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s management is responsible for establishing and maintaining adequate internal control
over financial reporting. Management conducted an evaluation of the effectiveness of internal
control over financial reporting based on the <I>Internal Control &#151; Integrated Framework </I>issued by
the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation,
management concluded that the Company&#146;s internal control over financial reporting was effective as
at December&nbsp;31, 2010.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The effectiveness of the Company&#146;s internal control over financial reporting as at December&nbsp;31,
2010 has been audited by PricewaterhouseCoopers LLP, our independent auditors, as stated in their
report which appears herein.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">There has not been any change in the Company&#146;s internal control over financial reporting that
occurred during 2010 that has materially affected, or is reasonably likely to materially affect,
the Company&#146;s internal control over financial reporting.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 1 -<!-- /Folio -->
</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"><B>Independent Auditor&#146;s Report</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>To the Shareholders of Denison Mines Corp.</B>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We have completed integrated audits of the consolidated financial statements of Denison Mines Corp.
for 2010 and 2009 and of its internal control over financial reporting as at December&nbsp;31, 2010. Our
opinions, based on our audits, are presented below.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Report on the consolidated financial statements</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We have audited the accompanying consolidated financial statements of Denison Mines Corp., which
comprise the consolidated balance sheets as at December&nbsp;31, 2010 and 2009 and the consolidated
statements of operations, shareholders&#146; equity and comprehensive loss and cash flows for each of
the years then ended, and the related notes including a summary of significant accounting policies.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Management&#146;s responsibility for the consolidated financial statements</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Management is responsible for the preparation and fair presentation of these consolidated financial
statements in accordance with Canadian generally accepted accounting principles and for such
internal control as management determines is necessary to enable the preparation of consolidated
financial statements that are free from material misstatement, whether due to fraud or error.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Auditor&#146;s responsibility</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Our responsibility is to express an opinion on these consolidated financial statements based on our
audits. We conducted our audits as at December&nbsp;31, 2010 and 2009 and for the years then ended in
accordance with Canadian generally accepted auditing standards and the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that we plan and
perform an audit to obtain reasonable assurance whether the consolidated financial statements are
free from material misstatement. Canadian generally accepted auditing standards also require that
we comply with ethical requirements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">An audit involves performing procedures to obtain audit evidence, on a test basis, about the
amounts and disclosures in the consolidated financial statements. The procedures selected depend on
the auditor&#146;s judgment, including the assessment of the risks of material misstatement of the
consolidated financial statements, whether due to fraud or error. In making those risk assessments,
the auditor considers internal control relevant to the company&#146;s preparation and fair presentation
of the consolidated financial statements in order to design audit procedures that are appropriate
in the circumstances. An audit also includes evaluating the appropriateness of accounting policies
used and the reasonableness of accounting estimates made by management, as well as evaluating the
overall presentation of the consolidated financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We believe that the audit evidence we have obtained in our audits is sufficient and
appropriate to provide a basis for our audit opinion on the consolidated financial statements
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In our opinion, the consolidated financial statements present fairly, in all material respects, the
financial position of Denison Mines Corp. and its subsidiaries as at December&nbsp;31, 2010 and 2009 and
the results of their operations and cash flows for the years then ended in accordance with Canadian
generally accepted accounting principles.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Report on internal control over financial reporting</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We have also audited Denison Mines Corp.&#146;s internal control over financial reporting as at December
31, 2010, based on criteria established in Internal Control &#151; Integrated Framework, issued by the
Committee of Sponsoring Organizations of the Treadway Commission (COSO).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Management&#146;s responsibility for internal control over financial reporting</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Management is responsible for maintaining effective internal control over financial reporting and
for its assessment of the effectiveness of internal control over financial reporting, included in
the accompanying Management&#146;s Report on Internal Control over Financial Reporting.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Auditor&#146;s responsibility</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Our responsibility is to express an opinion on the company&#146;s internal control over financial
reporting based on our audit. We conducted our audit of internal control over financial reporting
in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether effective internal control
over financial reporting was maintained in all material respects.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">An audit of internal control over financial reporting includes obtaining an understanding of
internal control over financial reporting, assessing the risk that a material weakness exists,
testing and evaluating the design and operating effectiveness of internal control based on the
assessed risk, and performing such other procedures as we consider necessary in the
circumstances.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We believe that our audit provides a reasonable basis for our opinion on the company&#146;s internal
control over financial reporting.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Definition of internal control over financial reporting</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A company&#146;s internal control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with Canadian generally accepted accounting
principles. A company&#146;s internal control over financial reporting includes those policies and
procedures that (i)&nbsp;pertain to the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the assets of the company; (ii)&nbsp;provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with Canadian generally accepted accounting principles, and that receipts
and expenditures of the company are being made only in accordance with authorizations of management
and directors of the company; and (iii)&nbsp;provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition of the company&#146;s assets that could have
a material effect on the financial statements.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Because of its inherent limitations, internal control over financial reporting may not prevent or
detect misstatements. Also, projections of any evaluation of effectiveness to future periods are
subject to the risk that controls may become inadequate because of changes in conditions or that
the degree of compliance with the policies or procedures may deteriorate.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In our opinion, Denison Mines Corp. maintained, in all material respects, effective internal
control over financial reporting as at December&nbsp;31, 2010 based on criteria established in Internal
Control &#151; Integrated Framework issued by COSO.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>&#147;PricewaterhouseCoopers LLP</I>
</DIV>


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

</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 align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
<!-- xbrl,bs -->
Consolidated Balance Sheets<BR>
<!-- xbrl,body -->
(Expressed in thousands of U.S. dollars)

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="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">December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</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>ASSETS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Current</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">97,554</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,804</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Trade and other receivables (note 3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,236</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,773</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inventories (note 4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,387</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,216</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Prepaid expenses and other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,917</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,607</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">152,094</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87,400</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inventories &#151; ore in stockpiles (note 4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,204</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,530</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investments (note 5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,605</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Prepaid expenses and other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">287</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restricted cash and investments (note 6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,946</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,656</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property, plant and equipment (note 7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">714,458</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">691,039</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangibles (note 8)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,794</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,436</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill (note 9)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,919</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,028</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">952,474</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">867,981</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>LIABILITIES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Current</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts payable and accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13,753</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,508</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of long-term liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Post-employment benefits (note 10)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">402</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">380</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Reclamation and remediation obligations (note 11)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">641</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">752</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Debt obligations (note 12)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">869</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Other long-term liabilities (note 13)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">313</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,996</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,822</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,339</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,187</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for post-employment benefits (note 10)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,617</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,426</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reclamation and remediation obligations (note 11)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,924</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,154</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Debt obligations (note 12)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">195</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other long-term liabilities (note 13)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,051</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Future income tax liability (note 14)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106,183</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102,918</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">146,369</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139,753</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>SHAREHOLDERS&#146; EQUITY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Share capital (note 15)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">910,484</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">849,488</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Share purchase warrants (note 16)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,830</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,830</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Contributed surplus (notes 17 and 18)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,658</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,922</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deficit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(256,729</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(242,494</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated other comprehensive income (note 19)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104,862</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,482</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">806,105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">728,228</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">952,474</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">867,981</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Issued and outstanding common shares (note 15)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">366,200,665</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">339,720,415</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Commitments and contingencies (note 25)<BR>
Subsequent events (note 26)

</DIV>

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

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&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">&#147;<I>Ron F. Hochstein</I>&#148;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;<I>Catherine J. G. Stefan</I>&#148;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">See accompanying notes to the consolidated financial statements
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
<!-- /xbrl,bs -->
<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="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
<!-- xbrl,op -->
Consolidated Statements of Operations<BR>
<!-- xbrl,body -->
(Expressed in thousands of U.S. dollars except for per share amounts)

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="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">Year Ended</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Year Ended</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>REVENUES </B>(note 21)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">128,320</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">79,170</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>EXPENSES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating expenses (note 20)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122,549</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98,145</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sales royalties and capital taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,325</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,675</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mineral property exploration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,526</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,120</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">General and administrative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,312</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,883</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock option expense (note 18)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,847</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mineral properties impairment (note 7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangibles impairment (note 8)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">359</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill impairment (note 9)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,136</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148,543</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250,165</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(20,223</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(170,995</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other income (expense) (note 20)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,812</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,551</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss before taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,411</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(185,546</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax recovery (expense) (note 14):</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(355</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,691</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Future</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">531</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,843</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss for the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(14,235</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(147,012</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.04</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.51</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.04</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.51</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted-average number of shares outstanding (in thousands)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">340,826</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">286,421</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">340,826</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">286,421</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">See accompanying notes to the consolidated financial statements
</DIV>
<!-- /xbrl,op -->
<P align="center" style="font-size: 10pt">&nbsp;

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

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

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



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
<!-- xbrl,se -->
Consolidated Statements of Shareholders&#146; Equity and Comprehensive Loss<BR>
<!-- xbrl,body -->
(Expressed in thousands of U.S. dollars)

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="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">Year Ended</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Year Ended</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR><TD align="left" valign="top">&nbsp;</TD></TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Share capital</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Balance at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">849,488</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">666,278</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">New shares issued-net of issue costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,091</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">185,034</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">New shares issued under stock option plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">159</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fair value of stock options exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Renunciation of flow-through share liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(349</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,824</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Balance at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">910,484</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">849,488</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Share purchase warrants</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Balance at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,830</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,728</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Warrants expired</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,898</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Balance at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,830</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,830</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Contributed surplus</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Balance at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">39,922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">30,537</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Stock-based compensation expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,847</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fair value of stock options exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(95</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Warrants expired</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,898</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Warrants expired-tax effect</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(360</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Balance at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">41,658</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">39,922</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Deficit</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Balance at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(242,494</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(95,482</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net loss for the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,235</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(147,012</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Balance at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(256,729</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(242,494</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Accumulated other comprehensive income (loss)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Balance at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">75,482</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(4,709</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrealized gain (loss)&nbsp;on investments change-net of tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,490</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,368</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign currency translation change</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,823</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Balance at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">104,862</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">75,482</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total shareholders&#146; equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">806,105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">728,228</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Comprehensive income (loss)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net loss for the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(14,235</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(147,012</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrealized gain (loss)&nbsp;on investments change-net of tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,490</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,368</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign currency translation change</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,823</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Comprehensive income (loss)&nbsp;for the year</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,145</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(66,821</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">See accompanying notes to the consolidated financial statements
</DIV>
<!-- /xbrl,se -->
<P align="center" style="font-size: 10pt">&nbsp;

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

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

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



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
<!-- xbrl,cf -->
Consolidated Statements of Cash Flows<BR>
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(Expressed in thousands of U.S. dollars)

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="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">Year Ended</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Year Ended</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</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>CASH PROVIDED BY (USED IN):</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>OPERATING ACTIVITIES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss for the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(14,235</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(147,012</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Items not affecting cash:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Depletion, depreciation, amortization and accretion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,598</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,324</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investments impairment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">181</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">149</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mineral properties impairment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Intangibles impairment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">359</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Goodwill impairment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,136</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Stock-based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,847</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gains on asset disposals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,739</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,679</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Losses (gains)&nbsp;on restricted investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(207</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">809</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-cash inventory adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,655</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,290</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Future income tax recovery</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(531</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(36,843</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign exchange</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,476</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net change in non-cash working capital
items (note 20)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,695</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(38,298</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash provided by (used in) operating activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,551</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(42,442</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>INVESTING ACTIVITIES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Decrease (increase)&nbsp;in notes receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(880</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Purchase of investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(711</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proceeds from sale of investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,118</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,128</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expenditures on property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(27,310</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(38,850</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proceeds from sale of property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,566</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,914</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Increase in restricted cash and investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(949</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(797</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash used in investing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(19,472</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(27,116</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>FINANCING ACTIVITIES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Decrease in debt obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(685</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(99,620</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Issuance of common shares for cash:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">New share issues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,091</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">185,034</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Exercise of stock options and warrants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">159</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash provided by financing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,565</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,414</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net increase in cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,644</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,856</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Foreign exchange effect on cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,106</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">742</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents, beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,804</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,206</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents, end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">97,554</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,804</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash and cash equivalents comprised of:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,846</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,804</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,708</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">97,554</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,804</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Supplemental cash flow disclosure:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Interest paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,576</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Income taxes paid (recovered)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,369</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">450</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">See accompanying notes to the consolidated financial statements
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
<!-- /xbrl,cf -->
<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 align="left" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.</B><BR>
<!-- xbrl,ns -->
Notes to the Consolidated Financial Statements<BR>
(Expressed in U.S. dollars, unless otherwise noted)

</DIV>
<!-- xbrl,n -->
<DIV style="margin-top: 10pt">
<TABLE width="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>NATURE OF OPERATIONS</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<!-- xbrl,body -->
<DIV style="margin-top: 10pt">
<TABLE width="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">Denison Mines Corp. (&#147;DMC&#148;) is incorporated under the Business Corporations Act (Ontario)
(&#147;OBCA&#148;). Denison Mines Corp. and its subsidiary companies and joint ventures (collectively,
the &#147;Company&#148;) are engaged in uranium mining and related activities, including acquisition,
exploration and development of uranium bearing properties, extraction, processing, selling and
reclamation. The environmental services division of the Company provides mine decommissioning
and decommissioned site monitoring services for third parties.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company has a 100% interest in the White Mesa mill located in Utah, United States and a
22.5% interest in the McClean Lake mill located in the Athabasca Basin of Saskatchewan, Canada.
The Company has interests in a number of nearby mines at both locations, as well as interests in
development and exploration projects located in Canada, the United States, Mongolia and Zambia,
some of which are operated through joint ventures and joint arrangements. Uranium, the
Company&#146;s primary product, is produced in the form of uranium oxide concentrates
(&#147;U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>&#148;) and sold to various customers around the world for further
processing. Vanadium, a co-product of some of the Company&#146;s mines is also produced and is in
the form of vanadium pentoxide, or V<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">5</SUB>. The Company is also in the
business of processing uranium bearing waste materials, referred to as &#147;alternate feed
materials&#148;.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Denison Mines Inc. (&#147;DMI&#148;), a subsidiary of DMC, is the manager of Uranium Participation
Corporation (&#147;UPC&#148;), a publicly-listed investment holding company formed to invest substantially
all of its assets in U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> and uranium hexafluoride (&#147;UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>&#148;).
The Company has no ownership interest in UPC but receives various fees for management services
and commissions from the purchase and sale of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>and UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> by
UPC.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">References to &#147;2010&#148; and &#147;2009&#148; refer to the year ended December&nbsp;31, 2010 and the year ended
December&nbsp;31, 2009 respectively.</DIV></TD>
</TR>

