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DENISON MINES COMPLETES TRANSFER OF INTEREST IN VEGA OIL FIELD

 DENISON MINES COMPLETES TRANSFER OF INTEREST IN VEGA OIL FIELD
 TORONTO, Feb. 4 /PRNewswire/ -- Denison Mines Limited announced that it completed today the transfer of the ten percent (10 percent) participating interest and related debt of approximately $31.3 million in the Vega oil field offshore Sicily held through its wholly owned subsidiary Petromarine Italia S.p.A. ("Petromarine"). All other remaining bank indebtedness of Petromarine of $1.9 million was repaid by Denison.
 Bill James, Denison's president and chief executive officer said, "the completion of the agreement made in October 1991 effectively eliminates Denison's financial exposure to Petromarine's Italian lenders which hold guarantees by Denison."
 "With the planned closure of Petromarine's offices in Rome next month, future cash funding requirements of Denison to Petromarine, which aggregated approximately $6.3 million in 1991 will be all but eliminated. This positive step in the reduction of Denison's commitments and financial liabilities could not have been taken without the full co-operation of Denison's Canadian and Italian bankers."
 -0- 2/4/92
 /CONTACT: Bill James of Denison Mines, 416-865-1991/
 (DEN.A.) CO: Denison Mines Limited ST: Ontario IN: MNG SU:


JT -- NY059 -- 6665 02/04/92 11:57 EST
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Publication:PR Newswire
Date:Feb 4, 1992
Words:196
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