URANIUM: Denison floats $43M deal with Anglo Pacific

TORONTO – Denison Mines Corp. has signed definitive agreements with Anglo Pacific Group that will put $43.5 million in the Denison treasury. The deal includes a 13-year limited recourse loan of $40.8 million and $2.7 million streaming agreement for 22% of Denson’s share of certain Cigar Lake uranium ore after milling. Denison's president and CEO David Cates said, "This financing represents a truly creative partnership between Denison and APG – whereby Denison is able to use its existing asset base to provide the company with the financial flexibility needed to advance our flagship Wheeler River project towards a development decision." [caption id="attachment_1003717021" align="alignright" width="300"] Both the Phoenix and Gryphon deposits occur along the eastern flank of the Athabasca Basin.[/caption] The Wheeler River property includes the Phoenix and Gryphon deposits. Phoenix contains indicated resources of 70.2 million lb of uranium oxide at a grade of 19.1% U₃O₈, and is the highest grade undeveloped uranium deposit in the world. Gryphon is hosted in basement rock, approximately 3 km northwest of Phoenix, and is currently estimated to contain inferred resources of 43 million lb of uranium oxide at a grade of 2.3% U₃O₈. The Wheeler River preliminary economic assessment is available at www.DenisonMines.com.