NEWS ROUNDUP — Denison reports modest loss

Toronto-based Denison Mines (DEN-T) has posted a loss of $3.3 million (or 1 cents per share) on revenue of $52.4 million for 1988, compared with earnings of $25.7 million on revenue of $73.1 million in 1997.

The 1998 loss reflects an $11.5-million writedown of oil and gas properties, whereas earnings in the previous year included a gain of $8.5 million from the repurchase of long-term debt.

At the end of March, Denison will relinquish its licence to operate an oil field in Greece, though discussions related to the decommissioning of the project are continuing with the government.

Closer to home, in northern Saskatchewan, the company is awaiting approval for the construction of the tailings management facility at the 22.5%-held McClean Lake uranium project. If approval is in hand by late March, an operating licence could be obtained by mid-May, with production following shortly thereafter.