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Denison Mines Reports Financial and Operational Results for Q2 2022, Including Uranium Sales from Production at $74.65 per lb U3O8
TORONTO, Aug. 4, 2022 /CNW/ - Denison Mines Corp. ('Denison' or the 'Company') (TSX: DML) (NYSE American: DNN) today filed its Condensed Consolidated Financial
About this update from Denison Mines Corp.
[{"type":"text","content":" TORONTO, Aug. 4, 2022 /CNW/ - Denison Mines Corp. ('Denison' or the 'Company') (TSX: DML) (NYSE American: DNN) today filed its Condensed Consolidated Financial Statements and Management's Discussion & Analysis ('MD&A') for the quarter ended June 30, 2022. Both documents will be available on the Company's website at www.denisonmines.com, SEDAR (at www.sedar.com) and EDGAR (at www.sec.gov/edgar.shtml). The highlights provided below are derived from these documents and should be read in conjunction with them. All amounts in this release are in Canadian dollars unless otherwise stated. David Cates, President and CEO of Denison commented, \"During the second quarter, Denison capitalized on rising uranium prices with the sale of the Company's share of Canadian-origin production received from the successful SABRE mining test completed by the McClean Lake Joint Venture ('MLJV') in 2021. The SABRE test resulted in the production of over 175,000 lbs U3O8. By comparison, this test production represents over eight times the total mine production of uranium reported in the United States for 2021 – highlighting the importance of new sources of low-cost Canadian uranium supply as the global uranium market grapples with sanctions and self-sanctioning against Russian uranium supplies and progresses towards a geopolitical bifurcation where product origin could be crucial. The Company's flagship Wheeler River development project is well positioned to respond to global demand for Canadian-origin uranium, and our efforts through the second quarter have produced several key developments that have advanced the project – namely, the receipt of regulatory approval from the Province of Saskatchewan to carry out the Feasibility Field Test ('FFT') planned for the Phoenix deposit and the achievement of key metallurgical milestones to define the components necessary for the Phoenix processing plant and confirm our ability to produce a saleable yellowcake. We were also pleased to report the execution of two important agreements with Kineepik Métis Local #9 ('KML') for (i) Denison's exploration and evaluation activities within KML's land and occupancy area, and (ii) the co-development of an agreement related to the advancement of the proposed Phoenix In-Situ Recovery ('ISR') uranium mining operation. During the second half of the year, ...