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Denison Mines starts work on PFS for Wheeler River uranium project

Denison Mines Corp.said July 19 that it has started work on a pre-feasibility study for its 60%-ownedWheeler River propertyin Saskatchewan, during the second quarter.

The company released a preliminaryeconomic assessment for the project in April, which pegged a base casepretax net present value of C$513 million at an internal rate of return of 20.4%,on a 100% ownership basis.

Total CapEx was estimated at C$1.10 billion with payback in threeyears.

In addition, the TSX-listed company is conducting an initialinfill drill program at the Gryphon deposit, aiming to upgrade inferred resourcesto the indicated category, which is a key step in completing the pre-feasibilitystudy.

The first infill drill hole at the deposit intersected 2.4% eU3O8over 7.3 meters, which supports earlier high-grade results from the deposit.