URANIUM: Phoenix deposit at Wheeler River tops 70M lb

SASKATCHEWAN – Denison Mines Corp. of Toronto has released the latest resource estimate for the Phoenix uranium deposit, one that puts total uranium oxide content at 70.2 million lb. The Phoenix deposit is part of the Wheeler River project located between the Key Lake mill and the McArthur River uranium mine in the Athabasca Basin.

Last year Denison drilled 25 holes at Phoenix to convert inferred resources to indicated and to extend the higher grade portions of the deposit. The results vaulted the 2012 indicated estimate of 52.3 lb of uranium oxide to over 70 million lb contained in 166,400 tonnes of mineralization grading 19.13% U₃O₈. Plus, the total inferred resource is estimated at 1.1 million lb uranium oxide contained in 8,600 tonnes grading 5.80% U₃O₈.

Denison is the operator and 60% owner of the Wheeler River project. The balance is held by Cameco Corp. (30%) and JCU (Canada) Exploration (10%).

Read Denison's Q1 2014 exploration and development update for all its projects at DenisonMines.com.