<SEC-DOCUMENT>0001654954-20-002929.txt : 20200320
<SEC-HEADER>0001654954-20-002929.hdr.sgml : 20200320
<ACCEPTANCE-DATETIME>20200320134024
ACCESSION NUMBER:		0001654954-20-002929
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200320
FILED AS OF DATE:		20200320
DATE AS OF CHANGE:		20200320

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:		20731336

	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>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6-k.htm
<DESCRIPTION>FORM 6-K DATED MARCH 20, 2020
<TEXT>
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<div style="text-align: center; text-indent: 0px; padding-top: 5.3px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 24px; font-weight: bold;">UNITED STATES</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 24px; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Washington, D.C. 20549</font></div>
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<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 24px; font-weight: bold;">FORM 6-K</font></div>
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<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><!--Rule Below Paragraph--></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Report of Foreign Private Issuer</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Pursuant to Rule 13a-16 or 15d-16</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">of the Securities Exchange Act of 1934</font></div>
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<div style="text-align: center; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Date: March 20, 2020</font></div>
<div style="text-align: center; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Commission File Number: 001-33414</font></div>
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<div style="text-align: center; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 32px; font-weight: bold;">Denison Mines Corp.</font></div>
<div style="text-align: center; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">(Translation of registrant&#x2019;s name into
English)</font></div>
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<div style="text-align: center; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">1100-40 University Avenue, Toronto Ontario, M5J 1T1
Canada</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">(Address of principal executive offices)</font></div>
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<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><!--Rule Below Paragraph--></div>
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<div style="text-align: left; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Indicate by check mark whether the registrant files or will
file annual reports under cover Form 20-F or Form
40-F.</font></div>
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<div style="text-align: center; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Form
20-F&#xA0;&#xA0;&#x2610;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Form&#xA0;&#xA0;&#xA0;&#xA0;40-F&#xA0;&#xA0;&#xA0;&#x2612;</font></div>
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<div style="text-align: left; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(1):&#xA0;&#xA0;&#x2610;</font></div>
<div style="text-align: left; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(7):&#xA0;&#xA0;&#x2610;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"></div>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Signatures</font></div>
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<div style="text-align: left; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">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.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Denison Mines Corp.</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">/s/ Amanda Willett</font></div>
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<td style="width: 47%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Date<font style="font-weight: bold;">:&#xA0;</font> March
20, 2020</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Amanda
Willett</font></div>
</td>
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<td style="width: 47%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<td colspan="3" style="width: 48%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Corporate Counsel and Corporate Secretary</font></div>
</td>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-weight: bold;">EXHIBIT
INDEX</font></font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Exhibit&#xA0;Number</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;&#xA0;</font></div>
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<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Description</font></div>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">99.1</font></div>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 85%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="a2020-03dmcwheelerriverea.htm"><font style="font-family: Times New Roman; font-size: 13px;">Press
release dated March 20, 2020</font></a></div>
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</div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a2020-03dmcwheelerriverea.htm
<DESCRIPTION>PRESS RELEASE DATED MARCH 20, 2020
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<font style="font-family: Arial; font-size: 11px;"><font style="font-weight: bold">Exhibit 99.1</font><br></font></div>
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<div><font>&#xA0;</font>
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<font style="font-family: Arial; font-size: 11px">Denison Mines
Corp.</font></div>
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<font style="font-family: Arial; font-size: 11px">1100 &#x2013; 40
University Ave</font></div>
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<font style="font-family: Arial; font-size: 11px">Toronto, ON M5J
1T1</font></div>
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<font style="font-family: Arial; font-size: 11px">www.denisonmines.com</font></div>
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<font style="color: #000000; font-family: Arial; font-size: 13px">PRESS
RELEASE</font></div>
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DENISON ANNOUCES TEMPORARY SUSPENSION OF WHEELER RIVER
