TORONTO, July 11,
2024 /PRNewswire/ - Denison Mines
Corp. ("Denison" or the "Company") (TSX: DML) (NYSE
American: DNN) is honoured to announce the signing of a Mutual
Benefits Agreement ("MBA") with Kineepik Métis Local #9
("KML"), and a Community Benefit Agreement ("CBA") with the
Northern Village of Pinehouse
Lake (the "Village"), in support of the development and
operation of Denison's 95%-owned Wheeler River Project in northern
Saskatchewan (the "Project"). View
PDF version
KML represents the Métis members who live and practice
traditional activities in the vicinity of the Wheeler River Project
and the Métis residents of the Village, which is situated
approximately 270 km south from the Project along provincial
highway 914 and represents the closest municipality to the
Project.
Executive Director of KML, Billie Jo
Natomagan, remarked that "On behalf of KML, I am
honored to announce the signing of our MBA with Denison Mines. This represents a significant
step forward in our ongoing efforts to secure sustainable economic
development while protecting and promoting our culture, language,
traditions, and rights. Through this agreement we will continue to
engage with Denison Mines to monitor
and evaluate the outcomes of this partnership, ensuring that our
goals of economic development, environmental stewardship, and
social well-being are met.
We appreciate the commitment shown by Denison Mines in recognizing and valuing our
unique relationship with the land and resources in the Project
area. This agreement signifies hope and opportunity for our
community and for future generations.
I would like to extend thanks to everyone involved in the
negotiation process, including our negotiation team, our elders,
land users, and advisors. Your dedication and hard work have been
instrumental in achieving this milestone."
Mayor of the Village of
Pinehouse, Mike Natomagan,
stated, "We are excited to share that we have been able to
reach an agreement with Denison regarding the advancement of the
Wheeler River project. This is a significant milestone for our
community. Leaning on the experience and lessons learned from our
previous agreement we were able to negotiate a truly meaningful
agreement.
This agreement is not just a document, but a testament to
the strength and resilience of our community, and our commitment to
sustainable community development. This partnership will bring more
opportunities for employment, training and community development
that will benefit our people and our future. This is a significant
moment for our community and gives us hope for a brighter future.
Thank you to our elders, community, and negotiations team for
supporting us through this process. Tiniki."
David Cates, President & CEO
of Denison, commented, "The signing of these agreements
represents another significant and important milestone for Denison
and the Wheeler River project. Following the signing of a
Memorandum of Understanding amongst Denison, KML, and the Village
in 2017, where each party expressed a mutual interest in supporting
the advancement of the Project, our team has focused its extensive
engagement efforts towards building a lasting and authentic
relationship of trust and mutual respect.
KML and the Village have welcomed Denison staff into
Pinehouse on multiple notable
occasions over the last several years and we have gained a unique
first-hand appreciation for the Métis and non-Métis perspectives
and values of the community. As such, it is particularly
rewarding for us to have earned the support and consent for the
advancement of the Project from both KML and the Village. Thank you
to all from KML and the Village that have contributed to the
growth of our relationship and ultimately the completion of these
agreements."
The MBA acknowledges that the Project is located within KML's
Land and Occupancy Area and provides Denison with KML's consent and
support to advance the Project. Additionally, the MBA outlines a
shared recognition that the successful advancement of the Project
can support KML to advance their aspirations for the successful
social and economic development of KML, while also mitigating the
risk of impacts on the local environment and KML members.
Amongst other key commitments, the MBA provides KML and its
Métis members an important role in environmental monitoring and
commits to the sharing of benefits from the successful operation of
the project – including benefits from community investment,
business opportunities, employment and training opportunities, and
financial compensation. Overall, the MBA describes a jointly held
vision for the future that reflects a mutual commitment to maintain
an open, respectful, and cooperative relationship
between Denison and KML. Importantly, the MBA defines the
characteristics of the positive legacy that will be associated with
the sustainable development of the Project.
The CBA acknowledges that the Village is the closest residential
community to the Project by road, which relies on much of the same
regional infrastructure that Denison will rely as it advances the
Project. Pursuant to the terms of the CBA, the Village has provided
Denison with their consent and support for the
Project. Denison's commitments in the CBA are intended to help
the Village develop its own capacity to take advantage of economic
and other development opportunities in connection with the
advancement and operation of the Project. The commitments in the
CBA aim to create a long-lasting positive legacy that continues
beyond the lifespan of the Project.
About KML & the Village
KML peoples are considered Woodland Cree, Woodland Dene, and
Woodland Métis, although historical documents indicate
that members of KML came from a diverse range of Métis, First
Nations, and other backgrounds.
The Village is located within the land and
occupancy area of the Indigenous people of KML. The
lands surrounding Missinippi (Churchill River) watershed have been
used for gathering food, shelter, and material supplies
since time immemorial.
KML and the Village residents routinely enjoy
significant employment and business opportunities for projects
that occur in KML territory, because of their combined
and collaborative efforts. Great pride is taken in the
work ethic of KML and the
Village, and through combined efforts with community
owned businesses, recent profits have been used
to build increased energy efficient housing, youth infrastructure
such as a local hockey arena, and a 12-unit Elders
housing facility.
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 ("JCU",
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 mining, exploration and development
company with interests focused in the Athabasca Basin region of northern
Saskatchewan, Canada. In addition
to Denison's effective 95% interest in its flagship Wheeler River
Uranium Project, Denison's interests in Saskatchewan also include a 22.5% ownership
interest in the McClean Lake Joint Venture ("MLJV"), which includes
unmined uranium deposits (planned for extraction via the MLJV's
SABRE mining method starting in 2025) and the McClean Lake uranium
mill (currently utilizing a portion of its licensed capacity to
process the ore from the Cigar Lake mine under a toll milling
agreement), plus a 25.17% interest in the MWJV's Midwest Main and
Midwest A deposits, and a 69.35% 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. Taken together, Denison has
direct ownership interests in properties covering ~384,000 hectares
in the Athabasca Basin
region.
Additionally, 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%).
In 2024, Denison is celebrating its 70th year in uranium
mining, exploration, and development, which began in 1954 with
Denison's first acquisition of mining claims in the Elliot Lake region of northern
Ontario.
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 the use of
forward-looking terminology such as 'potential', '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' or 'be
achieved'.
In particular, this news release contains forward-looking
information pertaining to Denison's current intentions and
objectives with respect to, and commitments set forth in, the
MBA and CBA; 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 for the Project; 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, the modelling and assumptions upon which the plans
for Midwest are based may not be maintained after
further work is completed. In addition, Denison may decide or
otherwise be required to discontinue testing,
evaluation and other work if it is unable to
maintain or otherwise secure the necessary resources (such as
testing facilities, capital funding, joint venture
approvals, regulatory approvals, etc.).
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 results
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
28, 2024 or subsequent
quarterly financial reports 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 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 release to conform such information to actual
results or to changes in Denison's expectations except
as otherwise required by applicable legislation
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SOURCE Denison Mines Corp.