Denison Mines Corp. announced that its 22.5% owned McClean Lake operations have been granted a 10-year Uranium Mine Operating Licence from the Canadian Nuclear Safety Commission ("CNSC"), which is valid as of July 1, 2017 and will expire on June 30, 2027.
The McClean Lake operations are located in the infrastructure rich eastern portion of the Athabasca Basin region in northern Saskatchewan and are owned by the McClean Lake Joint Venture ("MLJV"), a joint venture between AREVA Resources Canada Inc. ("AREVA") (70%), Denison (22.5%) and OURD (Canada) Co. Ltd. (7.5%).
The McClean Lake operations include several uranium deposits as well as the McClean Lake mill, which is currently operating and processing ore from the Cigar Lake mine under a toll milling agreement. The MLJV is operated by AREVA.
Denison's President and CEO, David Cates, commented, "We are quite familiar with the CNSC's rigorous processes, having worked closely with the CNSC for many years in regards to our own reclaimed mine sites in Elliot Lake, and we are very pleased with the outcome of the McClean Lake renewal process. AREVA continues to be a tremendous partner at McCleanLake and we are very appreciative of not only AREVA's commitment to the licence renewal process, but also their commitment to operating the McClean Lake operations with the utmost respect for employee safety, the environment, and the neighbouring northern communities."
McClean Lake Mill
The McClean Lake mill is one of the most technologically advanced uranium mills in operation and is the only facility in the world designed to process high grade uranium ore without dilution. In 2016, the MLJV obtained regulatory approval from the CNSC to increase its annual production capacity of uranium (U3O8) to 24 million pounds per year. With the Cigar Lake mine expected to produce approximately 18 million pounds U3O8 annually, the McClean Lake mill currently has excess licenced processing capacity of up to six million pounds U3O8 per year.
Source: Denison Mines Corp.
