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Denison Mines Corp.: Drilling at Wheeler River Intersects Significant Mineralization
Tuesday February 17, 2009, 5:00 pm EST
Denison Mines Corp.
TORONTO, ONTARIO--(MARKET WIRE)--Feb 17, 2009 --
Denison Mines Corp.
(Toronto:DML.TO - News)(NYSE ALTERNEXT US: DNN) ("Denison")
is pleased to announce continued success in drilling the
new zone of unconformity hosted uranium mineralization at
it's 60% owned Wheeler River project in the Athabasca Basin
in Canada. The third and fourth holes of the 2009 winter
drill program have returned significant uranium
intersections at the unconformity.
Symbol Price Change
DNN 1.09 0.00
Chart for DENISON MINES CP NEW
- The third hole of the 2009 winter season, WR-258 intersected 1.5 metres of strong high-grade and locally massive pitchblende mineralization and returned, at a 1.0 % eU3O8 cutoff, 2.3 metres of 18.7% eU3O8 from a depth of 396.0 metres.
- The fourth hole, WR-259, was drilled 50 metres along strike to the SW as a follow up to WR-258 and intersected 3.5 metres of strong and locally massive high grade mineralization. The hole intersected, at a 1.0% eU3O8 cutoff, 4.6 metres of 12.8% eU3O8 from a depth of 395.6 metres. The separation at the unconformity of these two intersections is approximately 46 m along the unconformity trace.
- The fifth hole, WR-260 was drilled 50 metres along strike to the SW as a follow up to WR-259. The separation at the unconformity of these two intersections is approximately 50 m. While intensely altered, probing returned only minor values of 0.9 metres of 0.396% eU3O8 from a depth of 393.2 m based on a 0.05 % eU3O cutoff. Upon reviewing the core, it appears that this hole overshot the anticipated mineralization by approximately 20 metres.
- WR-261, in progress, was spotted to test the unconformity 50 metres northeast of the high grade mineralization intersected in WR-258.
The foregoing equivalent grades are based on down hole probing and in both high grade holes WR-258 and WR-259, zones of mineralization were composed of semi-massive pitchblende and urananite.
As detailed in the November 13, 2008, Third Quarter Press Release, WR-249 on line 4300, and WR-253, on line 3700 intersected uranium on lines 600 metres apart at the unconformity. The first hole of the 2009 season, WR-256, was drilled on line 4000 to test the midpoint of this zone. While no uranium was encountered, the first hole was interpreted as having overshot a potential mineralized zone and subsequently WR-258 was drilled under it, 35 metres down section and with the same -80 dip. Both WR-258 and WR-259 are located in the middle of this 600 metre long altered and mineralized zone. The 600 metre long zone remains open both to the NE and SW and this assumed minimum length is demarcated only by the existing drill sections at these locations.
Alteration over the mineralization is classic Athabasca Basin deposit style with strong silicification/desilicification, drusy quartz, grey zone (pyrite), dravite, hydrothermal hematite, proximal to a 15 metre unconformity offset associated with a strongly graphitic basement metasedimentary package. The exploration model at Wheeler has been, and remains, a repetition of the McArthur River pelite ore zone. The R zone mineralization is proximal to, and on the hanging wall of, the quartzite ridge which is the same structural and geological setting as that of the McArthur River deposit.
The mineralization within the R Zone is hosted primarily at the unconformity with some mineralization extending into the basement. This is a large hydrothermal system and while it appears altered and mineralized at all locations tested so far, no conclusions as to continuity can be inferred without addition drill testing. The intersections reported herein are single hole intercepts at the unconformity trace and the true width of mineralization is therefore unknown. Drilling will continue to define strike length before cross sectioning and infill work will begin.
Core recovery through the mineralization was good, and split core assays will be taken; the reported grades for WR-258, WR-259, and WR-260 are based on industry standard down hole probing carried out by Denison. These probes have been calibrated at the SRC test pits in Saskatoon. However, the high grades encountered herein make actual grade estimations imprecise, and the final assay grade may be somewhat higher or lower. Samples will be split, analyzed and reported as soon as is reasonably possible, and the results will be used to further calibrate the down hole probes.
Drilling continues on site. The approved 2009 winter program at Wheeler entails a total of 6,000 metres of drilling.
The project is a joint venture between Denison (60%), Cameco Corp. (30%) and JCU (Canada) Exploration Company, Limited (10%).
The technical information contained in this press release relating to the above described exploration activities is reported and verified by William C. Kerr, Denison's Vice-President, Exploration, who is a "qualified person" as defined in National Instrument 43-101.
About Denison
Denison Mines Corp. is a premier intermediate uranium producer in North America, with mining assets in the Athabasca Basin region of Saskatchewan, Canada and the southwest United States including Colorado, Utah, and Arizona. Further, the Company has ownership interests in two of the four conventional uranium mills operating in North America today. Denison also has a strong exploration and development portfolio with large land positions in the United States, Canada, Mongolia and Zambia.
Cautionary Statements
This news release contains "forward-looking statements", within the meaning of the United States Private Securities Litigation Reform Act of 1995 and similar Canadian legislation concerning the business, operations and financial performance and condition of Denison.
Forward looking statements include, but are not limited to, statements with respect to estimated production; the development potential of Denison's properties, including those of its joint ventures; the future price of uranium; the estimation of mineral reserves and resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; capital expenditures; success of exploration activities; permitting time lines and permitting, mining or processing issues; currency exchange rate fluctuations; government regulation of mining operations; environmental risks; unanticipated reclamation expenses; title disputes or claims; and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Denison to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to: unexpected events during construction, expansion and start-up; variations in ore grade, tonnes mined, crushed or milled; delay or failure to receive board or government approvals; timing and availability of external financing on acceptable terms; actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of uranium and vanadium; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in the completion of development or construction activities, as well as those factors discussed in or referred to under the heading "Risk Factors" in Denison's Annual Information Form dated March 28, 2008 available at http://www.sedar.com and its Form 40-F available at http://www.sec.gov. Although management of Denison has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Denison does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws. Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. Readers should refer to the Annual Information Form and the Form 40-F of Denison for the year ended December 31, 2007 and other continuous disclosure documents filed since December 31, 2007 available at http://www.sedar.com, for further information relating to their mineral resources and mineral reserves.
Contact:
Contacts:
Denison Mines Corp.
E. Peter Farmer
Chief Executive Officer
(416) 979-1991 Extension 231
Denison Mines Corp.
Ron Hochstein
President and Chief Operating Officer
(416) 979-1991 Extension 232
Denison Mines Corp.
James R. Anderson
Executive Vice President and Chief Financial Officer
(416) 979-1991 Extension 372
(416) 979-5893 (FAX)
Website: http://www.denisonmines.com
http://finance.yahoo.com/q?s=G.TO
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=35679891
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=35679879
Uranium will be making a come back in 09
imo!
by: 911boxster
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=34803261
Denison Mines Corp Com Npv (TSE:DML)
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Denison Mines Corp. Reports Second Quarter Earnings -
Wednesday August 13, 7:30 am ET
TORONTO, ONTARIO--(MARKET WIRE)--Aug 13, 2008 -- Denison Mines Corp. ("Denison" or the "Company") (Toronto:DML.TO - News)(DNN - News) today reported its financial results for the three months and six months ended June 30, 2008. All amounts in this release are in U.S. dollars unless otherwise indicated. For a more detailed discussion of the financial results, see management's discussion and analysis ("MD&A") following this release.
Consolidated Results
Consolidated net loss was $13,756,000 or $0.07 per share for the three months ended June 30, 2008 compared with consolidated net income of $40,489,000 or $0.21 per share for the same period in 2007. For the six months ended June 30, 2008, consolidated net loss was $24,218,000 ($0.13 per share) compared with consolidated net income of $35,423,000 ($0.19 per share) for the same period in 2007.
Revenue was $31,713,000 for the three months ended June 30, 2008 compared with $18,809,000 for the three months ended June 30, 2007. Revenue was $49,894,000 for the six months ended June 30, 2008 compared to $30,528,000 for the six months ended June 30, 2007.
Net cash from (used in) operations was ($5,952,000) for the three months ended June 30, 2008, compared with net cash from operations of $537,000 for the three months ended June 30, 2007. For the six months ended June 30, 2008 net cash from (used in) operations was $1,670,000 compared with ($4,905,000) for the same period in 2007.
Losses on foreign currency translation totaled $11,237,000 for the three months and $12,766,000 for the six months ended June 30, 2008 arising from the translation of the Zambian kwacha into U.S currency at June 30, 2008. Substantially all of this loss resulted from translating future income taxes payable relating to the Mutanga project.
