Uranium Developer Denison Says Phoenix Field Feasibility Test Fully Authorized

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(Kitco News) – Denison Mines (TSX: DML) announced today that it has received a license to possess, use, store and transfer a nuclear substance from the Canadian Nuclear Safety Commission for the Feasibility field test of in situ recovery planned for uranium from Phoenix deposit at Wheeler River project 95% owned by the company.

Denison Mines said the receipt of this license, along with the previously announced approval from the Saskatchewan Minister of Environment, means the Field Feasibility Test (FFT) is fully authorized to proceed according to plans. of the company.

In accordance with the Nuclear Safety and Control Act, the nuclear substance license allows Denison to possess the uranium collected during the operation of the TFF, to store the uranium on site, and to handle/transfer the recovered material for lab analysis, the company added.

President and CEO David Cates said, “With the receipt of a nuclear substance license from the CNSC, our technical and regulatory teams have once again demonstrated their ability to navigate the applicable regulatory regimes. to support our plans to conduct a first-of-its-kind test of the ISR method of uranium mining in Canada.

“Our focus has now shifted to the timely completion of the construction and operation of FFT, which represents a very exciting time in the company’s modern history and should generate further milestones. significant risk reductions for the planned operation of Phoenix ISR thanks to the balance of the year.”

Denison is a uranium exploration and development company with interests centered in the Athabasca Basin region of northern Saskatchewan, Canada. The company’s flagship project is Wheeler River, the largest undeveloped uranium project in the infrastructure-rich eastern portion of the Athabasca Basin region of northern Saskatchewan.

The project’s combined Indicated Mineral Resources were 132.1 million pounds U3O8 (1,809,000 tonnes at an average grade of 3.3% U3O8), plus the combined Inferred Mineral Resources were 3.0 million pounds. pounds U3O8 (82,000 tonnes at an average grade of 1.7% U3O8).

A PFS was completed for Wheeler River in 2018, given the potential economic interest in developing the Phoenix deposit as an ISR operation and the Gryphon deposit as a conventional underground mining operation.

The Phoenix ISR operation is estimated to have a pre-tax NPV of $930.4 million (8% discount rate), an IRR of 43.3%, initial pre-production capital expenditure of 322 .5 million and average operating costs among the best in the industry. US$3.33/lb U3O8.

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