Denison set to begin uranium drilling in Athabasca Basin this week

Denison Mines Corp. is expected to begin drilling for uranium in the Athabasca Basin region in the Canadian Shield this week, the company said recently.

Denison also unveiled its financial planning for 2016, which includes information on owned properties such as the Wheeler River Property, Murphy Lake, and joint venture projects at McClean and Mann Lakes.

"With the significant increase in toll-milling revenue expected from McClean Lake this year, we are pleased to announce that Denison's 2016 financial plan is funded and will allow the company to focus on increasing its resource base in the Athabasca Basin and advancing the Wheeler River project," Denison President and CEO David Cates said. "We are looking forward to the results from the Preliminary Economic Assessment in progress for Wheeler, and the opportunity to continue to explore the property this winter -- particularly in the vicinity of the Gryphon deposit and at other priority targets on the property."

The company said it has sold interests in Mongolia to Czech Republic company Uranium Industry for an initial sum of $1.25 million and could receive payments for an additional $12 million.

Denison said the Wheeler property is expected to have approximately 70.2 million pounds of triuranium octoxide with a 19.1 percent grade.