Standard Mobile, Inc. (DML), GovEx Enter African Uranium Mineral Interests Merger Agreement

Denison Mines Corp. (NYSE: DNN) announced the execution of a Definitive Share Purchase Agreement (the "Agreement") with GoviEx Uranium Inc. to combine their respective African uranium mineral interests (the "Transaction") to create the leading African-focused uranium development company.

Under the terms of the Transaction, GoviEx will acquire Denison's wholly owned subsidiary, Rockgate Capital Corp., which holds all of Denison's African-based uranium interests (collectively "DML Africa") in exchange for approximately 56.1 million shares of GoviEx (the "Consideration Shares") plus approximately 22.4 million common share purchase warrants of GoviEx (the "Consideration Warrants"). Upon completion of the Transaction, Denison will hold 25% of GoviEx shares outstanding and 28% of GoviEx shares on a fully diluted basis.

The asset portfolio of the combined company will include two permitted uranium development projects - including GoviEx's Madaouela project in Niger and Denison's Mutanga project in Zambia. It will also include Denison's Falea project, an advanced exploration-stage asset project in Mali, and the exploration-stage Dome project in Namibia. Following completion of the Transaction, GoviEx will control one of the largest uranium resource bases among publicly listed companies, with combined Measured & Indicated resources of 124.29 Mlbs U3O8, plus Inferred resources of 73.11 Mlbs U3O8.

David Cates, President and Chief Executive Officer of Denison, commented: "This transaction will provide Denison shareholders with significant exposure to the Madaouela project, one of the world's most advanced uranium development assets, while finding an excellent home for our own uranium projects in Africa. This transaction completes Denison's transition to fully focus on becoming an Athabasca Basin uranium producer."

Govind Friedland, Founder and Executive Chairman of GoviEx, commented: "We welcome the opportunity to join forces with mining industry leader Lukas Lundin, and his team at Denison, to combine Africa's leading uranium assets into one consolidated vehicle. This Transaction is a win-win as it provides GoviEx with geographical diversification and allows Denison to focus on its core assets in Canada, while enhancing its upside exposure to our combined Africa assets."

Benefits to Denison Shareholders

--  Ownership in GoviEx's Madaouela project, one of the few permitted, near-

    term uranium development projects in the world.



--  Ability to maintain exposure to the assets of DML Africa through its

    ownership stake in GoviEx.



--  Enhanced optionality to the uranium price through the significant

    ownership of share purchase warrants in GoviEx.



--  Renewed focus for Denison on its principal assets in the Athabasca Basin

    of Saskatchewan.



--  Board representation within GoviEx.

Benefits to GoviEx Shareholders

--  Creation of a growth-focused African uranium company with a robust

    project development pipeline and increased jurisdictional

    diversification, with assets in Niger, Zambia, Mali, and Namibia.



--  One of the largest combined uranium resource bases, estimated in

    accordance with NI 43-101, amongst its peer group with combined Measured

    resources of 28.59 Mlbs U3O8, Indicated resources of 95.70 Mlbs U3O8,

    and Inferred resources of 73.11 Mlbs U3O8.



--  Considerable exploration potential to further increase mineral

    resources, with several drill-ready targets defined at each property.



--  Mining permits approved or granted in Niger and Zambia, both recognized

    mining countries with good infrastructure and mining history.



--  Significant metallurgical testwork and engineering studies already

    completed on its three principal development assets, providing GoviEx

    with an opportunity to continue with optimization work.



--  Strong shareholder base, including Denison, Ivanhoe Industries, Toshiba

    Corporation and Cameco Corporation.

Transaction Details

Pursuant to the terms of the Agreement, GoviEx will acquire DML Africa from Denison in exchange for 56,050,450 Consideration Shares and 22,420,180 Consideration Warrants, being four-tenths of a Consideration Warrant for each Consideration Share to be issued. Each such Consideration Warrant will be convertible into one common share of GoviEx at a price of US$0.15 per share for a period of three years. The Consideration Warrants will include an acceleration clause which will provide that, in the event that the closing price of GoviEx's common shares on the Canadian Securities Exchange ("CSE") is equal to or greater than C$0.24 per share for a period of 15 consecutive trading days, GoviEx may provide holders of the Consideration Warrants with written notice that holders have 30 days within which to exercise the Consideration Warrants on the original terms, failing which the exercise price of the Consideration Warrants will be increased to US$0.18 per share and the term of the Consideration Warrants will be reduced by six months.

At the time of closing the Transaction, Denison will ensure that DML Africa is capitalized with a minimum working capital of US$700,000, which is equivalent to the forecasted annual budget for the assets of DML Africa.

For so long as Denison holds at least 5% of the issued and outstanding common shares of GoviEx, Denison will have the right to appoint one director to the GoviEx board of directors and will have the right participate in future GoviEx equity financings in order to maintain its pro-rata ownership.

Concurrent Financing

As part of the Transaction, GoviEx will undertake a concurrent equity financing by means of a non-brokered private placement (the "Placement") to raise gross proceeds of not less than US$2,000,000, of which Denison will provide the lead order for 25% up to a maximum of US$500,000. The Placement is expected to be completed prior to, or concurrently with, the closing of the Transaction ("Closing") and is a condition of Closing.

Expected Closing

The Transaction is expected to close on or about May 17, 2016, subject to the receipt of required consents and approvals, as well as the satisfaction of other conditions customary for a transaction of this nature.

Haywood Securities Inc. is acting as Denison's financial advisor.

Raymond James Ltd. is acting as GoviEx's financial advisor.

