SASKATCHEWAN – Denison Mines Corp
. of Toronto is increasing its share of the Wheeler River uranium project to approximately 66% from 60% by the end of 2018. The property is located in the eastern part of the Athabasca Basin and is a joint venture between Denison (60% and operator), Cameco Corp
. (30%), and JCU (Canada) Exploration
[caption id="attachment_1003716626" align="alignright" width="300"] Target areas at the Wheeler River property. (map: Denison Mines)
Denison can increase its share of the joint venture by funding half of Cameco’s exploration spending obligation in 2017 and 2018. Cameco has taken a one-time election to fund only half its ordinary share of expenditures during that time.
Denison president & CEO David Cates commented, "The Wheeler River project has emerged as the largest high grade undeveloped uranium project in the eastern portion of the Athabasca Basin. It is incredibly unique to have an opportunity to increase our controlling interest.”
The partners have approved a $12.5-million work program for Wheeler River in 2017. Denison has also agreed to set the 2018 budget, not to exceed $15.6 million.
Details about the Wheeler River project are available at www.DenisonMines.com