Denison Mines Corp. (“Denison” or the “Firm”) (TSX: DML) (NYSE American: DNN) is happy to announce that it has obtained a License to Possess, Use, Retailer and Switch a Nuclear Substance (“Nuclear Substance License”) from the Canadian Nuclear Security Fee (“CNSC”) for the In-Situ Restoration (“ISR”) Feasibility Subject Take a look at (“FFT”) deliberate for the Phoenix uranium deposit on the Firm’s 95% owned Wheeler River challenge. Receipt of this license, along with the beforehand introduced approval from the Saskatchewan Minister of Atmosphere (see information launch dated July 12 2022), implies that the FFT is absolutely permitted to proceed as per the Firm’s plans. View PDF model
In accordance with the Nuclear Security and Management Act, the Nuclear Substance License permits Denison to own the uranium collected from the operation of the FFT, retailer the uranium on web site, and deal with / switch the recovered materials for laboratory analyses.
Kevin Himbeault , Denison’s Vice President of Plant Operations & Regulatory Affairs, commented “We’re happy to have obtained the Nuclear Substance License from the CNSC . With receipt of this l icense, we are actually absolutely permitted to function the FFT services and perform the technique of recovering a uranium bearing resolution from the Phoenix ore physique . General, Denison was happy with t he CNSC’s license overview course of – notably given the considerably novel design of our FFT program and the collaboration vital to make sure the protected and environmentally accountable dealing with of a nuclear substance of this nature. ”
David Cates , Denison’s President & CEO, added, ” With the profitable receipt of a Nuclear Substance License from the CNSC, our technical and regulator y groups have once more de m o n strated their means to navigate the relevant regulatory regimes to assist our plans to hold out a first-of-its-kind check of the ISR uranium mining methodology in Canada. Our focus has now transitioned to the well timed completion of the development and operation of the FFT, which represents a really thrilling time within the Firm’s fashionable historical past and is predicted to generate additional essential de-risking milestones for the deliberate Phoenix ISR operation via the steadiness of the 12 months. ”
This press launch constitutes a ” designated information launch ” for the needs of the Firm ‘ s prospectus complement dated September 28, 2021 , to its brief kind base shelf prospectus dated September 16, 2021 .
Replace on FFT Development
Following receipt of the Approval to Function Pollutant Management Amenities from the Saskatchewan Minister of Atmosphere (see information launch dated July 12, 2022 ), earthworks and related preparation of the location for the FFT services commenced at Wheeler River, and building of the recovered resolution administration modules is underway in Saskatoon. Procurement efforts have been accomplished and deliveries of supplies are being often obtained.
Determine 1 gives a plan view of the anticipated FFT web site format. For extra details about the short-term floor services required to finish the FFT, together with extra illustrative figures, please see our information launch dated July 12, 2022 .
Background on the FFT
The FFT is designed to make use of the present commercial-scale ISR check sample (“Take a look at Sample”), put in at Phoenix in 2021 (see information releases dated July 29, 2021, and October 28, 2021 ), to facilitate a mixed evaluation of the Phoenix deposit’s hydraulic circulate properties with the leaching traits which have been assessed via the metallurgical core-leach testing program. General, the FFT is meant to supply additional verification of the permeability, leachability, and containment parameters wanted for the profitable utility of the ISR mining methodology at Phoenix and is predicted to validate and inform varied feasibility research design parts – together with the manufacturing and remediation profiles anticipated for the challenge.
The operation of the FFT is deliberate to happen in three phases: (1) the leaching part, (2) the neutralization part, and (3) the recovered resolution administration part.
The vast majority of the check actions (leaching and neutralization part) will happen inside an estimated 60-day working timeframe, with the development and placement of short-term services commencing roughly two months previous to the commissioning of the check services and initiation of the leaching part.
