TORONTO, Sept. 27,
2023 /PRNewswire/ - Denison Mines Corp. ("Denison" or
the "Company") (TSX: DML) (NYSE American: DNN) is proud to announce
the signing of a Shared Prosperity Agreement ("SPA") with English
River First Nation ('ERFN') supporting the development and
operation of Denison's Wheeler River Project in northern
Saskatchewan (the 'Project'). The
SPA received support from a substantial majority of ERFN
Members who participated in a ratification vote on its key terms.
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The signing of the SPA follows years of active engagement,
including a four-month-long ERFN-led community consultation process
ahead of the ratification vote, and represents a significant
milestone in the history of both Denison's relationship with ERFN
and the Project.
The SPA acknowledges that the Project is located within ERFN's
Ancestral Lands and provides Denison with ERFN's consent to advance
the Project. Additionally, the SPA outlines a shared recognition
that ERFN is the Knowledge Keeper of the culture, ways, customs,
and values of ERFN in relation to the environment and its Members
and reflects ERFN's desire to prioritize sustainability. Amongst
other key commitments, the SPA provides ERFN and its Members
with (i) an important role in environmental monitoring and
management, and (ii) benefits from community investment, business
opportunities, employment and training opportunities, and financial
compensation. Overall, the SPA describes a mutual commitment to
maintain an open, respectful, and cooperative relationship between
Denison and ERFN to ensure mutual prosperity as the development and
operation of the Project progresses.
Acting Chief Jenny Wolverine
stated, "On behalf of ERFN I would like to express my
gratitude for the patience, diligence, and perseverance shown by
all participants throughout the negotiation process. This agreement
stands as a testament to meaningful collaboration and mutual
respect. We worked hard to secure the best team to
support ERFN through these negotiations. This included strong
legal counsel to negotiate the agreement, scientists to help us
understand the environmental impacts, and consultants to review the
impacts and benefits of the Wheeler River project. Together we
built a strong deal for the Nation. We are confident that based on
the size of the project and current best practices we have one of
the best agreements in the entire country. As a Nation, we are now
turning our attention to building our capacity for employment and
training, so we are ready for the Wheeler River project and the
full implementation of this important
partnership."
Elder Isidore Campbell shared his
pride in being a part of the negotiating team, "I felt very
comfortable with the process. As an Elder, it was important to me
that the entire process was honest. Denison has accommodated us to
our expectations. The agreement puts our Nation in a good position;
it's going to have a positive impact."
David Cates, President & CEO
of Denison, stated "Guided by the principles of Denison's
Indigenous Peoples Policy, we sought to develop an agreement with
ERFN that could meaningfully contribute to advancing reconciliation
with Indigenous peoples in Canada.
To achieve this, we listened to the interests of the Nation and
worked together to obtain a mutual appreciation of the impacts and
benefits of the Project. We are very pleased to have earned the
support of ERFN and to announce that we have reached an
agreement where ERFN consents to the advancement of the
Project.
We look forward to a long and mutually beneficial
relationship with ERFN and extend our sincere gratitude to the
leadership of ERFN, for their commitment to open dialogue and
productive negotiations, as well as the ERFN Members that were
meaningfully involved in the negotiation and ratification
process."
About ERFN
English River First Nation
is located about 500 km north of Saskatoon in Treaty 10, with two
residential reserves located at Wapatuanak and La
Plonge. ERFN has
nineteen different reserves,
which also include Porter Island, Cree Lake, Elak Dase, Knee
Lake and Dipper Rapids.
ERFN is a multilingual community with various combinations of
Dene, Cree, Michif, English and French spoken by
almost 1,800 members. The "people of
the river" are known for their bold and collaborative spirit and
trusting and humble nature. They are dedicated to stewardship of
the land and the education of future generations.
An industrious and entrepreneurial group, ERFN has led the
way in efficient economic relationship building through its support
and advancement of community development partnerships. These
relationships have been instrumental in advancing community support
and understanding across northern Saskatchewan.
About Wheeler River
Wheeler River is the largest undeveloped uranium project in
the infrastructure-rich eastern portion of the
Athabasca Basin region, in
northern Saskatchewan. The project
is host to the high-grade Phoenix
and Gryphon uranium deposits, discovered by Denison in 2008 and
2014, respectively, and is a joint venture between Denison (90% and
operator) and JCU (Canada)
Exploration Company Limited (10%). In August 2023, Denison filed a technical report
summarizing the results of (i) the feasibility study completed
for In-Situ Recovery ('ISR') mining of the high-grade Phoenix uranium deposit and (ii) a cost update
to the 2018 Pre-Feasibility Study for conventional underground
mining of the basement-hosted Gryphon uranium deposit.
Based on the respective studies, both deposits have the
potential to be competitive with the lowest cost uranium mining
operations in the world. Permitting efforts for the planned
Phoenix ISR operation commenced in 2019 and have advanced
significantly, with licensing in progress and a draft Environmental
Impact Statement submitted for regulatory and public review in
October 2022. More information is available in the technical
report titled "NI 43-101 Technical Report on the Wheeler River
Project Athabasca Basin, Saskatchewan,
Canada" dated August 8, 2023
with an effective date of June 23,
2023, a copy of which is available on Denison's
website and under its profile on SEDAR+ at
www.sedarplus.ca and on EDGAR at
www.sec.gov/edgar.shtml.
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 the Company's effective 95% interest
in its flagship Wheeler River Uranium Project, Denison's interests
in Saskatchewan include a 22.5%
ownership interest in the McClean Lake Joint Venture, which
comprises several uranium deposits and the McClean Lake uranium
mill that is contracted to process the ore from the Cigar Lake mine
under a toll milling agreement, plus a 25.17% interest in the
Midwest Main and Midwest A deposits and a 67.41% interest in the
Tthe Heldeth Túé ('THT') and Huskie deposits on the Waterbury Lake
property. The Midwest Main, Midwest A, THT and Huskie deposits are
located within 20 kilometres of the McClean Lake mill.
Through its 50% ownership of JCU, Denison holds additional
interests in various uranium project joint ventures in Canada, including the Millennium project (JCU,
30.099%), the Kiggavik project (JCU, 33.8118%) and Christie Lake (JCU, 34.4508%).
Denison's exploration portfolio includes further interests in
properties covering ~285,000 hectares in the Athabasca Basin region.
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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
and similar Canadian legislation concerning the business,
operations and financial performance and condition of
Denison.
Generally, these forward-looking statements can be identified
by the 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 press release contains forward-looking
information pertaining to the Company's current intentions and
objectives with respect to, and commitments set forth in, the
Shared Prosperity Agreement; the results of, and estimates,
assumptions and projections provided in, the technical report for
Wheeler River and the interpretations and expectations with respect
thereto; development and expansion plans and objectives; and
expectations regarding its joint venture ownership interests and
the continuity of its agreements with its partners and third
parties.
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.
For example, Denison may decide or otherwise be required to
discontinue work at the Project if it is unable to maintain or
otherwise secure the necessary resources (such as capital funding,
regulatory approvals, etc.) and this could impact Denison's ability
to meet the objectives stated in this press release, or the
objectives of Denison and ERFN could become misaligned. Denison
believes that the expectations reflected in this forward-looking
information are reasonable but there can be no assurance that such
statements 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 "Risk
Factors" in Denison's Annual Information Form dated March 27, 2023 available under its profile at
www.sedar.com and its Form 40-F available at
www.sec.gov/edgar.shtml. 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 its expectations except as otherwise
required by applicable legislation.
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SOURCE Denison Mines Corp.