Denison Mines Corp. (DML)

[NYBob]

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]