The leaching part is designed to evaluate the effectiveness and effectivity of the leaching course of within the mineralized zone, which is roughly 400m beneath the floor. The leaching part consists of the managed injection of an acidic resolution right into a portion of the present Take a look at Sample throughout the mineralized zone (the “Leaching Zone”) and the restoration of the resolution again to the floor utilizing current check wells. The recovered resolution from the leaching part is predicted to include dissolved minerals, together with uranium, copper, iron, molybdenum, and zinc.
The neutralization part entails the restoration of the rest of the leached mineralized resolution from the Leaching Zone and is meant to confirm the effectivity and effectiveness of the method for returning the Leaching Zone to environmentally acceptable circumstances. Throughout this part, a gentle alkaline (primary) resolution might be injected into the Leaching Zone to neutralize the world and reverse the residual results of the acidic resolution injected throughout the leaching part.
The recovered resolution administration part entails separating the answer recovered from each the leaching part and the neutralization part into (i) mineralized precipitates and (ii) a neutralized handled resolution.
About Wheeler River
Wheeler River is the biggest undeveloped uranium challenge within the infrastructure wealthy jap portion of the Athabasca Basin area, in northern Saskatchewan – together with mixed Indicated Mineral Assets of 132.1 million kilos U 3 O 8 (1,809,000 tonnes at a median grade of three.3% U 3 O 8 ), plus mixed Inferred Mineral Assets of three.0 million kilos U 3 O 8 (82,000 tonnes at a median grade of 1.7% U 3 O 8 ). The challenge is host to the high-grade Phoenix and Gryphon uranium deposits, found by Denison in 2008 and 2014, respectively, and is a three way partnership between Denison (operator) and JCU ( Canada ) Exploration Firm , Restricted (“JCU”). Denison has an efficient 95% possession curiosity in Wheeler River (90% instantly, and 5% not directly via a 50% possession in JCU).
A PFS was accomplished for Wheeler River in 2018, contemplating the potential financial benefit of growing the Phoenix deposit as an ISR operation and the Gryphon deposit as a traditional underground mining operation. Taken collectively, the p roject is estimated to have mine manufacturing of 109.4 million kilos U 3 O 8 over a 14-year mine life, with a base case pre-tax NPV of $1.31 billion (8% low cost charge), Inner Charge of Return ( ” IRR ” ) of 38.7%, and preliminary 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% low cost charge), IRR of 43.3%, preliminary pre-production capital expenditures of $322.5 million , and industry-leading common working prices of US$3.33 /lb U 3 O 8 . The PFS is ready on a challenge (100% possession) and pre-tax foundation, as every of the companions to the Wheeler River Joint Enterprise are topic to totally different tax and different obligations.
Additional particulars relating to the PFS, together with extra scientific and technical info, in addition to after-tax outcomes attributable to Denison’s possession curiosity, are described in larger element within the NI 43-101 Technical Report titled ” Pre-feasibility Examine for the Wheeler River Uranium Challenge, Saskatchewan, Canada ” dated October 30, 2018 , with an efficient date of September 24 , 2018. A duplicate of this report is offered on Denison’s web site and beneath its profile on SEDAR at www.sedar.com and on EDGAR at www.sec.gov/edgar.shtml .
Denison suspended sure actions at Wheeler River throughout 2020, together with the EA course of, which is on the vital path to reaching the challenge growth schedule outlined within the PFS. Whereas the EA course of has resumed, the Firm will not be at present in a position to estimate the affect to the challenge growth schedule outlined within the PFS, and customers are cautioned towards counting on the estimates supplied therein relating to the beginning of pre-production actions in 2021 and first manufacturing in 2024.
About Denison
Denison is a uranium exploration and growth firm with pursuits centered within the Athabasca Basin area of northern Saskatchewan, Canada . Along with its efficient 95% curiosity within the Wheeler River challenge, Denison’s pursuits within the Athabasca Basin embrace a 22.5% possession curiosity within the McClean Lake three way partnership, which incorporates a number of uranium deposits and the McClean Lake uranium mill that’s contracted to course of the ore from the Cigar Lake mine beneath a toll milling settlement, plus a 25.17% curiosity within the Midwest Most important and Midwest A deposits, and a 66.90% curiosity within the Tthe Heldeth Túé (“THT”, previously J Zone) and Huskie deposits on the Waterbury Lake property. The Midwest Most important, Midwest A, THT and Huskie deposits are every situated inside 20 kilometres of the McClean Lake mill.
