Denison acquire White Canyon Uranium Ltd AU$ 57 million

Denison to acquire White Canyon Uranium Ltd for AU$ 57 million

12:20 PM, 9th June 2011
Denison to acquire White Canyon Uranium Ltd for AU$ 57 million

TORONTO, CANADA: Denison Mines Corporation recently said that it has made a bid to acquire White Canyon Uranium Ltd, a takeover offer to acquire 100 per cent of the issued and outstanding shares of White Canyon at a price of AU$ 0.24 per share for a total consideration of approximately AU$ 57 million (CDN$ 56.6 million).

 

“The acquisition provides Denison additional control over its milling schedules and uranium production and will establish Denison in a new, fourth mining district, near its White Mesa mill, which has significant potential for immediate resource growth,” said Ron Hochstein, President & CEO, Denison, citing the acquisition as a good fit for its US growth strategy.

 

White Canyon is a Perth, headquartered company, with US operations based in Moab and Utah. White Canyon commenced uranium production in December 2009 from its 100 per cent owned Daneros Uranium Mine, whose uranium is currently processed at Denison’s nearby White Mesa mill pursuant to a toll milling arrangement.

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