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Denison Announces Completion of Transaction to Increase Interest in the Wheeler River Uranium Project to 90%
Denison Announces Completion of Transaction to Increase Interest in the Wheeler River Uran...
About this update from Denison Mines Corp.
[{"type":"text","content":"\n\n\n\nDenison Announces Completion of Transaction to Increase Interest in the Wheeler River Uranium Project to 90%\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Oct. 29, 2018\n\n\n\nTORONTO, Oct. 29, 2018 /CNW/ - Denison Mines Corp. (\"Denison\" or the \"Company\") (TSX: DML) (NYSE American: DNN) is pleased to announce that it has completed the previously announced transaction (the \"Transaction\") with Cameco Corporation (\"Cameco\"), whereby Denison has acquired all of Cameco's minority interest in the Wheeler River Uranium Project (\"Wheeler River\" or the \"Project\"). Denison now holds a 90% participating interest in the Project (directly and indirectly through its subsidiary Denison Mines Inc.). \n\n \n \n\n \nDenison's joint venture partner in the Project, JCU (Canada) Exploration Company Limited (\"JCU\"), waived its right of first refusal to pro rata participation in the Transaction, and retained its 10% participating interest in the Project.  \nDenison acquired Cameco's approximately 24% interest in the Wheeler River Joint Venture, in exchange for the issuance of 24,615,000 common shares of Denison, representing approximately 4.2% of the Company's issued and outstanding common shares.  \nAbout Wheeler River\nWheeler River is the largest undeveloped uranium project in the infrastructure rich eastern portion of the Athabasca Basin region, in northern Saskatchewan – including combined Indicated Mineral Resources of 132.1 million pounds U3O8 at an average grade of 3.3% U3O8, plus combined Inferred Mineral Resources of 3.0 million pounds U3O8 at an average grade of 1.7% U3O8. 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 (10%). \nA Pre-Feasibility Study (\"PFS\") was completed, considering the potential economic merit of co-developing the high-grade Gryphon and Phoenix deposits, the results of which were announced on September 24, 2018. Taken together, the project ...