<SEC-DOCUMENT>0001193125-16-422846.txt : 20160107
<SEC-HEADER>0001193125-16-422846.hdr.sgml : 20160107
<ACCEPTANCE-DATETIME>20160107060530
ACCESSION NUMBER:		0001193125-16-422846
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160107
FILED AS OF DATE:		20160107
DATE AS OF CHANGE:		20160107

FILER:

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

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33414
		FILM NUMBER:		161328740

	BUSINESS ADDRESS:	
		STREET 1:		40 UNIVERSITY AVE., SUITE 1100
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 1T1
		BUSINESS PHONE:		(416) 979-1991

	MAIL ADDRESS:	
		STREET 1:		40 UNIVERSITY AVE., SUITE 1100
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 1T1

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERNATIONAL URANIUM CORP
		DATE OF NAME CHANGE:	19980603
</SEC-HEADER>
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<TYPE>6-K
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<FILENAME>d75684d6k.htm
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 6-K
</B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Report of Foreign Private Issuer </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Rule 13a-16 or 15d-16 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Date: January&nbsp;7, 2016 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission File Number: 001-33414 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Denison Mines
Corp. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Translation of registrant&#146;s name into English) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1100-40 University Avenue, Toronto Ontario, M5J 1T1 Canada </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether
the registrant files or will file annual reports under cover Form 20-F or <FONT STYLE="white-space:nowrap">Form&nbsp;40-F.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form
20-F&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;40-F&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
<FONT STYLE="white-space:nowrap">Regulation&nbsp;S-T</FONT> Rule&nbsp;101(b)(1):&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
<FONT STYLE="white-space:nowrap">Regulation&nbsp;S-T</FONT> Rule&nbsp;101(b)(7):&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Signatures </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom"><B>Denison Mines Corp.</B></TD></TR>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><I>/s/ Dunia El-Jawhari</I></TD></TR>
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<TD VALIGN="top">Date: January&nbsp;7, 2016</TD>
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<TD VALIGN="top">Dunia El-Jawhari</TD></TR>
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<TD VALIGN="bottom">Vice President, Legal and Corporate Secretary</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:39.50pt; font-size:8pt; font-family:Times New Roman"><B>Description</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP>99.1</TD>
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<TD VALIGN="top">Press Release dated January&nbsp;6, 2016</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">Denison Mines Corp.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">1100 - 40 University Ave</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">Toronto, ON
M5J 1T1</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">www.denisonmines.com</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">@DenisonMinesCo</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PRESS RELEASE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DENISON ANNOUNCES START OF 2016 ATHABASCA BASIN </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXPLORATION PROGRAMS AND 2016 BUDGET HIGHLIGHTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Toronto, ON &#150; January&nbsp;6, 2016 </B>Denison Mines Corp. (&#147;Denison&#148; or the &#147;Company&#148;) (DML: TSX, DNN: NYSE MKT)
is pleased to announce that preparations for its 2016 uranium exploration programs in the Athabasca Basin have commenced and that exploration drilling is scheduled to begin on January&nbsp;12, 2016. In addition, the Company outlines the highlights
of its 2016 financial plan &#150; which includes Canadian exploration and evaluation expenditures of approximately $13.0 million (CAD$16.9 million) and revenue from McClean Lake operations and uranium sales of $5.4 million (CAD$7.1 million). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;With the significant increase in toll milling revenue expected from McClean Lake this year, we are pleased to announce that
Denison&#146;s 2016 financial plan is funded, and will allow the Company to focus on increasing its resource base in the Athabasca Basin and advancing the Wheeler River project&#148; commented Denison&#146;s President and CEO, David Cates. &#147;We
are looking forward to the results from the Preliminary Economic Assessment in progress for Wheeler, and the opportunity to continue to explore the property this winter &#150; particularly in the vicinity of the Gryphon deposit and at other priority
targets on the property.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Company&#146;s financial plan for 2016 is based on a USD$ to CAD$ foreign exchange rate of 1 to 1.30.
