Denison Mines Corp. announced that it has executed an agreement with Skyharbour Resources Ltd. to acquire initial interests in claims comprising Skyharbour's Russell Lake Uranium Project ("Russell"), which is located directly adjacent to Denison's flagship Wheeler River Project ("Wheeler River"). The Russell property will be dividend into four property joint ventures that will be known as: Russell Lake ("RL" or "Russell Lake"), Getty East, Wheeler North, and Wheeler River Inliers, of which Denison will acquire initial ownership interests of 20%, 30%, 49%, and 70%, respectively.
In addition, Denison and Skyharbour have agreed to enter into option agreements (the "Earn-In Option Agreements"), which will allow Denison to increase its ownership interest in each of the new Wheeler North and Getty East joint ventures to up to 70% (collectively with the acquisition of initial interests, the "Transaction"). Given its proximity to Wheeler River, Denison has had an interest in adding Russell to property portfolio for much of my nearly two decades with the Company. This transaction achieves that objective by providing Denison with the opportunity to lead and participate in exploration efforts across four newly created joint ventures, which are designed to drive collaboration between Denison and Skyharbour's technical teams.
