Denison Mines Corp. (NYSE AMEX: DNN) is a diversified intermediate uranium producer with active mines in the United States and other mines and projects on stand-by in Canada and the U.S. Denison was formed through a merger of the business operations of Denison Mines Inc. and International Uranium Corporation in 2006. Assets include an interest in two of the four licensed and operating conventional uranium mills in North America, with its 100% ownership of the White Mesa mill in Utah and its 22.5% ownership of the McClean Lake mill in Saskatchewan.
Denison's portfolio includes several world-class exploration projects that include the Wheeler River project, and several others in the Athabasca Basin in Saskatchewan. The portfolio also includes highly regarded exploration and development properties in Mongolia and, indirectly through its investments, in Australia and the U.S. Denison also owns the advanced-stage Mutanga Project in Zambia, Africa.
Uranium, Denison's primary product, is produced in the form of uranium oxide concentrates (U3O8) and sold to customers worldwide for further processing. The company also produces vanadium in the form of vanadium pentoxide (V2O5). The company is also in the business of processing uranium bearing waste materials.
In 2010, Denison produced 1.4 million pounds of uranium and 2.3 million pounds of vanadium and sold 1.8 million pounds of uranium and 2.4 million pounds of vanadium at average prices of $47.67 per pound uranium and $6.33 per pound vanadium.
Putting the difficult 2009 financial year behind it, Denison ended 2010 in a solid financial position, having benefitted from a C$65 million financing during the year, a focus on continuing reduction of operating costs and optimizing of operations and a recovering uranium market.Well financed, with the ability to ramp up uranium production through its existing operations combined with high potential development and exploration properties, Denison is positioned to take advantage of improving uranium market conditions, expand its resource base and build its production potential for the future.