<SEC-DOCUMENT>0001654954-21-010349.txt : 20210923
<SEC-HEADER>0001654954-21-010349.hdr.sgml : 20210923
<ACCEPTANCE-DATETIME>20210923162340
ACCESSION NUMBER:		0001654954-21-010349
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20210923
FILED AS OF DATE:		20210923
DATE AS OF CHANGE:		20210923

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:		211272785

	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>form6k.htm
<DESCRIPTION>FORM 6-K DATED SEPTEMBER 23, 2021
<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: 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: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER 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;">UNDER 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: September 23, 2021</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;">Commission File Number:</font> <font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">001-33414</font></div>
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<div style="text-align: center; text-indent: 0px; padding-bottom: 2.7px; margin-right: 0px; margin-left: 0px; line-height: 1;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-family: Times New Roman; font-size: 32px; font-weight: bold;">Denison Mines Corp.</font>&#xA0;<br></font></div>
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registrant)</font></font></div>
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</font></div>
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</font></div>
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principal executive offices)</font></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;">&#xA0;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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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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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>
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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<br></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-weight: bold">DENISON MINES
CORP.</font><br></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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<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>
September 23, 2021</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>
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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;">Vice
President Legal and Corporate Secretary</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;"><font style="font-weight: bold;">FORM 6-K
EXHIBIT INDEX</font></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: left"><font><a href="a20210921-fsannouncementv.htm">Press release dated September 22,
2021</a>&#xA0;<br></font></div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a20210921-fsannouncementv.htm
<DESCRIPTION>PRESS RELEASE DATED SEPTEMBER 22, 2021
<TEXT>
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<font style="font-family: Arial; font-size: 11px;"><font style="font-weight: bold">Exhibit 99.1</font><br></font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
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<div><img src="denisonlogo-med.jpg"></div>
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<td style="width: 50%">
<div><font>&#xA0;</font>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Denison Mines
Corp.</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">1100 &#x2013; 40
University Ave</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Toronto, ON M5J
1T1</font></div>
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">www.denisonmines.com</font></div>
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<br>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="color: #000000; font-family: Arial; font-size: 13px">PRESS
RELEASE</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 13px">
DENISON ANNOUNCES DECISION TO ADVANCE WHEELER RIVER</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 13px">
TO FEASIBILITY STUDY STAGE AND SELECTION OF</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 13px">
WOOD PLC AS INDEPENDENT LEAD AUTHOR</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Arial; font-size: 12px"><font style="font-weight: bold; color: #000000">Toronto, ON &#x2013;Sept 22,
2021. Denison Mines Corp.</font> <font style="color: #000000">(&#x201C;Denison&#x201D; or the
&#x201C;Company&#x201D;) (TSX: DML, NYSE American: DNN) is pleased to
announce that the Wheeler River Joint Venture (&#x201C;WRJV&#x201D;)
has approved the initiation of an independent Feasibility Study
(&#x201C;FS&#x201D; or the &#x201C;Study&#x201D;) for the In-Situ
Recovery (&#x201C;ISR&#x201D;) mining operation proposed for the
Phoenix uranium deposit (&#x201C;Phoenix&#x201D; or the
&#x201C;Project&#x201D;). The Company is also pleased to announce the
selection of leading global consulting and engineering firm Wood
PLC (&#x201C;Wood&#x201D;) to lead and author the FS in accordance
with Canadian Securities National Instrument
43-101</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 12px">(&#x201C;NI
43-101&#x201D;).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<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-family: Arial; font-size: 12px"><font style="color: #000000">David Cates, Denison&#x2019;s President &amp; CEO,
commented,</font> <font style="font-weight: bold; font-style: italic; color: #000000">&#x201C;The
ISR de-risking activities we&#x2019;ve completed since the
publication of the Pre-Feasibility Study (&#x2018;PFS&#x2019;) for
Wheeler River in 2018 have been designed to support the completion
of a future Feasibility Study, and the results to date have further
confirmed the technical viability of the Project &#x2013; leading to
the decision to advance the Project and initiate the formal
