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Gold/Mining/Energy : denison mines -- Ignore unavailable to you. Want to Upgrade?

To: Lalit Jain who wrote (195)	6/24/1999 12:09:00 AM
From: Lalit Jain	Read Replies (1) \| Respond to of 301

Denison commences McClean uranium production Denison Mines Ltd DEN Shares issued 317,871,201 Jun 22 close $0.16 Wed 23 Jun 99 News Release Mr. E. Peter Farmer reports The production of uranium concentrates has now commenced at the McClean Lake project, following receipt of final approvals from the Saskatchewan authorities. It is anticipated that the facility will achieve commercial production in October or November this year and be able to operate at above the six-million pound design capacity for the following 12 months. Denison's share of production is 2.1 million pounds of the first 4.54 million pounds, after which Denison will receive its pro rata share of product. The McClean ore reserves, together with those at the adjacent Midwest property, total 85 million pounds of uranium, of which Denison's share is over 19 million pounds. These high-grade reserves are sufficient for a 14-year project life at design production rates and the potential for further discoveries is good. The McClean Lake project is owned 22.5 per cent by Denison, 70 per cent by Cogema Resources Inc., which is the operator, and 7.5 per cent by OURD (Canada) Co. Ltd. Oil production has also commenced at the Villano field in Ecuador, where Denison holds a royalty interest equal to 3 per cent of cash flow up to a maximum of $7.8-million. Royalty payments are expected to commence in the third quarter of 1999. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com