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 specified.
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.
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'originunknown' on 'DENISON MINES INC ' -
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