C$10.3m approved to advance Wheeler River uranium project

Spurred on by the positive results of its prefeasibility study (PFS) for the Wheeler River project, Canadian uranium company Denison Mines on Tuesday announced that C$10.3-million would be spent on advancing the Athabasca basin project in 2019.

The budget, approved by the Wheeler River joint venture in which Denison has 90% ownership, will be used to initiate the environmental assessment process, as well as engineering studies and related programmes required to advance the high-grade Phoenix deposit as an in-situ recovery (ISR) mining operation.

The initiation of the environmental assessment process and studies designed to ultimately support a feasibility study, illustrated the company’s commitment to achieving the project development timeline outlined in the PFS, said Denison president and CEO David Cates.

The company plans to complete the feasibility study by the end of 2020 and to have its final environmental approvals in hand by 2022 or 2022, at which point a definitive development decision will be announced.

The PFS assumes that initial construction activities will start in 2021 and that first production will be achieved from the Phoenix operation by mid-2024.

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