Denison Announces 2018 Exploration & Evaluation Program Focused ON High Priority Properties
Denison Mines Corp.
1100 – 40 University Ave
Toronto, ON M5J 1T1
www.denisonmines.com
@DenisonMinesCo
PRESS RELEASE
DENISON ANNOUNCES 2018 EXPLORATION & EVALUATION
PROGRAM FOCUSED ON HIGH PRIORITY PROPERTIES
Toronto, ON – January 17, 2018 Denison Mines Corp. (“Denison” or the “Company”) (TSX: DML) (NYSE
MKT: DNN) (NYSE American: DNN) is pleased to announce the details of its CAD$16.7 million (Denison’s
share) exploration and evaluation budget for 2018. The budget will be mainly focused on the Company’s
high priority projects, namely Wheeler River, Water bury Lake and Hook-Carter, each of which are locate d
in the Athabasca Basin in northern Saskatchewan. Wi nter drilling has commenced at Wheeler River and
winter drilling programs are expected to start at Waterbury Lake this week and at Hook-Carter in February.
Budget highlights for 2018 include:
• Wheeler River Project - A diamond drilling program of approximately 45,000 metres in 60 drill holes is
planned with a focus on exploration drilling along strike of the Gryphon deposit and at other high priority,
and largely untested, regional targets on the prope rty. Concurrent with the diamond drilling program, a
Pre-Feasibility Study (“PFS”) is scheduled for completion in 2018, which will be based on an updated
mineral resource estimate for the project (expected in Q1 2018, see Denison’s press release dated
January 4, 2018).
• Waterbury Lake Project - Exploration efforts in 2018 will follow-up on the h ighly successful drilling
completed in 2017, which resulted in the discovery of the Huskie Zone of high-grade, basement-hosted
uranium mineralization (see Denison’s press release dated October 11, 2017). Approximately 14,400
metres of diamond drilling is planned in 36 drill holes.
• Hook-Carter Project - Numerous priority targets have been generated al ong the prolific Patterson
Corridor from ground geophysical surveying complete d in 2017. An inaugural diamond drilling program
of approximately 10,000 metres in 17 drill holes is planned.
David Cates, President and CEO of Denison commented, "The 2018 budget aligns with our strategy to
focus our exploration spending on select high-prior ity projects. Our winter drilling programs at
Wheeler and Waterbury will commence with drill step -outs from high-grade, basement hosted
mineralization that remains open. In addition, our exploration team is excited to commence our
maiden drilling campaign on the Patterson Corridor at Hook-Carter. We look forward to another year
of active exploration on a range of exciting opport unities on the Company’s Athabasca-focused
exploration portfolio.”
Wheeler River Project
A CAD$13.1 million budget has been approved for Den ison’s flagship project, located in the infrastructure
rich eastern portion of the Athabasca Basin. The bu dget includes exploration expenditures of CAD$9.5
million and evaluation expenditures of CAD$3.6 million.
Denison’s share of the budget is expected to be CAD $9.8million, which represents 75% of joint venture
expenses. The increased funding by Denison (ownersh ip of 60%) in 2017 and 2018 is in accordance with
an agreement with the Wheeler River Joint Venture partners Cameco Corp. (“Cameco”) and JCU (Canada)
Exploration Company Limited (“JCU”), which allows Denison to increase its interest in the project to u p to
approximately 66% by the end of 2018. Under the ter ms of the agreement, Cameco will fund 50% of its
ordinary 30% share in 2017 and 2018, and JCU will c ontinue to fund its 10% interest in the project (se e
Denison’s press release dated January 10, 2017).
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The 2018 exploration program, including approximate ly 45,000 metres of diamond drilling in 60 drill ho les,
will be focused on step-out drilling along strike o f the Gryphon deposit and drill testing of high-pri ority and
largely untested regional targets on the property. The Gryphon deposit remains open in numerous areas
with a significant amount of potential for future r esource growth. Priority target areas include: (1) Along
strike to the northeast of the E series lenses, whe re both unconformity and basement potential exists; (2)
Down plunge of the A and B series lenses; (3) Along strike to the northeast and southwest of the D ser ies
lenses; and (4) Within the currently defined D series lenses, where additional high-grade shoots may exist.
