Announces Increase in Resources at Tony M and Southwest Deposits, Utah

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Announces Increase in Resources at Tony M and Southwest Deposits, Utah

posted on Mar 26, 2009 01:46PM

March 26, 2009

Denison Announces Increase in Resources at Tony M and Southwest Deposits, Utah

TORONTO, ONTARIO--(Marketwire - March 26, 2009) - Denison Mines Corp. (TSX:DML)(NYSE Alternext US:DNN)(NYSE Amex:DNN.A) ("Denison" or the "Company") is pleased to announce an updated NI 43-101 resource estimate on its Tony M and Southwest deposits which are part of the Company's Henry Mountains Complex located in southeastern Utah. Indicated resources are estimated at 8.1 million pounds U3O8 and Inferred resources at 2.8 million pounds U3O8.

                Tony M - Southwest NI 43-101 Resource Estimate
                                 March, 2009
---------------------------------------------------------------------------
                       Indicated                        Inferred
                 M       eU3O8        U3O8               eU3O8         U3O8
Deposit       Tons          (%)      M lbs     M Tons       (%)       M lbs
---------------------------------------------------------------------------
Tony M         1.0        0.24         4.8        0.7     0.17          2.2

Southwest      0.7        0.25         3.3        0.2     0.14          0.6

             --------------------------------------------------------------
TOTAL          1.7        0.24         8.1        0.9     0.16          2.8
---------------------------------------------------------------------------

Notes:
- CIM Definitions were followed for mineral resources.
- A grade contouring methodology was used to estimate the resource.
- The mineral resources were estimated at a cut-off grade of 0.10% eU3O8 
  over a minimum thickness of 2 feet and a minimum GT of 0.2ft-%.
- The eU3O8 value stands for "equivalent U3O8" based on data obtained from 
  gamma logging of drill holes; this is an industry standard methodology 
  for indirect estimation of uranium values in drill holes

These resource estimates update the previous historic resource estimate for Tony M of 1.3 million tons at an average grade of 0.21% U3O8, containing 5.3 million pounds. The Southwest deposit was previously estimated as an Indicated resource totalling 339,600 tons at an average grade of 0.32% U3O8 (2.2 million pounds) and an Inferred resource of 121,142 tons at an average grade of 0.30% (0.8 million pounds), at a cut-off grade of 0.20% eU3O8. The updated current resource estimate for Tony M is based on data from 1,082 holes drilled by prior operators. All past mine production has been accounted for in the current Tony M estimates.

The updated resource estimates increase the overall resource base of Denison's Henry Mountains Complex. The Complex includes the Tony M and Southwest deposits, along with the Indian Bench and Copper Bench deposits which are part of the Bullfrog property, which contain Indicated resources of 4.7 million pounds U3O8 and Inferred resources of 5.3 million pounds at a cut off grade of 0.20% eU3O8.

Denison has invested about US$50 million on the Tony M mine and construction of surface facilities. Denison began operations at Tony M in September 2007, but put the mine on stand-by in November 2008. The mine is being maintained in order to bring it back into operation as quickly as possible once sales contracts are in place.

The Tony M-Southwest resource estimate was prepared by Scott Wilson Roscoe Postle Associates Inc. ("Scott Wilson RPA") in accordance with the requirements of National Instrument 43-101 ("NI 43-101").

Scott Wilson RPA was retained to independently review and audit the mineral resources of the Tony M-Southwest deposits. Douglas Underhill, Ph.D., C.P.G. and William Roscoe, Ph.D., P.Eng. are the Qualified Persons pursuant to National Instrument 43-101 who have verified the data disclosed, were responsible for the Technical Report, and reviewed the technical contents related to the resource estimates contained in this release. A copy of the Report will be available on SEDAR (www.sedar.com).

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