Canadian Mining Journal


URANIUM: Denison floats $43M deal with Anglo Pacific

TORONTO – Denison Mines Corp. has signed definitive agreements with Anglo Pacific Group that will put $43.5 million in the Denison treasury. The deal includes a 13-year limited recourse loan of $40.8 million and $2.7 million streaming agreement for 22% of Denson’s share of certain Cigar Lake uranium ore after milling.

Denison’s president and CEO David Cates said, “This financing represents a truly creative partnership between Denison and APG – whereby Denison is able to use its existing asset base to provide the company with the financial flexibility needed to advance our flagship Wheeler River project towards a development decision.”

Both the Phoenix and Gryphon deposits occur along the eastern flank of the Athabasca Basin.

The Wheeler River property includes the Phoenix and Gryphon deposits. Phoenix contains indicated resources of 70.2 million lb of uranium oxide at a grade of 19.1% U3O8, and is the highest grade undeveloped uranium deposit in the world. Gryphon is hosted in basement rock, approximately 3 km northwest of Phoenix, and is currently estimated to contain inferred resources of 43 million lb of uranium oxide at a grade of 2.3% U3O8.

The Wheeler River preliminary economic assessment is available at

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