Denison Reports Results from Q1 2019
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Denison Mines Corp.
1100 – 40 University Ave
Toronto, ON M5J 1T1
www.denisonmines.com
PRESS RELEASE
DENISON REPORTS RESULTS FROM Q1 2019
Toronto, ON – May 1, 2019. Denison Mines Corp. (“Denison” or the “Company”) (DML: TSX, DNN: NYSE MKT)
today filed its Consolidated Financ ial Statements and Management’s Discussion & Analysis (“MD&A”) for the quarter
ended March 31, 2019. Both documents can be found on the Company’s website at www.denisonmines.com or on
SEDAR (at www.sedar.com) and EDGAR (at www.sec.gov/edgar.shtml). The highlights provided below are derived
from these documents and should be read in conjunction with them. All amounts in this release are in Canadian dollars
unless otherwise stated.
David Cates, President and CEO of Denison commented, “Following the Company’s decision, in late 2018, to advance
the planned Phoenix ISR operation through the regulatory approvals and feasibility study processes, our focus during
the first quarter of 2019 has turned to execution of our project plans for 2019 and the coming years. Accordingly, during
Q1’2019, important work has been initiated on both the regulatory side (with t he submission of a Project Description
and Technical Proposal to the applicable federal and prov incial regulators), and the feasibility study side (with
advancement of our detailed planning for an ISR field test planned for the summer of 2019).
On the exploration side, our Saskatoon based technical team continues to identify highly prospective areas for further
drill testing / follow-up – including the recent discovery of unconformity-hosted uraniu m mineralization along the
southern portion of the K West trend on the Wheeler River property, and the inters ection of uranium mineralization in
multiple drill holes at the GB Zone on the Waterbury Lake property.
With ongoing exploration at high-priority properties, and Denison’s ambitious plans for the advancement of the planned
Phoenix ISR operation, investors should be encouraged by t he combination of exploration discovery and important
Phoenix ISR de-risking catalysts that are on the horizon in 2019 and beyond.”
PERFORMANCE HIGHLIGHTS
Execution of activities to advance the Wheeler River Project
During the first quarter of 2019, the Company executed on its decision to advance the Wheeler River Project (‘Wheeler
River’) following the release of the project’s Pre-Feasibility Study (‘PFS’) in 2018. Activities in the quarter include the
submission of the Project Description (‘PD’) to the Canadian Nuclear Safety Commission (‘CNSC’) and a Technical
Proposal to the Saskatchewan Ministry of Environment – acc eptance of which are required to officially initiate the
Environmental Assessment (‘EA’) process. In addition, engineering activities continue in regards to the proposed
Phoenix In-Situ Recovery (‘ISR’) project – including the advancement of the ISR field test planned for the summer of
2019, as well as certain other studies designed to support the future Feasibility Study (‘FS’).
Successful completion of winter exploration drilling programs
At Wheeler River, the Company discovered unconformity-hos ted uranium mineralization along the southern portion
of the K West trend, including 0.08% eU 3O8 over 1.3 metres in drill hole WR -756, accompanied by strong sulphide
mineralization and other geological features commonly asso ciated with unconformity-related uranium deposits.
Follow up of the result in drill hole WR -756 is warranted, particularly given t he wide spacing of reconnaissance drill
holes completed on this portion of the K West trend – roughly 600 metre spacing of drill holes along strike.
At Waterbury Lake, follow-up drilling completed at the GB Zone intersected basement -hosted mineralization in
multiple drill holes, including 0.15% U3O8 over 6.0 metres in drill hole WAT19-480, and 0.25% U3O8 over 2.0 metres
and 0.22% U3O8 over 1.5 metres in drill hole WAT19-486.
Renewal of Management Services Agreement with Uranium Participation Corp.
The Company, through its subsidiary, Denison Mines Inc., has entered into a new five year agreement to provide
management services to Uranium Participation Corp. (‘UPC’). The Company’s 2019 Outlook includes $1,920,000 in
estimated management fees from UPC, based on a uranium price of US$28.75 per pound U 3O8, and excludes any
additional fees that may become payable to Denison as a result of future uranium purchases or sales. Based on the
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fees estimated for 2019, the new agreem ent has the potential to generate over $9,000,000 in management fees to
Denison over the five year term.