By way of its 50% possession of JCU, Denison holds extra pursuits in varied uranium challenge joint ventures in Canada , together with the Millennium challenge (JCU 30.099%), the Kiggavik challenge (JCU 33.8118%) and Christie Lake (JCU 34.4508%). Denison’s exploration portfolio consists of additional pursuits in properties overlaying approximately300,000 hectares within the Athabasca Basin area.
Denison can also be engaged in post-closure mine care and upkeep companies via its Closed Mines group (previously Denison Environmental Providers), which manages Denison’s reclaimed mine websites within the Elliot Lake area and gives associated companies to sure third-party tasks.
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Certified Individuals
The disclosure of scientific or technical info associated to the FFT or Wheeler River challenge contained on this launch has been reviewed and authorized, as relevant, by Mr. David Bronkhorst , P.Eng, Denison’s Vice President, Operations or Mr. Andrew Yackulic , P. Geo., Denison’s Director, Exploration, who’re Certified Individuals in accordance with the necessities of NI 43-101.
Cautionary Assertion Relating to Ahead-Trying Statements
Sure info contained on this information launch constitutes ‘forward-looking info’, throughout the that means of the relevant United States and Canadian laws, in regards to the enterprise, operations and monetary efficiency and situation of Denison. Typically, these forward-looking statements can be recognized by way of forward-looking terminology equivalent to ‘potential’, ‘plans’, ‘expects’, ‘finances’, ‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’, or ‘believes’, or the negatives and/or variations of such phrases and phrases, or state that sure actions, occasions or outcomes ‘could’, ‘may’, ‘would’, ‘may’ or ‘will ‘ ‘ be taken’, ‘happen’ or ‘be achieved’.
Specifically, this information launch incorporates forward-looking info pertaining to the next: expectations with respect to the FFT program, scope, required allowing, timing and the anticipated outcomes thereof; and expectations relating to its three way partnership possession pursuits and the continuity of its agreements with its companions and third events.
Ahead- trying statements are based mostly on the opinions and estimates of administration as of the date such statements are made, and they’re topic to recognized and unknown dangers, uncertainties and different elements that will trigger the precise outcomes, degree of exercise, efficiency or achievements of Denison to be materially totally different from these expressed or implied by such forward-looking statements. For instance, the modelling and assumptions upon which the work plans for exploration and/or the Wheeler River Challenge are based mostly might not be maintained after additional work is accomplished. As well as, Denison could determine or in any other case be required to discontinue exploration, testing, analysis and growth work whether it is unable to keep up or in any other case safe the mandatory assets (equivalent to testing services, capital funding, regulatory approvals, and so forth.). Denison believes that the expectations mirrored on this forward-looking info are affordable however no assurance will be on condition that these expectations will show to be correct and outcomes could differ materially from these anticipated on this forward-looking info. For a dialogue in respect of dangers and different elements that might affect forward-looking occasions, please confer with the elements mentioned in Denison’s Annual Info Kind dated March 25, 2022 , or subsequent quarterly monetary reviews beneath the heading ‘Danger Components’. These elements usually are not, and shouldn’t be construed as being exhaustive.
Accordingly, readers mustn’t place undue reliance on forward-looking statements. The forward-looking info contained on this information launch is expressly certified by this cautionary assertion. Any forward-looking info and the assumptions made with respect thereto speaks solely as of the date of this information launch. Denison doesn’t undertake any obligation to publicly replace or revise any forward-looking info after the date of this information launch to adapt such info to precise outcomes or to adjustments in Denison’s expectations besides as in any other case required by relevant laws.
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SOURCE Denison Mines Corp.
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