Denison Mines Closes Skyharbour Deal, Forms 4 Joint Ventures on Russell Lake Uranium Project

MT Newswires Live12-17 20:24

Denison Mines (DNN) and Skyharbour Resources have closed a repurchase agreement and created four joint ventures on claims making up Skyharbour's Russell Lake Uranium Project near Denison's Wheeler River Project, the companies said Wednesday.

Denison said it will operate the Wheeler North and Wheeler River Inliers joint ventures, where it holds 49% and 70% interests respectively, while Skyharbour will operate the Russell Lake and Getty East joint ventures, where Denison holds 20% and 30% respectively.

Denison can raise its ownership in the Wheeler North and Getty East ventures to as much as 70% under earn-in option agreements, it added.

Separately, Skyharbour said the total project consideration was 61.5 million Canadian dollars ($44.6 million), including cash payments of CA$10 million from Denison.

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