Very little regional exploration has taken place on the property in recent years, with drilling effort s focused
on Phoenix and Gryphon, which were discovered by Denison in 2008 and 2014 respectively. The property
is host to numerous uranium-bearing lithostructural corridors which are under- or unexplored and have the
potential for additional large, high-grade unconfor mity or basement hosted deposits. The 2018 explorat ion
program will see renewed focus along these corridor s to follow-up on previous mineralized drill result s, or
to test geophysical targets identified from recent past surveys.
The 2018 evaluation program will be aimed at comple tion of the Wheeler River PFS. As outlined in the
Company’s press release dated January 4, 2017, Denison has assembled a group of leading engineering
and consulting firms to support the Company’s in-house project development team in the completion of the
PFS.
Waterbury Lake Project
The ‘Huskie Zone’ was discovered during the Company’s summer 2017 drilling program at Waterbury Lake.
Seven of the nine drill holes completed as part of the summer program intersected uranium mineralization,
including intersections of 9.1% U 3O8 over 3.7 meters (drill hole WAT17-446A), 1.7% U 3O8 over 7.5 meters
(drill hole WAT17-449) and 1.5% U 3O8 over 4.5 meters (drill hole WAT17-450A) (see Denis on’s press
release dated October 11, 2017). The mineralized zone is entirely basement-hosted occurring between 50
and 175 metres vertically below the sub-Athabasca u nconformity (265 and 390 metres vertically below
surface) and measuring approximately 100 metres along strike (current extent of drilling), up to 120 metres
along dip, with individual lenses varying in interp reted true thickness between approximately 2 and 7
metres. The zone is wide-open in all directions in terms of the mineralization and associated alterati on
intersected.
The 2018 exploration program is budgeted at CAD$3.5 million (100% Denison share) and is designed with
the potential to expand the Huskie zone mineralization through step-out drilling. A diamond drilling program
of approximately 14,400 metres in 36 drill holes is planned for 2018 and is expected to be carried out during
the winter and summer drilling seasons.
The Waterbury Lake property consists of 13 claims c overing 40,256 hectares, and is located in the
infrastructure rich eastern portion of the Athabasc a Basin. The property is jointly owned by Denison
(64.22%) and Korea Waterbury Uranium Limited Partne rship (“KWULP”) (35.78%) through the Waterbury
Lake Uranium Limited Partnership (“WLULP”). KWULP h as elected not to fund the 2018 exploration
program and, as a result, will incur dilution of its ownership interest in the WLULP.
Hook-Carter Project
The Hook-Carter property consists of 45 claims cove ring 20,522 hectares and is located in the western
portion of the Athabasca Basin. The project is hig hlighted by 15 kilometres of strike potential along the
prolific Patterson Corridor – host to the recently discovered Arrow deposit (NexGen Energy Ltd.), Trip le R
deposit (Fission Uranium Corp.), and Spitfire discovery (Purepoint Uranium Group Inc., Cameco Corp., and
AREVA Resources Canada Inc.), which occur within 8 to 20 kilometres of the property. The property is
significantly underexplored compared to other properties along this trend, with only five of eight historic drill
holes located along the 15 kilometres of Patterson Corridor strike length. The property also covers
significant portions of the Derkson and Carter Corridors, which provide additional priority target areas.
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During 2017, exploration activities at the Hook-Car ter project included ground electromagnetic and
resistivity surveying covering 7.5 kilometres of strike along the shallower portions of the Patterson Corridor.
The surveys have generated numerous compelling unco nformity and basement targets which Denison
believes warrant drill testing. A diamond drilling program is planned for the winter of 2018, consisti ng of
approximately 10,000 metres in 17 drill holes, with a budget of CAD$2.2 million (100% Denison share). The
property is owned 80% by Denison and 20% by ALX Ura nium Corp. (“ALX”), and Denison has agreed to
fund ALX's share of the first CAD$12M in expenditures (see Denison’s Press Releases dated October 13 th
and November 7 th , 2016).
