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Gold/Mining/Energy : denison mines

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To: Robert Bachynski who wrote (206)	12/16/1999 9:24:00 PM
From: Lalit Jain	Read Replies (1) of 301

Denison loses appeal Denison Mines Ltd DEN Shares issued 317,871,201 Dec 16 close $0.10 Thu 16 Dec 99 News Release Mr. Peter Farmer reports The Ontario Court of Appeal has upheld the trial judge's decision on the calculation of royalties payable by Denison Mines from the company's Greek oil concession. As a result, Denison will be paying the corporate royalty holder approximately $8.6-million (U.S.) or about $12.7-million. The payment of this amount will leave Denison with $14-million, four cents per share, in cash and marketable securities and reduce earnings in 1999 by the amount of the payment. Denison also announced that payments of the Ecuadorian oil royalty have commenced, a favourable settlement of Denison's reclamation liabilities in Greece appears imminent and that the McClean Lake uranium project has been producing at commercial production levels since early November. Peter Farmer, Denison's president and chief executive officer said, "Although we are very disappointed with the outcome of this appeal which dampens our ability to expand, other developments this year have been very positive and will bode well for the future of Denison." (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com

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