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Gold/Mining/Energy : Denison Mines - DEN on Toronto..does anyone follow it?
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To: Big Red who wrote (9)8/21/1996 8:45:00 AM
From: Ronnie Commisso   of 38
 
Looks like Oil!!

There was a press release on August 19 which I pasted below from Canada News Wire. I also heard from a freind that there was an article in yesterdays Toronto Star about this announcement; howevever, I haven't seen it yet.

IMHO, I think this is a start of a long term trend.

I will be doing a little more research today. If I find anything new, I will post it here. Let me know if anyone else finds interesting news.


TORONTO, Aug. 19 /CNW/ - Denison Mines Limited announced today that the
producing well into the previously non-producing development area known as
Prinos North has been successfully completed at a cost of US$10 million,
Denison's share being US$4.5 million. The well was drilled horizontally from
the existing production platform in the Prinos field to a total distance of
4,000 metres with a depth of 2,200 metres. The well has 358 metres of
horizontal section within the targeted reservoir and 72 net metres were
perforated over a distance of 125 metres at the farthest end of the well.
After several days of testing, the well is producing at a nominal rate of
3,500 barrels of oil per day at a 20/64th inch choke. Initial sampling
indicates that the oil has an API gravity of 22 to 23 degrees and contains
approximately 6% sulphur. As a result, it is expected that it will have a
selling price of between $2.50 to $3.50 per barrel less than the Prinos crude.
The Prinos North reservoir sands are of high quality and it is not
expected that water flooding will be necessary. Oil in place has been
calculated at about 18 million barrels of which up to 3 million may be
recoverable over a period of about three years.
Denison has a 45% interest in the Prinos North field and a 69% interest
in the Prinos oil field. Total production from both fields is currently at
about 13,000 barrels of oil per day. The added production from Prinos North
will extend the life of the whole Prinos oil development.

For further information: Gabe Crozzoli, (416) 979-1991 extension 366
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