Kevin Himbeault , Denison’s Vice President of Plant Operations & Regulatory Affairs, commented, ” Clearing the CNSC conformity assessment and commencing the formal technical assessment section is a vital preliminary achievement as a part of the EIS assessment for Wheeler River – making certain the continued development of the regulatory course of for what’s proposed as Canada’s first ISR uranium mining operation. Our crew appears ahead to showcasing the superior customary of environmental sustainability assessed for the Challenge, as we work with the regulatory technical assessment crew s within the coming months. ”
The draft EIS outlines the Firm’s findings from the evaluation of the potential results related to the Challenge, contemplating relevant mitigation measures, and displays a number of years of baseline environmental information assortment, detailed third-party technical assessments, plus intensive engagement and session with Indigenous and non-Indigenous events.
The federal technical assessment course of is going on in parallel and on a coordinated foundation with the Saskatchewan Ministry of Atmosphere (“MOE”), which started its assessment efforts of the draft EIS following Denison’s preliminary submission in October (see information launch dated October 26, 2022 ). The technical assessment course of ensures the EIS (and supporting paperwork) comprises full and adequate data and that Denison’s evaluation of potential results is carried out accurately.
Corresponding with the acceptance of the draft EIS and graduation of the technical assessment, the CNSC has additionally opened the general public assessment and remark interval for the Challenge, which will probably be open for 90-days ending on February 18, 2023 .
Environmental Evaluation Course of
A challenge description was submitted by Denison and accepted by the MOE and the CNSC in 2019, which marked the formal initiation of the EA course of for the Challenge (see information launch dated June 3, 2019 ).
The EIS has been ready in accordance with the Phrases of Reference offered by the MOE in 2019 and the Generic Pointers for the Preparation of an Environmental Impression Assertion (“Pointers”) as approved by the CNSC in 2019. Moreover, the EIS has been ready to align with the federal and provincial EA processes as stipulated beneath the Saskatchewan Environmental Evaluation Act, 2018 and CEAA 2012.
The joint provincial and federal EA course of permits Denison to file one EIS that meets the necessities of each the MOE and CNSC. The regulatory assessment course of is predicted to contain additional requests for data/clarification from Denison earlier than the ultimate EIS is accepted by the regulatory companies.
About Wheeler River
Wheeler River is the most important undeveloped uranium challenge within the infrastructure wealthy jap portion of the Athabasca Basin area, in northern Saskatchewan – together with mixed Indicated Mineral Assets of 132.1 million kilos U 3 O 8 (1,809,000 tonnes at a median grade of three.3% U 3 O 8 ), plus mixed Inferred Mineral Assets of three.0 million kilos U 3 O 8 (82,000 tonnes at a median grade of 1.7% U 3 O 8 ). The challenge is host to the high-grade Phoenix and Gryphon uranium deposits, found by Denison in 2008 and 2014, respectively, and is a three way partnership between Denison (operator) and JCU ( Canada ) Exploration Firm Restricted ( ” JCU ” ). Denison has an efficient 95% possession curiosity in Wheeler River (90% instantly, and 5% not directly by way of a 50% possession in JCU).
A Pre-Feasibility Research (” PFS “) was accomplished for Wheeler River in 2018, contemplating the potential financial benefit of creating the Phoenix deposit as an ISR operation and the Gryphon deposit as a traditional underground mining operation. Taken collectively, the Challenge is estimated to have mine manufacturing of 109.4 million kilos U 3 O 8 over a 14-year mine life, with a base case pre-tax NPV of $1.31 billion (8% low cost charge), Inner Price of Return ( ” IRR ” ) of 38.7%, and preliminary pre-production capital expenditures of $322.5 million . The Phoenix ISR operation is estimated to have a stand-alone base case pre-tax NPV of $930.4 million (8% low cost charge), IRR of 43.3%, preliminary pre-production capital expenditures of $322.5 million , and industry-leading common working prices of US$3.33 /lb U 3 O 8 . The PFS is ready on a challenge (100% possession) and pre-tax foundation, as every of the companions to the Wheeler River Joint Enterprise are topic to completely different tax and different obligations.
Additional particulars concerning the PFS, together with further scientific and technical data, in addition to after-tax outcomes attributable to Denison ‘ s possession curiosity, are described in larger element within the NI 43-101 Technical Report titled ” Pre-feasibility Research for the Wheeler River Uranium Challenge, Saskatchewan, Canada ” dated October 30, 2018 , with an efficient date of September 24 , 2018. A duplicate of this report is accessible on Denison’s web site and beneath its profile on SEDAR at www.sedar.com and on EDGAR at www.sec.gov/edgar.shtml.
Denison suspended sure actions at Wheeler River throughout 2020, together with the EA course of, which is on the essential path to attaining the challenge improvement schedule outlined within the PFS. Whereas the EA course of has resumed, the Firm isn’t presently capable of estimate the influence to the challenge improvement schedule outlined within the PFS, and customers are cautioned in opposition to counting on the estimates offered therein concerning the beginning of pre-production actions in 2021 and first manufacturing in 2024.