In March 2008, the Zambian government enacted previously announced legislation which increased the income tax rate for mining companies from 25% to 30%. As a result in the first quarter the Company increased its future income taxes related to its Zambian assets thereby reducing net income by $10,740,000.
The Company expenses exploration expenditures on mineral properties not sufficiently advanced to identify their development potential. Exploration expenditures expensed totalled $3,787,000 for the three months ended and $10,352,000 for the six months ended June 30, 2008 compared to $3,480,000 for the three months and $8,529,000 for the six months ended June 30, 2007.
Significant events in the second quarter include:
- Denison sold 100,000 pounds U3O8 during the quarter from U.S. production at an average price of $83.13 per pound and 271,950 pounds U3O8 from its Canadian production under the existing long-term contracts at an average price of $50.96 per pound.
- Spot prices for U3O8 decreased from $71.00 per pound at March 31, 2008 to $59.00 per pound at June 30, 2008 as quoted by Ux Consulting. The long-term price for U3O8 dropped from $95.00 per pound at March 31, 2008 to $80.00 per pound at June 30, 2008 as quoted by Ux Consulting.
- Denison purchased 5,465,000 common equity units in Uranerz Energy Corp., each unit consisting of one common share and one-half warrant for $2.40 per unit or $13,116,000.
- Denison commenced processing of conventional ore at its White Mesa mill in Utah on April 28, 2008.
- Denison entered into a credit agreement with the Bank of Nova Scotia for a US$125,000,000 revolving three year term credit facility.
Revenue
Uranium sales revenue for the second quarter was $28,998,000. Sales from U.S. production were 100,000 pounds U3O8 at an average price of $83.13 per pound. Sales of Canadian production were 271,950 pounds U3O8 at an average price of $50.96 per pound. Revenue also includes the amortization of the fair value increment on sales contracts from the acquisition of Denison Mines Inc. in the amount of $6,737,000 in the quarter. Uranium sales revenue in the 2007 period totaled $15,243,000 from the net sale of 70,000 pounds U3O8 from Canadian production at an average sales price of $80.51 per pound and the sale of 75,000 pounds U3O8 from U.S. production at an average price of $130.00 per pound.
Denison currently markets its uranium from the McClean Lake joint venture jointly with AREVA Resources Canada Inc. ("ARC"). Denison's share of current contracted sales volumes jointly marketed with ARC is set out in the table below:
Contracted Canadian Sales Volumes
---------------------------------
(pounds U3O8 x 1000)
(in thousands) 2008 2009 2010 Pricing
---- ---- ---- -------
Market Related 588 392 49 80% to 85% of Spot
Legacy Base Escalated 95 0 0 $20.00 to $26.00
Legacy Market Related 60 0 0 96% of Spot
Agreements with AREVA call for production to be allocated first to the market related contracts with any surplus to be apportioned evenly over the legacy contracts. The legacy base-escalated contracts have pricing formulas that result in sales prices well below current market prices.
The joint marketing of Canadian uranium production will cease at the end of 2008 except for the market related category above. Future long-term sales agreements for the Company's uranium inventory and production are expected to be primarily under market-related contracts.
Revenue from the environmental services division was $1,354,000 for the three months ended June 30, 2008 compared to $1,174,000 in the same period in 2007. Revenue from the management contract with Uranium Participation Corporation was $1,347,000 for the three months ended June 30, 2008 compared to $2,129,000 for the second quarter of 2007.
Uranium Production
Total uranium production for the Company from its Canadian and U.S. operations was 322,000 pounds for the three months ended June 30, 2008 and 507,000 pounds for the six months ended June 30, 2008. The McClean Lake joint venture produced 1,157,000 pounds U3O8 for the three months ended June 30, 2008 and 1,748,000 pounds U3O8 for the six months ended June 30, 2008 compared to production of 329,000 pounds and 784,000 pounds during the same periods in 2007. Denison's 22.5% share of the 2008 production totaled 260,000 pounds during the three months and 393,000 pounds during the six months ended June 30, 2008.
Production at the White Mesa mill was 62,000 pounds U3O8 for the three months ended June 30, 2008 and 114,000 pounds U3O8 for the six months ended June 30, 2008 compared to 56,000 pounds and 137,000 pounds U3O8 for the same periods in 2007. Processing of conventional ore commenced on April 28, 2008 and to June 30, 2008 production from conventional ore was 20,000 pounds U3O8. Production at the White Mesa mill has been increasing since the commencement of conventional ore processing with approximately 89,500 pounds U3O8 produced in July 2008.
Mineral Property Exploration
Denison is engaged in uranium exploration, as both operator and non-operator of joint ventures and as operator of its own properties in Canada, the U.S., Mongolia and Zambia. For the three months ended June 30, 2008 exploration expenditures totaled $3,787,000 compared to $3,480,000 for the three months ended June 30, 2007. For the six months ended June 30, 2008, exploration expenditures totaled $10,352,000 compared with $8,529,000 for the six months ended June 30, 2007.
A majority of the exploration expenditures during the period were spent in the Athabasca Basin region of northern Saskatchewan. Denison is engaged in uranium exploration on advanced projects in this region of Canada as part of the ARC operated McClean and Midwest joint ventures and is participating in a total of 34 other exploration projects concentrated in the prospective eastern margin of the Athabasca Basin. Denison's share of exploration spending on its Canadian properties totaled $2,758,000 of which $2,546,000 was expensed in the statement of operations for the three months ended June 30, 2008. Exploration spending totaled $3,279,000 of which $3,059,000 was expensed in the statement of operations for the three months ended June 30, 2007. For the six months ended June 30, 2008, Denison's share of exploration spending on its Canadian properties totaled $9,168,000 of which $8,474,000 was expensed compared with spending of $8,433,000 of which $7,894,000 was expensed in the six months ended June 30, 2007.
Exploration expenditures of $1,090,000 for the three months ended June 30, 2008 ($319,000 for the three months ended June 30, 2007) and of $1,421,000 for the six months ended June 30, 2008 ($461,000 for the six month period in 2007) were spent in Mongolia on the Company's joint venture and 100% owned properties. The Company has a 70% interest in the Gurvan Saihan Joint Venture ("GSJV") in Mongolia. The other parties to the joint venture are the Mongolian government as to 15% and Geologorazvedka, a Russian government entity, as to 15%. Additional expenditures for development of the GSJV's Hairhan uranium deposits have also been incurred. Development work includes extensive resource delineation drilling, hydrological drilling, plant design and environmental studies.
http://biz.yahoo.com/iw/080813/0424595.html
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Denison Mines Corp Com Npv (TSE:DML)
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A Fresh Jolt for Uranium
By Toby Shute
August 13, 2008
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LMC
Lundin Mining Corp (USA)
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Uranium observers have no doubt been wondering what catalyst would shake the sector out of its slump. It turns out that the biggest jolt since 2006's inflow at Cameco's (NYSE: CCJ) Cigar Lake Mine is ... another water inflow at Cigar Lake.
Dewatering efforts at the delayed megaproject hit a major hitch yesterday. This news is crucial to the uranium supply story, because the high-grade Cigar Lake Mine could provide about 10% of global consumption at today's levels. As it stands, uranium usage routinely exceeds global mine production. We can tap decommissioned warheads and other stockpiles to fill the gap, but that won't last forever. The longer Cigar Lake is delayed, the faster we blow through above-ground supply.
That would do wonders for the spot price of uranium.
God Bless
Denison Mines Corp. Second Quarter 2008 Results Conference Call Wednesday, August 13, 2008
Tuesday August 5, 12:26 pm ET
Telephone Conference to be held on August 13 at 1:00 PM Eastern Time (ET)
TORONTO, ONTARIO--(MARKET WIRE)--Aug 5, 2008 -- Denison Mines Corp. ("Denison" or the "Company") (Toronto:DML.TO - News)(DNN - News) announces that the Company will hold a telephone conference with a webcast presentation at 1:00 pm ET on August 13, 2008 to discuss financial results for the Second Quarter 2008 for the period ending June 30, 2008.
Please call in 5-10 minutes before the conference starts and stay on the line (an operator will be available to assist you). The Call in number is (416) 641 - 6127.
To view the live presentation, please log on at www.denisonmines.com 10 minutes prior to the call.
Approximately two hours after the call:
- a replay of the telephone conference will be available at (416) 695 - 5800 and the passcode is 3267533; and
- the presentation will be available at www.denisonmines.com.
