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Midwest Project

Midwest

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Project Highlights

Mineral Resource estimate updated in March 2018

Host to the high-grade unconformity-hosted Midwest and Midwest A uranium deposits

25 Kilometres by existing roads to the 22.5% Denison owned McClean Lake mill

Environmental Impact Statement (“EIS”) approved in 2012

Location

The Midwest property is located in the eastern part of the Athabasca Basin in northern Saskatchewan within one kilometre from Points North Landing and 700 kilometres northeast of Saskatoon. It can be accessed year round by provincial highway to Points North, which is a privately owned service centre with an airstrip and accommodations available. Points North and Midwest are both located within 25 kilometres of the 22.5% Denison owned McClean Lake mill.

Ownership

The project is owned by Denison (25.17%) and its joint venture partners, Orano Canada (69.16%) and OURD (5.67%) pursuant to the Midwest Joint Venture Agreement.Orano Canada is the operator of the project.

Updated Mineral Resource Estimate

The Company retained SRK Consulting to independently review and audit an updated mineral resource estimate for the Midwest project completed by Orano Canada in November 2017.The review and audit was done in accordance with CIM Definition Standards (2014) and NI 43-101. The Company received a memorandum from SRK Consulting dated March 9, 2018, which was incorporated into the Midwest Technical Report.

Midwest Main

The Midwest Main deposit is lens to cigar shaped, 600 metres long, 10 to over 100 metres wide, with thicknesses ranging from five metres to 10 metres. The deposit consists of a near-massive, high-grade mineralized core that straddles the unconformity approximately 210 metres below surface. The high-grade core is surrounded by lower-grade, more dispersed, fracture-controlled mineralization in both sandstone and, in minor amounts, in basement rocks. The high-grade mineralization forms a roughly flat-lying lensoid concentration, with a root extending down into the basement rocks along a steeply-dipping fault.

Midwest A

The Midwest A deposit is approximately 450 metres long, 10 to 60 metres wide, ranges up to 70 metres in thickness and occurs between 150 and 235 metres below surface. Mineralization straddles the unconformity contact with minor amounts hosted within basement structures immediately below the unconformity. Thicker zones of mineralization above the unconformity are concentrated in conglomerate units at the base of the Athabasca sandstone.Similar to Midwest Main, a high-grade core of mineralization is surrounded by a lower-grade, more dispersed, fracture-controlled envelope.

Estimated Mineral Resources

Deposit

Classification

Tonnes

Grade % U3O8

M Lbs U3O8

Denison
Share (M Lbs
U3O8)

Midwest

Indicated

453,000

4.0

39.9

10.1

Midwest

Inferred

793,000

0.66

11.5

2.9

Midwest A

Indicated

566,000

0.87

10.8

2.7

Midwest A

Inferred

53,000

5.8

6.7

1.7

Notes:

  1. The Mineral Resource estimate was audited for the Company by SRK Consulting in accordance with CIM Definition Standards (2014) and NI 43-101.
  2. Mineral Resources for the Midwest Main and Midwest A deposits are reported above a cut-off grade of 0.1% U3O8.


2007 Internal Study & EIS Approval

In 2007, Orano Canada completed an internal study evaluating the economic merit of mining the Midwest Main deposit via open pit mining methods and processing the resulting ore at the McClean Lake mill.In November 2007, the Midwest Joint Venture partners made a formal production decision to proceed with the development of the Midwest Main deposit.Subsequently, in November 2008, the Midwest Joint Venture partners announced that the development of the Midwest Main project would be delayed for an indefinite period due to delays and uncertainties associated with the regulatory approval process, increasing capital and operating cost estimates and the depressed state of the uranium market at the time.

In September 2011, the final version of the Midwest Project Environmental Impact Statement (“EIS”) was submitted to provincial and federal governments.A Comprehensive Study Report was drafted by the Canadian Nuclear Safety Commission (“CNSC”) and circulated for federal, provincial and aboriginal review. In September 2012, the Midwest EIS was approved.

At this time, no development or production is currently planned.

References

Technical Report with an Updated Mineral Resource Estimate for the Midwest Property, Northern Saskatchewan, Canada, dated March 26, 2018, by Dale Verran, MSc, P.Geo, Pr.Sci.Nat. and Chad Sorba, P.Geo, of Denison Mines Corp. and G. David Keller, P.Geo, and Oy Leuangthong, P.Eng, of SRK Consulting.

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