</TABLE>
</DIV>

<!-- xbrl,n -->
<DIV style="margin-top: 10pt">
<TABLE width="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>SUMMARY OF SIGNIFICANT MINING INTERESTS AND ACCOUNTING POLICIES</B></DIV></TD>
</TR>

</TABLE>
</DIV>
<!-- xbrl,body -->
<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Basis of Presentation</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">These consolidated financial statements have been prepared by management in U.S. dollars, unless
otherwise stated, in accordance with Canadian generally accepted accounting principles
(&#147;Canadian GAAP&#148;). All adjustments considered necessary by management for fair presentation
have been included in these financial statements. Differences between Canadian GAAP and those
generally accepted accounting principles and practices in the United States (&#147;U.S. GAAP&#148;) that
would have a significant impact on these financial statements are disclosed in note 27.</DIV></TD>
</TR>

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

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The following table sets forth the Company&#146;s ownership of its significant mining interests that
have projects at the development stage within them as at December&nbsp;31, 2010:</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">Ownership</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Location</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Interest</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Through majority owned subsidiaries</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD 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:15px; text-indent:-15px">Arizona Strip</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">USA</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Henry Mountains</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">USA</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Colorado Plateau</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">USA</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gurvan Saihan Joint Venture</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Mongolia</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">70.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mutanga</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Zambia</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD 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:15px; text-indent:-15px"><B>As interests in unincorporated joint ventures, or jointly controlled assets</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:15px; text-indent:-15px">McClean Lake Joint Venture</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Canada</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">22.50</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Midwest Joint Venture</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Canada</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">25.17</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<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">

<!-- xbrl -->

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Significant Accounting Policies</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The principal accounting policies and practices under Canadian GAAP followed by the Company in
the preparation of these financial statements are summarized below:</DIV></TD>
</TR>

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

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">These consolidated financial statements include the accounts of DMC, its subsidiaries and its
share of assets, liabilities, revenues and expenses of jointly-controlled companies and
unincorporated ventures proportionate to the Company&#146;s percentage ownership or participating
interest. All significant intercompany balances and transactions have been eliminated on
consolidation.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The companies and ventures controlled by DMC are consolidated using the full consolidation
method. Control is defined as the direct or indirect power to govern a company&#146;s financing,
investing and strategic operating policies without co-operation of others in order to benefit
from its activities.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The companies and ventures jointly controlled by DMC are consolidated using the proportionate
consolidation method. Joint control is deemed to exist when agreements exist that require that
material changes to the operating, investing and financing policies of such company or venture
be approved by a percentage of the participating interest sufficiently high enough to prevent
any one participant from exercising unilateral control.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The companies and ventures in which DMC exercises significant influence over financial policy
and management (&#147;associates&#148;) are accounted for using the equity method. In determining whether
significant influence exists, the Company evaluates a number of criteria including the
percentage of voting interest held, and representation on the board of directors or in senior
management.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Variable Interest Entities (&#147;VIEs&#148;) (which include, but are not limited to, special purpose
entities, trusts, partnerships and other legal structures) are consolidated by the Company if it
is the primary beneficiary who will absorb the majority of the entities expected losses and / or
expected residual returns.</DIV></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>&nbsp;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>b) Use of Estimates</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The presentation of consolidated financial statements in conformity with Canadian GAAP requires
the Company&#146;s management to make estimates and assumptions that affect the amounts reported in
these financial statements and related note disclosures. Although the Company regularly reviews
the estimates and assumptions that affect these financial statements, actual results may be
materially different. Significant estimates and assumptions made by management relate to the
quantities and net realizable value of inventories, assumptions used in impairment testing and
valuation of long-lived assets, determination of reporting units and the valuation of reporting
units for goodwill determination, determination of useful lives, recoverability of and
reclamation obligations for property, plant and equipment and the evaluation of post-employment
benefits, future income taxes, contingent liabilities and stock-based compensation.</DIV></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>&nbsp;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>c) Foreign Currency Translation</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company&#146;s currency of measurement for its Canadian operations is the Canadian dollar. As
the Company&#146;s reporting currency is the U.S. dollar, the Company applies the current rate method
for translation of the Company&#146;s net investment in its self sustaining Canadian operations.
Assets and liabilities denominated in currencies other than the U.S. dollar are translated at
the exchange rate in effect at the balance sheet date. Revenues and expenses denominated in
currencies other than the U.S. dollar are translated at the average rate in effect during the
period. Foreign currency translation gains and losses are recorded in accumulated other
comprehensive income which will be recognized in the results of operations upon the dilution or
other reduction in equity of the net investment.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company&#146;s fully integrated subsidiaries are translated into US dollars using the temporal
method. Under this method, monetary assets and liabilities are translated at the year-end
exchange rate and all other assets and liabilities are translated at applicable historical
exchange rates. Revenue and expense items are translated at the rate of exchange in effect at
the date the transactions are recognized in income. Realized exchange gains and losses and
currency translation adjustments are included in the results of operations as a component of
&#147;Other income (expense)&#148;. Foreign currency transactions are translated using the exchange rates
prevailing at the rate of exchange in effect at the date the transactions are recognized in
income. Foreign exchange gains and losses resulting from the settlement of such transactions and
from the translation of monetary assets and liabilities denominated in foreign currencies are
included in the results of operations.</DIV></TD>
</TR>

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

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

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

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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"><B>&nbsp;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>d) Income Taxes</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Income taxes are accounted for using the liability method of accounting for future income taxes.
Under this method, current income taxes are recognized for the estimated income taxes payable
for the current period. Future income tax assets and liabilities are recognized based on
temporary differences between the financial statement carrying values of the existing assets and
liabilities and their respective income tax bases using enacted or substantively enacted tax
rates expected to apply to taxable income during the years in which the differences are expected
to be recovered or settled. The recognition of future income tax assets such as tax losses
available for carry forward are limited to the amount that is &#147;more likely than not&#148; to be
realized.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>e) Flow-Through Common Shares</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company&#146;s Canadian exploration activities have been financed in part through the issuance of
flow-through common shares whereby the tax benefits of the eligible exploration expenditures
incurred under this arrangement are renounced to the subscribers. The foregone tax benefits to
the Company are recognized by reducing the proceeds received from these financings by the tax
effects of the renunciation to the subscribers at the time of renunciation by the Company.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>f) Cash and Cash Equivalents</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Cash and cash equivalents consist of cash on deposit and highly-liquid, short-term money market
instruments which, on acquisition, have terms to maturity of three months or less. Cash and
cash equivalents which are subject to restrictions that prevent its use for current purposes are
classified as restricted cash and cash equivalents.</DIV></TD>
</TR>

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

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Expenditures, including depreciation, depletion and amortization of assets, incurred in the
mining and processing activities that will result in future concentrate production are deferred
and accumulated as ore in stockpiles and in-process and concentrate inventories. These amounts
are carried at the lower of average cost or net realizable value (&#147;NRV&#148;). NRV is the difference
between the estimated future concentrate price (net of selling costs) and estimated costs to
complete production into a saleable form.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Stockpiles are comprised of coarse ore that has been extracted from the mine and is available
for further processing. Mining production costs are added to the stockpile as incurred and
removed from the stockpile based upon the average cost per ton or tonne of ore produced from
mines considered to be in commercial production. The current portion of ore in stockpiles
represents the amount expected to be processed in the next twelve months.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In-process and concentrate inventories include the cost of the ore removed from the stockpile, a
pro-rata share of the amortization of the associated mineral property, as well as production
costs incurred to process the ore into a saleable product. Processing costs typically include
labor, chemical reagents and directly attributable mill overhead expenditures. Items are valued
according to the first-in first-out method (FIFO)&nbsp;or at weighted average cost, depending on the
type of inventory or work-in-process.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Mine and mill supplies are valued at the lower of average cost and net realizable value as
measured by replacement cost.</DIV></TD>
</TR>

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

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Equity investments over which the Company does not exercise significant influence are accounted
for as available for sale securities.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Equity investments over which the Company exercises significant influence are accounted for
using the equity method, whereby the investment is initially recorded at cost and adjusted to
recognize the Company&#146;s share of earnings or losses, reduced by dividends and distributions
received.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>i) Property, Plant and Equipment</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Property, plant and equipment</I></B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Property, plant and equipment are recorded at acquisition or production cost and carried net of
depreciation and impairment, if applicable. Depreciation is calculated on a straight line or
unit of production basis as appropriate. Where a straight line methodology is used, the assets
are depreciated to their estimated residual value over an estimated useful life which ranges
from three to fifteen years depending upon the asset type. Where a unit of
production methodology is used, the assets are depreciated to their estimated residual value over the
useful life defined by management&#146;s best estimate of recoverable reserves and resources in the current mine
plan. When assets are retired or sold, the resulting gains or losses are reflected in current
earnings as a component of other income or expense.
</DIV></TD>
</TR>

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

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

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

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<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Mineral Property Acquisition, Exploration and Development Costs</I></B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Mineral property costs include acquisition costs relating to acquired mineral use and
exploration rights and are capitalized.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Exploration and development expenditures are expensed as incurred on mineral properties not
sufficiently advanced. At the point in time that a mineral property is considered to be
sufficiently advanced, all further expenditures for the current year and subsequent years are
capitalized as incurred. These costs will include costs of maintaining the site until
commercial production, costs to initially delineate the ore body, costs for shaft sinking and
access, lateral development, drift development and infrastructure development. Such costs
represent the net expenditures incurred and capitalized as at the balance sheet date and do not
necessarily reflect present or future values.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Once a development mineral property goes into commercial production, the property is classified
as &#147;Producing&#148; and the accumulated costs are amortized over the estimated recoverable resources
in the current mine plan using a unit of production basis. Commercial production occurs when a
property is substantially complete and ready for its intended use<I>.</I></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Impairment of Long-Lived Assets</I></B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Long-lived assets are assessed by management for impairment whenever events or changes in
circumstances indicate that the related carrying amounts may not be recoverable. To test
recoverability, the net book value of the long-lived asset is compared to the estimated
undiscounted future cash flows generated by their use and eventual disposal. Impairment is
measured as the excess of the carrying value over the fair value, determined principally by
discounting the estimated net future cash flows expected to be generated from the use and
eventual disposal of the related asset. In the event that the Company has insufficient
information about the long-lived asset to estimate future cash flows to test the recoverability
of the capitalized cost amounts, the Company will test for impairment by comparing the fair
value to the carrying amount without first performing a test for recoverability.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>j) Asset Retirement Obligations</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Asset retirement obligations, any statutory, contractual or other legal obligation related to
the retirement of tangible long-lived assets, are recognized when such obligations are incurred,
if a reasonable estimate of fair value can be determined. These obligations are measured
initially at fair value and the resulting costs are capitalized and added to the carrying value
of the related assets. In subsequent periods, the liability is adjusted for the accretion of
the discount and the expense is recorded in the income statement. Changes in the amount or
timing of the underlying future cash flows are immediately recognized as an increase or decrease
in the carrying amounts of the liability and related assets. These costs are amortized to the
results of operations over the life of the asset. Reductions in the amount of the liability are
first applied against the amount of the net reclamation asset on the books with any residual
value being recorded in the statement of 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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company&#146;s activities are subject to numerous governmental laws and regulations. Estimates
of future reclamation liabilities for asset decommissioning and site restoration are recognized
in the period when such liabilities are incurred. These estimates are updated on a periodic
basis and are subject to changing laws, regulatory requirements, changing technology and other
factors which will be recognized when appropriate. Liabilities related to site restoration
include long-term treatment and monitoring costs and incorporate total expected costs net of
recoveries. Expenditures incurred to dismantle facilities, restore and monitor closed resource
properties are charged against the related reclamation and remediation liability.</DIV></TD>
</TR>

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

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Business combinations are accounted for under the purchase method of accounting whereby acquired
assets and liabilities are recorded at fair value as of the date of acquisition. The excess of
the purchase price over the fair value is recorded as goodwill and allocated to the applicable
reporting unit. Goodwill is tested annually for impairment or more frequently if current events
or changes in circumstances indicate that the carrying value of the goodwill of a reporting unit
may exceed its fair value. A two-step impairment test is used to identify potential impairment
in goodwill and to measure the amount of goodwill impairment, if any. In the first step, the
fair value of a reporting unit is compared with its carrying value, including goodwill. When the
fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is
considered not to be impaired and the second step
of the impairment test is not undertaken.
When the carrying amount of a reporting unit exceeds its fair value, the fair value of the
reporting unit&#146;s goodwill (determined on the same basis as the value of goodwill is determined in
a business combination) is compared with its carrying amount to measure the amount of the
impairment loss, if any. When the carrying amount of reporting unit goodwill exceeds the fair
value of the goodwill, an impairment loss is recognized in an amount equal to the excess.
</DIV></TD>
</TR>

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

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

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

<!-- xbrl -->

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>l) Post-Employment Benefits</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company assumed the obligation of a predecessor company to provide life insurance,
supplemental health care and dental benefits, excluding pensions, to its former Canadian
employees who retired on immediate pension from active service prior to 1997. The estimated
cost of providing these benefits was actuarially determined using the projected benefits method
and is recorded on the balance sheet at its estimated present value. The interest cost on this
unfunded liability is being accreted over the remaining lives of this retiree group.</DIV></TD>
</TR>