About Denison
Denison is a uranium exploration and improvement firm with pursuits centered within the Athabasca Basin area of northern Saskatchewan, Canada . Along with its efficient 95% curiosity within the Wheeler River challenge, Denison’s pursuits within the Athabasca Basin embrace a 22.5% possession curiosity within the McClean Lake three way partnership, which incorporates a number of uranium deposits and the McClean Lake uranium mill that’s contracted to course of the ore from the Cigar Lake mine beneath a toll milling settlement, plus a 25.17% curiosity within the Midwest Principal and Midwest A deposits, and a 67.01% curiosity within the Tthe Heldeth Túé (“THT,” previously J Zone) and Huskie deposits on the Waterbury Lake property. The Midwest Principal, Midwest A, THT and Huskie deposits are every positioned inside 20 kilometres of the McClean Lake mill.
By its 50% possession of JCU, Denison holds further pursuits in varied uranium challenge joint ventures in Canada , together with the Millennium challenge (JCU 30.099%), the Kiggavik challenge (JCU 33.8118%) and Christie Lake (JCU 34.4508%). Denison’s exploration portfolio consists of additional pursuits in properties masking ~300,000 hectares within the Athabasca Basin area.
Denison can also be engaged in post-closure mine care and upkeep providers by way of its Closed Mines group, which manages Denison’s reclaimed mine websites within the Elliot Lake area and supplies associated providers to sure third-party initiatives.
Observe Denison on Twitter @DenisonMinesCo
Certified Individuals
The disclosure of scientific or technical data associated to the FFT or Wheeler River challenge contained on this launch has been reviewed and authorized, as relevant, by Mr. David Bronkhorst , P.Eng, Denison’s Vice President, Operations or Mr. Andrew Yackulic , P. Geo., Denison’s Director, Exploration, who’re Certified Individuals in accordance with the necessities of NI 43-101.
Cautionary Assertion Concerning Ahead-Trying Statements
Sure data contained on this information launch constitutes ‘forward-looking data’, throughout the that means of the relevant United States and Canadian laws, in regards to the enterprise, operations and monetary efficiency and situation of Denison. Usually, these forward-looking statements could be recognized by means of forward-looking terminology similar to ‘potential’, ‘plans’, ‘expects’, ‘finances’, ‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’, or ‘believes’, or the negatives and/or variations of such phrases and phrases, or state that sure actions, occasions or outcomes ‘could’, ‘may’, ‘would’, ‘may’ or ‘will ‘ ‘ be taken’, ‘happen’ or ‘be achieved’.
Specifically, this information launch comprises forward-looking data pertaining to the next: expectations with respect to the EIS and the EIS regulatory assessment course of; expectations concerning the public assessment and remark interval for the Challenge ; scope, targets and interpretations of the PFS ; and expectations concerning its three way partnership possession pursuits and the continuity of its agreements with its companions and third events.
Ahead wanting statements are based mostly on the opinions and estimates of administration as of the date such statements are made, and they’re topic to recognized and unknown dangers, uncertainties and different elements which will trigger the precise outcomes, stage of exercise, efficiency or achievements of Denison to be materially completely different from these expressed or implied by such forward-looking statements. For instance, the modelling and assumptions upon which the work plans for exploration and/or the Wheeler River Challenge are based mostly is probably not maintained after additional work is accomplished. As well as, Denison could resolve or in any other case be required to discontinue exploration, testing, analysis and improvement work whether it is unable to take care of or in any other case safe the required sources (similar to testing amenities, capital funding, regulatory approvals, and so on.). Denison believes that the expectations mirrored on this forward-looking data are affordable however no assurance could be provided that these expectations will show to be correct and outcomes could differ materially from these anticipated on this forward-looking data. For a dialogue in respect of dangers and different elements that would affect forward-looking occasions, please discuss with the elements mentioned in Denison’s Annual Data Kind dated March 25, 2022 or subsequent quarterly monetary reviews beneath the heading ‘Danger Elements’. These elements aren’t, and shouldn’t be construed as being exhaustive.
Accordingly, readers mustn’t place undue reliance on forward-looking statements. The forward-looking data contained on this information launch is expressly certified by this cautionary assertion. Any forward-looking data and the assumptions made with respect thereto speaks solely as of the date of this information launch. Denison doesn’t undertake any obligation to publicly replace or revise any forward-looking data after the date of this information launch to adapt such data to precise outcomes or to modifications in Denison’s expectations besides as in any other case required by relevant laws.
Cautionary Word to United States Buyers Regarding Estimates of Mineral Assets and Mineral Reserves: This press launch could use phrases similar to ” measured ” , ” indicated ” a nd/or ” inferred ” mineral sources and ” confirmed ” or ” possible ” mineral reserves, that are phrases outlined as regards to the rules set out within the Canadian Institute of Mining, Metallurgy and Petroleum ( ” CIM ” ) Definition Requirements on Mineral Assets and Mineral Reserves ( ” CIM Requirements ” ). The Firm ‘ s descriptions of its initiatives utilizing CIM Requirements is probably not corresponding to comparable data made public by U.S. firms topic to the reporting and disclosure necessities beneath the USA federal securities legal guidelines and the principles and laws thereunder. United States buyers are cautioned to not assume that every one or any a part of measured or indicated mineral sources will ever be transformed into mineral reserves. United States buyers are additionally cautioned to not assume that every one or any a part of an inferred mineral useful resource exists, or is economically or legally mineable.
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SOURCE Denison Mines Corp.
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