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DENISON MINES REPORTS RESULTS

 TORONTO, May 4 /PRNewswire/ -- Denison Mines Limited today reported a profit of $36,751,000 for the year ended Dec. 31, 1992 compared with a loss of $91,144,000 for 1991. Revenues were $160,188,000 for the year ended Dec. 31, 1992 compared to $322,912,000 in 1991.
 After cumulative preferred share dividends in arrears, the earnings per participating share were $0.28 in 1992 compared to a loss per participating share of $1.71 a year earlier.
 The profit for 1992 includes gains on the sale of various assets and resulted in positive net earnings for the year which would otherwise have been negative. The loss in 1991 included pretax provisions for Elliot Lake decommissioning and reclamation costs of $61,879,000, a loss of $22,632,000 on the sale of Denison's interest in the Egyptian oil fields and $36,924,000 in write-downs.
 The decline in sales revenue reflects the decrease in the sale of U(3)O(8) in concentrates to Ontario Hydro from 1,998,096 pounds in 1991 to 838,855 pounds in 1992.
 The arbitration of the Ontario Hydro and Denison price dispute, in which Denison is claiming in excess of $400 million including interest, started on April 5, 1993. A deferred charge of $356,561,000 has been included on the balance sheet and, except for $12,500,000, has not been included in revenue. This amount of $356,561,000 may be recognized as revenue upon determination of the Ontario Hydro dispute.
 Details of results in thousands, except per share data, are as follows:
 DENISON MINES LIMITED
 Fourth Quarter Year ended Dec. 31
 1992 1991 1992 1991
 Revenue $ 23,967 $ 78,748 $160,188 $322,912
 Net earnings (loss) 955 (73,406) 36,751 (91,144)
 Per participating
 share earnings
 (loss) (0.06) (1.22) 0.28 (1.71)
 Net cash generated by
 operating activities 603 20,972 (2,567) 80,698
 -0- 5/4/93
 /CONTACT: Bill James of Denison Mines Limited, 416-865-1991 or 416-865-1993/
 (DEN.)


CO: Denison Mines Limited ST: Ontario IN: MNG SU: ERN

TS -- NY060 -- 4379 05/04/93 13:47 EDT
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Publication:PR Newswire
Date:May 4, 1993
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