About Denison
Denison Mines Corp. is a premier intermediate uranium producer in North America, with mining assets in the Athabasca Basin region of Saskatchewan, Canada and the southwest United States including Colorado, Utah, and Arizona. The Company also has ownership interests in two of the four conventional uranium mills operating in North America today. The Company has a strong exploration and development portfolio with large land positions in the United States, Canada, Mongolia and Zambia.
Contact:
Contacts:
Denison Mines Corp.
E. Peter Farmer
(416) 979-1991 ext. 231
Denison Mines Corp.
Ron Hochstein
(604) 689-7842
Denison Mines Corp.
James Anderson
(416) 979-1991 ext. 372
(416) 979-5893 (FAX)
Website: http://www.denisonmines.com
Source: Denison Mines Corp.
http://biz.yahoo.com/iw/080805/0422140.html
Denison Awarded Care and Maintenance Contract at the Faro Mine Complex, Yukon
Tuesday August 5, 9:22 am ET
TORONTO, ONTARIO--(MARKET WIRE)--Aug 5, 2008 -- Denison Mines Corp. ("Denison" or the "Company") (Toronto:DML.TO - News)(DNN - News) announced that Denison Environmental Services ("DES"), a division of Denison Mines Inc., a wholly owned subsidiary of the Company, has been awarded a contract for care and maintenance at the Faro Mine Complex in the Yukon.
The three year, $7.2 million per annum contract has been awarded following a six-month competitive public tender process overseen by the Government of Yukon. DES will provide care and maintenance services at the Faro Mine Complex, including: the ongoing collection and treatment of contaminated water, the management of uncontaminated runoff; the inspection and maintenance of dams and diversion channels; the monitoring of water quality; general maintenance and site security.
The contract also includes provisions for training and employment opportunities for affected Yukon First Nations and Yukoners.
"The award of this contract is an important recognition of the technical expertise and experience of Denison Environmental Services and expands the reach of our rehabilitation efforts across the country," stated Ian Ludgate, Manager, DES.
Faro was an open-pit lead-zinc mine that closed in 1998. The Government of Canada and the Government of Yukon are taking a collaborative approach to management of the Faro mine remediation project, including planning for final closure and remediation.
DES will take over the care and maintenance responsibilities in March 2009, after a transition period with the court appointed Interim Receiver for the Anvil Range Mining Corporation (Deloitte and Touche Inc.) who have managed the care and maintenance at the site since 1998.
DES was formed to assist the mining industry and governments with the final stages of the mining cycle. Its goal is to lead the industry in cost effective decommissioning solutions to mine closure issues, focusing on infrastructure, tailings rehabilitation, sale of mine assets and especially long term-care and maintenance of closed sites. DES is an ISO 9001: 2000 certified company. Further information regarding DES may be found at www.denisonenvironmental.com.
About Denison
Denison Mines Corp. is a premier intermediate uranium producer in North America, with mining assets in the Athabasca Basin region of Saskatchewan, Canada and the southwest United States including Colorado, Utah, and Arizona. The Company also has ownership interests in two of the four conventional uranium mills operating in North America today. The Company has a strong exploration and development portfolio with large land positions in the United States, Canada, Mongolia and Zambia.
Cautionary Statements
This news release contains "forward-looking statements", within the meaning of the United States Private Securities Litigation Reform Act of 1995 and similar Canadian legislation, concerning the business, operations and financial performance and condition of Denison Mines Corp. ("Denison").
Forward looking statements include, but are not limited to, statements with respect to estimated production; the development potential of Denison's properties, including those of its joint ventures; the future price of uranium; the estimation of mineral reserves and resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; capital expenditures; success of exploration activities; permitting time lines and permitting, mining or processing issues; currency exchange rate fluctuations; government regulation of mining operations; environmental risks; unanticipated reclamation expenses; title disputes or claims; and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Denison to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to: unexpected events during construction, expansion and start-up; variations in ore grade, tonnes mined, crushed or milled; delay or failure to receive board or government approvals; timing and availability of external financing on acceptable terms; actual results of current exploration activities;; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of uranium and vanadium; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in the completion of development or construction activities, as well as those factors discussed in or referred to under the heading "Risk Factors" in Denison's Annual Information Form dated March 28, 2008 available at www.sedar.com and its Form 40-F available at www.sec.gov. Although management of Denison has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Denison does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws. Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. Readers should refer to the Annual Information Form and the Form 40-F of the Company for the year ended December 31, 2007 and other continuous disclosure documents filed since December 31, 2007 available at www.sedar.com, for further information relating to their mineral resources and mineral reserves.
Contact:
Contacts:
Denison Mines Corp.
E. Peter Farmer
(416) 979-1991 ext. 231
Denison Mines Corp.
Ron Hochstein
(604) 689-7842
Denison Mines Corp.
James Anderson
(416) 979-1991 ext. 372
(416) 979-5893 (FAX)
Website: http://www.denisonmines.com
Source: Denison Mines Corp.
http://biz.yahoo.com/iw/080805/0422031.html
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Here are some recent Energy and Capital issues our readers
picked as their favorites:
* Uranium Prices in 2008: $255/lb. Is Just the Beginning ?
http://www.energyandcapital.com/subscribe/1752?gclid=CN6LzbT065QCFSY1agodJ0TwSQ
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Denison Mines Corp Com Npv (TSE:DML)fiat$ 7.0 +fiat$0.01 (0.14%)
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Denison Mines Corp - into buy zone -
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imo. tia.
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Denison Mines Corp - into buy zone -
http://www.uranium-stocks.net/denison-mines-corporation-buy/
imo. tia.
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Cameco Corporation: Take Advantage of Irrational Overselling
http://energy.seekingalpha.com/article/41280
Posted on Jul 17th, 2007 with stocks: CCJ
Kelvin ChanKelvin Chan submits: As short interest in Cameco Corporation (CCJ) mounts to 6.2% of shares outstanding, short sellers are betting that the confluence of certain factors presents a ripe time to bet against a uranium stock that has seen a healthy YTD increase.
The first decreases in the uranium spot price to the current $129US/lb, coupled with Cameco's July 11 announcement of further delays in Cigar Lake that will delay production until at least 2011 have spurred short sellers into their present bearish position on the uranium giant.
As Cameco struggles being the bellweather uranium stock most synonymous with general market sentiment, the pessimism surrounding the future trends of yellowcake has never been greater. This is further exemplified by the essentially flat performance of other uranium seniors not named Cameco.
Whether it be Paladin Resources (PALAF.PK) or sxr Uranium One (SXRZF.PK), and to a lesser extent, Denison Mines (DNN), they have collectively been both flat YTD in the context of an ever-rising North American market. Moreover, they have reacted very little to the announcement to delay Cigar Lake for another year; usually a bullish supply-demand argument, it carried much less weight in the context of falling uranium spot prices.
However, one must remember that we saw a diversion between the uranium spot price and uranium stocks much earlier in the year. While uranium spot has essentially doubled YTD, the aforementioned uranium seniors-not-named-Cameco have assuredly not. In this context, although much fear has been injected in recent weeks as experts predict a uranium meltdown scenario where the spot price plunges, the astute observer will question exactly how much froth is in these stocks.
Yes, there are concerns overhanging uranium stocks: millions of pounds held by funds who have no intention of using uranium, nuclear utilities who are banding together to collectively halt the rising spot price, and the general inability for uranium stocks in the last few months to head higher despite favorable market conditions. Even so, the fundamental story of nuclear power must dictate that investors take advantage of irrational overselling and stake positions when fear and apathy abounds.
Denison Announces 205 Million Pound Uranium Historical Resource Estimates on its Elliot Lake Properties
Tuesday June 19, 8:17 am ET
TORONTO, ONTARIO--(MARKET WIRE)--Jun 19, 2007 -- Denison Mines Corp. ("Denison" or the "Company") (Toronto:DML.TO - News)(AMEX:DNN - News) is pleased to announce that it has received an independent review and compilation of the resource estimates on its uranium deposits located in the Elliot Lake area of northern Ontario. The Elliot Lake complex is estimated to contain an historical resource estimate of over 205 million pounds of U3O8.