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

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Revenue from the sale of mineral concentrates to customers is recognized when persuasive
evidence of an arrangement exists, delivery has occurred under the terms of the arrangement, the
price is fixed or determinable and collection is reasonably assured. For uranium, revenue is
typically recognized when delivery is effected by book transfer at the applicable uranium
storage facility. For vanadium related products, revenue is typically recognized at the time of
shipment to the customer.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Revenue from toll milling services is recognized as material is processed in accordance with the
specifics of the applicable toll milling agreement. Revenue and unbilled accounts receivable
are recorded as related costs are incurred using billing formulas included in the applicable
toll milling agreement.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Revenue from alternate feed process milling is recognized as material is processed, in
accordance with the specifics of the applicable processing agreement. In general, the Company
collects a recycling fee for receipt of the material and/or receives the proceeds from the sale
of any uranium concentrate and other metals produced. Deferred revenues represent processing
proceeds received on delivery of materials but in advance of the required processing activity.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Revenue on environmental service contracts is recognized using the percentage of completion
method, whereby sales, earnings and unbilled accounts receivable are recorded as related costs
are incurred. Earnings rates are adjusted periodically as a result of revisions to projected
contract revenues and estimated costs of completion. Losses, if any, are recognized fully when
first anticipated. Revenues from engineering services are recognized as the services are
provided in accordance with customer agreements.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Management fees from UPC are recognized as management services are provided under the contract
on a monthly basis. Commission revenue earned on acquisition or sale of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8
</SUB>and UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> on behalf of UPC is recognized on the date when title passes to or from
UPC.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>n) Stock-Based Compensation</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company uses a fair value-based method of accounting for stock options granted to employees,
including directors, and to non-employees. The fair value of stock options granted is
recognized on a straight-line basis over the applicable vesting period as an increase in
stock-based compensation expense and the contributed surplus account. When such stock options
are exercised, the proceeds received by the Company, together with the respective amount from
contributed surplus, are credited to share capital.</DIV></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>&nbsp;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>o) Earnings (Loss) per Share</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Basic earnings (loss)&nbsp;per share is computed by dividing net income (loss)&nbsp;for the period by the
weighted-average number of common shares outstanding for the period. The Company follows the
&#147;treasury stock&#148; method in the calculation of diluted earnings per share. Under this method,
the calculation of diluted earnings per share assumes that the proceeds to be received from the
exercise of &#147;in the money&#148; stock options and warrants are applied to repurchase common shares at
the average market price for the period. The diluted loss per share is equal to the basic loss
per share due to the anti-dilutive effect of the stock options and other dilutive securities.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>p) Financial Instruments &#151; Recognition and Measurement / Presentation and Disclosure</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Financial assets and financial liabilities are recognized on the Consolidated Balance Sheet when
the Company becomes a party to the contractual provisions of the financial instrument. All
financial instruments are required to be measured at fair value on initial recognition except
for certain financial instruments that arise in related party transactions. Measurement in
subsequent periods is dependent upon the classification of the financial instrument

as
held-for-trading, available-for-sale, loans and receivables, held-to-maturity, or other
financial liabilities. The held-for-trading classification is applied when an entity is
&#147;trading&#148; in an instrument or alternatively the standard permits that any financial instrument
be irrevocably designated as held-for-trading. For financial instruments
classified as other than held-for-trading, transaction costs are added to the initial fair value
of the related financial instrument.</DIV></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">

<!-- xbrl -->
<DIV style="margin-top: 10pt">
<TABLE width="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">Financial assets and financial liabilities classified as held-for-trading are measured at fair
value with changes in those fair values recognized on the Consolidated Statement of Operations.
Financial assets classified as available-for-sale are measured at fair value with changes in
those fair values recognized in other comprehensive income. Financial assets classified as
loans and receivables, held to maturity or other financial liabilities are measured at amortized
cost using the effective interest rate method of amortization. Where a financial asset
classified as held-to-maturity or available-for-sale has a loss in value which is considered to
be other than temporary, the loss is recognized in the results of operations.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">For financial instruments measured at amortized cost, transaction costs or fees, premiums or
discounts earned or incurred are recorded, at inception, net against the fair value of the
financial instrument. Interest expense is recorded using the effective interest method.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company has implemented the following classifications:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Cash and cash equivalents (including restricted cash and investments) are classified
as held-for-trading and any period change in fair value is recorded through the results
from operations.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Trade and other receivables and Notes receivable are classified as loans and
receivables and are measured at amortized cost using the effective interest rate
method. Interest income is recorded in net income, as applicable.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Investments are classified as available-for-sale and any period change in fair value
is recorded through other comprehensive income. Where the investment experiences an
other-than-temporary decline in value, the loss is recognized in the results of
operations.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Accounts payable and accrued liabilities and Debt obligations are classified as
other financial liabilities and are measured at amortized cost using the effective
interest rate method. Interest expense is recorded in other income, as applicable.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>New Accounting Standards Adopted</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company adopted the following new accounting standards issued by the CICA Handbook effective
January&nbsp;1, 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">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">CICA Handbook Section&nbsp;1582 &#147;Business Combinations&#148;, Section&nbsp;1601 &#147;Consolidated
Financial Statements&#148; and Section&nbsp;1602 &#147;Non-Controlling Interests&#148; which replace the former
CICA 1581 &#147;Business Combinations&#148; and CICA 1600 &#147;Consolidated Financial Statements&#148; and
establish a new section for accounting for a non-controlling interest in a subsidiary.
These sections provide the Canadian equivalent to FASB Statements No.141(R) &#147;Business
Combinations&#148; and No.160 &#147;Non-Controlling Interests in Consolidated Financial Statements&#148;.
CICA 1582 is effective for business combinations for which the acquisition date is on or
after the beginning of the first annual reporting period after January&nbsp;1, 2011. CICA 1601
and CICA 1602 apply to interim and annual consolidated financial statements relating to
years beginning on or after January&nbsp;1, 2011 although early adoption is permitted. CICA
1582, which replaces Handbook Section&nbsp;1581, Business Combinations, establishes standards
for the measurement of a business combination and the recognition and measurement of assets
acquired and liabilities assumed. CICA 1601, which replaces Handbook Section&nbsp;1600, carries
forward the existing Canadian guidance on aspects of the preparation of consolidated
financial statements subsequent to acquisition other than non-controlling interests. CICA
1602 establishes guidance for the treatment of non-controlling interests subsequent to
acquisition through a business combination. The Company has early adopted all three
sections effective January&nbsp;1, 2010. There was no impact to the Company&#146;s financial
statements from adopting these standards.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Accounting Standards Issued but not yet Adopted</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The CICA has issued the following accounting standards effective for the fiscal years beginning
on or after January&nbsp;1, 2011:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In February&nbsp;2008, the Accounting Standards Board announced that Canadian publicly
accountable enterprises will be required to adopt International Financial Reporting
Standards (&#147;IFRS&#148;) effective January&nbsp;1, 2011. As a result, the Company will publish its
first consolidated financial statements, prepared in accordance with IFRS, for the quarter
ending March&nbsp;31, 2011. The Company will also provide comparative data on an IFRS basis
including an opening balance sheet as at January&nbsp;1, 2010.</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">

<!-- xbrl -->

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

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Certain classifications of the comparative figures have been changed to conform to those used in
the current period.</DIV></TD>
</TR>

</TABLE>
</DIV>
<!-- xbrl,n -->
<DIV style="margin-top: 10pt">
<TABLE width="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>TRADE AND OTHER RECEIVABLES</B></DIV></TD>
</TR>

</TABLE>
</DIV>
<!-- xbrl,body -->
<DIV style="margin-top: 10pt">
<TABLE width="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">The trade and other receivables balance consists of:</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="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">December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trade receivables&#151;mineral concentrate sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,631</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,422</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trade receivables-other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,903</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,114</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trade and other receivables in joint ventures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">375</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">928</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sales tax receivables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">228</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,127</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sundry receivables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,242</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">182</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Note and lease receivables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">20,236</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13,773</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<!-- xbrl,n -->
<DIV style="margin-top: 10pt">
<TABLE width="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>INVENTORIES</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<!-- xbrl,body -->
<DIV style="margin-top: 10pt">
<TABLE width="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">The inventories balance consists of:</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="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">December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Uranium concentrates and work-in-progress <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,769</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,921</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Vanadium concentrates and work-in-progress <SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,390</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">442</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inventory of ore in stockpiles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,772</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,366</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mine and mill supplies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,660</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,017</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">34,591</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">53,746</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inventories&#151;by duration:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">32,387</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">52,216</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Long-term&#151;ore in stockpiles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,204</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,530</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">34,591</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">53,746</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Uranium concentrates and work-in-progress inventory is presented net of a
write-down of $nil as at December&nbsp;31, 2010 and $5,910,000 as at December&nbsp;31, 2009.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Vanadium concentrates and work-in-progress inventory is presented net of a
write-down of $21,000 as at December&nbsp;31, 2010 and $7,302,000 as at December&nbsp;31, 2009.</DIV></TD>
</TR>

</TABLE>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Operating expenses include recoveries of $13,191,000 and write-downs of $3,712,000 relating to
the change in the net realizable value provisions of the Company&#146;s uranium and vanadium
inventories for the years ending December&nbsp;31, 2010 and 2009 respectively.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Long-term ore in stockpile inventory represents an estimate of the amount of pounds on the
stockpile in excess of the next twelve months of planned mill production.</DIV></TD>
</TR>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->- 14 -<!-- /Folio -->
</DIV>

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

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

<!-- xbrl -->

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


</TABLE>
</DIV>

<!-- xbrl,n -->
<DIV style="margin-top: 10pt">
<TABLE width="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>INVESTMENTS</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<!-- xbrl,body -->
<DIV style="margin-top: 10pt">
<TABLE width="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">The investments balance consists of:</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="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">December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Available for sale securities at fair value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,605</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,605</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="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">At December&nbsp;31, 2010, investments consist of equity instruments of three publicly-traded
companies at a fair value of $2,955,000 (December&nbsp;31, 2009: $10,605,000).</DIV></TD>
</TR>

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

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">During 2010, the Company sold equity interests in three public companies for cash consideration
of $8,118,000. The resulting gain of $3,333,000 has been included in other income (expense)&nbsp;in
the consolidated statements of operations (see note 20).</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">During 2009, the Company sold equity interests in three public companies for cash consideration
of $11,128,000. The resulting gain of $5,532,000 has been included in other income (expense)&nbsp;in
the consolidated statements of operations (see note 20).</DIV></TD>
</TR>

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

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">During 2010, the Company acquired additional equity interests in one public company at a cost of
$17,000.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">During 2009, the Company acquired additional equity interests in two public companies at a cost
of $711,000.</DIV></TD>
</TR>

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

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">During 2010, the Company recorded impairment charges of $181,000 on its investments (see note
20).</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">During 2009, the Company recorded impairment charges of $149,000 on its investments (see note
20).</DIV></TD>
</TR>

</TABLE>
</DIV>
<!-- xbrl,n -->
<DIV style="margin-top: 10pt">
<TABLE width="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>RESTRICTED CASH AND INVESTMENTS</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<!-- xbrl,body -->
<DIV style="margin-top: 10pt">
<TABLE width="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">The Company has certain restricted cash and investments deposited to collateralize its
reclamation obligations. The restricted cash and investments balance consists of:</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="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">December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">504</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,459</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,066</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,983</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,567</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">22,946</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">21,656</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restricted cash and investments &#151; by item:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S. mill and mine reclamation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">20,315</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,564</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Elliot Lake reclamation trust fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,631</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,092</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">22,946</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">21,656</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>U.S. Mill and Mine Reclamation</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company has cash and cash equivalents and fixed income securities as collateral for various
bonds posted in favour of the State of Utah and the applicable state regulatory agencies in
Colorado and Arizona and the U.S. Bureau of Land Management for estimated reclamation costs
associated with the White Mesa mill and U.S. mining properties. In 2010, the Company had not
deposited any additional monies into its collateral account (2009: $nil).</DIV></TD>
</TR>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->- 15 -<!-- /Folio -->
</DIV>

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

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

<!-- xbrl -->

<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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Elliot Lake Reclamation Trust Fund</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company has the obligation to maintain its decommissioned Elliot Lake uranium mine pursuant
to a Reclamation Funding Agreement effective September&nbsp;30, 1994 (&#147;Agreement&#148;) with the
Governments of Canada and Ontario. The Agreement requires the Company to deposit 90% of cash
flow, after deducting permitted expenses, into the Reclamation Trust Fund. A subsequent
amendment to the Agreement provides for the suspension of this obligation to deposit 90% of cash
flow into the Reclamation Trust Fund, provided funds are maintained in the Reclamation Trust
Fund equal to estimated reclamation spending for the succeeding six calendar years, less
interest expected to accrue on the funds during the period. Withdrawals from this Reclamation
Trust Fund can only be made with the approval of the Governments of Canada and Ontario to fund
Elliot Lake monitoring and site restoration costs. In 2010, the Company withdrew $918,000
(CDN$950,000) (2009: $943,000 (CDN$1,034,000)) and deposited an additional $1,313,000
(CDN$1,358,000) into the Elliot Lake Reclamation Trust Fund (2009: $1,109,000 (CDN$1,352,000)).</DIV></TD>
</TR>

</TABLE>
</DIV>

<!-- xbrl,n -->
<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>7.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>PROPERTY, PLANT AND EQUIPMENT</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<!-- xbrl,body -->
<DIV style="margin-top: 10pt">
<TABLE width="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">Property, plant and equipment consist of:</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="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">December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Plant and equipment:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">182,523</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">172,675</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Construction-in-progress</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,376</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,861</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accumulated depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(38,638</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(27,915</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">165,261</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">156,621</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mineral properties:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">721,338</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">686,457</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Impairment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(103,441</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(103,441</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accumulated amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(68,700</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(48,598</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">549,197</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">534,418</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net book value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">714,458</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">691,039</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net book value&#151;continuity summary:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Opening</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">691,039</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">717,433</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Additions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,909</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,254</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(28,983</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(27,171</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Impairment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(100,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Write-down</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(382</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Disposals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,159</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,371</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reclamation asset adjustment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">448</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">349</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign exchange</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,204</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,927</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">714,458</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">691,039</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Plant and Equipment &#151; Mining</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company has a 100% interest in the White Mesa mill located in Utah and mines located in
Arizona, Colorado and Utah. Mined ore from these mines is processed at the White Mesa mill.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company has a 22.5% interest in the McClean Lake mill and mines located in the Athabasca
Basin of Saskatchewan, Canada. The mill is currently on stand-by and is scheduled to remain so
throughout 2011 and into 2012. A toll milling agreement has been signed with the participants
in the Cigar Lake joint venture that provides for the processing of a substantial portion of the
future output of the Cigar Lake mine at the McClean Lake mill, for which the owners of the
McClean Lake mill will receive a toll milling fee and other benefits. In determining the
amortization rate for the McClean Lake mill, the amount to be amortized has been adjusted to
reflect Denison&#146;s expected share of future toll milling mill feed.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">During 2009, the Company recorded a write-down of $382,000 associated with the planned disposal
of certain of its mining equipment at its McClean Lake mining operation. During 2010, the
Company completed the disposal of this equipment for proceeds of $1,455,000. The resulting
realized loss on disposal of $468,000 has been included in the amount reported in other income
(expense)&nbsp;in the consolidated statements of operations.</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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<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">

