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Gold/Mining/Energy : Denison Mines (T.DEN)

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To: JAS who wrote (6)	9/30/1999 4:54:00 PM
From: MrsNose	of 9

News Release after the bell.Thursday September 30, 4:31 pm Eastern Time Company Press Release Denison Announces Completion Of White Rose Sale And Midwest Acquisition TORONTO, ONTARIO--Denison Mines Limited announced today that it has completed the sale of its interest in the White Rose oil field off the east coast of Newfoundland together with its interests in two other discovery licenses in the same area. The gross proceeds from this sale of $13.1 million included reimbursement of all of Denison's investment in these assets during 1999 and result in the realization of an after-tax net earnings gain of about $7.6 million which will be recorded in the company's third quarter results. Denison has also acquired an additional 5.5% interest in the Midwest uranium property increasing its interest to 25.0%. This purchase adds about 1.9 million pounds of U(3)O(8) to Denison's uranium reserves. Denison's cash and marketable securities now total in excess of $25 million. Production from the McClean Uranium Project, in which Denison has a 22.5% interest, is increasing to the design capacity of 6 million pounds U(3)O(8)z per year. Production in 1999 is expected to exceed 1.5 million pounds of which Denison's share will be about 700,000 pounds.

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