All amounts are stated in US&nbsp;dollars unless otherwise noted. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Wheeler River Property </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Wheeler River property is host to the high-grade Phoenix and Gryphon uranium deposits. The Phoenix deposit is estimated to include
indicated resources of 70.2M lbs U<SUB STYLE="font-size:85%; vertical-align:bottom">3</SUB>O<SUB STYLE="font-size:85%; vertical-align:bottom">8</SUB> at a grade of 19.1% U<SUB STYLE="font-size:85%; vertical-align:bottom">3</SUB>O<SUB
STYLE="font-size:85%; vertical-align:bottom">8</SUB>, and is the highest grade undeveloped deposit in the world. The Gryphon deposit is hosted in basement rock, approximately 3 kilometres to the northwest of Phoenix, and is estimated to contain
inferred resources of 43M lbs U<SUB STYLE="font-size:85%; vertical-align:bottom">3</SUB>O<SUB STYLE="font-size:85%; vertical-align:bottom">8</SUB> at a grade of 2.3% U<SUB STYLE="font-size:85%; vertical-align:bottom">3</SUB>O<SUB
STYLE="font-size:85%; vertical-align:bottom">8</SUB>. Wheeler River is a joint venture between Denison (60% and operator), Cameco Corp. (&#147;Cameco&#148;) (30%), and JCU (Canada) Exploration Company Limited (10%). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Exploration activities at Wheeler River during 2016 are expected to focus on numerous unconformity and basement targets in the vicinity of the
Gryphon deposit. Recent exploration results have continued to return mineralization in the area surrounding the Gryphon deposit and along the K-North trend, which hosts the Gryphon deposit. The results in this area continue to suggest the potential
for the discovery of additional zones of significant uranium mineralization. The K-North trend includes approximately 6&nbsp;kilometres of prospective strike, primarily to the south of the Gryphon deposit. In addition, 2016 drilling may test other
priority target areas on the property, including the Q Central and O Zone target areas. Taken together, 47,000 metres of exploration drilling is planned at Wheeler River between the winter and summer drill programs, along with geophysical surveys at
a total cost of CAD$10.0&nbsp;million (Denison&#146;s share, CAD$6.0&nbsp;million). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Evaluation activities planned for Wheeler River in
2016 include the completion of a Preliminary Economic Assessment (&#147;PEA&#148;), studying the economic potential of co-developing the Gryphon and Phoenix deposits, which is expected to be completed during the first half of 2016. Subject to a
positive outcome from the PEA, the Company has developed a plan to initiate work on a Prefeasibility Study (&#147;PFS&#148;), with an approximate budget for 2016 of CAD$2.6 million (Denison&#146;s share, CAD$1.6 million). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>High Priority&nbsp;&amp; Other Properties </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Exploration activities in 2016, outside of Wheeler River, will be focused on Denison&#146;s high-priority exploration targets located on the
Murphy Lake (68.8% Denison), Crawford Lake (100% Denison) and Waterbury Lake (61.55% Denison) properties, and are planned to include ground geophysical surveying and drilling to follow-up on positive results from 2015. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">At Murphy Lake, a winter drill program of approximately 10 holes (3,400 metres) is planned to
follow-up on the discovery of a new zone of uranium mineralization highlighted by drill hole MP-15-03, which intersected 0.25% U<SUB STYLE="font-size:85%; vertical-align:bottom">3</SUB>O<SUB STYLE="font-size:85%; vertical-align:bottom">8</SUB> over
6.0 metres (at a depth of 270.0 to 276.0 metres) at the sub-Athabasca unconformity. The Murphy Lake property is located approximately 30 kilometres from Denison&#146;s 22.5% owned McClean Lake mill and is contiguous with the northwest boundary of
the Company&#146;s Waterbury Lake property. Drilling programs for Waterbury Lake and Crawford Lake in 2016 are planned to involve 2,500&nbsp;metres and 4,400&nbsp;metres respectively. In addition, geochemical surveying, ground geophysical surveying
and drilling (approximately 8,000 metres) are expected to be carried out on other Denison-operated properties where exploration is warranted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Drill programs are also planned in 2016 for Denison&#146;s non-operated joint venture projects, including Mann Lake (30% Denison,
2,000&nbsp;metres), Wolly (22.5% Denison, 5,000 metres) and McClean Lake (22.5% Denison, 2,500 metres). The Mann Lake project is operated by Cameco, and the Wolly and McClean Lake projects are operated by AREVA Resources Canada Inc.