<!-- xbrl -->

<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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Plant and Equipment &#151; Services and Other</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The environmental services division of the Company provides mine decommissioning and
decommissioned site monitoring services for third parties.</DIV></TD>
</TR>

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

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company has various interests in development and exploration projects located in Canada, the
U.S., Mongolia and Zambia which are held directly or through option or joint venture agreements.
Amounts spent on development projects are capitalized as mineral property assets. Exploration
projects are expensed.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The most significant of the Company&#146;s mineral property interests are as follows:</DIV></TD>
</TR>

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

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company has a 22.5% interest in the McClean Lake project and a 25.17% interest in the
Midwest project located in the Athabasca Basin of Saskatchewan, Canada. These projects are in
the development stage.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Other significant mineral property interests that the Company has in Canada but which are not
yet in the development stage include:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="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">Wheeler River &#151; the Company has a 60% interest in the project (located in the
Athabasca Basin);</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="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">Moore Lake &#151; the Company has a 75% interest in the project (located in the Athabasca
Basin) subject to a 2.5% net smelter return royalty;</DIV></TD>
</TR>

<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">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Wolly &#151; the Company has a 22.5% interest in the project (located in the Athabasca
Basin); and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Park Creek &#151; In the first quarter of 2006, the Company entered into an option
agreement to earn up to a 75% interest in the Park Creek project. The Company is required
to incur exploration expenditures of CDN$2,800,000 over three years to earn an initial 49%
interest and a further CDN$3,000,000 over six years to earn an additional 26% interest. As
at December&nbsp;31, 2010, the Company has incurred a total of CDN$4,218,000 towards the option
and has earned a 49% ownership interest in the project under the phase-in ownership
provisions of the agreement.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="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"><U><I>United States</I></U></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company has 100% interests in various mines in the Colorado Plateau, Arizona Strip and Henry
Mountains mining districts located in Colorado, Arizona and Utah which are either in operations,
development or on standby.</DIV></TD>
</TR>

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

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company has a 70% interest in and is the managing partner of the Gurvan Saihan Joint Venture
in Mongolia. The results of the Gurvan Saihan Joint Venture have been included in these
financial statements on a consolidated basis since the Company exercises control.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><U><I>Zambia</I></U></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company has a 100% interest in the Mutanga project located in Zambia.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In 2009, the Company tested the Mutanga project mineral property for impairment as a result of
additional information becoming available concerning estimated mining recoveries within the
current mine plan, increases in project cost estimates and a decline in the long term uranium
price outlook at the time. The carrying value of the project failed the stage one impairment
test based on the revised outlook. As a result, the Company undertook a stage two impairment
test and assessed the fair value of the Mutanga project by estimating the value of the project&#146;s
resource potential based on published market value comparables for companies operating in a
similar geographical area. The Company assessed the comparability of the market value data by
looking at the nature of the mineral properties held by the other companies including the size,
stage of exploration and development, forecast cost structure, estimated grade and political
stability of the country in which the projects are located to determine an appropriate fair
value.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company recorded a pre-tax impairment charge of $100,000,000 representing the excess of
carrying value of the mineral property over the fair value derived during the stage two
impairment test. The impairment charge has been recorded in the Africa mining segment (see note
21). The Company also recorded a $30,000,000 future tax recovery as a result of the impairment
charge.</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="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

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</TABLE>
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<DIV style="margin-top: 10pt">
<TABLE width="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>INTANGIBLES</B></DIV></TD>
</TR>

</TABLE>
</DIV>

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<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<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">Intangibles consist of:</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="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">December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,791</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Impairment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(359</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(359</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,036</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,996</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,794</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,436</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net book value-by item:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">UPC management services agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,439</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,041</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Accumulated amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,645</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,605</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Urizon technology licenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">750</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Accumulated amortization and impairment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(750</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(750</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,794</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,436</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net book value&#151;continuity summary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Opening</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,436</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,978</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Impairment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(359</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(862</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(855</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign exchange</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">672</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,794</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,436</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>UPC Management Services Agreement</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The UPC management services agreement is associated with the acquisition of DMI in 2006. The
contract is being amortized over its 8&nbsp;year estimated useful life.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Urizon Technology Licenses</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company has a 50% interest in a joint venture with Nuclear Fuel Services, Inc. (&#147;NFS&#148;) (the
&#147;Urizon&#148; joint venture). The purpose of the joint venture is to pursue an alternate feed
program for the White Mesa mill which is focused on a portion of the U.S. Department of Energy
(&#147;DOE&#148;) excess uranium inventories. NFS contributed its technology license to the joint venture
while the Company contributed $1,500,000 in cash together with its technology license. The
accounts of Urizon have been included in the Company&#146;s consolidated financial statements on a
proportionate consolidation basis. The joint venture has no cash flows arising from investing
or financing activities. This Urizon technology license represents the Company&#146;s 50% interest
in Urizon&#146;s technology licenses.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">As at December&nbsp;31, 2009, the DOE material has not yet been processed and remains a component of
the DOE uranium management plan. Due to delays and uncertainty in the DOE&#146;s plans for the
management of this material and the fact that the Urizon program may not ultimately be the
chosen disposition option, the Company has recorded a pre-tax impairment charge of $359,000 in
2009 to adjust the carrying value of the Urizon Technology license to $nil. The impairment
charge has been recorded in the U.S mining segment (see note 21).</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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<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>GOODWILL</B></DIV></TD>
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    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">A continuity summary of goodwill is presented below:</DIV></TD>
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<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="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">December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill, beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">51,028</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">63,240</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Impairment charge</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(22,136</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Foreign exchange</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,891</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,924</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill, end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">53,919</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">51,028</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill-by business unit:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Canada mining segment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">53,919</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">51,028</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company&#146;s acquisition of DMI in 2006 was accounted for using the purchase method. The
excess of the purchase price over the fair value of the net assets acquired has been recorded as
goodwill. Under GAAP, goodwill is not amortized and is tested annually for impairment. The
goodwill has been allocated to the Company&#146;s Canadian mining segment.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In 2009, based on management&#146;s revised outlook for its Canada mining segment, the Company
recorded an impairment charge of $22,136,000 representing the carrying value of the goodwill in
excess of fair value. Fair value was determined by using estimated future net cash flows which
included estimated recoverable reserves, future consensus prices, future foreign exchange rates
and estimated operating and capital costs.</DIV></TD>
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    <TD width="3%" nowrap align="left"><B>10.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>POST-EMPLOYMENT BENEFITS</B></DIV></TD>
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    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company provides post employment benefits for former Canadian employees who retired on
immediate pension prior to 1997. The post employment benefits provided include life insurance
and medical and dental benefits as set out in the applicable group policies but does not include
pensions. No post employment benefits are provided to employees outside the employee group
referenced above. The post employment benefit plan is not funded.</DIV></TD>
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    <TD>&nbsp;</TD>
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    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The effective date of the most recent actuarial valuation of the accrued benefit obligation is
December&nbsp;1, 2008. The amount accrued is based on estimates provided by the plan administrator
which are based on past experience, limits on coverage as set out in the applicable group
policies and assumptions about future cost trends. The significant assumptions used in the
valuation are listed below.</DIV></TD>
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<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>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">Discount rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.50</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Initial medical cost growth rate per annum</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">11.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Medical cost growth rate per annum decline to</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Year in which medical cost growth rate reaches its final level</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2014</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dental cost growth rate per annum</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.00</TD>
    <TD nowrap>%</TD>
</TR>
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<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 19 -<!-- /Folio -->
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    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Post-employment benefits consist of:</DIV></TD>
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<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">December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
</TR>


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<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued benefit obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,594</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unamortized experience gain</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">199</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">212</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,019</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,806</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Post-employment benefits liability-by duration:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">402</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">380</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,617</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,426</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,019</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,806</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Post-employment liability&#151;continuity summary:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Opening</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,806</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,357</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Benefits paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(266</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(281</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">221</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Amortization of experience gain</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(24</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(18</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign exchange</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">217</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">527</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,019</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,806</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The unamortized experience gain is being amortized on a straight-line basis over the average
life expectancy of the retiree group of 10.7&nbsp;years as per the December&nbsp;1, 2008 actuarial
valuation.</DIV></TD>
</TR>

</TABLE>
</DIV>

<!-- xbrl,n -->
<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>11.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>RECLAMATION AND REMEDIATION OBLIGATIONS</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<!-- xbrl,body -->
<DIV style="margin-top: 10pt">
<TABLE width="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">Reclamation and remediation obligations consist of:</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="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">December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reclamation and remediation liability-by location:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S. Mill and Mines</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,383</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,609</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Elliot Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,451</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,155</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">McClean Lake and Midwest Joint Ventures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,731</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,142</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17,565</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17,906</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reclamation and remediation liability&#151;by duration:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">641</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">752</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,924</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,154</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17,565</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17,906</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reclamation and remediation liability-continuity
summary:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Opening</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17,906</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,346</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accretion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,309</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,482</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Expenditures incurred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,249</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,051</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Liability adjustments &#151; income statement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,391</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,478</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Liability adjustments  &#151; balance sheet</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">448</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">350</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign exchange</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,257</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17,565</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17,906</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Site Restoration: U.S. Mill and Mines</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The decommissioning and reclamation of the White Mesa mill and U.S. mines are subject to legal
and regulatory requirements. Estimates of the costs of reclamation are reviewed periodically by
the applicable regulatory authorities. The current estimates for the White Mesa mill and U.S.
mines are $4,091,000 (2009: $6,054,000) and $2,292,000 (2009: $2,555,000), respectively. The
above accrual represents the Company&#146;s best estimate of the present value of future reclamation
costs, discounted at rates ranging from 6.19% to 7.17% (2009: 6.75% to
7.50%). The undiscounted amount of estimated future reclamation costs is $34,972,000 (2009:
$28,033,000). Reclamation costs are expected to be incurred between 2012 and 2040.</DIV></TD>
</TR>

</TABLE>
</DIV><P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 20 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

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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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Site Restoration: Elliot Lake</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Elliot Lake uranium mine was closed in 1992 and capital works to decommission this site were
completed in 1997. The remaining provision is for the estimated cost of monitoring the Tailings
Management Areas at the Company and Stanrock sites and for treatment of water discharged from
these areas. The Company conducts its activities at both sites pursuant to decommissioning
licenses issued by the Canadian Nuclear Safety Commission. The above accrual represents the
Company&#146;s best estimate of the present value of the total future reclamation cost based on
assumptions as to levels of treatment, which will be required in the future, discounted at 6.48%
(2009: 7.0%). The undiscounted amount of estimated future reclamation costs is $51,080,000
(CDN$50,806,000) (2009: $46,964,000 (CDN$49,358,000)).</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Spending on restoration activities at the Elliot Lake site is funded from monies in the Elliot
Lake Reclamation Trust fund (see note 6).</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Site Restoration: McClean Lake Joint Venture and Midwest Joint Venture</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The McClean Lake and Midwest operations are subject to environmental regulations as set out by
the Saskatchewan government and the Canadian Nuclear Safety Commission. Cost estimates of the
estimated future decommissioning and reclamation activities are prepared periodically and filed
with the applicable regulatory authorities for approval. The above accrual represents the
Company&#146;s best estimate of the present value of the future reclamation cost contemplated in
these cost estimates discounted at 6.48% (2009: 7.0%). The undiscounted amount of estimated
future reclamation costs is $19,705,000 (CDN$19,599,000) (2009: $20,421,000 (CDN$21,461,000)).
Reclamation costs are expected to be incurred between 2025 and 2052.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Under the Mineral Industry Environmental Protection Regulations (1996), the Company is required
to provide its pro-rata share of financial assurances to the Province. The Company has provided
irrevocable standby letters of credit, from a chartered bank, in favour of Saskatchewan
Environment, totalling CDN$9,698,000.</DIV></TD>
</TR>

</TABLE>
</DIV>

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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>12.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>DEBT OBLIGATIONS</B></DIV></TD>
</TR>

</TABLE>
</DIV>

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<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Debt obligations consist of:</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="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">At December 31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">At December 31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Notes payable and other financing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">405</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,064</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">405</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,064</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Debt obligations&#151;by duration:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">869</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">195</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">405</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,064</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Revolving Line of Credit</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company has in place a $60,000,000 revolving term credit facility (the &#147;facility&#148;) with the
Bank of Nova Scotia. The maturity date of the facility is June&nbsp;30, 2011.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The facility contains three financial covenants: one based on maintaining a certain level of
tangible net worth, a second requiring a minimum current ratio to be maintained and the other
requiring the Company to reduce borrowings under the facility to $35,000,000 for a period of
time each quarter before drawing further amounts.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The borrower under the facility is DMI and DMC has provided an unlimited full recourse guarantee
and a pledge of all of the shares of DMI. DMI has provided a first-priority security interest
in all present and future personal property and an assignment of its rights and interests under
all material agreements relative to the McClean Lake and Midwest projects. In addition, each of
DMC&#146;s material U.S subsidiaries has provided an unlimited full recourse guarantee secured by a
pledge of all of its shares and a first-priority security interest in all of its present and
future personal property.</DIV></TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 21 -<!-- /Folio -->
</DIV>





<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<!-- xbrl -->
<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%">Interest payable under the facility is bankers acceptance or LIBOR rate plus a margin or
prime rate plus a margin. The facility is subject to standby fees. During 2010, the Company
has not incurred any interest under the facility. In 2009, the Company incurred $1,423,000 of
interest under the facility. The weighted average interest rate paid by the Company during 2009
was 2.70%.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">As at December&nbsp;31, 2010, the Company has no outstanding borrowings under the facility (December
31, 2009 &#151; $nil). At December&nbsp;31, 2010, approximately $19,816,000 of the facility is being
utilized as collateral for certain letters of credit and is not available to draw upon (December
31, 2009 &#151; $9,228,000).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company has deferred $1,257,000 (CDN$1,250,000) of incremental costs associated with the
set-up and subsequent amendment of the facility. These costs are being amortized over the three
year term of the facility. The unamortized portion of the asset is included in prepaid expenses
and other on the consolidated balance sheets.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Scheduled Debt Obligation Maturities</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The table below represents currently scheduled maturities of debt obligations over the next 4
years when it will be paid in full:
</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 align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">200</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2014</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<!-- xbrl,n -->
<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>13.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>OTHER LONG-TERM LIABILITIES</B></DIV></TD>
</TR>