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In the report entitled "Technical Report on the Elliot Lake Property, Elliot Lake District, Ontario Prepared for Denison Mines Corp." dated June 18, 2007 (the "Report"), Scott Wilson Roscoe Postle Associates Inc. ("Scott Wilson RPA") has compiled the historic mineral resources for the Elliot Lake deposits at a variety of different cut-off grades. Scott Wilson, RPA, has recommended that the historical resource estimate be reported using a 0.80 lb/ton cut-off grade which represents the undiluted cut-off grade for the underground leaching over the last years of production. This may not represent the current economic cut-off grade. Based on this cut-off, at this grade and tonnage, the report documents a total of over 205 million pounds U3O8 classified as historical resources as remaining in the Elliot Lake complex. The historical estimate, reported in accordance with the requirements of National Instrument 43-101 ("NI43-101"), is based on historical mine records at the time of the shutdown of the mines; no subsequent work has been carried out since 1992.
---------------------------------------------------------------------------
ELLIOT LAKE HISTORICAL RESOURCE ESTIMATES
Developed and Undeveloped
(All tons and lbs x 1,000,000)
---------------------------------------------------------------------------
Primary Pillar Total Primary & Total
Mining Mining Pillar Mining Mineralization
Remaining Remaining Remaining Remaining
---------------------------------------------------------------------------
Tons Lb/t Tons Lb/t Tons Lb/t Tons Lb/t Lbs
U3O8 U3O8 U3O8 U3O8 U3O8
Developed 33.7 1.20 19.6 1.55 53.3 1.32 89.2 1.29 115.0
Undeveloped 45.1 1.13 11.3 1.13 56.3 1.13 80.5 1.13 90.0
---------------------------------------------------------------
Total 79.1 1.17 31.1 1.39 110.2 1.23 169.7 1.21 205.0
---------------------------------------------------------------------------
Notes:
1. CIM definitions are not used.
2. Historic resource estimates are reported at cut-off grades of 0.8 lb/t
U3O8 (0.04% U3O8).
3. A minimum width of 6 feet was used.
4. The total primary and pillar mining represents the "estimated
recoverable resource" based on the mining methods employed at the Elliot
Lake facility in 1992.
5. The total mineralization remaining represents the total amount of
mineral remaining in the ground without applying mining recovery
factors.
6. The historic resource estimates cannot be verified and the estimates are
not necessarily indicative of the mineralization on the property.
In the opinion of Scott Wilson, RPA, although the historical estimate cannot be verified, the estimate is considered to be reasonable based on the estimation methods at the time. The current historical resource, without access to the drilling information, cannot be classified directly under the CIM classification standards incorporated under NI 43-101. The mineral resource estimates were originally classified for the purposes of the Report as Developed and Undeveloped. Developed resources are those resources that have been developed for mining and represent total mineralization remaining after partial extraction during the previous mining operations. Undeveloped resources are located in blocks beyond existing development workings where no mining has taken place.
Denison operated a significant underground mine complex in the Elliot Lake area from 1957 through to 1992 and produced over 147.3 million pounds U3O8 from 69.4 million tons of ore at an average grade of 2.25 pounds per ton. The Elliot Lake mining complex operated by Denison was closed in 1992 and decommissioning operations have continued since that time. The mine was primarily a room and pillar underground operation, with considerable production from bacterial leaching in the later years. While the underground workings are flooded and all shaft and ramp openings capped in accordance with applicable regulations, all underground haulage and passageways are assumed to be open. Although good infrastructure is present, the mill and tailings areas have all been decommissioned and reclaimed. Denison notes that it has no plans at this time to commence mining operations at Elliot Lake; however, the Company will continue to review the project in light of the continuing strength in the uranium market.
The Scott Wilson, RPA, report has documented historical resources only; no original data was available to audit, and there can be no guarantee that these resources will ever be converted to reserves. Denison is not treating these historical resources as current as they have not passed any economic test and are not considered to be relevant to current economic assessment parameters. Because no original data was available for audit, the historical resource estimate cannot be relied upon in attributing value to the resources and these resources do not have demonstrated economic viability. Much further work remains to be done to further evaluate this property.
Scott Wilson, RPA, was retained to independently review and audit the mineral resources at Elliot Lake project. Messrs. Lawrence B. Cochrane, Ph.D, P.Eng., and Leo R. Hwozdyk, P.Eng., are the Qualified Persons pursuant to National Instrument 43-101 who have verified the data disclosed and were responsible for the Report. Messrs. Cochrane and Hwozdyk have reviewed the technical contents related to the resource estimates contained in this release. A copy of the Report will be available on SEDAR (www.sedar.com).
Denison Mines Corp. is a premier intermediate uranium producer in North America, with mining assets in the Athabasca Basin Region of Saskatchewan, Canada and the southwest United States including Colorado, Utah, and Arizona. Further, the Company has ownership interests in two of the four uranium mills operating in North America today. The Company also has a strong exploration portfolio with large land positions in the United States, Canada and Mongolia. Correspondingly, the Company has one of the largest uranium exploration teams among intermediate uranium companies.
Cautionary Statements
This news release contains "forward-looking statements", within the meaning of the United States Private Securities Litigation Reform Act of 1995 and similar Canadian legislation, concerning the business, operations and financial performance and condition of Denison Mines Corp. ("Denison").
Forward-looking statements include, but are not limited to, statements with respect to estimated production; the development potential of Denison's properties; the future price of uranium; the estimation of mineral reserves and resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; capital expenditures; success of exploration activities; permitting time lines and permitting, mining or processing issues; currency exchange rate fluctuations; government regulation of mining operations; environmental risks; unanticipated reclamation expenses; title disputes or claims; and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Denison to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to: unexpected events during construction, expansion and start-up; variations in ore grade, tonnes mined, crushed or milled; delay or failure to receive board or government approvals; timing and availability of external financing on acceptable terms; actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of uranium and vanadium; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in the completion of development or construction activities, as well as those factors discussed in or referred to under the heading "Risk Factors" in Denison's Annual Information Form dated March 27, 2007 available at www.sedar.com and its Form 40-F available at www.sec.gov. Although management of Denison has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Denison does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws. Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. Readers should refer to the Annual Information Form and the Form 40-F of the Company for the fifteen month period ended December 31, 2006 and other continuous disclosure documents filed since December 31, 2006 available at www.sedar.com, for further information relating to their mineral resources and mineral reserves.
Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources: This news release uses the terms "Measured", "Indicated" and "Inferred" Resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists, or is economically or legally mineable.
Contact:
Contacts:
Denison Mines Corp.
E. Peter Farmer
(416) 979-1991 ext. 231
Denison Mines Corp.
Ron Hochstein
(604) 689-7842
Denison Mines Corp.
James Anderson
(416) 979-1991 ext. 372
(416) 979-5893 (FAX)
Website: http://www.denisonmines.com
Areva's $2.5bn offer for UraMin may spark global bidding war
June 18, 2007
MORE -
http://www.busrep.co.za/index.php?fSectionId=&fArticleId=3888868
By Stewart Bailey
Johannesburg - Areva had offered to pay $2.5 billion (R18 billion) in cash for UraMin, to gain uranium mining assets as global demand for the nuclear fuel rebounds.
The world's largest maker of nuclear plants had agreed to pay $7.75 a share, UraMin said on Friday. That is 4.6 percent more than UraMin's closing price in the US on Friday and 7.6 percent more than last Monday, the day before UraMin first said it was in talks.
The acquisition will give French state-owned Areva exploration projects in Namibia, South Africa and the Central African Republic that have yet to start production.
"This is essentially the French government buying major uranium deposits in Africa to ensure its supply of a strategic resource," said Kevin Bambrough, a strategist at Sprott Asset Management in Toronto, UraMin's second-largest shareholder. "This is extremely bullish for the uranium sector."
"Shareholders are going to hold out for a higher offer," said John Meyer, a mining analyst at Numis Securities in London.
"It's a company with assets on the way to development. This could be attractive for other bidders."
Possible rival bidders included BHP Billiton, Anglo American and Rio Tinto, and Uranium One, which was developing South Africa's largest uranium deposit, said Meyer. Shareholders would probably hold out for about £4.50 (R64), he said. - Bloomberg
DNN - After Hours: 15.10 Up 0.15 - New High -
(1.00%)as of 7:30PM ET on 05/21/07 -
http://finance.yahoo.com/q?s=DNN
DNN Last: 14.95 Change: +1.20(+8.73%)
Volume: 778.4 k Last Trade: 4:00
and its only the start -
uranium isn't $500/lb yet -
but inventories running lower -
http://www.investorshub.com/boards/board.asp?board_id=9118
http://www.siliconinvestor.com/subject.aspx?subjectid=57097
Hey NYBob do you know anything on this.
