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DENISON MINES LIMITED THREE MONTHS ENDED MARCH 31, 1992

 DENISON MINES LIMITED THREE MONTHS ENDED MARCH 31, 1992
 TORONTO, May 1 /PRNewswire/ -- Denison Mines Limited today reported


that gains on the sale of various assets resulted in positive earnings for the three months ended March 31, 1992 which would otherwise have been negative. These gains included the sale of the Company's 10 percent interest with the related debt of approximately $31.3 million in the Vega oil fields located offshore Sicily, the sale of the Company's entire shareholding in Quintette Coal Limited for $5.3 million and gains on the sale of other fixed assets of $5.0 million.
 Denison recorded a profit of $36,122,000 on revenue of $73,742,000 for the three months ended March 31, 1992 compared with a profit of $2,990,000 on revenue of $67,855,000 for the first quarter of 1991. Operating divisions were modestly profitable during the period, but not at a level which would be sufficient to cover existing corporate expenses and debt financing costs. After provision for preferred share dividends in arrears, the results per participating share were a profit of $0.49 compared with a loss of $0.03 in the comparable quarter of 1991.
 Details of the results are as follows:
 Consolidated Statement of Earnings Three Months Ended
 (Loss) (Unaudited) March 31
 (In thousands except per share data)
 1992 1991
 -------- --------
 Revenue $ 73,742 $ 67,855
 Operating and exploration costs 66,866 49,020
 -------- --------
 Operating profit 6,876 18,835
 Other Income 42,217 431
 -------- --------
 49,093 19,266
 General corporate expenses 4,018 4,256
 Interest expense 3,054 6,333
 -------- --------
 Earnings before income and mining taxes 42,021 8,677
 Income and mining taxes 5,899 5,687
 -------- --------
 Net Earnings for the period $ 36,122 $ 2,990
 -------- --------
 -------- --------
 Per participating share
 (after provision for cumulative
 Preferred Share dividends)
 Net earnings (loss) for the period $ 0.49 $ (0.03)
 -------- --------
 -------- --------
 Bill James, Denison's President and Chief Executive Officer, said: "The focus of activity in the first quarter was, and will continue to be, on the financial restructuring and the liquidity of Denison through the rationalization of activities, the sale of assets and the assertion of the claim against Ontario Hydro."
 "We are proceeding with the steps necessary to close the transaction with Total. We expect to have a decision shortly on whether the disputes with Ontario Hydro will be dealt with by arbitration or in the courts."
 The Board of Directors determined today that it would be appropriate to have the shareholders consider passing a Special Resolution at the Annual and Special Meeting of Shareholders to be held on June 22, 1992 to provide that Denison shall have a minimum of three and a maximum of fifteen directors.
 -0- 5/1/92
 /CONTACT: Bill James of Denison Mines, 416-865-1991 or 416-865-1993/
 (DEN.) CO: Denison Mines Limited ST: Ontario IN: MNG SU: ERN


ML -- NYON5 -- 5730 05/01/92 22:45 EDT
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Date:May 1, 1992
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