Hi, Lalit....Latest I heard was from the annual report (just received and dated April 2) and says commisioning of the mill has begun on schedule, infrastructure at Sue C underway, stripping of JEB pit completed and ore being stockpiled. There is a new deal for ore from Cigar Lake to be milled at the McLean Lake facility, providing "significant economic benefit....through economies of scale and reduced capital costs."
I had forgotten that DEN has 2.5% of the Whiterose Field off Newfoundland where Husky is the operator. This is a major field and it seems Husky is "evaluating plans for delineation drilling and formation flow testing at rates of up to 40,000bbl/day during late 1998 and 1999. If this program proves successful, full field production could begin as early as 2003." This is news to me, not long ago there were no plans to develop Whiterose that soon, and it's a whack of bbls/day to DEN.
It's late and I'm tired, so won't put out the treatise the annual report deserves, overall I am impressed and DEN was looking very attractive today off a penny or more. One of my banks is becoming what they call "fairly priced" and if I roll out of it a few nickels will go into Denison, for sure. As I mentioned on the other thread, that's where the Bresea profits....<g>...would have gone. I hope you didn't take too big a hit on that one.
Call this picayune if you will, but one of the things that impressed me about the annual report is the fact that while it presents the information we're looking for in a full and clear manner, there's no gloss and no photographs. I get a pile of reports every year and the majority of them piss me off with the flashy production, some of them must cost 10 bucks apiece. Looks like DEN got theirs out for a couple bucks and the 2.05 for postage. I like that, I'd rather take the cash in dividends down the road a ways...... |