Denison and EMC Subject of Takeover Rumours
By Todd Flagg and Jon A. Nones
10 May 2007 at 10:14 PM GMT-04:00
St. LOUIS (ResourceInvestor.com) -- Issues of supply and demand have brought the spot price of uranium to $120/lb. Rumours of corporate mergers and acquisitions in the uranium sector are beginning to circulate as companies look to buy up additional resources.
On Wednesday, shares of Denison [TSX:DML; AMEX:DNN] and Energy Metals Corp. [TSX:EMC; NYSE:EMU], both jumped 5% following rumours that the uranium miners were being pursued by Cameco [TSX:CCO; NYSE:CCJ] and France-based Areva.
According to Cheryl Brandon, a research analyst with Leeward Hedge Funds, both Areva and Cameco - along with other major uranium producers - are looking to expand their global position in the uranium market.
Denison has ongoing uranium projects in the U.S., Canada, Australia and Mongolia. As an intermediate uranium producer with five active uranium mining projects in North America, Denison expects estimated production of 5 million pounds of uranium by 2010.
Energy Metals Corporation (EMC) has extensive advanced property holdings in Wyoming, Texas and New Mexico that are amenable to ISR (in-situ recovery). EMC is also actively advancing other significant uranium properties in the States of Colorado, Utah, Nevada, Oregon and Arizona.
Denison has 189,107,823 shares outstanding with a $2.77 billion market cap at today’s price of $14.32. EMC has with 81,184,214 shares outstanding with a $1.14 billion market cap at today’s price of $13.40.
At a modest 15% premium to today’s closing prices, the bidder(s) would have to make an offer of about $16.50 per share for Denison and $15.40 per share for EMC, $3.12 billion and $1.25 billion, respectively.
According to Brandon, in 2007 the next major mergers and acquisitions wave will be focused within the uranium sector. Thus far, uranium companies have not been subject to the frenetic pace of M&A in the gold and base metals sectors.
In February, SXR Uranium One [TSX:SXR] launched a bid worth $3.1 billion in stock for UrAsia Energy. Later that month, Paladin Resources Ltd [TSX:PDN], offered about C$950 million for Australian miner Summit Resources Ltd.
In December 2006, Denison purchased International Uranium for C$1 billion and made a failed attempt for Australia’s OmegaCorp [ASX:OMC], acquire just a third of the company. On April 13 2007, when Denison’s bid expired, Central African Mining and Exploration Co., [LSE:CFM] bid $222 million in shares for OmegaCorp.
Thus far, the world’s largest uranium companies have stayed on the sidelines. But Cameco and Areva are not the only companies looking for consolidation within the uranium sector. CVRD [NYSE:RIO], BHP Billiton [NYSE:BHP] and Teck Cominco [NYSE:TCK; TSX:TCK-B] are all possible players for future mergers and acquisitions.
Brandon said that with an estimated 300 uranium miners or explorers on the market, several of the largest companies are looking to buyout prominent juniors. Companies isolated in one country on continent are looking to expand projects to North America and Africa.
Brandon said uranium companies as Paladin Resources Ltd. [TSX:PDN], SXR Uranium One and Cameco are in the best position to expand their global position.
Cigar Lake Influence
According to a report by Leeward, one of the key moments in uranium market occurred on October 22, 2006. When a rock slide flooded Cameco’s Cigar Lake mine, the stage was set for the globalization of the uranium market.
According to Leeward, Cigar Lake was an anomaly. With very high uranium grades -approximately 20% versus the average world uranium grade of 1-1.5% - production was expected to hit 18 million pounds, which would have equated to 10% of the current uranium used today. Reserves for the mine were estimated at 232 million pounds.
“With Cigar Lake flooded, Cameco seems to be more willing to go into acquisition mode to compensate for the delay,” Brandon said in the report. “While the company is already involved in numerous joint ventures, it has not made a big splash in the acquisition of other larger uranium companies.”
By 2011, 40% to 50% of new production was slated to come from Cigar Lake. Cameco has postponed production until 2010 and the capital expense has risen from $600 million to $1 billion.
“One might presume that the answer seemingly lies in how long it would take Cameco to de-flood Cigar Lake; the longer it takes, the more interested Cameco naturally becomes to acquiring fairly advanced-stage uranium junior.”
Cameco's CEO Gerry Grandey announced that the company "may acquire smaller rivals after years of insufficient investment by the industry leaves tight supplies and high prices," with a strategy "to watch very carefully how they succeed. And at some point in time, if they need expertise or money or joint ventures or acquisitions, it would certainly be possible."
Supply deficit
The global supply-demand deficit is now estimated to be 10.6 million pounds (or 7%) in 2006, 7 million pounds in 2007 and is expected to remain in deficit until 2010.
Currently, 443 nuclear reactors operate worldwide, consuming 180 million pounds of uranium annually. Primary supply makes up 60% of total supply with secondary supply making up the balance.
The main source of secondary supply is highly enriched uranium (HEU) in Russia and the United States, and uranium inventories held by utilities. Leeward expects the largest reduction in supply to come from the removal of HEU from the market.
Russia has indicated that it will not renew its uranium agreement to supply the market with its stockpiles after 2013 and the U.S. plans to slow its uranium sales this year considerably.
Russia signed a contract with the United States in 1993, agreeing to convert 500 metric tonnes to HEU (equivalent to approximately 23 million pounds annually) and export to the U.S. over a 20 year period, according to Leeward.
The contract is set to expire in 2013. Russia has made it clear that they will not renew the HEU supply contract with the United States.
This month, a spokesman for the U.S. Department of Energy (DOE) said that the organization is looking into scaling back its inventory and releasing part of its strategic reserve.
Brandon said that even though estimates of that the DOE will be releasing up to 500,000 pounds of uranium onto the market, Leeward does not expect this to affect the spot price of uranium.
To 'U3O8investors' on 'Denison Mines Corp' -
wait to the great U3O8 run starting -
hardly anyone in EURO knows about DNN yet -
with the masses wanting in on the U3O8 action -
we will hike higher than in the past -
history to repeat itself -
Uranium to Head North of $500/Pound -
Posted by securities on: 2006-01-03 14:33:44
Denison U3O8 Uranium Futures link -
http://www.futuresource.com/quotes/custom.jsp?us=XU&s=XU&mc=÷r=&fields=desc,mo....
DEN was $60/sh in the last energy crunch -
with the current fiatBucky and the inflasion -
it must be about $250.-/sh at todays fiatBucky -
Denison has a long way to go back UP -
history often repeat itself -
this is good start -
1st LT Uranium wave going higher -
four more LT U308 waves to GO -
for the next 10 years we going Higher -
its long way back UP -
DML $88/sh # 1 Target -
http://www.investorshub.com/boards/board.asp?board_id=9118
http://www.siliconinvestor.com/subject.aspx?subjectid=57097
http://www.siliconinvestor.com/subject.aspx?subjectid=56922
http://www.investorshub.com/boards/quotes.asp?ticker=t.dml
U.S. demand for uranium seen rising sharply -
http://www.iht.com/articles/2007/04/15/bloomberg/bxcom.php
Russia needs $10 bln to meet uranium demand by 2015 -
http://news-nuclear.blogspot.com/2006/02/russia-needs-10-bln-to-meet-uranium.html
The Uranium futures contracts going stronger -
http://www.futuresource.com/quotes/custom.jsp?us=XU&s=XU&mc=÷r=&fields=desc,mo...
Denison - Uranium futures -
http://www.futuresource.com/quotes/quotes.jsp?s=XU&t=Future
June 2007 UX Futures Contract -
- Size of contract 250 pounds
- last trade $140.00 at 8:45 PDT
- Current Bid/Ask at 10:36 (138.00 / 142.00,
1 contract on bid and ask)
Value of contract = 140.00 * 250 = $35,000.00
Margin = Unknown
(Interactive Brokers has not posted margin
requirements for this contract)
I would recommend a minimum of $17,500 US
for each contract traded because this contract
is extremely illiquid
and I anticipate $10 swings
which would make your account fluctuate $2,500
on a intraday basis.
Most people would are not psychologically prepared
for swings like this!
by wblue
http://www.investorshub.com/boards/board.asp?board_id=7743
http://www.investorshub.com/boards/board.asp?board_id=9118
Denison - Uranium futures -
http://www.futuresource.com/quotes/quotes.jsp?s=XU&t=Future
Denison Won't Pay Premium for Undeveloped Uranium Properties -
By Laura Bobak
18 Apr 2007 at 03:22 PM GMT-04:00
TORONTO (CP) -- Uranium producer
Denison Mines Corp.