ENVIRONMENTAL ASSESSMENT AMIDST COVID-19 DISRUPTIONS</font></div>
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<font style="font-family: Arial; font-size: 12px"><font style="font-weight: bold; color: #000000">Toronto, ON &#x2013; March 20,
2020. Denison Mines Corp.</font> <font style="color: #000000">(&#x201C;Denison&#x201D; or the
&#x201C;Company&#x201D;) (DML: TSX, DNN: NYSE American) announced
today a temporary suspension of activities related to the
environmental assessment (&#x201C;EA&#x201D;) for the Company&#x2019;s
90% owned Wheeler River Uranium Project (&#x201C;Wheeler
River&#x201D; or the &#x201C;Project&#x201D;). An important element of
the EA process is the completion of extensive in-person engagement
and consultation activities with various interested parties and
community groups. The decision to suspend the EA process and other
discretionary activities is motivated by the significant social and
economic disruption that has emerged as a result of the COVID-19
pandemic and the Company&#x2019;s commitment to ensure employee
safety, support public health efforts to limit transmission of
COVID-19, and exercise prudent financial
discipline.</font></font></div>
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<font style="font-family: Arial; font-size: 12px"><font style="color: #000000">David Cates, Denison&#x2019;s President &amp; CEO,
commented,</font> <font style="font-style: italic; color: #000000">&#x201C;Considering the
interactive nature of the engagement and consultation activities
planned to support the Environmental Assessment process for Wheeler
River, and the considerable uncertainty that has impacted capital
markets, we believe that the decision to temporarily suspend the EA
is in the best interest of all interested parties. Our team made
great progress in 2019 and early 2020 towards advancing the EA and
de-risking the proposed In-Situ Recovery (&#x2018;ISR&#x2019;)
uranium mine planned for the Phoenix deposit. During the temporary
suspension we expect to be focused on making the most of our
positive momentum and positioning ourselves to quickly resume the
process when appropriate.&#x201D;</font></font></div>
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<font style="color: #000000; font-family: Arial; font-size: 12px">The
duration of the temporary suspension is unknown at this time. The
Company intends to monitor the COVID-19 situation and will
coordinate the resumption of the EA with the applicable regulators
and interested parties. Further information will be provided as
appropriate.</font></div>
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Background on the Project&#x2019;s Environmental Assessment
Process</font></div>
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<font style="color: #000000; font-family: Arial; font-size: 12px">The
EA is a planning and decision-making tool, which involves
predicting potential environmental effects throughout the project
lifecycle (construction, operation, decommissioning and
post-decommissioning) at the site, and within the local and
regional assessment areas. During the first quarter of 2019,
Denison submitted a Project Description to the Canadian Nuclear
Safety Commission (&#x201C;CNSC&#x201D;) and a Technical Proposal to
the Saskatchewan Ministry of Environment ('SK MOE') to support the
advancement of an In-Situ Recovery (&#x201C;ISR&#x201D;) uranium mine
at Wheeler River. This work followed the release of the
Pre-Feasibility Study (&#x201C;PFS&#x201D;) completed for Wheeler
River in late 2018, considering the potential economic merit of
developing the Phoenix deposit as an ISR operation and the Gryphon
deposit as a conventional underground mining operation (see press
release dated October 30, 2018) .</font></div>
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<font style="font-family: Arial; font-size: 12px"><font style="color: #000000">The Project Description and Technical Proposal
were accepted in the second quarter of 2019, initiating the EA
process for the Project in accordance with the requirements of both
the</font> <font style="font-style: italic; color: #000000">Canadian Environmental
Assessment Act, 2012</font> <font style="color: #000000">('CEAA
2012') and the</font> <font style="font-style: italic; color: #000000">Saskatchewan Environmental
Assessment Act</font><font style="color: #000000">. In late
December 2019, Denison received a Record of Decision from the CNSC
on the scope of the factors to be taken into account for the
Wheeler EA, which indicate that the EA will follow the CNSC's
generic guidelines. Significant progress has been made in
collecting environmental baseline data in previous years, and the
current focus of EA related activities is split between engagement
with interested parties and the completion of various environmental
assessments and studies related to the predicted environmental
effects of the Project.</font></font></div>
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<font style="color: #000000; font-family: Arial; font-size: 12px">The
Company identified the EA process as a key element of the Project's
critical path. Accordingly, Denison initiated various studies and
assessments to support the preparation of the Project Environmental
Impact Statement (&#x201C;EIS&#x201D;), following the decision to
advance the Wheeler River project in late 2018 (see press release
dated December 18, 2018).</font></div>
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<font style="color: #000000; font-family: Arial; font-size: 12px">The
decision to temporarily suspend the EA process is expected to
impact the project development schedule outlined in the PFS for
Wheeler River. Given the uncertainty associated with the duration
of the suspension, the Company is not currently able to estimate
the impact to schedule. Further information, including a revised
development schedule, will be provided as appropriate.</font></div>
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<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 12px">
Impact on Outlook for 2020</font></div>
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<font style="color: #000000; font-family: Arial; font-size: 12px">The
Company announced its plans for 2020 in its annual MD&amp;A for the
year ended December 31, 2019 (the &#x201C;2020 Outlook&#x201D;).
