Denison Mines Inc. (TSX:DEN) reports Q3 its results for
the third quarter -
TORONTO, ONTARIO--(CCNMatthews - Nov. 7, 2005) -
Denison Mines Inc.
(TSX:DEN) reports its results for the third quarter
and nine months ended September 30, 2005.
All amounts are in Canadian dollars unless otherwise
Consolidated net income (loss) was ($891,000)
or ($0.04) per share for the three month period
and $207,000 or $0.01 for the nine month period
ended September 30, 2005
compared with consolidated net income (loss)
of ($52,000) or $0.00 per share
and ($1,572,000) or ($0.08) per share
for the same periods last year.
Revenue was $8,549,000 and $24,013,000 for the three months
and nine months ended September 30, 2005 respectively
compared with $10,458,000 and $27,298,000 for
the comparable periods in 2004.
Cash provided from operations, after working capital
changes, for the three months ended September 30, 2005
totaled $5,101,000 or $0.20 per share and for
the nine months ended September 30, 2005
totaled $5,132,000 or $0.20 per share.
This compares to operating cash of $2,207,000 or
$0.10 per share for the three month and $11,951,000
or $0.61 per share for the nine month comparable
periods last year.
Significant events in the third quarter included:
- The spot price for uranium (U3O8) increased to
US$31.25 at September 30, 2005 from
US$29.00 at June 30, 2005.
- The value of United States currency, relative to
Canadian currency, declined significantly during the quarter.
The exchange rate declined from $1.2254 at June 30, 2005
to $1.1627 at September 30, 2005.
The average realized exchange rate on uranium sales
in the third quarter of 2005 declined to $1.1738 from
$1.2925 average for the third quarter in 2004.
- The summer exploration drilling program at
the Wheeler River uranium project, of which Denison
is the operator, commenced in June 2005 and
continued throughout the quarter.
- The test mining program at McClean Lake was carried out
during the quarter and is now complete for the year.
The specialty equipment, namely the mining tools and
the mining pipes, engineered and manufactured exclusively
for the Pilot Test Program, has been successfully
commissioned and to some extent tested in the sandstones.
- Mining of the Sue A and Sue E uranium deposits
commenced during the quarter.
- Denison completed the purchase of 1,500,000 pounds of
U3O8 on behalf of Uranium Participation Corporation,
of which it is the manager, and earned $875,000 in
commissions and management fees.
- Denison strengthened its geology team with the addition
of Blair Needham, HBA, as geologist and Don Carriere,
BASc, MASc, as geophysicist. http://www.investorshub.com/boards/quotes.asp?ticker=t.den&qm_page=67949&qm_symbol=T.DEN http://www.investorshub.com/boards/board.asp?board_id=7037