(&#147;ARC&#148;) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Taken together, Denison expects to operate and/or participate in a total of 15 exploration programs (including 13
drilling programs totaling approximately 75,000 metres), of which Wheeler River will continue to be the primary focus. The total budget for these programs, inclusive of the evaluation work planned for Wheeler River to follow up on a positive PEA, is
estimated to be CAD$24.6&nbsp;million (Denison&#146;s share, CAD$16.9 million). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Development / Operations </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The McClean Lake mill is operated by ARC and is currently licensed for annual production of 13&nbsp;million pounds U<SUB
STYLE="font-size:85%; vertical-align:bottom">3</SUB>O<SUB STYLE="font-size:85%; vertical-align:bottom">8</SUB>. The expansion of the mill, from 13&nbsp;million to up to 24&nbsp;million pounds of annual U<SUB
STYLE="font-size:85%; vertical-align:bottom">3</SUB>O<SUB STYLE="font-size:85%; vertical-align:bottom">8</SUB> production capacity, will continue during 2016 and remains fully funded by the Cigar Lake Joint Venture. Concurrent with the ongoing mill
expansion, ARC plans to submit an application to the Canadian Nuclear Safety Commission (&#147;CNSC&#148;) to increase the mill&#146;s licensed annual production limit to 24&nbsp;million pounds
U<SUB STYLE="font-size:85%; vertical-align:bottom">3</SUB>O<SUB STYLE="font-size:85%; vertical-align:bottom">8</SUB>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Provided&nbsp;regulatory approvals are secured to increase the annual license limit,&nbsp;the McClean Lake mill is expected to produce
16&nbsp;million pounds&nbsp;U<SUB STYLE="font-size:85%; vertical-align:bottom">3</SUB>O<SUB STYLE="font-size:85%; vertical-align:bottom">8</SUB> during 2016. Production is expected to be 100% from Cigar Lake ore during the year. Denison&#146;s share
of revenue from toll milling of the Cigar Lake ore and the sale of approximately 25,000 pounds U<SUB STYLE="font-size:85%; vertical-align:bottom">3</SUB>O<SUB STYLE="font-size:85%; vertical-align:bottom">8</SUB>, currently held by Denison in
inventory, is estimated to be $5.4 million (CAD$7.1 million). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In 2016, Denison&#146;s share of operating and capital expenditures at
McClean Lake and Midwest are estimated to be $1.6&nbsp;million (CAD$2.1&nbsp;million). Operating expenditures include $797,000 (CAD$1.04 million) in respect of Denison&#146;s share of the planned 2016 budget for the Surface Access Borehole Resource
Extraction (&#147;SABRE&#148;) program. The SABRE program is operated by ARC, as part of the McClean Lake joint venture, and has a total budget for 2016 of up to CAD$4.6 million. The 2016 SABRE program is expected to study the economic and technical
potential associated with further design and process improvements targeted at increasing the rate of mine production. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Reclamation
expenditures at Elliot Lake are estimated to be $665,000 (CAD$864,000). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>International </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In December 2015, Denison announced the completion of the sale of its interests in Mongolia to Uranium Industry a.s. (&#147;Uranium
Industry&#148;) of the Czech Republic and the receipt of initial proceeds of $1.25 million. Under the terms of the agreement with Uranium Industry, Denison may be entitled to additional payments of up to $12 million &#150; of which up to $10 million
becomes payable within 60&nbsp;days of the issuance of certain mining licences. The applications for the applicable mining licences were submitted to the Mongolian authorities in December 2015. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In Africa, Denison continues to maintain its interests in Zambia, Mali and Namibia in preparation
for a potential spin-out or disposal transaction when market conditions permit. Activities currently planned for 2016 in Africa are designed to keep the Company&#146;s interests in good standing and continue community programs. The 2016 budget for
Africa is expected to be between $750,000 and $1.3 million. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Environmental Services&nbsp;&amp; Other </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Denison Environmental Services (&#147;DES&#148;) provides post-closure mine care and maintenance services to a variety of customers and also
manages Denison&#146;s ongoing environmental obligations related to its past producing operations at Elliot Lake. In 2016, revenue from operations at DES is budgeted to be $7.2 million (CAD$9.4 million) and operating and overhead expenses are
forecast to be $6.1&nbsp;million (CAD$7.9 million). Capital expenditures at DES are projected to be $230,000 (CAD$300,000). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Denison is
the manager of Uranium Participation Corporation (&#147;UPC&#148;) and receives management fees and commissions pursuant to a Management Services Agreement (&#147;MSA&#148;). The MSA was entered into on April&nbsp;1, 2013 for a term of 3 years
ending on March&nbsp;31, 2016. UPC is a public company which invests in uranium on behalf of its shareholders. In 2016, management fees earned from UPC are budgeted at $1.7 million (CAD$2.2 million). The budget is based on the successful extension
or renewal of the MSA on substantially the same terms as the existing MSA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Corporate administration expenses are forecast to be $3.85
million (CAD$5.0 million) in 2016 and include all head office wages, benefits, office costs, public company expenses, legal, audit and investor relations expenses. Other miscellaneous costs are estimated to be $400,000 (CAD$520,000). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Corporate Update </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">On
January&nbsp;1, 2016, Denison appointed Mr.&nbsp;Dale Verran to the position of Vice President, Exploration. Prior to this appointment, Mr.&nbsp;Verran served as Denison&#146;s Technical Director, Exploration. Mr.&nbsp;Verran is a geologist with 18
years of international mineral exploration experience. He began his career with Gold Fields and subsequently joined the Mineral Services Group where he served in a variety of mineral exploration roles including Technical Director for Remote
Exploration Services. Mr.&nbsp;Verran is based in Denison&#146;s Saskatoon office and holds a Bachelor of Science in Geology from the University of Cape Town, and a Master of Science in Exploration Geology from Rhodes University. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Qualified Person </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The disclosure
of a scientific or technical nature contained in this news release was prepared by Mr.&nbsp;Dale Verran, MSc, Pr.Sci.Nat., Denison&#146;s Vice President, Exploration, who is a Qualified Person in accordance with the requirements of National
Instrument 43-101. For a description of the quality assurance program and quality control measures applied by Denison, please see Denison&#146;s Annual Information Form dated March&nbsp;5, 2015 filed under the Company&#146;s profile on SEDAR at
www.sedar.com. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Denison </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>Denison is a uranium exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan.