</TABLE>
</DIV>
<!-- xbrl,body -->


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Other long-term liabilities consist of:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="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">At December 31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">At December 31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unamortized fair value of sales contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">313</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unamortized fair value of toll milling contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">951</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,364</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other long-term liabilities&#151;by duration:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">313</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,051</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,364</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Unamortized fair values of sales contracts are amortized to revenue as deliveries under the
applicable contracts are made.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 22 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<!-- xbrl -->

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<!-- xbrl,n -->
<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>14.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>INCOME TAXES</B></DIV></TD>
</TR>

</TABLE>
</DIV>
<!-- xbrl,body -->


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company operates in multiple industries and jurisdictions, and the related income is subject
to varying rates of taxation. A reconciliation of the combined Canadian federal and provincial
income tax rate to the Company&#146;s effective rate of income tax is as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="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 nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Combined basic tax rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">31.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">33.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss before taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(14,411</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(185,546</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax expense (recovery)&nbsp;at basic tax rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,467</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(61,230</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-deductible amounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,833</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,569</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-taxable amounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,730</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,936</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Previously unrecognized future tax assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(359</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,579</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Difference in foreign tax rates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,874</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Change in valuation allowance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,557</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Impact of legislative changes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,292</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">921</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(497</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax recovery per consolidated
financial statements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(176</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(38,534</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The tax effects of temporary differences resulting in future income tax assets and future income
tax liabilities are presented below:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="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">December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Future income tax assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inventory</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Property, plant and equipment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,646</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,277</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">772</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,378</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,302</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Post-employment benefits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,081</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,015</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reclamation and remediation obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,643</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,994</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other long-term liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">270</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">367</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tax loss carryforwards</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,367</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,687</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,602</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,079</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84,987</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,993</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Future income tax liability:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inventory</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,089</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(918</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Long-term investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(188</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(143</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Property, plant and equipment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(146,928</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(132,939</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Intangibles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,021</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,182</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,877</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,688</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Future tax liabilities &#151; net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(68,116</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(64,877</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Valuation allowance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(38,067</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(38,041</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net future income tax liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(106,183</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(102,918</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Management believes that sufficient uncertainty exists regarding the realization of certain
future income tax assets and liabilities that a valuation allowance is required.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 23 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<!-- xbrl -->

<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%">At December&nbsp;31, 2010, the Company had the following non-capital loss carry-forwards available
for tax purposes:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="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="11%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Amount</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Country</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Expiry</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 align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Australia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">485</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Unlimited</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Canada</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,679</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2028-2030</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mongolia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">504</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2011-2018</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">United States</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112,282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2026-2030</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Zambia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,813</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2011-2020</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The tax benefit of the above Australian, Canadian, Mongolian, United States and Zambian
non-capital loss carry-forwards has not been recognized in the financial statements.
</DIV>

<!-- xbrl,n -->
<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>15.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>SHARE CAPITAL</B></DIV></TD>
</TR>

</TABLE>
</DIV>
<!-- xbrl,body -->


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Denison is authorized to issue an unlimited number of common shares without par value. A
continuity summary of the issued and outstanding common shares and the associated dollar amounts
is presented below:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="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">Number of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Common</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands except share amounts)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Amount</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at December&nbsp;31, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">197,295,415</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">666,278</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Issued for cash:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">New issue gross proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142,425,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">193,646</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">New issue gross issue costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,612</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Renunciation of flow-through share liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,824</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142,425,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">183,210</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at December&nbsp;31, 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">339,720,415</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">849,488</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Issued for cash:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">New issue gross proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,400,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,769</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">New issue gross issue costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,678</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Exercise of stock options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">159</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Renunciation of flow-through share liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(349</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fair value of stock options exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,480,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,996</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at December&nbsp;31, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">366,200,665</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">910,484</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>New Issues</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">In December&nbsp;2010, the Company completed a private placement of 25,000,000 special warrants at a
price of CDN$2.45 per special warrant for gross proceeds of $60,613,000 (CDN$61,250,000). Each
special warrant entitled the holder to receive one common share of the Company within three days
after the issuance of a final prospectus receipt by the applicable securities regulatory
authorities. The final prospectus receipt was received by the Company on December&nbsp;20, 2010 and,
accordingly, all special warrants were converted into common shares.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">In December&nbsp;2010, the Company completed a private placement of 1,400,000 flow-through special
warrants at a price of CDN$3.00 per flow-through special warrant for gross proceeds of
$4,156,000 (CDN$4,200,000). Each flow-through special warrant entitled the holder to receive
one flow-through common share of the Company within three days after the issuance of a final
prospectus receipt by the applicable securities regulatory authorities. The final prospectus
receipt was received by the Company on December&nbsp;20, 2010 and, accordingly, all flow-through
special warrants were converted into flow-through common shares.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">In June&nbsp;2009, the Company completed an equity financing of 73,000,000 common shares at a price
of CDN$1.30 per share for gross proceeds of $82,522,000 (CDN$94,900,000). Of the 73,000,000
shares issued, 58,000,000 were issued to a subsidiary of Korea Electric Power Corporation
(&#147;KEPCO&#148;) and 15,000,000 shares were issued to entities affiliated with Lukas Lundin, a director
of the Company.
</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>
<!-- xbrl -->

<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%">In June&nbsp;2009, the Company completed a bought deal financing of 40,000,000 common shares at a
price of CDN$2.05 per share for gross proceeds of $71,144,000 (CDN$82,000,000).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">In June&nbsp;2009, the Company completed a private placement of 675,000 flow-through common shares at
a price of CDN$2.18 per share for gross proceeds of $1,297,000 (CDN$1,471,500). The shares were
issued to a former director of the Company.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">In January&nbsp;2009, the Company issued 28,750,000 common shares at a price of CDN$1.65 per share
for gross proceeds of $38,683,000 (CDN$47,437,500).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Flow-Through Share Issues</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company finances a portion of its exploration programs through the use of flow-through share
issuances. Income tax deductions relating to these expenditures are claimable by the investors
and not by the Company.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">As at December&nbsp;31, 2010, the Company estimates that it has spent CDN$50,000 of its CDN$4,200,000
December&nbsp;2010 flow-through share obligation. The Company renounced the income tax benefits of
this issue to its subscribers in February&nbsp;2011.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">As at December&nbsp;31, 2010, the Company has fully met its CDN$1,471,500 June&nbsp;2009 flow-through
share obligation. The Company renounced the income tax benefits of the issue to its subscriber
in February&nbsp;2010.
</DIV>

<!-- xbrl,n -->
<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>16.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>SHARE PURCHASE WARRANTS</B></DIV></TD>
</TR>

</TABLE>
</DIV>
<!-- xbrl,body -->


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">A continuity summary of the issued and outstanding share purchase warrants in terms of common
_____shares of the Company and associated dollar amount is presented below:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Weighted Average</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Number of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Fair</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">(in thousands except share amounts</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Exercise Price</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Common Shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Value</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">and price per share)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Per Share (CDN$)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Issuable</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Amount</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance outstanding at December&nbsp;31, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,564,915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,728</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Warrants expired <SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,156,915</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,898</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,156,915</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,898</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance outstanding at December&nbsp;31, 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,408,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,830</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance outstanding at December&nbsp;31, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,408,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,830</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance exercisable at December&nbsp;31, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,408,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,830</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance outstanding &#151; by warrant series
<BR>
March&nbsp;2006 series <SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,408,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,830</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance outstanding at December&nbsp;31, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,408,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,830</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The March&nbsp;2006 series had an effective exercise price of CDN$10.42 per issuable share
(CDN$30.00 per warrant adjusted for the 2.88 exchange ratio associated with the Denison and
IUC merger) and expired on March&nbsp;1, 2011. Upon expiry, 6,408,000 (or 2,225,000 before
adjusting for the exchange ratio) of the warrants expired unexercised.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The November&nbsp;2004 series had an effective exercise price of CDN$5.21 per issuable share
(CDN$15.00 per warrant adjusted for the 2.88 exchange ratio associated with the Denison and
IUC merger) and expired on November&nbsp;24, 2009. Upon expiry in 2009, 3,156,915 (or 1,096,141
before adjusting for the exchange ratio) of the warrants expired unexercised.</DIV></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 25 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<!-- xbrl -->

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">






<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>17. CONTRIBUTED SURPLUS</B>
</DIV>

<!-- xbrl,body -->

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">A continuity summary of contributed surplus is presented below:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="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">December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance, beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">39,922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">30,537</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock-based compensation expense (note 18)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,847</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fair value of stock options exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(95</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Warrant expiries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,898</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Warrant expiries-tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(360</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance, end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">41,658</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">39,922</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<!-- xbrl,n -->

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>18.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>STOCK OPTIONS</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<!-- xbrl,body -->

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company&#146;s stock-based compensation plan (the &#147;Plan&#148;) provides for the granting of stock
options up to 10% of the issued and outstanding common shares at the time of grant, subject to a
maximum of 20,000,000 common shares. As at December&nbsp;31, 2010, an aggregate of 12,044,525
options have been granted (less cancellations) since the Plan&#146;s inception in 1997.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Under the Plan, all stock options are granted at the discretion of the Company&#146;s board of
directors, including any vesting provisions if applicable. The term of any stock option granted
may not exceed ten years and the exercise price may not be lower than the closing price of the
Company&#146;s shares on the last trading day immediately preceding the date of grant. In general,
the term of stock options granted under the Plan ranges from three to five years and vesting
occurs over a three year period.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">A continuity summary of the stock options of the Company granted under the Plan is presented
below:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2010</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">2009</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Weighted-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Weighted-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Average</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Average</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Exercise</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Exercise</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Number of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Price per</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Number of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Price per</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Common</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Share</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Common</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Share</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(CDN $)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(CDN $)</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock options outstanding, beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,084,990</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.97</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,536,384</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7.11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">407,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,491,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.08</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(80,250</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expired</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,125,651</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.78</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,942,894</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.09</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock options outstanding, end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,286,089</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,084,990</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.97</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock options exercisable, end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,299,671</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.85</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,962,689</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">A summary of stock options outstanding of the Company at December&nbsp;31, 2010 is presented below:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Weighted</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Weighted-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Average</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Average</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Remaining</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Exercise</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">Range of Exercise</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Contractual</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Number of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Price per</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">Prices per Share</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Life</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Common</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Share</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(CDN$)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(Years)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(CDN $)</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock options outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">$1.37 to $4.99</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,288,825</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.03</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">$5.00 to $9.99</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">996,439</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">$10.00 to $11.84</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">825</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.84</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock options outstanding, end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,286,089</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 26 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<!-- xbrl -->

<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%">A summary of stock options outstanding of the Company at December&nbsp;31, 2009 is presented below:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Weighted</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Weighted-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Average</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Average</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Remaining</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Exercise</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">Range of Exercise</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Contractual</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Number of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Price per</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">Prices per Share</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Life</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Common</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Share</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(CDN$)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(Years)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(CDN $)</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock options outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">$1.37 to $4.99</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,609,675</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.07</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">$5.00 to $9.99</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.93</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,107,639</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">$10.00 to $15.30</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">367,676</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.97</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock options outstanding, end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,084,990</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.97</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Options outstanding at December&nbsp;31, 2010 expire between January&nbsp;2011 and October&nbsp;2016.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The fair value of each option granted is estimated on the date of grant using the Black-Scholes
option pricing model. The following table outlines the range of assumptions used in the model
for the year:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">2009</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 align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Risk-free interest rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2.48% - 2.49%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1.78% - 2.40%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expected stock price volatility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">87.4% - 90.1%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">83.4% - 89.6%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expected life</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3.7 - 3.8 years</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3.5 years</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expected forfeitures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">5.4%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expected dividend yield</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fair value per share under options granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>CDN$0.88 - CDN$0.90</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>CDN$0.89 - CDN$1.36</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Stock-based compensation would be allocated as follows in the consolidated statement of
operations:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="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 nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">595</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">612</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mineral property exploration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">174</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">General and administrative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,062</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,087</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,847</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The fair values of stock options with vesting provisions are amortized on a straight-line basis
as stock-based compensation expense over the applicable vesting periods. At December&nbsp;31, 2010,
the Company had an additional $1,765,000 in stock-based compensation expense to be recognized
periodically to November&nbsp;2012.
</DIV>

<!-- xbrl,n -->
<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>19.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)</B></DIV></TD>
</TR>

</TABLE>
</DIV>
<!-- xbrl,body -->


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">A continuity summary of accumulated other comprehensive income (loss)&nbsp;is as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="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 nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cumulative foreign currency translation gain (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Balance, beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">71,898</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(4,925</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Change in foreign currency translation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,823</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Balance, end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103,768</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,898</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unrealized gains on investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Balance, beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,584</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">216</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net increase (decrease)&nbsp;in unrealized
gains, net of tax <SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,490</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,368</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Balance, end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,094</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,584</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated other comprehensive income (loss), end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">104,862</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">75,482</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Unrealized gains (losses)&nbsp;on investments deemed available-for-sale are included in other
comprehensive income (loss)&nbsp;until realized. When the investment is disposed of or incurs a
decline in value that is other than temporary, the gain (loss)&nbsp;is realized and reclassified
to the income statement. During 2010, approximately $3,333,000 of gains from asset
disposals and $181,000 of other than temporary losses were realized and reclassified to the
consolidated statements of operations within other income (expense). During 2009,
approximately
$5,532,000 of gains from asset disposals and $149,000 of other than temporary losses were
realized and reclassified to the consolidated statements of operations within other income
(expense).</DIV></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 27 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<!-- xbrl -->

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">






<!-- xbrl,n -->
<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>20.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>SUPPLEMENTAL FINANCIAL INFORMATION</B></DIV></TD>
</TR>