[TSX:DML; AMEX:DNN] says it continues to seek acquisitions but
won't buy properties in early development that carry a stiff
price in today's heated market.
CEO Peter Farmer told the company's annual meeting on
Wednesday that the current uranium spot price of US$113 a
pound, the highest it's been since the 1970s, is not
sustainable for the long term.
“We are looking for more uranium prospects and are talking
to several parties,” Farmer said after giving shareholders
an update on the company's operations, which include mines
in Canada and exploration, mine decommissioning and
other activities in the United States, Mongolia, Zambia
and Australia.
In Canada, the Toronto company owns a 22.5% stake in
the McClean Lake uranium mine and more than 25% of
the Midwest project, both in northern Saskatchewan,
one of the world's leading uranium-producing regions.
“Although we believe that the uranium market will be
stronger than it was as recently as last year, and that
in the short term we will likely see further price
escalation, we do not believe prices will be sustained
over the longer term. So we will not acquire assets
that require development over a number of years and are
priced in the context of today's market,” Farmer said.
“We believe that as a producer, with capacity and
production that has not been pre-sold - together with
our experience and reputation - we will be able to
consummate acquisitions that are reasonable and fair.”
The comments may have been a reference to Denison's
recent unsuccessful attempts to take control of
Australia's OmegaCorp [ASX:OMC].
OmegaCorp's Kariba project in Zambia is not expected
to be in production until 2010.
Last Friday, Denison said it was considering a sale of
its one-third ownership in OmegaCorp., following a
recent buyout offer by Central African Mining and
Exploration Co. (CAMEC) [AIM:CFM].
The all-stock offer by CAMEC would have been a 25% premium,
at A$1.44, to what Denison paid following its
partially successful offer to acquire all of
OmegaCorp.
Denison, which currently owns 51 million shares, or
about 33%, bought for A$1.15 each, would not raise its bid.
Denison, which posted a net loss of $17 million in 2006,
said it expects 2007 production to be about 700,000 pounds
of uranium, which is used as fuel in nuclear power plants.
It has a production goal of five million pounds by 2010.
The estimate doesn't include the potential of projects
underway in Mongolia and Zambia, Farmer said.
The company aims to improve production in particular
at Saskatchewan's McClean Lake, which Farmer
called “disappointing.”
As uranium companies around the world race to profit from
high spot prices caused by a tight supply of
uranium “yellowcake,” Farmer said Denison will ramp up
production in North America “as quickly and
safely as we can.”
Several factors boosting demand for uranium include:
*
Floods that have recently halted production at
several mines including
Cameco Corp.'s Cigar Lake mine [TSX:CCO; NYSE:CCJ]
in Saskatchewan, the world's largest uranium supplier;
*
A three-decade halt in mine development caused by
a global glut of uranium from decommissioned
Russian nuclear weapons;
Russia has said it won't continue exports of the material,
once the original 10-year arms-control
agreement expires.
*
Speculators, including hedge funds, buying uranium
to store in the expectation of more price hikes.
Some uranium producers have also been affected by a
trend among utilities to exercise negotiated rights to
extend their contracts by purchasing uranium at prices
much lower than current market prices.
Farmer said Denison is locked into the sale
of 220,000 pounds of uranium at less than current
market value.
Uranium was about US$70 per pound last fall.
Neal Froneman, CEO of SXR Uranium One [TSX:SXR],
said in a recent interview he expects uranium prices
will rise to US$150 a pound by the end of 2007, and
forecasts global demand for uranium to increase
by 2.5% annually over the next decade.
Froneman, who led the South Africa-based SXR Uranium One
into a merger with
UrAsia Energy Ltd. [TSXv:UUU] of Vancouver,
said China alone is building 30 of the 100 new nuclear
reactors being planned or built worldwide.
There are currently 440 reactors around the globe.
The recent frenzied global interest in nuclear power -
fuelled partly by concerns about climate change caused
by other traditional energy sources -
was a key factor that inspired the merger of former
Denison Mines Inc. with International Uranium Corp.
The two companies formally united on Dec. 1, a marriage
that Farmer said has “gone very well.”
“Our balance sheet is extremely strong,” he said,
adding the company has “effectively no debt.”
Asked by a shareholder when the company would be
profitable, Farmer said the company has not made
any public projections.
He also said that after the merger all assets were
re-evaluated at market value, and that depreciation
will affect future profit.
The key will be to watch for improvements in cash flow,
Farmer said.
Denison's assets include an interest in two
of North America's four licensed and operating
uranium mills, including full ownership of
the White Mesa mill in Utah.
Exploration projects include properties near
Denison's mills in the Athabasca Basin in Saskatchewan
and in the Colorado Plateau, Henry Mountain and
Arizona Strip regions of the southwestern United States.
Farmer also said the company plans to expand its work
in mine decommissioning and environmental services
through its Denison Environmental Services division.
The company also manages the publicly traded
Uranium Participation Corp. [TSX:U],
which invests in uranium oxide in concentrates
and uranium hexafluoride.
On Thursday,
Denison is to begin trading on the American Stock Exchange
under the ticker DNN.
Denison shares closed down 48 cents, or 3.3%,
to $13.88 on the Toronto stock exchange Wednesday.
http://www.investorshub.com/boards/board.asp?board_id=9118
Denison Mines Corp - Uranium Supply & Demands -
that's only the beginning -
the reactors will not be shut down -
demand and supply -
makes the price -
Uranium to Head North of $500/Pound?
Posted by securities on: 2006-01-03 14:33:44
Uranium to Head North of $500/Pound?
By James Finch
Legendary stock picker James Dines recently compared uranium
stocks to the high-flying net stocks of the halcyon days
of the Internet expansion era.
While the much-hyped and fleeting Y2K crisis never materialized,
the U.S. energy crisis for highly sought uranium
has been developing for more than twenty years.
Still early in the current bullish uranium cycle,
investors are scoring triple-digit returns on what
some are calling a renaissance in nuclear energy.
http://www.investorshub.com/boards/board.asp?board_id=9118
http://www.investorshub.com/boards/board.asp?board_id=7743
Putin Signs Bill to Set Up State-Owned Nuclear Industry Giant in Russia
Created: 28.04.2007 13:12 MSK (GMT +3), Updated: 13:13 MSK
http://www.mosnews.com/money/2007/04/28/nucleargiant.shtml
Market Call Tonight with Michael Hainsworth
Oil, Gas, Forestry and Mining Stocks
Bill Harris, partner and portfolio manager,
Avenue Investment Management
http://www.robtv.com/servlet/HTMLTemplate/!robVideo/robtv0726.20061222.00046000-00046217-clip1/h/220...
Denison to Acquire OmegaCorp Ltd.
Denison Mines Corp. has placed a takeover offer to acquire OmegaCorp Limited for about A$170 million (US$134 million).
The offer, which has been unanimously recommended by Omega’s directors, reflects a premium of about 25 percent to the volume-weighted average price for Omega shares in the previous 20 trading days, according to a Denison statement. Omega intends to accept the Denison offer with respect to their own shareholdings in the absence of a superior offer or if there is a bid by a third party that is matched by Denison.
The Denison offer also considers the spinoff of the Mavuzi assets in Mozambique to Omega shareholders, in a company called Newco that will own the Mavuzi assets and seek listing on the Australian Stock Exchange. Denison will retain the uranium rights of the Mavuzi assets. Omega is an Australian-listed mineral exploration company that has a portfolio of uranium projects in southern Africa, including the advanced stage Kariba Project in Zambia. [top]
IUC Merger with Denison Completed
Denison Mines Inc. and International Uranium Corporation (IUC) have completed their proposed merger that combines the business and operations of both companies.
Denison is now a subsidiary of IUC, and IUC has been renamed Denison Mines Corp. On December 7, Denison Mines Corp. began trading on the Toronto Stock Exchange under the symbol “DML.”
The merger creates a diversified uranium producer with currently estimated combined annual production of approximately 5 million pounds U3O8 by 2010. The combined company will be positioned as a North American intermediate uranium producer, with mining assets in the Athabasca Basin of Saskatchewan, Canada, and the southwestern USA, including Colorado, Utah, and Arizona. In addition, Denison Mines Corp. will have ownership interests in two of the four uranium mills operating in North America today. Its exploration portfolio includes large land positions in the USA, Canada, and Mongolia. [top]
DENISON MINES CORPORATION
SYMBOL: T.DML
Website: www.denisonmines.com
Corporate Contact Information
Phone: (604) 689-7842
Email: intluranium@namdo.com
June 14, 2006 (IUC – TSX) - International Uranium Corporation (“IUC” or the “Company”) is pleased to announce the re-opening of its U.S. uranium/vanadium mines. Mining activity will commence immediately and mined ore will be stockpiled at the Company’s wholly-owned White Mesa uranium/vanadium mill in southeastern Utah. Initial production rates will be approximately 3.4 million pounds of uranium and 5.9 million pounds of vanadium. The Mill is currently completing an alternate feed contract which will net the Company in excess of 500,000 pounds uranium in 2006.
