Denison Enters Agreements with Skyharbour, Increasing Its Foothold Surrounding Wheeler River Project
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Denison Mines has executed an agreement with Skyharbour Resources to acquire initial interests in claims comprising Skyharbour’s Russell Lake Uranium Project, which is located directly adjacent to Denison’s flagship Wheeler River Project. Under the terms of the agreement, Denison has agreed to pay Skyharbour total consideration of $18 million.
The Russell property will be divided into four property joint ventures that will be known as: Russell Lake, Getty East, Wheeler North, and Wheeler River Inliers, of which Denison will acquire initial ownership interests of 20 percent, 30 percent, 49 percen percent, and 70%, respectively. In addition, Denison and Skyharbour have agreed to enter into option agreements, which will allow Denison to increase its ownership interest in each of the new Wheeler North and Getty East joint ventures to up to 70 percent.
“As Denison nears receipt of final regulatory approvals for the Phoenix In-Situ Recovery Mine proposed for our flagship Wheeler River property, we are also making measured investments in our project pipeline — including our next development assets and high-potential exploration properties. Given its proximity to Wheeler River, Denison has had an interest in adding Russell to our property portfolio for much of my nearly two decades with the company,” said David Cates, president and CEO of Denison.
“This transaction achieves that objective by providing Denison with the opportunity to lead and participate in exploration efforts across four newly created joint ventures, which are designed to drive collaboration between Denison and Skyharbour’s technical teams. We are excited to build on our long-standing relationship with Skyharbour and accelerate the evaluation of this exceptional package of highly prospective ground,” adding Cates.
“This is a transformative transaction for Skyharbour and our shareholders as it represents a major stamp of approval for Russell. We are very pleased to expand upon our long-standing relationship with Denison and to partner with their team to advance one of the more prospective exploration projects in the Athabasca Basin proximal to existing and developing mines. Denison’s success in exploring, permitting, and developing the neighboring world-class Wheeler River Project will provide considerable insight and experience as we jointly pursue success at Russell,” said Jordan Trimble, president and CEO of Skyharbour.
“This transaction delivers on our belief that Russell should be treated as multiple different projects due to the abundance of targets and sheer scale of the land package in one of the most prolific uranium exploration corridors in the world. The structure and terms of the agreement allow Skyharbour to continue exploring as operator at the majority of the claims at Russell while retaining upside in future success Denison may have at the Wheeler North, Getty East, and Wheeler River Inlier claims,” added Trimble.
The transaction strengthens Denison’s regional presence and establishes a strategic foothold immediately east and north of the company’s flagship Wheeler River Property, with a high potential land package that stands to benefit from its proximity to a property where the Phoenix and Gryphon deposits are located. It promotes exploration activity and increases the likelihood of exploration success near the Wheeler River Project, meaningfully enhancing Denison’s exposure to high potential and value-adding discovery opportunities.
Denison Mines is a uranium exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada. The company has an effective 95 percent interest in its flagship Wheeler River Uranium Project, which is the largest undeveloped uranium project in the infrastructure rich eastern portion of the Athabasca Basin region of northern Saskatchewan. Denison’s interests in Saskatchewan also include a 22.5 percent ownership interest in the McClean Lake joint venture, which owns several uranium deposits and the McClean Lake uranium mill, contracted to process the ore from the Cigar Lake mine under a toll milling agreement, plus a 25.17 percent interest in the Midwest Main and Midwest A deposits, and a 67.41 percent interest in the THT and Huskie deposits on the Waterbury Lake property.
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