NEWS ROUNDUP (March 09, 1992)

The transfer of the majority interest in an Australian uranium project is expected to net Denison Mines (TSE) about $25 million, the company says.

The purchaser is not named but Denison said the transfer of the 70% interest in the Koongarra project would take place during the next four years. The agreement acquires certain approvals which the company anticipates will be received.

Denison says it plans to spend the proceeds on its uranium activities in Saskatchewan, which include a 45% interest in the Midwest joint venture project in that province’s Athabasca area.

Denison reports a loss for 1991 of $91.1 million compared with a loss of $291 million for the previous year. The 1991 loss includes a provision for decommissioning of the company’s Elliot Lake, Ont., uranium-mining operation and reclamation costs.