Toronto-based Denison Mines (TSE) has completed negotiations with Total Compagnie Miniere of France and Total Minatco for the complementary development of two uranium properties in Saskatchewan.
As a result, Denison has acquired a 22.5% interest in the McClean uranium project in northern Saskatchewan and retains 19.5% in the nearby Midwest project. Total Minatco has acquired a 56% interest in Midwest and retains 70% in McClean.
The two properties, which lie within 13 miles of one another and have combined reserves of more than 80 million lb. uranium oxide, will be developed using a single mill at McClean.
Total Compagnie has agreed to pay for Denison’s share of the development costs. Public hearings, as part of the joint federal-provincial review process, are to wind down in May.
Meanwhile, the arbitration of a price dispute between Denison and Ontario Hydro began March 29 in Toronto and is expected to last several months. The 3-member arbitration panel will determine what price will be payable by Ontario Hydro for uranium shipped by Denison to the large utility in 1991 and 1992. Denison last reported that some $356 million plus interest is at stake.
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