</TABLE>
</DIV>
<!-- xbrl,body -->


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The elements of operating expenses in the consolidated statements of operations is as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="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 nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">COGS &#151; mineral concentrates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">111,161</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">76,771</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">COGS &#151; mineral concentrates &#151; NRV adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(21,315</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,071</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mining and development</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,848</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: absorption to stockpiles, mineral properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(30,202</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(48,200</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mineral property amortization and stockpile
depletion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,202</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,738</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Milling and conversion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,190</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,364</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: absorption to concentrates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(91,399</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(82,450</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reclamation &#151; accretion / adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,938</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Post-employment &#151; accretion / adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">262</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">203</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Selling expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,592</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,357</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cost of services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,926</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,161</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inventory &#151; non-cash adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,660</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,362</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">122,549</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">98,145</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The elements of other income (expense)&nbsp;in the consolidated statements of operations is as
follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="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 nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">680</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">785</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(27</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,438</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gains (losses)&nbsp;on:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign exchange</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,003</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,476</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Land, plant and equipment disposals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(594</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">147</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investment disposals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,532</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investment other than temporary losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(181</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(149</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restricted cash and investments &#151;
fair value change</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(809</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Contract settlement fee income <SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(603</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,143</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other income (expense)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,812</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(14,551</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In June&nbsp;2010, the Company agreed to terminate one of its sales contracts in exchange for
a termination fee of $11,000,000 payable in two installments &#151; $6,000,000 in June&nbsp;2010 and
$5,000,000 in March&nbsp;2011. The June&nbsp;2010 installment has been received and the $5,000,000
March&nbsp;2011 installment has been included in the Company&#146;s trade and other receivable as a
sundry receivable (see note 3).</DIV></TD>
</TR>

</TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The net change in non-cash working capital items in the consolidated statements of cash
flows is as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="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 nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net change in non-cash working capital items:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Trade and other receivables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(5,176</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">344</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,877</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(22,229</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Prepaid expenses and other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(283</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(284</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts payable and accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(15,071</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reclamation and remediation obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,249</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,051</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">274</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Post-employment benefits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(266</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(281</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net change in non-cash working capital items</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(4,695</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(38,298</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 28 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<!-- xbrl -->

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">


<!-- xbrl,n -->
<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>21.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>SEGMENTED INFORMATION</B></DIV></TD>
</TR>

</TABLE>
</DIV>
<!-- xbrl,body -->


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Business Segments</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company operates in two primary segments &#151; the mining segment and the services and other
segment. The mining segment, which has been further subdivided by major geographic regions,
includes activities related to exploration, evaluation and development, mining, milling
(including toll milling) and the sale of mineral concentrates. The services and other segment
includes the results of the Company&#146;s environmental services business, management fees and
commission income earned from UPC and general corporate expenses not allocated to the other
segments.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">For 2010, business segment results were as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Canada</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">U.S.A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Africa</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Asia</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Services</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Mining</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Mining</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Mining</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Mining</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">and Other</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Total</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Statement of Operations:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,432</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,068</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128,320</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Operating expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,335</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,289</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,925</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122,549</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Sales royalties and capital taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,251</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,325</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Mineral property exploration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,946</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">566</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">970</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,526</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">General and administrative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,832</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,071</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,035</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,374</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,312</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Stock option expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,831</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,532</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,687</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,115</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,204</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148,543</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income (loss)&nbsp;from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,712</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,745</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,115</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,005</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,136</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(20,223</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Revenues &#151; supplemental:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Uranium concentrates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,158</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87,978</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Vanadium related concentrates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,934</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,934</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Environmental services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,492</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,492</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Management fees and commissions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,576</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,576</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Alternate feed processing and other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,340</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,432</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,068</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128,320</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Long-lived assets:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,781</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">973</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">533</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,112</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">203,899</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Accumulated depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,543</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(30,155</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(559</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(381</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(38,638</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mineral properties, net </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">332,217</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,775</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127,624</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,581</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">549,197</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Intangibles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,794</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,794</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,919</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,919</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">482,374</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">147,120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128,038</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,733</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,906</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">772,171</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Capital additions:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Property, plant and equipment</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">965</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,929</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,353</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,112</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,909</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 29 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<!-- xbrl -->

<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%">For 2009, business segment results were as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Canada</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">U.S.A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Africa</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Asia</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Services</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Mining</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Mining</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Mining</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Mining</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">and Other</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Total</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Statement of Operations:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,748</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79,170</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Operating expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,024</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,908</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,213</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98,145</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Sales royalties and capital taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,688</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,675</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Mineral property exploration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,726</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">252</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,054</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,120</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">General and administrative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,968</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,384</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,073</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,883</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Stock option expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,847</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,847</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Mineral property impairment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Intangibles impairment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">359</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">359</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Goodwill impairment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,136</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,136</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,590</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,487</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,161</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,489</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250,165</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loss from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(37,379</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(20,276</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(103,438</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,161</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,741</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(170,995</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Revenues &#151; supplemental:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Uranium concentrates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,678</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,889</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Vanadium related concentrates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,480</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,480</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Environmental services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,226</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,226</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Management fees and commissions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,522</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,522</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Alternate feed processing and other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,748</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79,170</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Long-lived assets:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98,248</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,991</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">940</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">523</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,834</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">184,536</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Accumulated depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,481</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(20,278</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(372</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(287</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,497</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(27,915</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mineral properties, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">321,306</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78,765</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126,306</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,041</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">534,418</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Intangibles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,436</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,436</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,028</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,028</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">465,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,478</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126,874</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,277</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,773</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">746,503</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Capital additions:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Property, plant and equipment</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,674</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,975</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,410</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">262</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,254</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Revenue Concentration</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company&#146;s business is such that, at any given time, it sells its uranium and vanadium
concentrates to and enters into process milling arrangements and other services with a
relatively small number of customers. During 2010, three customers in the mining segment
accounted for approximately 35% of total revenues. During 2009, two customers in the mining
segment accounted for approximately 51% of total revenues.
</DIV>

<!-- xbrl,n -->
<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>22.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>RELATED PARTY TRANSACTIONS</B></DIV></TD>
</TR>

</TABLE>
</DIV>
<!-- xbrl,body -->


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Uranium Participation Corporation</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company is a party to a management services agreement with UPC. Under the terms of the
agreement, the Company will receive the following fees from UPC: a) a commission of 1.5% of the
gross value of any purchases or sales of uranium completed at the request of the Board of
Directors of UPC; b) a minimum annual management fee of CDN$400,000 (plus reasonable
out-of-pocket expenses) plus an additional fee of 0.3% per annum based upon UPC&#146;s net asset
value between CDN$100,000,000 and CDN$200,000,000 and 0.2% per annum based upon UPC&#146;s net asset
value in excess of CDN$200,000,000; c) a fee of CDN$200,000 upon the completion of each equity
financing where proceeds to UPC exceed CDN$20,000,000; d) a fee of CDN$200,000 for each
transaction or arrangement (other than the purchase or sale of<SUB style="FONT-size: 85%; vertical-align: text-bottom"> </SUB>uranium) of business
where the gross value of such transaction exceeds CDN$20,000,000 (&#147;an initiative&#148;); e) an annual
fee up to a maximum of
CDN$200,000, at the discretion of the Board of Directors of UPC, for on-going maintenance or
work associated with an initiative; and f) a fee equal to 1.5% of the gross value of any uranium
held by UPC prior to the completion of any acquisition of at least 90% of the common shares of
UPC.
</DIV>
<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>
<!-- xbrl -->

<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%">In accordance with the management services agreement, all uranium investments owned by UPC are
held in accounts with conversion facilities in the name of DMI as manager for and on behalf of
UPC.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">From time to time, the Company has also provided temporary revolving credit facilities to UPC
which generate interest and standby fee income and sold uranium concentrates to UPC.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The following transactions were incurred with UPC for the periods noted:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="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 nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Management fees (including expenses)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,614</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,541</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Commission and transaction fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">962</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">981</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,576</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,522</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">At December&nbsp;31, 2010, accounts receivable includes $281,000 (2009: $117,000) due from UPC with
respect to the fees and transactions indicated above.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">On November&nbsp;18, 2010, the Company entered into a uranium concentrate loan agreement with UPC
which entitles the Company to borrow 150,000 pounds of U<SUB style="FONT-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="FONT-size: 85%; vertical-align: text-bottom">8</SUB> from UPC. The
U<SUB style="FONT-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="FONT-size: 85%; vertical-align: text-bottom">8</SUB> loan is subject to a loan fee and requires collateral in the form of
an irrevocable standby-letter of credit. The amounts loaned were to be repaid by February&nbsp;3,
2011 or a later date agreed to by both parties. On December&nbsp;24, 2010, the Company issued a
letter of credit in favour of UPC in the amount of $10,065,000 as collateral for the
U<SUB style="FONT-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="FONT-size: 85%; vertical-align: text-bottom">8 </SUB>loan. On January&nbsp;3, 2011, the Company borrowed 150,000 pounds of
U<SUB style="FONT-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="FONT-size: 85%; vertical-align: text-bottom">8</SUB> from UPC. On February&nbsp;3, 2011, the repayment date for the
U<SUB style="FONT-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="FONT-size: 85%; vertical-align: text-bottom">8</SUB> loan was amended to April&nbsp;4, 2011 and the letter of credit in favour
of UPC was increased to $12,045,000.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Korea Electric Power Corporation (&#147;KEPCO&#148;)</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">In June&nbsp;2009, Denison completed definitive agreements with KEPCO. The agreements included a
long-term offtake agreement which provides for the delivery to KEPCO of 20% of Denison&#146;s annual
U<SUB style="FONT-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="FONT-size: 85%; vertical-align: text-bottom">8</SUB> production (&#177;10%) but not less than 350,000 pounds (&#177;10%) per year
from 2010 to 2015 inclusive. KEPCO also purchased 58,000,000 common shares of Denison (see note
15) representing approximately 17% of the issued and outstanding capital as at June&nbsp;2009.
Pursuant to a strategic relationship agreement, KEPCO is entitled to subscribe for additional
common shares in Denison&#146;s future share offerings. KEPCO also has the right to require Denison
to nominate two persons designated by KEPCO to Denison&#146;s board of directors if KEPCO holds at
least a 15% share interest in Denison (or one director if KEPCO&#146;s share interest is between 5%
and 15%). Currently, KEPCO&#146;s interest in Denison is approximately 15.8%.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Other</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company has incurred management and administrative service fees of $82,000 (2009: $53,000)
with a company owned by the Chairman of the Company which provides corporate development, office
premises, secretarial and other services. At December&nbsp;31, 2010, an amount of $nil (2009: $nil)
was due to this company.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">In December&nbsp;2010, the Company agreed to make a donation of $658,000 to Lundin for Africa, a
not-for-profit organization with a common director. Lundin for Africa has programs in Zambia,
Mongolia as well as many other countries. At December&nbsp;31, 2010, an amount of $658,000 was due
to this organization.
</DIV>

<!-- xbrl,n -->
<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>23.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>JOINT VENTURE INTERESTS</B></DIV></TD>
</TR>

</TABLE>
</DIV>
<!-- xbrl,body -->


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company conducts a substantial portion of its production and exploration activities through
joint ventures. The joint ventures allocate production and exploration expenses to each joint
venture participant and the participant derives revenue directly from the sale of such product.
The Company records its proportionate share of assets, liabilities and operating costs of the
joint ventures.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 31 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<!-- xbrl -->

<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%">A summary of joint venture information is as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="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 nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">35,160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">29,922</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mineral property exploration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,664</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,616</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">General and administrative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">145</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">178</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Impairment &#151; intangibles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">359</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net other expense (income)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">655</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">363</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss for the year before taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,624</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,438</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,135</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,059</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95,969</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,343</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mineral properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">340,772</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">329,323</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,600</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,120</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,836</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,193</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net investment in joint ventures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">438,440</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">440,412</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<!-- xbrl,n -->
<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>24.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>CAPITAL MANAGEMENT AND FINANCIAL INSTRUMENT RISK</B></DIV></TD>
</TR>

</TABLE>
</DIV>
<!-- xbrl,body -->


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Capital Management</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company&#146;s capital includes cash and cash equivalents, debt obligations and shareholder&#146;s
equity. The Company&#146;s primary objective with respect to its capital management is to ensure
that it has sufficient capital to maintain its ongoing operations, to provide returns for
shareholders and benefits for other stakeholders and to pursue growth opportunities.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company&#146;s capital is as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="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">At December 31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">At December 31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(97,554</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(19,804</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Debt obligations &#151; current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">869</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Debt obligations &#151; long term</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">195</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net debt (cash and cash equivalents)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(97,149</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(18,740</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shareholder&#146;s equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">806,105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">728,228</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">708,956</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">709,488</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Fair Values of Financial Instruments</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company examines the various financial instrument risks to which it is exposed and assesses
the impact and likelihood of those risks. These risks may include credit risk, liquidity risk,
currency risk, interest rate risk and price risk.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>(a)&nbsp;Credit Risk</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Credit risk is the risk of loss due to a counterparty&#146;s inability to meet its obligations under
a financial instrument that will result in a financial loss to the Company. The carrying amount
of financial assets represents the maximum credit exposure. The Company trades only with
recognized, credit worthy third parties.
</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>
<!-- xbrl -->

