Revenues decline for Denison

Earnings of $15.9 million were reported by Denison Mines (TSE) for 1995, compared with $15.2 million a year earlier.

Revenues fell to $64.1 million last year from $85 million in 1994. The decrease in revenues was attributed to lower scheduled deliveries of uranium as well as lower oil production in Greece.

Income for 1995 included a gain of $4.6 million from the sale of the company’s remaining 30% interest in the Koongarra uranium project in Australia.

Denison also reports that construction of the McClean Lake mine and mill is proceeding toward scheduled production in mid-1997. The uranium project is situated in northern Saskatchewan.

Meanwhile, the Environmental Assessment Review Panel has completed public hearings on the close-out of Denison’s Elliot Lake tailings facilities in Ontario.

The panel is formulating a report that is expected to be released in May of this year.