Feasibility Study process.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<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="color: #000000; font-weight: bold; font-style: italic; font-family: Arial; font-size: 12px">
During this de-risking phase, we have been able to verify ore-body
permeability and the leachability of high-grade uranium in
conditions representative of an ISR mining setting. We&#x2019;ve
also engineered an improved containment design using a more
conventional ground freezing approach. Based on the results of
field programs and metallurgical lab testing completed over the
last three years, we are confident that the Project is ready to
advance into a full Feasibility Study. Taken together with the
selection of globally recognized engineering firm Wood, the
decision to launch the formal Feasibility Study process for Phoenix
represents another important step towards achieving our objective
of bringing low-cost ISR mining to the high-grade uranium deposits
of the</font></div>
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<font style="color: #000000; font-weight: bold; font-style: italic; font-family: Arial; font-size: 12px">
Athabasca Basin.&#x201D;</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="text-decoration: underline; color: #000000; font-weight: bold; font-family: Arial; font-size: 12px">
Feasibility Study</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<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="color: #000000; font-family: Arial; font-size: 12px">The
completion of the FS is a critical step in the progression of the
Project and is intended to advance de-risking efforts to the point
where the Company and the WRJV will be able to make a definitive
development decision. Key objectives of the Study are expected to
include:</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 12px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 12px"><font style="font-weight: bold; color: #000000">Environmental
Stewardship:</font> <font style="color: #000000">Extensive planning
and technical work undertaken as part of the ongoing Environmental
Assessment (&#x201C;EA&#x201D;), including applicable feedback from
consultation efforts with various interested parties, is expected
to be incorporated into the FS project designs to support our
aspiration of achieving a superior standard of environmental
stewardship that meets and exceeds the anticipated environmental
expectations of regulators and aligns with the interests of local
Indigenous communities;</font></font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 12px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 12px"><font style="font-weight: bold; color: #000000">Updated Estimate of Mineral
Resources:</font> <font style="color: #000000">Mineral resources
for Phoenix were last estimated in 2018. Since then, additional
drilling has been completed in and around the Phoenix deposit as
part of various ISR field tests, including drill hole GWR-045
(22.0% eU</font><font style="font-size: 70%; vertical-align: bottom; color: #000000">3</font><font style="color: #000000">O</font><font style="font-size: 70%; vertical-align: bottom; color: #000000">8</font>
<font style="color: #000000">over 8.6 metres, see news release
dated July 29, 2021), and exploration drilling. The updated mineral
resource estimate will form the basis for mine planning in the
FS;</font></font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 12px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 12px"><font style="font-weight: bold; color: #000000">Mine Design
Optimization</font><font style="color: #000000">: FS mine design is
expected to reflect the decision to adopt a freeze wall
configuration for containment of the ISR well field (see news
release dated December 1, 2020), as well as the results from
multiple field test programs and extensive hydrogeological
modelling exercises, which have provided various opportunities to
optimize other elements of the Project &#x2013; including well
pattern designs, permeability enhancement strategies, and both
construction and production schedules;</font></font></div>
</div>
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<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 12px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 12px"><font style="font-weight: bold; color: #000000">Processing Plant
Optimization:</font> <font style="color: #000000">FS process plant
design is expected to reflect the decision to increase the ISR
mining uranium head-grade to 15 g/L (see news release dated August
4, 2021), as well as the results from extensive metallurgical
laboratory studies designed to optimize the mineral processing
aspects of the Project; and</font></font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 12px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 12px"><font style="font-weight: bold; color: #000000">Class 3 Capital Cost
Estimate:</font> <font style="color: #000000">The FS is also
intended to provide the level of engineering design necessary to
support a Class 3 capital cost estimate</font> <font style="color: #000000">(AACE international standard with an accuracy of
-15% /+25%), which is expected to provide a basis to confirm the
economic potential of the Project highlighted in the PFS completed
in 2018 (see news release dated September 24,
2018).</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<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="text-decoration: underline; color: #000000; font-weight: bold; font-family: Arial; font-size: 12px">
Wood PLC</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<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-family: Arial; font-size: 12px"><font style="color: #000000">Wood is a global leader in consulting and
engineering across energy and the built environment, helping to
