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Denison Mines Corp. Reports Second Quarter 2014 Results

Press Release –

TORONTO, ONTARIO–(Aug. 7, 2014) – Denison Mines Corp. (“Denison” or the “Company”) (TSX:DML)(NYSE MKT:DNN) today reported its results for the three months and six months ended June 30, 2014. All amounts in this release are in U.S. dollars unless otherwise stated.

Highlights

  • Commenced a summer exploration program focused on a new discovery of high grade uranium mineralization, named the Gryphon Zone, which was discovered on the 60% owned Wheeler River property during the winter exploration program completed earlier in 2014. The Gryphon Zone was discovered by drill hole WR-556, which intersected high grade basement hosted uranium mineralization returning 21.2% U3O8 over 4.5 metres. The highlight from the summer exploration program, to date, is drill hole WR-569A, located 40 metres along strike southwest and 40 metres up dip of WR-556, which intersected a wide zone of alteration and mineralization with several high grade intervals, including 9.41% eU3O8 over 3.7 metres and 5.27% eU3O8 over 5.9 metres. The Gryphon Zone is located 3.0 kilometres northwest of the Phoenix deposit.
  • Updated a mineral resource estimate in accordance with National Instrument 43-101 (“NI 43-101”), for the high grade Phoenix uranium deposit, on the Wheeler River property. After reporting several high grade intersections at Phoenix Zone A during the winter exploration program, including drill hole WR-548 which returned an assay of 36.83% U3O8over 6.5 metres, the Company was able to successfully expand the zone of higher grade mineralization at Phoenix Zone A, and ultimately increase the estimate of indicated pounds U3O8 by 34% over the previous mineral resource estimate in 2012. The updated resource estimate includes an indicated mineral resource of 70,200,000 pounds U3O8 (Denison’s share, 42,120,000 pounds) based on 166,400 tonnes of mineralization at an average grade of 19.13% U3O8, and an inferred mineral resource of 1,100,000 pounds U3O8 (Denison’s share, 660,000 pounds) based on 8,600 tonnes of mineralization with an average grade of 5.80% U3O8.
  • Construction and commissioning activities continued on the expansion and modifications of the McClean Lake mill in northern Saskatchewan. The ore slurry receiving and unloading system has been commissioned and construction of the Hydrogen Mitigation modifications is complete with commissioning underway. Initial ore feed expected late in the third quarter will be a blend of McClean Lake ore and Cigar Lake ore in order to introduce lower grade material into the mill circuits before transitioning to 100% high grade Cigar Lake ore. Production for 2014 is estimated to be up to 1,000,000 pounds U3O8 for the Cigar Lake joint venture (“CLJV”) and approximately 100,000 pounds U3O8(Denison’s share, 22,500 pounds) for the McClean Lake joint venture (“MLJV”).
  • Completed the acquisition of International Enexco Limited (“IEC”), in June 2014, by acquiring all of the issued and outstanding common shares of IEC by way of a plan of arrangement. As a result of the transaction, Denison acquired IEC’s uranium exploration assets, consisting of a 30% interest in the Mann Lake property and an additional 20% interest in Denison’s Bachman Lake property. Partners in the Mann Lake exploration project include Cameco Corp. (52.5% interest) and AREVA Resources Canada Inc. (17.5% interest). Cameco Corp. is the operator. Mann Lake is located 25 kilometres southwest of the McArthur River mine and is on trend between Cameco Corp.’s Read Lake project and Denison’s 60% owned Wheeler River project in the eastern Athabasca Basin.
  • Announced, on July 24, 2014, a “bought deal” private placement financing of 8,050,000 flow-through common shares of the Company at a price of CAD$1.62 per share for total gross proceeds of CAD$13,041,000 (the “Offering”). An option to purchase up to an additional 15% of the number of flow-through common shares in the Offering has also been granted to the underwriters. The Offering is expected to close on or about August 12, 2014.

Financial Results

The Company recorded a net loss of $11,564,000 ($0.02 per share) and $24,231,000 ($0.05 per share) for the three months and six months ended June 30, 2014, compared with a net loss from continuing operations of $2,430,000 ($0.01 per share) and $7,899,000 ($0.02 per share) for the three months and six months ended June 30, 2013. The net loss for the six months ended June 30, 2014 includes mineral property exploration expenses of $10,185,000, foreign exchange losses of $10,053,000 and an impairment charge against the company’s carrying value of mineral property of $1,658,000. The difference from prior year’s net loss is primarily due to higher exploration expenses and foreign exchange losses.

Read more: http://denisonmines.mwnewsroom.com/press-releases/denison-mines-corp-reports-second-quarter-2014-results-tsx-dml-201408070961679001

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