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Gold/Mining/Energy : denison mines
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To: Lalit Jain who wrote (251)10/5/2001 10:18:26 AM
From: Lalit Jain  Read Replies (1) of 301
 
Denison Exceeds Oil Production Target

TORONTO, ONTARIO--Denison Mines Limited announced today that it will have exceeded its oil and gas production target of 300 barrels of oil equivalent per day as soon as its latest well is tied into a pipeline for production. Completion of the tie in of the Knappen gas well in Southern Alberta is scheduled for no later than the end of October. The Knappen well, in which Denison has a 100% interest until two times its investment is recouped and thereafter a 50% interest, has tested at over 2,000 mcf per day with a preliminary reserve estimate of 3.7 bcf of gas. A complete reserve report is currently being prepared. Processing and water disposal facilities at the Countess field are scheduled to be completed in the next two weeks and are expected to add another 20 to 40 boe per day to Denison's production and reduce operating costs by about $4.00 per barrel. At least one new well will be drilled this year in the 50% owned Countess field that is currently producing about 160 boe per day.

Denison also confirmed recent contracts to complete the decommissioning of Inco's Levack mine in Ontario and to manage the decommissioning of the Hope Brook mine in Newfoundland over at least the next 30 months.

The news release contains forward-looking information with respect to Denison's operations and future financial results. Actual results may differ from expected results for a variety of reasons including factors discussed in the Company's Management Discussion and Analysis section of its 2000 Annual Report.
Contact:

Denison Mines Limited
Donald C. Campbell
Vice-President, Marketing and Special Projects
Phone: (416) 979-1991 Extension 238
www.denisonmines.com
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