MERGER: Denison, Energy Fuels to consolidate U.S. assets

TORONTO – Denison Mines has entered into an agreement with Energy Fuels of Toronto and Lakewood, CO, whereby Energy Fuels will acquire all of Denison’s mining assets in the United States. In return, Denison will receive 425.4 million common shares of Energy Fuels.

The deal is being touted as creating the largest all-American, pure-play uranium producer and as establishing the largest US-based uranium resource. More than 25% of total US estimated uranium production will come from properties owned by these companies.

Denison’s assets include the 1,800-t/d White Mesa mill, the Daneros mine, and the Henry Mountains complex in Utah; the Colorado Plateau mines on the Utah-Colorado border; the Arizona Strip properties in Arizona; plus a number of exploration and miscellaneous properties.

Energy Fuels produces both uranium and vanadium. It has completed a preliminary feasibility study for its Sheep Mountain project in Wyoming and is in receipt of the licence for the proposed Pinion ridge mill (the first uranium mill to be built in the United States in 30 years).

Details of the proposed arrangement are available at both companies’ websites, DenisonMines.com and EnergyFuels.com.