Denison Mines says AECB approves start-up of McClean uranium project
Denison Mines Ltd DEN
Shares issued 317,871,201 Jun 17 close $0.14
Fri 18 Jun 99 News Release
Mr. E. Peter Farmer reports
Denison Mines Ltd., has declared that the Atomic Energy Control Board has
given formal approval of the operating licence to permit the McClean Lake
project to commence producing uranium concentrates.
The McClean processing facilities and related infrastructure have been
constructed and commissioned, and uranium ore from the JEB Pit has been
stockpiled at the plant site to provide the feed to the facilities during
the initial months of operation. It is expected that the final approvals
from the Saskatchewan authorities will be received shortly so that
production can begin in the next week to 10 days.
It is anticipated that the facility will achieve commercial production in
October or November this year and be able to operate at above the
six-million-pound design capacity for the following 12 months. Denison's
share of production is 2.1 million pounds of the first 4.54 million pounds
after which Denison will receive its pro rata share of product.
The McClean ore reserves, together with those at the adjacent Midwest
property, total 85 million pounds of uranium, of which Denison's share is
over 19 million pounds. These high-grade reserves are sufficient for a
14-year project life at design production rates and the potential for
further discoveries is good.
The McClean Lake project is owned 22.5 per cent by Denison, 70 percent by
Cogema Resources Inc., which is the operator, and 7.5 percent by OURD
(Canada) Co., Ltd.
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