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DENISON MINES LIMITED ISSUES STATEMENT ON ONTARIO HYDRO PAYMENTS

 DENISON MINES LIMITED ISSUES STATEMENT ON ONTARIO HYDRO PAYMENTS
 TORONTO, May 12 /PRNewswire/ -- Denison Mines Limited announced today that Ontario Hydro has failed to make two payments to Denison in amounts of approximately $3.2 million each for the delivery of shipments of uranium to Ontario Hydro. Instead of paying the amounts to Denison, Ontario Hydro has forwarded the funds to a bank on the basis that Ontario Hydro has the right to have the payment applied as a prepayment of a Denison mortgage loan which is guaranteed by Ontario Hydro and secured by one of Denison's Elliot Lake housing subdivisions. Ontario Hydro also stipulated that their liability under the $12.5 million guarantee for the mortgage loan be reduced by the amounts paid to the bank.
 The bank has reiterated to Ontario Hydro that the mortgage loan is not in default and advised Ontario Hydro that it will not apply the first payment to the loan.
 Denison today delivered to Ontario Hydro a notice of arbitration for a determination that Ontario Hydro has breached its agreement with Denison in failing to promptly pay for uranium concentrates delivered pursuant to the uranium supply contract.
 -0- 5/12/92
 /CONTACT: Bill James of Denison Mines, 416-865-1991 or 416-865-1993/
 (DEN.A.) CO: Denison Mines Limited ST: Ontario IN: MNG SU:


KD -- NY122 -- 9434 05/12/92 21:25 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:May 12, 1992
Words:227
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