Including its 60% owned Wheeler River project, which hosts the high grade Phoenix and Gryphon uranium deposits, Denison&#146;s exploration portfolio consists of numerous projects covering over 390,000 hectares in the eastern Athabasca Basin.
Denison&#146;s interests in Saskatchewan also include a 22.5% ownership interest in the McClean Lake joint venture, which includes several uranium deposits and the McClean Lake uranium mill, which is currently processing ore from the Cigar Lake mine
under a toll milling agreement, plus a 25.17% interest in the Midwest deposit and a 61.55% interest in the J Zone deposit on the Waterbury Lake property. Both the Midwest and J Zone deposits are located within 20 kilometres of the McClean Lake mill.
Internationally, Denison owns 100% of the Mutanga project in Zambia, 100% of the uranium/copper/silver Falea project in Mali, and a 90% interest in the Dome project in Namibia. </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>Denison is also engaged in mine decommissioning and environmental services through its Denison
Environmental Services division and is the manager of Uranium Participation Corporation, a publicly-traded company which invests in uranium oxide and uranium hexafluoride. </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For more information, please contact </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="90%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="37%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">David Cates</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(416) 979 &#150; 1991 ext. 362</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">President and Chief Executive Officer</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sophia Shane</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(604)&nbsp;689-7842</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Investor Relations</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Follow Denison on Twitter</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">@DenisonMinesCo</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward-Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>Certain information contained in this press release constitutes &#147;forward-looking information&#148;, within the meaning of the
United&nbsp;States Private Securities Litigation Reform Act of 1995 and similar Canadian legislation concerning the business, operations and financial performance and condition of Denison. 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;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;. In particular, this press release contains forward-looking information pertaining to the following: exploration (including
drilling)&nbsp;and&nbsp;evaluation activities; total expected cost of such activities and Denison&#146;s share of same; completion of&nbsp;the PEA;&nbsp;CNSC&#146;s approval to increase&nbsp;the&nbsp;annual production limit of&nbsp;U<SUB
STYLE="font-size:85%; vertical-align:bottom">3</SUB>O<SUB STYLE="font-size:85%; vertical-align:bottom">8</SUB> at the McLean Lake mill as well as the collective bargaining process with unionized employees at the McClean Lake mill, and their
respective impact on the 2016 production plan and Denison&#146;s share of revenue from the Cigar Lake toll milling arrangement; Denison&#146;s share of operating and capital expenditures; acceptance by Mongolian authorities&nbsp;of
application&nbsp;for applicable mining licenses, and receipt and amount of contingent payments in a timely manner; Denison&#146;s ability to complete a spin-out or disposal transaction of its African interests; DES&#146; expected revenue from
operations, and its forecast expenses and expenditures; and renewal of&nbsp;the&nbsp;MSA with&nbsp;UPC and forecast revenue and expenses associated with providing services under MSA. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>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 there can be no assurance that such statements will prove to be accurate and may differ materially from those anticipated in this
forward looking information. For a discussion in respect of risks and other factors that could influence forward-looking events, please refer to the &#147;Risk Factors&#148; in Denison&#146;s Annual Information Form dated March&nbsp;5, 2015
available under its profile at </I>www.sedar.com<I> and in its Form 40-F available at </I>www.sec.gov/edgar.shtml<I>. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>Accordingly,
readers should not place undue reliance on forward-looking statements. These factors are not, and should not be construed as being, exhaustive. The forward-looking information contained in this press release is expressly qualified by this cautionary
statement. Denison does not undertake any obligation to publicly update or revise any forward-looking information after the date of this press release to conform such information to actual results or to changes in its expectations except as
otherwise required by applicable legislation. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I></I><B><I>Cautionary Note to United States Investors Concerning Estimates of
Measured, Indicated and Inferred Mineral Resources: </I></B><I>This press release may use 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. 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. </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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