Business
Denison Mines Reports Results From Q3 2020
TORONTO, Nov. 5, 2020 /CNW/ - Denison Mines Corp. ("Denison" or the "Company") (TSX: DML) (NYSE-MKT: DNN) today filed its Condensed Consolidated Financial State
About this update from Denison Mines Corp.
[{"type":"text","content":" TORONTO, Nov. 5, 2020 /CNW/ - Denison Mines Corp. (\"Denison\" or the \"Company\") (TSX: DML) (NYSE-MKT: DNN) today filed its Condensed Consolidated Financial Statements and Management's Discussion & Analysis (\"MD&A\") for the quarter ended September 30, 2020. Both documents can be found on the Company's website at www.denisonmines.com or on 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. View PDF version. David Cates, President and CEO of Denison commented, \"Our third quarter highlights illustrate the recent effort made by Denison to ensure the Company remains on track for the future development of the Phoenix In-Situ Recovery ('ISR') operation, which has the potential to become one of the lowest cost uranium mining operation in the world. Our team developed responsible return to work protocols and resumed field activity at the Wheeler River site – including the completion of an ISR field program designed to build confidence in the 'Proof of Concept' hydrogeologic model, which was announced in June and represents a significant project de-risking milestone. The 2020 ISR field program also included the completion of environmental field work necessary to support the design and permitting of further ISR test work. On the financial front, the Company successfully completed a well-supported and significantly up-sized public offering in early October – raising gross proceeds of approximately US$19 million. At the end of October, the Company is estimated to have over CAD$29 million in cash and remains debt free. Taken together, our operations and balance sheet are poised to support the future advancement of the Environmental Assessment and Feasibility Study for Wheeler River through 2021 and beyond, as we move towards a definitive development decision. The uranium market has steadied through the balance of the third quarter, following the announcement of the restart of the Cigar Lake mine and Denison's 22.5% owned McClean Lake uranium mill. The spot price has support around US$30/lb U3O8 – roughly 60% above the lows the commodity reached in late 2016 – and is set to benefit from a resumptio...