The Company holds conventional mining properties in the Four Corners region of the western United States. The properties are in three distinct mining districts; the Colorado Plateau, the Henry Mountains and the Arizona Strip. The Company intends to immediately commence mining activities at the Pandora, Topaz, Sunday and St. Jude mines on the Colorado Plateau. This will be followed by two additional mines in the Colorado Plateau region in early 2007. All of IUC’s mines on the Colorado Plateau are fully permitted. In the Henry Mountains area, plans are to complete the permitting on the Tony M mine with production slated for late spring 2007. Development of the Bullfrog property will begin in the spring of 2007 and production is projected to begin mid-year 2008. The Company will also review and revise the engineering estimates for the fully permitted Arizona 1 Mine in the Arizona Strip district with development scheduled to begin early 2007 and production beginning in late summer 2007. Please see attached map.
Ron Hochstein, President of International Uranium, commented, “IUC is happy to be back as a significant U.S. uranium producer – and at a time of record uranium prices. IUC last produced uranium from its mines in 1999 and its predecessor company, Energy Fuels Nuclear, Inc., was the U.S.’s largest uranium producer. Our mines and mill will provide us with many years of rapid growth to look forward to. We intend on utilizing our large capacity mill to its full advantage through toll milling contracts with other future miners in the area and our very successful alternate feed program. This year alone we will be producing over 500,000 pounds of U3O8 to IUC’s credit through one alternate feed contract.”
Mined ore will be stockpiled at the Company’s wholly-owned White Mesa uranium/vanadium mill in southeastern Utah. The Mill is a highly strategic asset for the Company as it is one of only two operating uranium mills in the U.S. and there exists significant opportunity for third party toll milling and alternate feed processing in addition to processing its own mined ore. Based on current mine production schedules, processing of the ore would begin late fourth quarter 2007 or first quarter 2008, depending upon securing additional alternate feed material and third party ore. In the initial year, IUC anticipates producing approximately 3.4 million pounds of U3O8 and 5.9 million pounds of vanadium, thereafter, averaging between 1.5 and 2 million pounds per year of U3O8 and vanadium.
The Colorado Plateau, or Uravan Mineral Belt, has a lengthy mining history, with the first ore shipment made to France in 1898. World War II brought increased attention to the uranium ores in the Uravan area, and by the 1950's this district was one of the world's foremost producers of both uranium and vanadium. Production continued more or less uninterrupted until 1984 when low uranium prices forced the closure of all operations. Production resumed in 1987, primarily due to increased vanadium prices, but once again ceased in 1990. IUC resumed production on a few of the operations in 1997 but ceased production approximately 18 months later due to continued decline of the vanadium price. Total production from the Union Carbide mines (many of which are now owned by IUC) in the Uravan area is reported at 47 million pounds of U3O8 and 273 million pounds of vanadium, yielding an overall ratio of V2O5: U3O8 of 5.79.
The types of uranium resources found on the Colorado Plateau were deposited as alluvial fans by braided streams. The shape and size of the ore seams are extremely variable. Individual deposits are small, varying in length from a few hundred to several thousand feet and in width from a hundred to a thousand feet. Thicknesses vary from a few inches to several tens of feet, but generally average between two to five feet. Mines often contain several such ore bodies. The host sediments are generally flat lying to low dipping with little structural deformation.
IUC is also pleased to announce that Mr. Harold Roberts, P.E. has been appointed IUC’s Vice President of Operations and will be responsible for the Company’s U.S. mine and mill operations. Harold was previously Vice President, Corporate Development and prior to joining IUC was the President of Energy Fuels Nuclear, Inc. prior to the acquisition of the Energy Fuels uranium assets by International Uranium Corporation. From 1975 to 1978, Mr. Roberts was with Western Nuclear, Inc., a subsidiary of Phelps Dodge Corporation, during which time he participated in the design, construction and operations of the Sherwood Uranium Mill, and was involved in numerous projects related to the company's mining and milling operations in central Wyoming. Beginning in 1978, Mr. Roberts was employed by Energy Fuels with his responsibilities including design and construction of the White Mesa Uranium Mill.
Harold Roberts, P.E., a Qualified Person pursuant to NI 43-101, has reviewed the contents and technical information contained in this news release.
IUC is engaged in uranium exploration and production. It holds significant uranium deposits in Mongolia and uranium and vanadium deposits in the U.S. and a fully permitted 2,000 ton per day uranium/vanadium mill near Blanding, Utah (one of only two operating uranium mills in the U.S.), as well as uranium exploration properties in the Athabasca Region in Canada. The Company also processes and recycles uranium-bearing waste materials as an environmentally superior alternative to direct disposal. In addition, the Company is a significant shareholder in Fortress Minerals Corp., a public company engaged in precious and base metal exploration in Russia, Nicaragua and Mongolia.
Statements contained in this news release which are not historical facts are forward-looking statements that involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause such differences, without limiting the generality of the following, include: risks inherent in exploration activities; volatility and sensitivity to market prices for uranium and vanadium; the impact of the sales volume of uranium and vanadium; competition; reliance on income from processing uranium-bearing waste materials; the impact of change in foreign currency exchange rates and interest rates; imprecision in resource and reserve estimates; environmental and safety risks including increased regulatory burdens; changes to reclamation requirements; unexpected geological or hydrological conditions; political risks arising from operating in certain developing countries; a possible deterioration in political support for nuclear energy; changes in government regulations and policies, including trade laws and policies; demand for nuclear power; replacement of production and failure to obtain necessary permits and approvals from government authorities; weather and other natural phenomena; ability to maintain and further improve positive labour relations; operating performance of the facilities; success of planned development projects; and other development and operating risks. Although IUC believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this release. IUC disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
United States investors are advised that while the term resources is recognized by Canadian regulations, SEC does not recognize that term. Investors are cautioned not to assume that all or any part of mineral deposits in this category will ever be converted into reserves.
On behalf of the Board,
Ron F. Hochstein
President and C.E.O.
For further information, please contact Sophia Shane, Corporate Communications, at 604-689-7842.
With the world's biggest gas reserves, the energy future
would seem to belong to Russia.
Is this why Tony Blair wants to go nuclear? -
http://globalfire.tv/nj/06en/politics/putinswrath.htm
Denison Mines Inc. - News and Filings -
Thu, Dec 07, 2006
8:35 AM Denison to Commence Trading Under Symbol "DML" at Market Opening on December 7, 2006 - CCN Matthews
8:34 AM Denison to Commence Trading Under Symbol "DML" at Market Opening on December 7, 2006 - Market Wire
http://www.investorshub.com/boards/board.asp?board_id=7743
December 7, 2006 - 8:35 AM EST
TORONTO, ONTARIO--(CCNMatthews - Dec. 7, 2006) -
Denison Mines Corp.
("Denison" or the "Company")(TSX:IUC)(TSX:DEN) is pleased
to announce that the Company will commence trading as
Denison Mines Corp.
("New Denison") on the Toronto Stock Exchange under the
symbol "DML" effective today, at the market opening on
December 7, 2006. The new CUSIP number of the common shares
will be 248356107 and the ISIN number will be CA 2483561072.
Denison Mines Corp.
is the result of a recent merger between
International Uranium Corporation
("IUC") and Denison Mines Inc.
("Old Denison").
Each common share of Old Denison has now become 2.88 common shares of IUC and IUC has changed its name to
Denison Mines Corp.
Also as a result of the merger, the terms of the two series
of Old Denison common share purchase warrants have been amended, effective December 1, 2006, as follows:
(1) each New Denison common share purchase warrant that will trade under the symbol DML.WT will entitle the holder
to acquire 2.88 common shares of
New Denison at $15.00 per warrant until November 24, 2009
(CUSIP 248356115, ISIN CA 2483561155);
and (2) each New Denison common share purchase warrant that
will trade under the symbol:
DML.WT.A will entitle the holder to acquire 2.88 common shares
of New Denison at $30.00 per warrant until March 1, 2011
(CUSIP 248356123, ISIN CA 2483561239).
