Denison Announces 2018 Exploration & Evaluation Program Focused on High Priority Properties - Seite 2

Wheeler River Project

A CAD$13.1 million budget has been approved for Denison's flagship project, located in the infrastructure rich eastern portion of the Athabasca Basin. The budget includes exploration expenditures of CAD$9.5 million and evaluation expenditures of CAD$3.6 million.

Denison's share of the budget is expected to be CAD$9.8million, which represents 75% of joint venture expenses. The increased funding by Denison (ownership of 60%) in 2017 and 2018 is in accordance with an agreement with the Wheeler River Joint Venture partners Cameco Corp. ("Cameco") and JCU (Canada) Exploration Company Limited ("JCU"), which allows Denison to increase its interest in the project to up to approximately 66% by the end of 2018. Under the terms of the agreement, Cameco will fund 50% of its ordinary 30% share in 2017 and 2018, and JCU will continue to fund its 10% interest in the project (see Denison's press release dated January 10, 2017).

The 2018 exploration program, including approximately 45,000 metres of diamond drilling in 60 drill holes, will be focused on step-out drilling along strike of the Gryphon deposit and drill testing of high-priority and largely untested regional targets on the property. The Gryphon deposit remains open in numerous areas with a significant amount of potential for future resource growth. Priority target areas include: (1) Along strike to the northeast of the E series lenses, where both unconformity and basement potential exists; (2) Down plunge of the A and B series lenses; (3) Along strike to the northeast and southwest of the D series lenses; and (4) Within the currently defined D series lenses, where additional high-grade shoots may exist. Very little regional exploration has taken place on the property in recent years, with drilling efforts focused on Phoenix and Gryphon, which were discovered by Denison in 2008 and 2014 respectively. The property is host to numerous uranium-bearing lithostructural corridors which are under- or unexplored and have the potential for additional large, high-grade unconformity or basement hosted deposits. The 2018 exploration program will see renewed focus along these corridors to follow-up on previous mineralized drill results, or to test geophysical targets identified from recent past surveys.