Technical Disclosure and Qualified Person
The Company reports preliminary radiometric equivalent grades (‘eU3O8’), derived from a calibrated down-hole total
gamma probe, during or upon completion of its explor ation programs and subsequently reports definitive U3O8 assay
grades following sampling and chemical analysis of the mineralized drill core. Uranium assays are performed on split
core samples by the Saskatchewan Research Council (‘SRC’) Geoanaly tical Laboratories using an ISO/IEC
17025:2005 accredited method for the determination of U 3O8 weight %. True thicknesses of the mineralization at the
GB Zone are expected to be approximately 75% of the intersection lengths, and the true thickness of the mineralization
at K West is not yet determined. All data are subject to verification procedures by qualified persons employed by
Denison prior to disclosure. For further details on Denison’s sampling, analysis, quality assurance program and quality
control measures and data verification procedures please see Denison's Annual Information Form dated March 12,
2019 available on the Company’s website and filed under the Company's profile on SEDAR ( www.sedar.com) and in
its Form 40-F available on EDGAR at www.sec.gov/edgar.shtml.
The disclosure of scientific and technical information regarding Denison’s properties in this news release was prepared
or reviewed by Dale Verran, MSc, P.Geo., Pr.Sci.Nat., the Company’s Vice President, Exploration, a Qualified Person
in accordance with the requirements of NI 43-101.
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 news release constitutes ‘forward-looking information’, within the meaning of the applicable United
States and Canadian legislation concerning the business, operations and financial performance and condition of Denison.
Generally, these forward-looking statements can be identified by t he use of forward-looking terminology such as ‘plans’, ‘expects’,
‘budget’, ‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’, or ‘believes’, or the negatives and/or variations of such words and
phrases, or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will be taken’, ‘occur’, ‘be achieved’ or ‘has
the potential to’.
In particular, this news release contains forward-looking information pertaining to the following: the benefits to be derived f rom
corporate transactions; exploration, development and expansion plans and objectives, including the results of the PFS and plans for
the regulatory and feasibility study processes for Wheeler Ri ver; Statements regarding anticipated budgets, fees and expenditu res;
expectations regarding Denison’s joint venture ownership interests and the continuity of its agreements with its partners; expectations
regarding adding to its mineral reserves and resources through exploration; expectati ons regarding the terms and continuity of, and
revenues from, the UPC management contract. Statements relating to ‘mineral reserves’ or ‘mineral resources’ are deemed to be
forward-looking information, as they involve the implied asse ssment, based on certain estimates and assumptions that the minera l
reserves and mineral resources described can be profitably produced in the future.
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 activi ty,
performance or achievements of Denison to be materially different from those expre ssed or implied by such forward-looking
statements. 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 resu lts may differ materially from those anticipated in this for ward-
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 12, 2019 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. T he forward-looking information contained i n
this news 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 news release. Denison does not undertake any obligation to publicly update or revise
any forward-looking information after the date of this news rel ease 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
and Probable Mineral Reserves: This news release may use the terms 'measured' , 'indicated' and 'inferred' mineral resources.
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United States investors are advised that while such terms have been prepared in accordance with the definition standards on mineral
reserves of the Canadian Institute of Mining, Metallurgy and Pe troleum referred to in Canadian National Instrument 43-101 Miner al
Disclosure Standards ("NI 43-101") and ar e recognized and required by Canadian regulat ions, the United States Securities and
Exchange Commission ("SEC") does not recognize them. 'Inferred miner al resources' have a great amount of uncertainty as to thei r
existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral res ource will
ever be upgraded to a higher category. Under Canadian rules, estima tes 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 minera l 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. References to
estimates of mineral reserves in this news release have been prepared in accordance with NI 43-101. The definition of probable
mineral reserves used in NI 43-101 differs from the definition used by the SEC in the SEC's Industry Guide 7. Under the requirements
of the SEC, mineralization may not be classified as a "reserve" unless the determination has been made, pursuant to a "final" feasibility
study that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made.
Denison has not prepared a feasibility study fo r the purposes of NI 43-101 or the requirements of the SEC. Accordingly, Deniso n's
probable mineral reserves disclosure may not be comparable to information from U.S. companies subject to the reporting and
disclosure requirements of the SEC.