Other Exploration Projects
The 2018 budget also provides for a reconnaissance diamond drilling program (2,200 metres in 16 drill
holes) for approximately CAD$1.0 million on Denison’s 100% owned South Dufferin project, and funding of
Denison’s share of AREVA Resources Canada operated exploration programs at the McClean Lake project
(22.5% Denison) and Midwest project (25.17% Denison) with a total budget of $570,000 (Denison’s share).
About Denison
Denison is a uranium exploration and development company with interests focused in the Athabasca Basin
region of northern Saskatchewan, Canada. In addition to its 60% owned Wheeler River project, which hosts
the high-grade Phoenix and Gryphon uranium deposits , Denison's exploration portfolio consists of
numerous projects covering approximately 347,000 he ctares in the Athabasca Basin region, including
327,000 hectares in the infrastructure rich eastern portion of the Athabasca Basin. Denison's interest s in
Saskatchewan also include a 22.5% ownership interest in the McClean Lake joint venture (“MLJV”), which
includes several uranium deposits and the McClean L ake uranium mill, which is currently processing ore
from the Cigar Lake mine under a toll milling agreement, plus a 25.17% interest in the Midwest and Midwest
A deposits, and a 64.22% interest in the J Zone dep osit and Huskie discovery on the Waterbury Lake
property. Each of Midwest, Midwest A, J Zone and Huskie are located within 20 kilometres of the McClean
Lake mill.
Denison is also engaged in mine decommissioning and environmental services through its Denison
Environmental Services division and is the manager of Uranium Participation Corp., a publicly traded
company which invests in uranium oxide and uranium hexafluoride.
For more information, please contact
David Cates (416) 979-1991 ext. 362
President and Chief Executive Officer
Sophia Shane (604) 689-7842
Investor Relations
Follow Denison on Twitter @DenisonMinesCo
Cautionary Statement Regarding Forward-Looking Statements
Certain information contained in this press release constitutes "forward-looking information", within the meaning of the United States
Private Securities Litigation Reform Act of 1995 an d similar Canadian legislation concerning the busin ess, operations and financial
performance and condition of Denison.
Generally, these forward-looking statements can be identified by the use of forward-looking terminolog y such as "plans", "expects",
"budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes", , or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to", or the negatives and/or variations of such words
and phrases. In particular, this press release contains forward-looking information pertaining to the following: exploration (including drilling)
and evaluation activities, plans, budgets and objectives; management’s assessments regarding the potential for additional mineralization
to be discovered through further exploration of its properties; plans and objectives with respect to updating its resource estimates and
preparing a PFS; and Denison’s percentage interest in its properties and its plans and agreements with its joint venture partners, as
applicable. Statements relating to "mineral reserves" or "mineral resources" are deemed to be forward-looking information, as they involve
the implied assessment, based on certain estimates and assumptions that the mineral reserves and mineral resources described can be
profitably produced in the future.
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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 forward-looking statements. Factors, such as
potential environmental impacts, the speculative nature of exploration and development, the need for stakeholder approvals, and ongoing
capital needs can significantly alter plans and achievements. Denison believes that the expectations reflected in this forward-looking
information are reasonable but no assurance can be given that these expectations will prove to be accurate and may differ materially from
those anticipated in this forward looking information. For a discussion in respect of risks and other factors that could influence forward-
looking events, please refer to the factors discussed in Denison's Annual Information Form dated March 23, 2017 under the heading "Risk
Factors". These factors are not, and should not be construed as being exhaustive. Accordingly, readers should not place undue reliance
on forward-looking statements.
The forward-looking information contained in this press release is expressly qualified by this cautionary statement. Any forward-looking
information and the assumptions made with respect thereto speaks only as of the date of this press release. Denison does not undertake
any obligation to publicly update or revise any forward-looking information after the date of this press release to conform such information
to actual results or to changes in Denison's expectations except as otherwise required by applicable legislation .
Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Mineral Resources: This
press release may use the terms “measured”, “indicated” and “inferred” mineral resources. United States investors are advised that while
such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not
recognize them. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and as to their economic and legal
feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under
Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. United States
investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineral
reserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is
economically or legally mineable.
Figure 1: Denison’s Athabasca property portfolio as of December 31 st , 2017.