Denison Mines Corp. Satisfies Bank Production Covenant
Denison Mines Corp. announced that it has satisfied the covenant outlined in its credit facility with the Bank of Nova Scotia relating to uranium production in 2008. Uranium production for the year totaled 1,635,000 pounds U3O8, with production from the McClean Lake joint venture being approximately 3,250,000 pounds (Denison’s share being approximately 731,000 pounds U3O8) and approximately 904,000 pounds U3O8 being produced at the White Mesa mill. The uranium production, combined with the approximately 1,218,000 pounds of vanadium produced at White Mesa, which under the bank covenant is equivalent to 243,700 pounds of uranium, well exceeds the minimum production level specified in the covenant of 1,700,000.
