Denison Increases Ownership in OmegaCorp to 78.6% Wednesday July 18, 4:41 pm ET
TORONTO, ONTARIO--(MARKET WIRE)--Jul 18, 2007 --
Denison Mines Corp. ("Denison" or the "Company") (DML: TSX)(AMEX:DNN - News) is pleased to announce that it has increased its holdings in OmegaCorp Limited ("OmegaCorp") (ASX:OMC.AX - News) to approximately 78.6%.
On July 17th and 18th, 2007 Denison acquired approximately 37 million common shares of OmegaCorp at $AU1.30 per share through the facilities of the Australian Stock Exchange (ASX).
Denison now holds approximately 121 million shares of OmegaCorp out of the approximately 154 million shares issued.
On July 13, 2007, Denison waived the conditions to its takeover offer to acquire all of the remaining shares of OmegaCorp that it does not already own. To this effect, Denison filed a Revised and Supplementary Bidder's Statement with the Australian Securities and Investment Commission (ASIC) and the Australian Stock Exchange (ASX). At the time, Denison owned approximately 33% of the common shares of OmegaCorp. The waiver of all conditions allows Denison to purchase common shares on an "on market" basis. Denison expects to continue to acquire additional common shares on market if and when opportunities present themselves during the bid process.
Copies of the Bidder's Statement and Revised and Supplementary Bidder's Statement are available on 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 expected effects of possible corporate transactions, 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.
Contact:
Contacts: Denison Mines Corp. E. Peter Farmer (416) 979-1991 ext. 231 (416) 979-5893 (FAX)
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
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