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Gold/Mining/Energy : denison mines

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To: wampum who wrote (183)	10/20/1998 5:14:00 PM
From: Lalit Jain	Read Replies (1) of 301

Offshore Greece operations to be abandoned Denison Mines Ltd DEN Shares issued 317,871,201 Oct 14 close $0.155 Thu 15 Oct 98 News Release Mr. E. Peter Farmer reports The second exploration well being drilled offshore Greece, on the Peramos Reef prospect, will be plugged and abandoned. The hydrocarbon shows which were encountered in this well are non-commercial. Denison's total costs for drilling on this prospect are estimated to be $3.0-million (U.S.). The fact that the two-well exploration program did not result in a commercial discovery emphasizes the necessity for Denison to terminate the current uneconomical operations at the Prinos oil and gas field offshore Greece, unless discussions with the Greek State and the union result in a significant reduction in the costs of the operation. Denison has also terminated its participation in the uranium and gold exploration program in Northern Quebec known as the Sagar project. The results of the two-year exploration program did not justify further participation by Denison. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com

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