Those plans identified two discretionary work programs related to
the advancement of Wheeler River: (1) the continuation of the EA
and submission of a draft EIS to the Federal and Provincial
regulators (approximately $7.0 million), and (2) the completion of
further ISR field testing to support wellfield designs for a future
Feasibility Study (approximately $6.6 million). Given the decision
to suspend the EA, and the current economic disruption associated
with COVID-19, these work programs are not currently expected to
advance in 2020. Based on the 2020 Outlook, the Company intends to
maintain its environmental and technical teams in 2020 and to
selectively advance certain scopes of work, outside of the
discretionary work programs, to position the Company to quickly
resume project development activities in the future and minimize
the impact to the project schedule.</font></div>
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<font style="font-weight: bold; font-style: italic; font-family: Arial; font-size: 12px">
About Wheeler River</font></div>
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<font style="font-style: italic; font-family: Arial; font-size: 12px">
Wheeler River is the largest undeveloped uranium project in the
infrastructure rich eastern portion of the Athabasca Basin region,
in northern Saskatchewan &#x2013; including combined Indicated
Mineral Resources of 132.1 million pounds U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font> (1,809,000 tonnes
at an average grade of 3.3% U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font>), plus combined
Inferred Mineral Resources of 3.0 million pounds U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font> (82,000 tonnes at
an average grade of 1.7% U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font>). The project is
host to the high-grade Phoenix and Gryphon uranium deposits,
discovered by Denison in 2008 and 2014, respectively, and is a
joint venture between Denison (90% and operator) and JCU (Canada)
Exploration Company Limited (10%).</font></div>
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<font style="font-style: italic; font-family: Arial; font-size: 12px">
Pursuant to the PFS, the Project is estimated to have mine
production of 109.4 million pounds U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font> over a 14-year
mine life, with a base case pre-tax NPV of $1.31 billion (8%
discount rate), Internal Rate of Return ("IRR") of 38.7%, and
initial pre-production capital expenditures of $322.5 million. The
Phoenix ISR operation is estimated to have a stand-alone base case
pre-tax NPV of $930.4 million (8% discount rate), IRR of 43.3%,
initial pre-production capital expenditures of $322.5 million, and
industry leading average operating costs of US$3.33/lb
U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font>.
The PFS is prepared on a project (100% ownership) and pre-tax
basis, as each of the partners to the Wheeler River Joint Venture
are subject to different tax and other obligations.</font></div>
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<font style="font-style: italic; font-family: Arial; font-size: 12px">
Further details regarding the PFS, including additional scientific
and technical information, as well as after-tax results
attributable to Denison's ownership interest, are described in
greater detail in the NI 43-101 Technical Report titled
"Pre-feasibility Study for the Wheeler River Uranium Project,
Saskatchewan, Canada" dated October 30, 2018 with an effective date
of September 24, 2018. A copy of this report is available on
Denison's website and under its profile on SEDAR at www.sedar.com
and on EDGAR at www.sec.gov/edgar.shtml.</font></div>
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About Denison</font></div>
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<font style="font-style: italic; font-family: Arial; font-size: 12px">
Denison is a uranium exploration and development company with
interests focused in the Athabasca Basin region of northern
Saskatchewan, Canada. In addition to the Wheeler River project,
Denison&#x2019;s Athabasca Basin exploration portfolio consists of
numerous projects covering approximately 305,000 hectares.
