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DENISON REPORTS SECOND QUARTER LOSS OF 2.1 MILLION

 DENISON REPORTS SECOND QUARTER LOSS OF 2.1 MILLION
 TORONTO, July 22 /PRNewswire/ -- Denison Mines Limited (TSE: DEN.A) today reported a loss of $2,118,000 on revenue of $35,155,000 for the three months ended June 30, 1992, compared with a loss of $1,073,000 on revenue of $91,013,000 for the second quarter of 1991.
 The net earnings for the six months ended June 30, 1992, were $34,004,000 on revenue of $108,897,000 compared with earnings of $1,917,000 on revenue of $158,868,000 in the first six months of 1991.
 The financial results for the six months ended June 30, 1992, included pre-tax gains on the sale of various assets totalling $40,066,000.
 After provision for preferred share dividends in arrears, the results per participating share were a loss of $0.02 for the second quarter of 1992 and earnings of $0.38 for the first half of the year, compared with losses of $0.08 and $0.11, respectively, for 1991.
 Bill James, Denison's president and chief executive officer, said that "The results of the second quarter of 1992 reflect lower sales revenues caused by the permanent shut-down of the company's Elliot Lake uranium operations, a 46-day labor strike in Greece and the sale in 1991 of the oil operations in Spain and Egypt.
 During the third quarter, we will continue with our efforts to obtain the approvals and negotiating the numerous agreements necessary to complete our transactions with Total Compangnie Miniere of France and with the certainty of arbitration of the Ontario Hydro price dispute we will be taking the steps necessary to prepare for the arbitration hearings which are expected to commence early in the new year.
 James also said that "Ontario Hydro is also attempting to have the courts determine the dispute concerning its unilateral repayment of $12.5 million to a bank instead of to Denison for the delivery of shipments of uranium to Ontario Hydro. Denison disputes Ontario Hydro's claim that it has the right to have the payments applied against its $12.5 million guarantee of Denison's mortgage loan to the bank and Denison is seeking to have this matter also determined by arbitration."
 Details of the results in thousands, except per share data, are as follows:
 DENISON MINES LIMITED
 Six Months Ended
 Second Quarter June 30
 1992 1991 1992 1991
 Revenue $35,155 $91,013 $108,897 $158,868
 Operating and
 exploration
 costs 32,045 83,323 98,911 132,343
 Operating profit 3,110 7,690 9,986 26,525
 Other income 1,156 7,805 43,373 8,236
 4,266 15,495 53,359 34,761
 General corporate
 expenses 1,664 2,544 5,682 6,800
 Interest expense 2,189 5,200 5,243 11,533
 Earnings (loss)
 before income &
 mining taxes 413 7,751 42,434 16,428
 Income and mining
 taxes 2,531 8,824 8,430 14,511
 Net earnings (loss)
 for the period $(2,118) $(1,073) $ 34,004 $ 1,917
 Per participating
 share (after
 provision for
 cumulative
 Preferred Share
 dividends)
 Net earnings (loss)
 for the period $ (0.02) $ (0.08) $ 0.38 $(0.11)
 -0- 7/22/92
 /CONTACT: R.B. Keeler of Denison Mines, 416-865-1991 or 416-865-1997/
 (DEN.) CO: Denison Mines Limited ST: Ontario IN: MNG SU: ERN


PS -- NY117 -- 2167 07/22/92 17:53 EDT
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Date:Jul 22, 1992
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