SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Gold/Mining/Energy : denison mines
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Lalit Jain who wrote (62)4/11/1997 4:16:00 PM
From: marcos   of 301
 
DENISON MINES LIMITED--CASH FREE-UP!!!

TORONTO, April 11 /CNW/ - Denison Mines Limited announced today that it
has reached agreement with the governments of Canada and Ontario to modify its
current funding arrangement under the Reclamation Funding Agreement. Denison
will now have the ability to suspend certain of its obligations by
maintaining, on an ongoing basis, a minimum balance in the Elliot Lake
Reclamation Trust Fund equal to the estimated reclamation spending for the
succeeding four calendar years. One of the primary obligations of Denison
under the Agreement which will be suspended is the obligation to deposit 90%
of future net cash receipts into the Elliot Lake Reclamation Trust.
E. Peter Farmer, Denison's President and Chief Executive Officer, said
that ``the current estimate of expenditures we intend to make at Elliot Lake
through to the end of year 2000 is $14.4 million. In order to achieve
suspension of the 90% obligation, we will be depositing a further sum of
approximately $5.6 million into the Reclamation Trust to supplement the
balance. With all the capital works scheduled to be completed by 1998 we will
have to deposit approximately $400,000 into the trust annually over the next
few years. We estimate that this amount is sufficient to cover all the near
term amounts for ongoing treatment and maintenance costs. This estimate is
assuming that there are no extraordinary events or any further requirements by
the Atomic Energy Control Board.''
``We are very pleased to have achieved this result which reflects
Denison's success with the ongoing reclamation of Elliot Lake, its continued
commitment to fulfil its obligation to reclaim the Elliot Lake mine site and
the high degree of co-operation between ourselves and the governments of
Canada and Ontario. Upon deposit of the $5.6 million and maintaining
suspension with annual deposits, we will have access to all of our future non
uranium cash flow until February 2001 to rebuild Denison.''






Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News