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URANIUM EXPLORATION – Denison outlines plans

SASKATCHEWAN - Many juniors are now hunting uranium in the Athabasca Basin, but Toronto-based DENISON MINES has had...


SASKATCHEWAN – Many juniors are now hunting uranium in the Athabasca Basin, but Toronto-based DENISON MINES has had interests in the area for decades. The company recently said it is investing $3.5 million in exploration there this year and will pump up that amount to $5.0 million in 2006. Denison has five projects on the go, four of which are near the McClean Lake mill in which the company has a 22.5% stake.

The area of interest at the Midwest project (25.17% Denison) lies 3 km north of the main deposit. Although the company says last winter’s program was cut short by poor ice conditions, drill cores assayed 6.25% U3O8 over 7.1 metres, 11.67% over 7.7 metres and 1.14% over 17.70 metres. Work will continue on these targets next year as well as under the main deposit to test for basement-hosted mineralizaton.

At the McClean Lake property (22.5% Denison), exploration drilling is targeting the Bena Lake area west of the Sue E pit, on the basement potential of the McClean South podiform mineralization and on the easterly strike extension of the JEB deposit. The JEB mill is currently being expanded to 12.0 million lb/year to handle ore from the Cigar Lake mine.

Denison is earning a 22.5% interest in the Wolly property that surrounds the McClean Lake property on three sides. The initial focus will be the Snake Lake area, which is interpreted to represent the geological extension of the JEB trend. A 5,000-metre, two-stage program is planned for 2006.

The Waterfound project (14.76% Denison) will be the subject of an airborne gravity survey, line-cutting and ground geophysical surveys next year.

Near the Key Lake mill, Denison is increasing its interest in the Wheeler River property to 60%. This property is located next to and along strike from the McArthur River uranium mine. Denison is the operator and plans 13,500 metres of drilling next year and some additional geophysical work.

In other news, Denison has agreed to support continued test mining at the McClean Lake mine. The operator of the project, COGEMA RESOURCES, tested both blind shaft mining (blind boring) and hydraulic borehole mining (jet boring). Pending regulatory approval, test mining will continue next year from 15 holes with anticipated production of 1.0 million lb of U3O8.

The Denison website is at www.DensionMines.com.


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