Denison&#x2019;s interests in the Athabasca Basin also include a
22.5% ownership interest in the McClean Lake joint venture
(&#x201C;MLJV&#x201D;), 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 and Midwest A deposits, and a 66.57%
interest in the J Zone and Huskie deposits on the Waterbury Lake
property. Each of Midwest, Midwest A, J Zone and Huskie are located
within 20 kilometres of the McClean Lake mill.</font></div>
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Denison is also engaged in mine decommissioning and environmental
services through its Closed Mines group (formerly Denison
Environmental Services), which manages Denison's Elliot Lake
reclamation projects and provides post-closure mine care and
maintenance services to a variety of industry and government
clients.</font></div>
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<font style="font-style: italic; font-family: Arial; font-size: 12px">
Denison is also the manager of Uranium Participation Corp., a
publicly traded company which invests in uranium oxide and uranium
hexafluoride.</font></div>
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For more information, please contact</font></div>
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<div style="text-align: right"><font>&#xA0;</font><font style="font-family: Arial; font-size: 12px">(416) 979-1991 ext
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<div style="text-align: right"><font>&#xA0;</font><font style="font-family: Arial; font-size: 12px">(604) 689-7842</font></div>
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Cautionary Statement Regarding Forward-Looking
Statements</font></div>
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Certain information contained in this news release constitutes
&#x2018;forward-looking information&#x2019;, within the meaning of
the applicable United States and Canadian legislation concerning
the business, operations and financial performance and condition of
Denison.</font></div>
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Generally, these forward-looking statements can be identified by
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&#x2018;expects&#x2019;, &#x2018;budget&#x2019;,
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&#x2018;could&#x2019;, &#x2018;would&#x2019;, &#x2018;might&#x2019; or
&#x2018;will be taken&#x2019;, &#x2018;occur&#x2019;, &#x2018;be
achieved&#x2019; or &#x2018;has the potential to&#x2019;.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Arial; font-size: 11px">
In particular, this news release contains forward-looking
information pertaining to the following: the EA process, including
its intended scope, objectives and timing; the results of the PFS
and expectations with respect thereto (including potential for
delays as a result of the temporary suspension of the EA and other
discretionary programs and expenditures); evaluation and
development plans and objectives generally and in Denison&#x2019;s
2020 Outlook; and expectations regarding its joint venture
ownership interests and the continuity of its agreements with its
partners.</font></div>
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<font style="font-style: italic; font-family: Arial; font-size: 11px">
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. For
example, if market conditions remain volatile and/or COVID-19
mitigation measures result in more social and economic disruptions,
Denison may need to further re-assess its discretionary and
non-discretionary expenditures and programs for 2020 and beyond,
which could have significant impacts on Denison and/or the
development of the Project. 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
accurate and results 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 factors discussed in Denison&#x2019;s
Annual Information Form dated March 13, 2020 under the heading
&#x2018;Risk Factors&#x2019;. These factors are not, and should not
be construed as being exhaustive.</font></div>
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<font style="font-style: italic; font-family: Arial; font-size: 11px">
Accordingly, readers should not place undue reliance on
forward-looking statements. The forward-looking information
contained in this news release is expressly qualified by this
cautionary statement. Any forward-looking information and the
assumptions made with respect thereto speaks only as of the date of
this news release. Denison does not undertake any obligation to
publicly update or revise any forward-looking information after the
date of this news release to conform such information to actual
results or to changes in Denison's expectations except as otherwise
required by applicable legislation.</font></div>
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<font style="font-style: italic; font-family: Arial; font-size: 11px">
<font style="font-weight: bold">Cautionary Note to United States
Investors Concerning Estimates of Measured, Indicated and Inferred
Mineral Resources and Probable Mineral Reserves:</font> This news
release may use the terms 'measured', 'indicated' and 'inferred'
mineral resources. United States investors are advised that while
such terms have been prepared in accordance with the definition
standards on mineral reserves of the Canadian Institute of Mining,
Metallurgy and Petroleum referred to in Canadian National
Instrument 43-101 Mineral Disclosure Standards ("NI 43-101") and
are recognized and required by Canadian regulations, the United
States Securities and Exchange Commission ("SEC") does not
recognize them. 'Inferred mineral resources' 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. <font style="font-weight: bold">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.</font> <font style="font-weight: bold">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.</font> The estimates of mineral reserves in this news
release have been prepared in accordance with NI 43-101. The
definition of probable mineral reserves used in NI 43-101 differs
from the definition used by the SEC in the SEC's Industry Guide 7.
Under the requirements of the SEC, mineralization may not be
classified as a "reserve" unless the determination has been made,
pursuant to a "final" feasibility study that the mineralization
could be economically and legally produced or extracted at the time
the reserve determination is made. Denison has not prepared a
feasibility study for the purposes of NI 43-101 or the requirements
of the SEC. Accordingly, Denison's probable mineral reserves
disclosure may not be comparable to information from U.S. companies
subject to the reporting and disclosure requirements of the
SEC.</font></div>
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