<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%">The maximum exposure to credit risk at the reporting date is as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="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">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">97,554</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trade and other receivables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,236</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,955</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restricted cash and investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,946</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">143,691</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>(b)&nbsp;Liquidity Risk</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Liquidity risk is the risk that the Company will encounter difficulties in meeting obligations
associated with its financial liabilities. The Company has in place a planning and budgeting
process to help determine the funds required to support the Company&#146;s normal operating
requirements on an ongoing basis. The Company ensures that there is sufficient committed
capital to meet its short-term business requirements, taking into account its anticipated cash
flows from operations and its holdings of cash and cash equivalents.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The maturities of the Company&#146;s financial liabilities are as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="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">Within 1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">1 to 5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Year</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Years</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accounts payable and accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13,753</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Debt obligations (Note 13)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">205</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13,953</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">205</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>(c)&nbsp;Currency Risk</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Foreign exchange risk is the risk that the fair value or future cash flows of a financial
instrument will fluctuate because of changes in foreign exchange rates. The Company operates
internationally and is exposed to foreign exchange risk arising from various currency exposures.
Foreign exchange risk arises from assets and liabilities that are denominated in a currency that
is not the functional currency for the relevant subsidiary company.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Currently, the Company does not have any foreign exchange hedge programs in place and manages
its operational foreign exchange requirements through spot purchases in the foreign exchange
markets.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The sensitivity of the Company&#146;s net income due to changes in the exchange rate between the
Canadian dollar and its Zambian kwacha functional currencies and its United States dollar
reporting currency as at December&nbsp;31, 2010 is summarized below:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="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">For each 10&nbsp;percent increase in the USD$ to CDN$ foreign exchange rate (from 0.9946 at
year-end to 1.0941), the Company&#146;s net income increases by $16,654,000; and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&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">For each 10&nbsp;percent increase in the USD$ to ZMK$ foreign exchange rate (from 4,928.30 at
year-end to 5,421.13), the Company&#146;s net income decreases by $3,400,000.</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>(d)&nbsp;Interest Rate Risk</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Interest rate risk is the risk that the fair value or future cash flows of a financial
instrument will fluctuate because of changes in market interest rates. The Company is exposed
to interest rate risk on its outstanding borrowings and short-term investments. The Company
monitors its exposure to interest rates and has not entered into any derivative contracts to
manage this risk.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">During 2010, the Company has incurred $27,000 of interest expense on its outstanding borrowings.
The weighted average interest rate paid by the Company during 2010 on its outstanding
borrowings was 3.61%. All of the Company&#146;s outstanding borrowings currently carry fixed rates
of interest.
</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>
<!-- xbrl -->

<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%"><B>(e)&nbsp;Price Risk</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company is exposed to equity price risk as a result of holding equity investments in other
exploration and mining companies. The Company does not actively trade these investments.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The sensitivity analysis below has been determined based on the exposure to equity price risk at
December&nbsp;31, 2010:
</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Change in</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Change in</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Comprehensive</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Net Income <SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Net Income <SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity price risk</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10% increase in equity prices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">296</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10% decrease in equity prices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(296</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In the above table, positive (negative)&nbsp;values represent increases (decreases)&nbsp;in net
income and comprehensive net income respectively.</DIV></TD>
</TR>

</TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>(f)&nbsp;Fair Value Estimation</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">CICA Handbook Section&nbsp;3862 &#147;Financial Instruments-Disclosures&#148; requires disclosures about the
inputs to fair value measurements, including their classification within a hierarchy that
prioritizes the inputs to fair value measurement. The three levels of the fair value hierarchy
are:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Level 1 &#151; Unadjusted quoted prices in active markets for identical assets or
liabilities;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Level 2 &#151; Inputs other than quoted prices that are observable for the asset or
liability either directly or indirectly; and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Level 3 &#151; Inputs that are not based on observable market data.</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The fair value of financial instruments which trade in active markets (such as
available-for-sale securities) is based on quoted market prices at the balance sheet date. The
quoted marked price used to value financial assets held by the Company is the current bid price.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Except as otherwise disclosed, the fair values of cash and cash equivalents, trade and other
receivables, accounts payable and accrued liabilities, restricted cash and cash equivalents and
debt obligations approximate their carrying values as a result of the short-term nature of the
instruments, or the variable interest rate associated with the instruments, or the fixed
interest rate of the instruments being similar to market rates.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The following table illustrates the classification of the Company&#146;s financial assets within the
fair value hierarchy as at December&nbsp;31, 2010:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Fair</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Level 1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Level 2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Level 3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Value</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Financial assets at fair value:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investments-Available for sale securities <SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,955</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restricted investments <SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,983</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,983</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Classification designated as &#147;available-for-sale&#148;.</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">Classification designated as &#147;held-to-trading&#148;. See note 6 for amount of restricted
investments within restricted cash and investments asset amount.</DIV></TD>
</TR>

</TABLE>
</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>
<!-- xbrl -->

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">






<!-- xbrl,n -->
<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>25.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>COMMITMENTS AND CONTINGENCIES</B></DIV></TD>
</TR>

</TABLE>
</DIV>
<!-- xbrl,body -->


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>General Legal Matters</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company is involved, from time to time, in various legal actions and claims in the ordinary
course of business. In the opinion of management, the aggregate amount of any potential
liability is not expected to have a material adverse effect on the Company&#146;s financial position
or results.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Third Party Indemnities</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company has agreed to indemnify Calfrac Well Services against any future liabilities it may
incur related to the assets or liabilities transferred to the Company on March&nbsp;8, 2004.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Performance Bonds and Letters of Credit</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">In conjunction with various contracts, reclamation and other performance obligations, the
Company may be required to issue performance bonds and letters of credit as security to
creditors to guarantee the Company&#146;s performance. Any potential payments which might become due
under these items would be related to the Company&#146;s non-performance under the applicable
contract. As at December&nbsp;31, 2010, the Company had outstanding bonds and letters of credit of
$39,368,000 of which $20,315,000 is collateralized by restricted cash and equivalents (see note
6) and $19,816,000 is collateralized by a reduction in the Company&#146;s line of credit limit
available for general corporate purposes.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Others</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company has committed to payments under various operating leases and other commitments. The
future minimum payments are as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="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 align="left" style="border-bottom: 1px solid #000000">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13,551</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,269</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,257</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2014</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,722</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2015</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">368</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2016 and thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<!-- xbrl,n -->
<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>26.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>SUBSEQUENT EVENTS</B></DIV></TD>
</TR>

</TABLE>
</DIV>
<!-- xbrl,body -->


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">In February&nbsp;2011, the Company entered into a Bid Implementation Agreement with White Canyon
Uranium Limited (&#147;White Canyon&#148;). Under the agreement, the Company has agreed to make a
takeover offer to acquire 100% of the issued and outstanding shares of White Canyon at a price
of AUD$0.24 per share for total consideration of approximately AUD$57,000,000. Denison&#146;s offer
is subject to a number of conditions including the requirement that Denison acquire a relevant
interest in at least 90% of White Canyon&#146;s share capital during or by the end of the offer
period. The bidder&#146;s statement to White Canyon&#146;s shareholders is expected to be available
before the end of March&nbsp;2011.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">In February&nbsp;2011, the Company entered into an agreement with a syndicate of investment dealers
who has agreed to purchase 18,300,000 common shares of the Company at a purchase price of
CDN$3.55 per common share for aggregate gross proceeds of CDN$64,965,000. The offering is
scheduled to close on March&nbsp;15, 2011. Pursuant to its strategic relationship agreement with
Denison, KEPCO is entitled to subscribe for approximately 3,442,000 common shares at the
subscription price of CDN$3.55 per common share that would allow it to maintain its existing
shareholding level in Denison. KEPCO has not yet indicated whether it will exercise this
right.
</DIV>

<!-- xbrl,n -->
<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>27.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>MATERIAL DIFFERENCES BETWEEN CANADIAN AND U.S. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES</B></DIV></TD>
</TR>

</TABLE>
</DIV>
<!-- xbrl,body -->


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The consolidated financial statements have been prepared in accordance with Canadian GAAP which
differ in certain material respects from those principles and practices that the Company would
have followed had its consolidated financial statements been prepared in accordance with U.S.
GAAP. Material differences between financial statement items under Canadian GAAP and the
amounts determined under U.S. GAAP are as follows:
</DIV>
<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>
<!-- xbrl -->

<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%"><B>a) Cash and Equivalents</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">U.S. GAAP requires that funds raised through the issuance of flow-through shares be shown as
restricted cash and not be considered to be a component of cash and cash equivalents. In
addition, the restricted cash would be excluded from cash and cash equivalents in the statement
of cash flows and shown as a financing activity. At December&nbsp;31, 2010 $4,106,000 of funds
raised from the issue of flow-through shares remained (December&nbsp;31, 2009: $1,177,000).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>b) Mineral Properties and Inventory Valuation</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Under Canadian GAAP, the Company expenses exploration and development expenditures on mineral
properties not sufficiently advanced to identify their development potential. At the point in
time when management has concluded that the mineral property has sufficient development
potential, costs are accumulated and recorded as mineral property assets. Under U.S. GAAP and
practices prescribed by the SEC, all mine project related costs incurred before a commercially
mineable deposit is established are expensed as incurred. The U.S defines a commercially
mineable deposit as one with proven and probable reserves which are legally extractable and a
bankable feasibility study.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company amortizes its mineral property assets on a units of production basis and includes
that amount in the valuation of work-in-progress and concentrate inventories. Since the value
of the Company&#146;s mineral property assets is less under U.S GAAP than Canadian GAAP, the amount
amortized to inventory is also less. As a result, the carrying value of inventory also tends to
be less to reflect the lower mineral property amortization cost.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The lower carrying values for the Company&#146;s mineral properties and inventory under U.S GAAP
also result in lower impairment charges and net realizable value adjustments being recorded in a
particular period when compared to Canadian GAAP.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>c) Joint Ventures</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Under Canadian GAAP, investments in jointly-controlled entities are permitted to be accounted
for using the proportionate consolidation method. Under U.S. GAAP, investments in
jointly-controlled entities are accounted for using the equity method. Although there are
material differences between these accounting methods, the Company relies on an accommodation of
the United States Securities and Exchange Commission (&#147;SEC&#148;) permitting the Company to exclude
the disclosure of such differences which affect only the display and classification of financial
statement items excluding shareholders&#146; equity and net income.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>d) Goodwill</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Under Canadian GAAP, the Company&#146;s formation in 1997 through an amalgamation of IUC with
Thornbury Capital Corporation (&#147;Thornbury&#148;) has been accounted for as an acquisition of
Thornbury resulting in the recording of goodwill. Under U.S. GAAP, the transaction has been
accounted for as a recapitalization whereby the net monetary assets of Thornbury would be
recorded at fair value, except that no goodwill or other intangibles would be recorded. The
goodwill recorded under Canadian GAAP has been subsequently written off. As a result, the
deficit and share capital of the Company are both reduced under U.S. GAAP.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>e) Liabilities relating to flow-through shares</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Under U.S. GAAP, the sale of flow-through shares results in a liability being recognized for the
excess of the purchase price paid by the investors over the fair value of common shares at the
closing date without the flow-through feature. The fair value of the shares is recorded as
equity. When the tax deductibility of the expenditures is renounced, the liability is reversed
and a future income tax liability is recorded for the amount of the benefits renounced to third
parties and an income tax expense is recognized. Under Canadian GAAP, an adjustment to share
capital is recorded for recognized future tax liabilities related to the renunciation of
flow-through share expenditures.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>f) Dilution Gains</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Under Canadian GAAP, gains on dilution of interests in a subsidiary or equity interest are
recognized in income in the period in which they occur. Under U.S. GAAP, the gain on dilution
is not recognized if it results from the sale of securities by a company in the exploration
stage and instead is accounted for as a capital transaction.
</DIV>
<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>
<!-- xbrl -->

<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%">The consolidated balance sheet items, adjusted to comply with U.S. GAAP, would be as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&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="12" style="border-bottom: 1px solid #000000">December 31, 2010</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Canadian</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">U.S.</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">GAAP</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Adjustments</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">GAAP</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">97,554</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(a)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(4,106</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">93,448</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,387</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(b)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,691</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,696</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restricted cash and investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,946</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(a)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,106</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,052</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">714,458</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(b)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(91,102</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">623,356</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accounts payable and accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,753</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(e)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,753</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Future income tax liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106,183</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(b)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,079</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109,262</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Share capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">910,484</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(d)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(616</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <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 align="center" valign="bottom">(e)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,198</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">911,066</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Additional paid-in capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(f)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,814</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,814</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deficit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(256,729</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(b)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(93,995</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(b)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,079</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(d)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">616</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <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 align="center" valign="bottom">(e)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(855</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(f)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,814</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(363,856</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104,862</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(b)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(798</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(e)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(343</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103,721</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&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="12" style="border-bottom: 1px solid #000000">December 31, 2009</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Canadian</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">U.S.</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">GAAP</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Adjustments</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">GAAP</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,804</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(a)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,177</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">18,627</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,216</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(b)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,213</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restricted cash and investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,656</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(a)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,177</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,833</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">691,039</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(b)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(86,377</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">604,662</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accounts payable and accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,508</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(e)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,547</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Future income tax liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102,918</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(b)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,328</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106,246</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Share capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">849,488</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(d)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(616</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <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 align="center" valign="bottom">(e)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(39</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">848,833</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Additional paid-in capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(f)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,814</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,814</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deficit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(242,494</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(b)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(86,019</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(b)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,328</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(d)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">616</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <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 align="center" valign="bottom">(f)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,814</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(341,039</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated other comprehensive loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,482</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(b)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(362</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,120</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 37 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<!-- xbrl -->

<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%">The consolidated statements of operations and deficit and comprehensive income, adjusted to
comply with U.S. GAAP, would be as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&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>
    <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" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</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 align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss for the year, Canadian GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(14,235</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(147,012</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjustments to U.S. GAAP:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mineral property capitalized amounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(b)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,288</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(40,896</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mineral property impairment amounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(b)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,717</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inventory valuation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(b)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,688</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">906</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tax effect of above adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(b)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">249</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,701</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Flow-through share renunciation adjustment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(e)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(855</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss for the year, U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(22,817</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(173,986</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deficit, beginning of year, U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(341,039</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(167,053</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deficit, end of year, U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(363,856</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(341,039</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comprehensive income (loss), U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net loss for the year, U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(22,817</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(173,986</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrealized gain (loss)&nbsp;on available-for-sale securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,490</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,368</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cumulative foreign currency translation gain</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,090</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,894</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comprehensive income (loss), U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,783</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(94,724</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Basic net loss per share, U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.07</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.61</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Diluted net loss per share, U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.07</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.61</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The consolidated statements of cash flows, adjusted to comply with U.S. GAAP, would be as
follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&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 nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</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 align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" 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 align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash provided by (used in) operating activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" 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 align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Under Canadian GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top">35,551</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">$</TD>
    <TD align="right" valign="top">(42,442</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Adjustment for capitalized mineral property amounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(b)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(14,305</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(25,104</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" 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 align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Under U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top">21,246</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">$</TD>
    <TD align="right" valign="top">(67,546</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" 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 align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash used in investing activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" 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 align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Under Canadian GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">$</TD>
    <TD align="right" valign="top">(19,472</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">$</TD>
    <TD align="right" valign="top">(27,116</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Adjustment for capitalized mineral property amounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(b)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14,305</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">25,104</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" 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 align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Under U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">$</TD>
    <TD align="right" valign="top">(5,167</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">$</TD>
    <TD align="right" valign="top">(2,012</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" 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 align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash provided by financing activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" 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 align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Under Canadian GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top">60,595</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top">85,414</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restricted cash from flow-through financings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(a)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(4,106</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(1,177</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" 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 align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Under U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top">56,489</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top">84,237</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD 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 -->- 38 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<!-- xbrl -->

