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Denison Mines to increase stake in Wheeler River uranium project to 90%

Denison Mines Corp. agreed to acquire Cameco Corp.'s interest in the Wheeler River uranium project in Saskatchewan, increasing its interest to 90% from the 66% anticipated by year-end under an early 2017 deal.

The company said Sept. 4 that it will issue 24,615,000 shares to Cameco at a deemed price of 65 Canadian cents apiece, for a total consideration of approximately C$16 million.

Denison noted that its interest may only increase to 86.84% if JCU Canada Exploration Ltd. exercises its right of first refusal, which would also reduce its consideration for the additional stake to C$13.9 million. The three companies have been working on the project together since 2004.

"We are eager to continue advancing the project towards a development decision — with the next step being the planned completion of a pre-feasibility study before the end of the third quarter," company CEO David Cates said.

The company posted a resource update for Wheeler River in early 2018, with indicated resources increasing by 88%.