Fractional common shares of New Denison will not be issued
upon exercise of either series of warrants.
In lieu thereof, a cash payment will be made equal to the
value of the right to acquire such fractional interest.
Registered shareholders of the Old Denison are requested
to submit a Letter of Transmittal to facilitate conversion
of their shares to New Denison.
A Letter of Transmittal has been mailed to all registered shareholders with instructions on how to complete and submit
the form.
Shareholders whose Old Denison shares are registered in
the name of a broker, investment dealer, bank, trust company
or other nominee should contact that nominee for assistance
in exchanging their Old Denison shares for
the New Denison shares.
The merger has created a growth oriented and diversified
uranium producer with currently estimated annual production
of approximately 5 million pounds U3O8 by 2010 with a
strong financial position of approximately Cdn$118 million (September 30, 2006) in working capital and no debt.
Denison Mines Corp.
is considered the premier intermediate uranium producer
in North America, with mining assets in the Athabasca Basin Region of Saskatchewan, Canada and the southwest United States including Colorado, Utah, and Arizona.
Further, the Company has ownership interests in two of the
four uranium mills operating in North America today.
The combination of a diversified mining asset base with
parallel ownership of milling infrastructure in highly politically stable jurisdictions has uniquely positioned
the Company for growth and development into the future.
The Company also has a strong exploration portfolio with
large land positions in the United States,
Canada and Mongolia.
Correspondingly, the Company has one of the largest uranium exploration teams among intermediate uranium companies.
Cautionary Statements
This news release contains "forward-looking statements", within the meaning of the United States Private Securities Litigation Reform Act of 1995 and similar Canadian legislation, concerning the business, operations and financial performance and condition of Denison Mines Corp. ("Denison").
Forward looking statements include, but are not limited to, statements with respect to estimated production, synergies and financial impact of the proposed transaction; the benefits of the proposed transaction and the development potential of Denison's properties; the future price of uranium; the estimation of mineral reserves and resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; capital expenditures; success of exploration activities; permitting time lines and permitting, mining or processing issues; currency exchange rate fluctuations; government regulation of mining operations; environmental risks; unanticipated reclamation expenses; title disputes or claims; and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Denison to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to: unexpected events during construction, expansion and start-up; variations in ore grade, tonnes mined, crushed or milled; delay or failure to receive board or government approvals; timing and availability of external financing on acceptable terms; risks related to international operations; actual results of current exploration activities; actual results of current reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of uranium and vanadium; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in the completion of development or construction activities, as well as those factors discussed in or referred to in the current annual Management's Discussion and Analysis of each of Denison Mines Inc. ("DMI") and International Uranium Corporation ("IUC"), the current Annual Information Form of DMI filed with the securities regulatory authorities in Canada and available at www.sedar.com and IUC's Annual Report on Form 20-F filed with the securities regulatory authorities in Canada and available at www.sedar.com. Although management of Denison has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Denison does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws. Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. Readers should refer to the respective Annual Information Forms of DMI and, IUC, each for the year ended December 31, 2005, and other continuous disclosure documents filed by each of them since January 1, 2006 available at www.sedar.com, for further information relating to their mineral resources and mineral reserves.
Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources: This news release uses the terms "Measured", "Indicated" and "Inferred" Resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists, or is economically or legally mineable.
FOR FURTHER INFORMATION PLEASE CONTACT:
Denison Mines Corp.
E. Peter Farmer
(416) 979-1991 ext. 231
Denison Mines Corp.
Ron Hochstein
(604) 689-7842
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DENISON MINES CORP. -
Denison Mines Inc. - News and Filings -
Thu, Dec 07, 2006
8:35 AM Denison to Commence Trading Under Symbol "DML" at Market Opening on December 7, 2006 - CCN Matthews
8:34 AM Denison to Commence Trading Under Symbol "DML" at Market Opening on December 7, 2006 - Market Wire
Production>> The McClean Lake Facility -
The McClean Lake Facility -
The JEB Tailings Management Facility
http://www.denisonmines.com/content/uranium/mcclean.cfm?catid=91
Ore feed to McClean Mill
McClean Lake Deposits
The McClean Lake Joint Venture -
also owns several uranium deposits -
At the JEB and Sue C deposits -
the Joint Venture has mined and stockpiled -
over 41 million pounds, a sufficient amount -
of ore to feed the McClean mill -
until into 2006.
Mining is recommencing in 2005 -
with the Sue A deposit -
which will be completely mined
in the year, followed by mining
of the Sue E deposit -
The remaining known deposits -
including McClean North -
and Caribou -
are expected to be mined -
over the next three years.
Production>> Marketing -
Denison's Uranium Marketing Arrangements -
http://www.denisonmines.com/content/uranium/marketing.cfm?catid=94
Presentations>> Video -
http://www.denisonmines.com/content/presentations/video.cfm?catid=129
http://app.quotemedia.com/quotetools/getChart?snap=true&symbol=T.DEN&chscale=1y&chtype=A....
Business Description:
The Company owns a 22.5% interest in
The McClean Lake Uranium Mine -
and facility and a 25.17% interest in
The Midwest Project -
in northern Saskatchewan, and is actively
engaged in exploration activities in
Canada's Athabasca Basin and in Mongolia.
It is engaged in mine decommissioning
and environmental services through its
Denison Environmental Services division
and provides management services to
Uranium Participation Corporation.
Address:
595 Bay Street, Suite 402,
Toronto, ON, CN M5G 2C2
Telephone:
(416) 979-1991
Website:
http://www.denisonmines.com
Facsimile:
(416) 979-5893
Email:
scolman@denisonmines.com
Intl Uranium -
Intl Uranium J News and Filings
Thu, Dec 07, 2006
8:35 AM Denison to Commence Trading Under Symbol "DML" at Market Opening on December 7, 2006 - CCN Matthews
8:34 AM Denison to Commence Trading Under Symbol "DML" at Market Opening on December 7, 2006 - Market Wire
http://www.intluranium.com/s/Operations.asp
Business Description:
The Company is primarily engaged in the business
of recycling uranium-bearing waste products,
referred to as 'alternate feed materials,'
for the recovery of uranium, alone or
in combination with other metals,
as an environmentally preferable alternative -
Address:
2101-885, WEST GEORGIA STREET,
VANCOUVER, BC, CN V6C 3E8
Telephone:
(604) 689-7842
Website:
http://www.intluranium.com
Facsimile:
(604) 689-4250
Email:
intluranium@namdo.com
DENISON MINES CP NEW (AMEX:DNN) -
http://finance.yahoo.com/q?s=dnn
DENISON MINING CORP (Toronto:DML.TO) -
http://finance.yahoo.com/q?s=DML.TO
DENISON MINES (Frankfurt:IUQ.F) -
http://finance.yahoo.com/q?s=IUQ.F
DENISON MINES (XETRA:IUQ.DE) -
http://finance.yahoo.com/q?s=IUQ.DE
DENISON MINES (Berlin:IUQ.BE) -
http://finance.yahoo.com/q?s=IUQ.BE
DENISON MINES (Munich:IUQ.MU) -
http://finance.yahoo.com/q?s=IUQ.MU
DENISON MINES (Stuttgart:IUQ.SG)
http://finance.yahoo.com/q?s=IUQ.SG
DENISON MINES (Stuttgart:1811854.SG) -
http://finance.yahoo.com/q?s=1811854.SG
http://news.bbc.co.uk/2/shared/spl/hi/sci_nat/05/nuclear_fuel/html/mining.stm
Experts/roundtable/2006/images/sf2006_med.gif>
http://www.netcastdaily.com/broadcast/fsn2006-1118-1.m3u
http://www.netcastdaily.com/broadcast/fsn2006-1202-2b.m3u
Those who make peaceful REVOLUTION impossible will
make violent REVOLUTION inevitable.
- John F. Kennedy
Shut Down The Federal Reserve: Save America!
http://www.ipetitions.com/petition/AFTF_P_1/
†With God all things are possible†
by: todd h
ROB-TV in exposing the Gold price suppression scheme -
http://www.youtube.com/watch?v=GbPetrK_6Lc&mode=related&search=
Join GATA -
http://www.GATA.org.
Gold Show -
2007 Vancouver Resource Investment Conference
Vancouver Convention and Exhibition Centre
Sunday and Monday, January 21 and 22, 2007
http://www.cambridgeconferences.com/ch_jan2007.html
http://www.sim.org/
Please pass it along >>>>>>>>>>>>>>>>>>>>>>>>>>>>>
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