Further Information on Mineral Resources

Following completion of the Transaction, GoviEx will control one of the largest undeveloped uranium resource bases among publicly listed companies, as summarized below:

Measured Mineral Resource Estimates (1)(2)

                                                 Grade

                              Tonnes    (kg/t eU3O8 or       Contained Metal

Project/Deposit                 (Mt)             U3O8)   (Mlb eU3O8 or U3O8)

Madaouela(3) -

 Marianne/Marilyn               2.14              1.79                  8.45

Madaouela(3) - Miriam           7.26              1.13                 18.14

Mutanga - Mutanga(4)            1.88              0.48                  2.00

Total Measured                 11.28              1.15                 28.59

Indicated Mineral Resource Estimates (1)(2)

                                                 Grade

                              Tonnes    (kg/t eU3O8 or       Contained Metal

Project/Deposit                 (Mt)             U3O8)   (Mlb eU3O8 or U3O8)

Madaouela(3) -

 Marianne/Marilyn              14.72              1.43                 46.30

Madaouela(3) - Miriam           1.95              0.80                  3.48

Madaouela(3) - MSNE             5.05              1.61                 17.88

Madaouela(3) -

 Maryvonne                      1.23              1.79                  4.84

Mutanga - Mutanga(4)            8.40              0.31                  5.80

Falea(5)(6)                     6.88              1.15                 17.40

Total Indicated                38.23              1.14                 95.70

Inferred Mineral Resource Estimates (1)(2)

                                                 Grade

                              Tonnes    (kg/t eU3O8 or       Contained Metal

Project/Deposit                 (Mt)             U3O8)  (Mlb eU3O8  or U3O8)

Madaouela(3) -

 Marianne/Marilyn               5.04              1.17                 13.02

Madaouela(3) - Miriam           0.21              1.26                  0.57

Madaouela(3) - MSNE             0.10              1.34                  0.29

Madaouela(3) -

 Maryvonne                      0.42              1.66                  1.55

Madaouela(3) - MSCE             0.72              1.81                  2.88

Mutanga - Mutanga(4)            7.20              0.21                  3.30

Mutanga - Dibwe(4)             17.00              0.23                  9.00

Mutanga - Dibwe

 East(4)                       39.80              0.32                 28.20

Mutanga - Mutanga

 Ext(4)                         0.50              0.34                  0.40

Mutanga - Mutanga

 East(4)                        0.20              0.32                  0.10

Mutanga - Mutanga

 West(4)                        0.50              0.34                  0.40

Falea(5)(6)                     8.78              0.69                 13.40

Total Inferred                 80.47              0.41                 73.11



Notes:

(1)  Mineral resources are not mineral reserves and do not have demonstrated

     economic viability. CIM definitions were followed for classification of

     mineral resources.

(2)  The mineral resources were estimated at various cut-off grades, as

     follows:

     i.  Madaouela: 0.4 kg/t eU

     ii. Mutanga: 0.1 kg/t U3O8, Dibwe: 0.1 kg/t U3O8, Dibwe East: 0.1 kg/t

         U3O8, Mutanga Ext: 0.2 kg/t U3O8, Mutanga East: 0.2 kg/t U3O8,

         Mutanga West: 0.2 kg/t U3O8

     iii.Falea: 0.3 kg/t U3O8

(3)  Mineral resources estimated in radiometric equivalent uranium from a

     total gamma downhole probe ("eU3O8"). Source: An Updated Integrated

     Development Plan for the Madaouela Project, Niger, dated September 20,

     2013 and amended and restated August 20, 2015, authored by Eur.Geol.

     Robert John Bowell PhD C.Chem. C.Geol, Daniel Guibal, Min Eng, FAusIMM

     (CP), MMICA, MGAA, Timothy John McGurk B.Eng (Hons), C.Eng, FIMMM, Neal

     Rigby, CEng, PhD, MIMMM, Richard Ingram Skelton MSc, BSc (Hons), C.Eng,

     MIMMM, MSAIMM, ARSM, John Arthur, PhD, MSc, BSc, MIMMM. The reported

     mineral resources have been adjusted to account for the absence of the

     Agaliouk license.

(4)  Mineral resources estimated in U3O8. Source: Mineral Resource Estimates

     for the Mutanga Uranium Project (the "Combined Mutanga Report"), dated

     September 12, 2013, authored by Malcolm Titley, B.Sc., MAusIMM, MAIG.

(5)  Mineral resources estimated in U3O8. Source: Technical Report on the

     Felea Uranium, Silver and Copper Deposit, Mali, West Afica dated

     October 26, 2015 authored by Mark B. Mathisen, C.P.G. The results of

     the estimates are included in the tables above. CIM definitions were

     followed for classification of Mineral Resources. A copy of the report

     is available on Denison's website (http://www.denisonmines.com/).

(6)  The mineral resource also contains 0.161% copper (24.4 million pounds)

     and 72.8 g/t Ag (16.11 million ounces) in the Indicated mineral

     resource, and 0.2% copper (38.7 million pounds) and 17.3 g/t Ag (4.9

     million ounces) in the Inferred mineral resource

Further information on the material mineral resources noted above is available on SEDAR (www.sedar.com) under Denison's and GoviEx's respective profiles.

Qualified Persons

The disclosure of a scientific or technical nature contained in this news release relating to Denison was prepared by Dale Verran, MSc, Pr.Sci.Nat., Denison's Vice President, Exploration, who is a Qualified Person in accordance with the requirements of NI 43-101.

The scientific and technical information disclosed in this release relating to GoviEx has been reviewed, verified and approved by Dr. Rob Bowell, a chartered chemist of the Royal Society of Chemistry, a chartered geologist of the Geological Society of London and Fellow of the Institute of Mining, Metallurgy and Materials who is an independent Qualified Person under the terms of National Instrument 43-101 for uranium deposits.

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