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Gold/Mining/Energy : denison mines

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To: benameurlaine hakim who wrote ()	5/15/1997 2:23:00 PM
From: Dan Bekkers	of 301

PR Newswire, Thursday, May 15, 1997 at 13:57 TORONTO, May 15 /CNW-PRN/ - Denison Mines Limited, which completed a major restructuring in December 1995 has ``a solid foundation from which it will profitably grow and provide a basis for increasing share value'' E. Peter Farmer, Denison's President and Chief Executive Officer, told today's annual meeting. He said that ``this foundation is reflected in the results of the past year. Denison earned $50.1 million or $0.16 per share and the trend has continued in the first quarter of 1997 with earnings of $7.6 million or $0.02 per share on revenue of $20.4 million.'' Mr. Farmer said that ``the most important event to date in 1997 is our agreement with the governments of Canada and Ontario to modify the Reclamation Funding Agreement. Denison's obligation to deposit 90% of future net cash receipts into the Elliot Lake Reclamation Trust is suspended. We now have the ability to use our cash resources to pursue growth.'' ``We have entered into our first new mineral exploration project in many years. Denison and Inmet Mining Corporation entered into an agreement with Virginia Gold Mines Inc. whereby Denison can earn a 25% interest in what is known as the Sagar project which is north of Schefferville Quebec. We will be reviewing other ventures in which it might be opportune for us to obtain an interest. These ventures will be beyond the ``grass roots'' stage and will involve known resources of gold or uranium and may involve an existing mine'' he said. Farmer promised ``to increase the level of our communication to our shareholders and the investment community to help ensure that our situation is better understood.'' He believes ``that awareness of Denison will continue to grow and our story will continue to improve. The results should be reflected in an increasing value of our common shares.'' -0- 5/15/97 /CONTACT: E. Peter Farmer (416) 979-1991 Extension 231/

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