<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: 0%"><B>Accounting Changes:</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 0%">Accounting Developments Effective for Fiscal 2010:
</DIV>



<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">a)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Amendments to Accounting for VIEs &#151; In 2009, the FASB issued an amendment to its
guidance on Variable Interest Entities (&#147;VIE&#148;). Although not effective until first quarter
2010, this new guidance makes significant changes to the model for determining who should
consolidate a VIE by specifically eliminating the quantitative approach to determining the
primary beneficiary. The amendment requires the use of a qualitative approach to determine
the primary beneficiary, based on the power to direct activities of the VIE that most
significantly impact its economic performance and an obligation to absorb losses or to
receive
benefits of the VIE. If the power is shared, then no party is the primary beneficiary.
This amendment did not have an impact on the Company&#146;s financial statements.</DIV></TD>
</TR>

</TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 0%">Accounting Developments Effective for Fiscal 2011:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company will cease to reconcile its financial statements to U.S. GAAP for the periods
beginning on January&nbsp;1, 2011 when it will start to apply International Financial Reporting
Standards (&#147;IFRS&#148;) as published by the International Accounting Standards Board as set out in
Part&nbsp;IV of the CICA Handbook &#151; Accounting as its primary basis of accounting. Consequently,
future accounting changes to U.S. GAAP that are effective for periods beginning on or after
January&nbsp;1, 2011 are not discussed as they will not be applied by the Company.
</DIV>
<!-- /xbrl,ns -->

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 39 -<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>c14769exv99w4.htm
<DESCRIPTION>EX-99.4
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.4</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;99.4</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><IMG src="c14769c1476908.gif" alt="(PRICEWATERHOUSECOOPERS LOGO)">
</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="70%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR></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"><FONT style="white-space: nowrap"><B>PricewaterhouseCoopers LLP</B> </FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Chartered Accountants</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PO Box 82</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">Royal Trust Tower, Suite&nbsp;3000</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">Toronto-Dominion Centre</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">Toronto, Ontario</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Canada M5K 1G8</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">Telephone &#043;1 416 863 1133</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">Facsimile &#043;1 416 365 8215</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">www.pwc.com/ca</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">March&nbsp;10, 2011
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Consent of Independent Auditor</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">We hereby consent to the incorporation by reference in this Annual Report on Form 40-F for the year
ended December&nbsp;31, 2010 of <B>Denison Mines Corp. </B>of our report dated March&nbsp;10, 2011, relating to the
consolidated financial statements and the effectiveness of internal control over financial
reporting, which appears in an Exhibit incorporated by reference in this Annual Report on Form
40-F. We also consent to reference to us under the heading &#147;Interests of Experts&#148; in the Annual
Information Form incorporated by reference in this Annual Report on Form 40-F.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>(Signed) &#147;PricewaterhouseCoopers LLP&#148;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Chartered Accountants, Licensed Public Accountants</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&#147;PricewaterhouseCoopers&#148; refers to PricewaterhouseCoopers LLP, an Ontario limited
liability partnership, which is a member firm of PricewaterhouseCoopers International
Limited, each member firm of which is a separate legal entity.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>c14769exv99w5.htm
<DESCRIPTION>EX-99.5
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.5</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;99.5</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>DENISON MINES CORP.: EXHIBIT 99.5 TO FORM 40-F<BR>
FOR THE FISCAL PERIOD ENDED DECEMBER 31, 2010</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>MINE SAFETY DISCLOSURE</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Under Section&nbsp;1503 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was
enacted by the U.S. Congress on July&nbsp;21, 2010, the Company is required to make certain disclosures
relating to violations, orders, penalties, assessments and fatalities that occurred during the
reporting period at mines operated by the Company.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following table sets out the information concerning mine safety violations or other regulatory
matters required by Section 1503(a) of the Dodd Frank Wall Street Reform and Consumer Protection
Act for the twelve month period covered by this annual report:
</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="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Mines that</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Received a</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Notice</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Any</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>from</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pending</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MSHA of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Legal</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Citations</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>a Pattern</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Action</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>and</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>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>before</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Mines</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Orders for</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>of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total Dollar</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Violations</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Federal</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Operated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Withdrawal</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unwarrant</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Imminent</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Value of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total Dollar</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>or</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Mine</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>by the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Orders</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>able</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Flagrant</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Danger</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Proposed</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Value of</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>Potential</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Safety</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Company</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of Section</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Issued</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Failure</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Violations</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Orders</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Assessments</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Thereof</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>and</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>During</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>104(a)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Under</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Under</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Under</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Under</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>from MSHA</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Assessments</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of Mining</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Under</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Health</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>S&#038;S</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Section</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Section</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Section</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Section</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>During the</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>as at end of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Related</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Section</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Review</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Period</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Citations</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>104(b)</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>3</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>104(d)</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>4</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>110(b)(2)</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>5</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>107(a)</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>6</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Period</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>7</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Period</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>7</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fatalities</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>104(e)</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>9</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Commission</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sunday Mines Complex</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">100.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>

</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Beaver/La Sal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,773.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">690.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>

</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pandora<SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,000.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil<SUP style="FONT-size: 85%; vertical-align: text-top">8</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>

</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rim</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>

</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tony M</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">100.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>

</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Arizona 1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">962.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,809.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>

</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pinenut</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Nil</TD>
    <TD>&nbsp;</TD>

</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">1.</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company&#146;s Pandora Mine was operated by an independent contractor during the period.
All entries in this table relate to citations, orders, violations, notices and assessments
issued or proposed to or against the Company. This table does not include citations, orders,
violations, notices or assessments issued or proposed to or against any independent
contractors and not to or against the Company.</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">Citations and Orders are issued under Section&nbsp;104 of the Federal Mine Safety and Health Act
of 1977 (30 U.S.C. 814) (the &#147;Act&#148;) for violations of the Act or any mandatory health or
safety standard, rule, order or regulation promulgated under the Act. A Section 104(a)
&#147;Significant and Substantial&#148; or &#147;S&#038;S&#148; citation is considered more severe than a non-S&#038;S
citation and generally is issued in a situation where the conditions created by the violation
do not cause imminent danger, but the violation is of such a nature as could significantly and
substantially contribute to the cause and effect of a mine safety or health hazard. It should
be noted that, for purposes of this table, S&#038;S citations that are included in another column,
such as Section 104(d) citations, are not also included as Section 104(a) S&#038;S citations in
this column.</DIV></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">3.</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">A Section 104(b) withdrawal order is issued if, upon a follow up inspection, an MSHA
inspector finds that a violation has not been abated within the period of time as originally
fixed in the violation and determines that the period of time for the abatement should not be
extended. Under a withdrawal order, all persons, other than those required to abate the
violation and certain others, are required to be withdrawn from and prohibited from entering
the affected area of the mine until the inspector determines that the violation has been
abated.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">4.</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">A citation is issued under Section 104(d) where there is an S&#038;S violation and the inspector
finds the violation to be caused by an unwarrantable failure of the operator to comply with a
mandatory health or safety standard. Unwarrantable failure is a special negligence finding
that is made by an MSHA inspector and that focuses on the operator&#146;s conduct. If during the
same inspection or any subsequent inspection of the mine within 90&nbsp;days after issuance of the
citation, the MSHA inspector finds another violation caused by an unwarrantable failure of the
operator to comply, a withdrawal order is issued, under which all persons, other than those
required to abate the violation and certain others, are required to be withdrawn from and
prohibited from entering the affected area until the inspector determines that the violation
has been abated.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">5.</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">A flagrant violation under Section&nbsp;110(b)(2) is a violation that results from a reckless or
repeated failure to
make reasonable efforts to eliminate a known violation of a mandatory health or safety standard
that substantially and proximately caused, or reasonable could have been expected to cause, death
or serious bodily injury.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">6.</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">An imminent danger order under Section 107(a) is issued when an MSHA inspector finds that an
imminent danger exists in a mine. An imminent danger is the existence of any condition or
practice which could reasonably be expected to cause death or serious physical harm before
such condition or practice can be abated. Under an imminent danger order, all persons, other
than those required to abate the condition or practice and certain others, are required to be
withdrawn from and are prohibited from entering the affected area until the inspector
determines that such imminent danger and the conditions or practices which caused the imminent
danger no longer exist.
</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">7.</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">These dollar amounts include the total amount of all proposed assessments from MSHA under the
Act during the period or outstanding at the end of the period, including proposed and
outstanding assessments for non-S&#038;S citations that are not specifically identified in this
exhibit, regardless of whether the Company has challenged or appealed the assessment or
whether the assessment relates to a citation, violation or order issued or proposed during the
period.
</DIV></TD>
</TR>


<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">8.</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Pandora mine was operated by an independent contractor during the period. There was one
fatality at the Pandora mine during the period, involving an employee of the contractor.
</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">9.</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">A Notice is given under Section 104(e) if an operator has a pattern of S&#038;S violations. If
upon any inspection of the mine within 90&nbsp;days after issuance of the notice, or at any time
after a withdrawal notice has been given under Section&nbsp;104(e), an MSHA inspector finds another
S&#038;S violation, an order is issued, under which all persons, other than those required to abate
the violation and certain others, are required to be withdrawn from and prohibited from
entering the affected area until the inspector determines that the violation has been abated.</DIV></TD>
</TR>


</TABLE>
</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-99.6
<SEQUENCE>7
<FILENAME>c14769exv99w6.htm
<DESCRIPTION>EX-99.6
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.6</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;99.6</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CERTIFICATION<BR>
REQUIRED BY RULE 13a-14(a) OR RULE 15d-14(a)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">I, <U>James R. Anderson</U>, certify that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">1. I have reviewed this annual report on Form 40-F of Denison Mines Corp.;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this
report;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">3. Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of operations
and cash flows of the issuer as of, and for, the periods presented in this report;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">4. The issuer&#146;s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e) and 15d-15(e)) and
internal control over financial reporting (as defined in Exchange Act Rules&nbsp;13a-15(f) and
15d-15(f)) for the issuer and have:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(a)&nbsp;Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material
information relating to the issuer, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report
is being prepared;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(b)&nbsp;Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting
principles.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(c)&nbsp;Evaluated the effectiveness of the issuer&#146;s disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of the end of the period covered by this report based on such evaluation;
and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(d)&nbsp;Disclosed in this report any change in the issuer&#146;s internal control over
financial reporting that occurred during the period covered by the annual report that has
materially affected, or is reasonably likely to materially affect, the issuer&#146;s internal
control over financial reporting; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">5. The issuer&#146;s other certifying officer and I have disclosed, based on our most recent evaluation
of internal control over financial reporting, to the issuer&#146;s auditors and the audit committee of
the issuer&#146;s board of directors (or persons performing the equivalent functions):
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(a)&nbsp;All significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to adversely affect
the issuer&#146;s ability to record, process, summarize and report financial information; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(b)&nbsp;Any fraud, whether or not material, that involves management or other employees who
have a significant role in the issuer&#146;s internal control over financial reporting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Date: March&nbsp;29, 2011
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">     /s/ <I>James R. Anderson</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>

    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">James R. Anderson&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left" nowrap>Executive Vice President and Chief Financial 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>

<!-- 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>CERTIFICATION<BR>
REQUIRED BY RULE 13a-14(a) OR RULE 15d-14(a)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">I, <U>Ron F. Hochstein</U>, certify that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">1. I have reviewed this annual report on Form 40-F of Denison Mines Corp.;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this
report;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">3. Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of operations
and cash flows of the issuer as of, and for, the periods presented in this report;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">4. The issuer&#146;s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e) and 15d-15(e)) and
internal control over financial reporting (as defined in Exchange Act Rules&nbsp;13a-15(f) and
15d-15(f)) for the issuer and have:
</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(a)&nbsp;Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material
information relating to the issuer, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report
is being prepared;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(b)&nbsp;Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting
principles.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(c)&nbsp;Evaluated the effectiveness of the issuer&#146;s disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of the end of the period covered by this report based on such evaluation;
and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(d)&nbsp;Disclosed in this report any change in the issuer&#146;s internal control over
financial reporting that occurred during the period covered by the annual report that has
materially affected, or is reasonably likely to materially affect, the issuer&#146;s internal
control over financial reporting; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">5. The issuer&#146;s other certifying officer and I have disclosed, based on our most recent evaluation
of internal control over financial reporting, to the issuer&#146;s auditors and the audit committee of
the issuer&#146;s board of directors (or persons performing the equivalent functions):
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(a)&nbsp;All significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to adversely affect
the issuer&#146;s ability to record, process, summarize and report financial information; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(b)&nbsp;Any fraud, whether or not material, that involves management or other employees who
have a significant role in the issuer&#146;s internal control over financial reporting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Date: March&nbsp;29, 2011
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">     /s/ <I>Ron F. Hochstein</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Ron F. Hochstein&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <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-99.7
<SEQUENCE>8
<FILENAME>c14769exv99w7.htm
<DESCRIPTION>EX-99.7
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.7</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 99.7</b>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">CERTIFICATION PURSUANT TO<BR>
18 U.S.C. SECTION 1350
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In connection with the Annual Report of Denison Mines Corp. (the &#147;Company&#148;) on Form 40-F for the
period ended December&nbsp;31, 2010, as filed with the Securities and Exchange Commission on the date
hereof (the &#147;Report&#148;), each of the undersigned certifies, pursuant to 18 U.S.C. 1350, and SEC Rule
13a-14(b), that to the best of my knowledge:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">2. The information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Date: March&nbsp;29, 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="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">/s/ <I>James R. Anderson</I></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 colspan="3" valign="top" align="left">/s/ <I>Ron F. Hochstein</I></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" 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">James R. Anderson
</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">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ron F. Hochstein</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Executive Vice President and
Chief Financial Officer
</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">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief Executive
Officer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
