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Gold/Mining/Energy : denison mines

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To: marcos who wrote (55)	3/19/1997 5:51:00 PM
From: Lalit Jain	of 301

marcos, The only reason Denison may make $0.05 eps for 1997 will be due to: 1. A fall in oil prices and uranium prices. 2. The start up of the uranium mine in Sasketchwan is delayed. Also, during the first year of operation, normally a mine does not have a profit. However, we really should be looking at Denison's cash flow for 1997. By mid year, Denison will have completely amortized its Prinos Oil development costs. So the oil related eps will increase. This will be offset by a loss related to the uranium mine start up. I still expect 1997 earnings to be about $0.10/sh, and cash flow to be about $60M Cdn. Also, I expect 1997 energy prices to be higher than 1996 on average. Denison, imo, is very undervalued and should do just fine. Regards, Lalit Jain

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