unlock solutions to some of the world&#x2019;s most critical
challenges. Wood provides consulting, project and operational
solutions in more than 60 countries and employs around 40,000
people. Importantly, Wood&#x2019;s Saskatchewan-based team has
significant experience in ISR mining projects as well as
large-scale uranium, potash and solution mining projects. For more
information about Wood, please visit</font> <font style="text-decoration: underline; color: #0000FF">www.woodplc.com</font><font style="color: #000000">.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<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-weight: bold; font-style: italic; font-family: Arial; font-size: 12px">
About Wheeler River</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<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: 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 (operator) and JCU (Canada)
Exploration Company Limited. Denison has an effective 95% ownership
interest in Wheeler River (90% directly, and 5% indirectly through
a 50% ownership in JCU).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<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: 12px">
A PFS was completed for Wheeler River in 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. Taken together, 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>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<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: 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>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<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: 12px">
Denison suspended certain activities at Wheeler River during 2020,
including the EA process, which is on the critical path to
achieving the project development schedule outlined in the PFS.
While the EA process has resumed, the Company is not currently able
to estimate the impact to the project development schedule outlined
in the PFS, and users are cautioned against relying on the
estimates provided therein regarding the start of pre-production
activities in 2021 and first production in 2024.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<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-weight: bold; font-style: italic; font-family: Arial; font-size: 12px">
About Denison</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<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: 12px">
Denison is a uranium exploration and development company with
interests focused in the Athabasca Basin region of northern
Saskatchewan, Canada. In addition to its effective 95% interest in
the Wheeler River project, Denison's interests in the Athabasca
Basin include a 22.5% ownership interest in the McClean Lake joint
venture, which includes several uranium deposits and the McClean
Lake uranium mill that is contracted to process the ore from the
Cigar Lake mine under a toll milling agreement, plus a 25.17%
interest in the Midwest Main and Midwest A deposits, and a 66.90%
interest in the Tthe Heldeth T&#xFA;&#xE9; ("THT," formerly J Zone)
and Huskie deposits on the Waterbury Lake property. The Midwest
Main, Midwest A, THT and Huskie deposits are each located within 20
kilometres of the McClean Lake mill.</font></div>
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</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<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: 12px">
Through its 50% ownership of JCU, Denison holds additional
interests in various uranium project joint ventures in Canada,
including the Millennium project (JCU 30.099%), the Kiggavik
project (JCU 33.8123%) and Christie Lake (JCU
34.4508%).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<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: 12px">
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>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font><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-weight: bold; font-family: Arial; font-size: 12px">
For more information, please contact</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 12px;">&#xA0;</font></div>
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In particular, this news release contains forward-looking
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selection and appointment of Wood to author the FS; the planned
scope, elements, and objectives of the FS, including the plans for
an updated mineral resource estimate, mine design optimization
processing plant optimization and Class 3 capital cost estimate;
other evaluation activities, objectives and expectations, including
the ongoing EA and related processes; the results of the PFS and
expectations with respect thereto, including the designs disclosed
to-date and the ability to maintain or build upon such designs;;
other development and expansion plans and objectives; and
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expressed or implied by such forward-looking statements. For
example, the modelling and assumptions upon which the work plans
are based may not be maintained after further testing or be
representative of actual conditions within the Phoenix deposit. In
addition, Denison may decide or otherwise be required to
discontinue its field test activities or other testing, evaluation
and development work at Wheeler River if it is unable to maintain
or otherwise secure the necessary resources (such as testing
facilities, capital funding, regulatory approvals, etc.) or
operations are otherwise affected by COVID-19 and its potentially
far-reaching impacts. 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
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<font style="font-weight: bold">Cautionary Note to United States
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with reference to the guidelines set out in the Canadian Institute
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
