Denison Mines Corp. ("Denison" or the "Company") (TSX:DML)(NYSE MKT:DNN) is pleased to announce that it has signed an option agreement with Strateco Resources Inc. ("Strateco"), whereby Denison has granted Strateco the option to earn up to a 60% interest in Denison's Jasper Lake property in the eastern Athabasca Basin of Saskatchewan.
Jasper Lake
Jasper Lake consists of 18 mineral claims totalling 45,271 hectares along the eastern margin of the Athabasca Basin and is an amalgamation of four Denison properties formerly known as Jasper Lake, Minor Bay, Ahenakew Lake and North Wedge. The center of the property is located approximately 40 kilometres east of the Cigar Lake mine, and much of the property is easily accessible from Highway 905.
Agreement Terms
According to its agreement with Denison, Strateco may earn an initial 49% interest in the property by incurring exploration expenditures of CAD$4,000,000 and paying CAD$1,000,000 to Denison by December 31, 2016. Subsequently, Strateco may earn an additional 11% interest in the property by incurring additional exploration expenditures of CAD$8,000,000 and paying an additional CAD$2,000,000 to Denison by December 31, 2019. Strateco will be the operator while earning in.
Ron Hochstein, President and CEO of Denison, commented: "We're very pleased to be partnering with Strateco on exploration at the Jasper Lake property. With Strateco's solid track record of uranium exploration and development success and strong management and technical teams, Denison expects this partnership to advance Jasper Lake's potential for the benefit of both companies".
