Denison Mines (DNN) Completes Hook-Carter Property Acquisition; Acquires Coppin Lake Property
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Denison Mines Corp. (NYSE: DNN) announced that, further to its press release dated October 13, 2016, it has completed the acquisition of an immediate 80% ownership of the Hook-Carter property ("Hook Carter"), from ALX Uranium Corp, in exchange for the issuance of 7.5 million common shares of Denison (the "Consideration Shares"). Under the terms of the acquisition, ALX retains a 20% interest in Hook Carter, and Denison agrees to fund ALX's share of the first CAD$12M in expenditures on the property.
The Consideration Shares are subject to a statutory hold period and will also be subject to an escrow arrangement, whereby 1/6th of the shares will be available to ALX on closing, and a further 1/6th of the shares will be released from escrow in 6 month increments following the closing.
Denison is also pleased to announce the purchase of the Coppin Lake property ("Coppin Lake") from Areva Resources Canada Inc. and UEX Corporation. Coppin Lake comprises ten mineral claims covering an area of 2,768 hectares in the western portion of the Athabasca Basin region in northern Saskatchewan (see Figure 1). The claims lie between, and are contiguous with, both the Carter East and Carter West blocks of Hook Carter (see Figure 2). The Property also covers approximately five kilometres of prospective strike on the Carter corridor. Under the terms of the Hook Carter acquisition, ALX may elect to acquire an interest in Coppin Lake from Denison that is equal to ALX's interest in Hook Carter.
Denison's President and CEO, David Cates commented, "We are pleased to have completed these acquisitions, expanding Denison's project portfolio into the western portion of the Athabasca Basin. We believe these properties represent a unique long-term opportunity for grassroots exploration, along a prolific trend, with the potential to deliver meaningful exploration results and ultimately enhance our diversified portfolio of Athabasca Basin uranium assets."
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