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JNR Reports More High-Grade Uranium Results at Moore Lake

Friday February 23, 9:15 am ET

SASKATOON, Feb. 23 /CNW/ - JNR Resources Inc. (TSXV:JNN) and Denison Mines Corp. (TSX:DML - News) jointly the "Companies" are pleased to announce the results from the 2006 summer/fall diamond drilling program on the Moore Lake uranium project located in the Athabasca Basin of northern Saskatchewan. The program consisted of 38 holes totalling 14,317 metres. The Moore Lake project is a joint venture between the two companies, with participating interests of 25% (JNR) and 75% (Denison).

The Companies are pleased with the results, which continue to outline uranium mineralization in the Maverick Main zone and demonstrate the highly prospective nature of the 6.5-kilometre long Maverick structural corridor, over 50% of which has yet to be drill tested, and the Avalon conductive zone. Significant assay results are presented in Table 1.

Infill drilling on the Maverick Main zone intersected uranium mineralization in all six holes, with high-grade intersections in three of them. ML-140 returned 3.20% U3O8 over 6.5 metres including a 3.5-metre intercept of 5.25% U3O8, 2.1% nickel and 0.65% cobalt. ML-139 returned 1.23% U3O8 over 8.5 metres, including a 1.5-metre intercept of 4.20% U3O8. The mineralization in both of these holes occurs at the unconformity and in the basal sandstone. Also at the Maverick Main zone, ML-133 intersected two zones of mineralization. A high-grade zone at the unconformity returned 2.72% U3O8, 2.30% nickel and 0.905% cobalt over 5.0 metres, including a 2.0-metre intercept of 4.25% U3O8. ML-133 also intersected mineralization in the basement associated with clay-altered graphitic pelites, returning 0.611% U3O8 over 3.5 metres.

Uranium mineralization was intersected in all three holes that tested the '527' area, with the best result obtained from ML-136 returning 0.50% eU3O8 over 7.0 metres.

Significant results were obtained from several holes that tested the minimum 4.0-kilometre long conductive zone on the Avalon grid. Of particular interest was ML-850, which represents the first-pass drilling of a 1.0-kilometre segment of the zone. It intersected a broad 25-metre zone of highly anomalous radioactivity located well beneath the unconformity.

Extensive structural disruption and/or anomalous geochemistry were intersected in the majority of holes that tested other target areas. Further details are presented below. A full evaluation of all of these zones will be undertaken, and follow up drilling is planned on a number of highly prospective targets.

The 2007 winter exploration program is well underway. It will consist of a planned minimum of 10,000 metres of diamond drilling and 110 kilometres of linecutting and ground geophysics. A property-wide airborne resistivity and magnetic survey will also be carried out. Two drills are currently operating, and in light of the substantial freeze this winter, they will focus on muskeg and lake covered targets in the West Venice, Venice, Volhoffer, Puka Puka and West Maverick areas. The JV has budgeted a total of $5 million for exploration in 2007.

It should be noted that depths to the unconformity along the Maverick structural corridor are relatively shallow at 270 to 275 metres. In the Avalon area they are on the order of 320 to 330 metres. The shallowest unconformity depths on the property (~200 metres) are on the Rarotonga grid.

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