URANIUM: Denison drills good grades near Gryphon deposit

SASKATCHEWAN – Toronto’s Denison Mines Corp. continues to drill at the Wheeler River property in the Athabasca Basin, and the high grade holes keep coming. The latest was 3.9% eU₃O₈ over 9.2 metres including 6.7% eU₃O₈ over 5.43 metres about 160 metres northwest of the Gryphon deposit. Grades were estimated from a total gamma down hole probe. The Gryphon deposit is basement hosted and estimated to contain inferred resources of 43.0 million lb U₃O₈in mineralization averaging 2.3% U₃O₈. Also on the Wheeler River property and 3 km southeast of the Gryphon deposit is the Phoenix deposit, estimated to contain 70.2 million lb U₃O₈ at a grade of 19.1% U₃O₈, also as inferred resources. Denison says follow up drilling from the recent high grade holes has yet to be done, although the mineralization is open in both plunge directions. Denison (www.DenisonMines.com) is the operator and 60% owner of the Wheeler River project. Cameco Corp. (30%) and JCU (Canada) Exploration (10%) own the balance.