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

To: Ray. who wrote (160)	4/15/1998 9:06:00 AM
From: Ray.	Read Replies (1) \| Respond to of 301

Denison News Release... Subject: Stockwatch: Denison Mines Ltd - In the News Date: Wed, 15 Apr 1998 05:39:50 -0700 From: newsout@canada-stockwatch.com Globe says Greek venture will close if no oil and gas found offshore Denison Mines Ltd DEN Shares issued 317,871,201 Apr 14 close $0.315 Wed 15 Apr 98 In the News The Globe and Mail reports in its Wednesday, April 15, edition that Denison Mines and its partners are embarking on a significant oil and gas exploration program in Greece, the firm told shareholders at the annual meeting. The Globe's Allan Robinson writes that Denison says if oil is not discovered the Prinos field will be closed. In case the new exploration venture proves unsuccessful, Denison has made a $33 million provision on its balance sheet as its share of the future cost of decommissioning its Greek oil fields, and for employee severance costs. The oil and gas joint venture is reviewing a number of options for decommissioning the facilities, which include two offshore platforms, although no plan has been submitted to the Greek government for approval, Denison says. If oil is discovered, the cost of developing the new discovery, including five or six production wells, would only be US$50 million because the infrastructure is already in place. Denison estimates the overall cost of production at about $4 a barrel. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com