Denison Incurs Net Loss of Over $45 Million in Q3

Denison Mines Corp. (TSX:DML,NYSEMKT:DNN) announced its results for the three months and nine months ended September 30, 2013, commenting that it recorded a net loss of $45,477,000 ($0.10 per share) for the three months ended on that date; that compares to a net loss of $9,651,000 ($0.03 per share) in the year-ago quarter.

Its revenue for the three months ended September 30, 2013 came to $2,397,000, down from $2,080,000 in the same period in 2012.

Other highlights include:

• Commenced a takeover bid to acquire all of the outstanding shares of Rockgate Capital Corp. (“Rockgate”) in exchange for shares of Denison. Denison is offering to exchange each Rockgate common share for 0.192 of a common share of Denison (“Rockgate Transaction”). On October 30, 2013, Denison amended its offer by extending the expiry date to November 18, 2013 and varying certain conditions relating to the granting of stock options and execution of retention agreements. Denison also agreed to reduce the minimum tender condition from 90% to 66 2/3%
• Completed a summer exploration campaign involving 23,880 metres of diamond drilling, geophysical surveying and linecutting on nine properties in the Athabasca Basin.
• Reported several high grade intersections at the Phoenix deposit on the Wheeler River Property, including WR-525, which intersected 43.8% U3O8 over 12.0 metres for a grade times thickness product (“GT”) of 525.6 %m, the highest GT of any hole drilled to date on the Wheeler River property. Mineralization was intersected over a strike length of 330 metres at the 489 Zone also on the Wheeler River property.
• Recorded an impairment loss of $35,655,000 to reduce the carrying value of the Company’s Mutanga project, located in Zambia, to its estimated recoverable amount.

Click here to read the full Denison Mines Corp. (TSX:DML,NYSEMKT:DNN) press release.