Denison To Sell White Canyon's Uranium

Published on Sunday Oct 17 2010

Australian Junior Uranium miner White Canyon Uranium (ASX-WCU)Ltd says Canada's Denison Mines Corp has agreed to handle the sale of concentrate from its Daneros mine in the United States.

Shares in White Canyon surged 1.8 cents, or 24 per cent, to 9.3 cents.

"It is anticipated that sales could commence as early as December," White Canyon said in a statement on Friday.

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"Denison's White Mesa Mill is expected to commence toll milling of the company's ore in coming weeks with an expected yield in excess of 200,000 pounds of uranium oxide."

Perth-based White Canyon, which is listed on the TSX Venture Exchange as well as the Australian bourse, began mining ore at Daneros in 2009 after receiving the first mining permit issued in the US state of Utah in 30 years.

Denison Mines is a mid-tier uranium producer that operates the only uranium/vanadium mill in the US near the city of Blanding, Utah.

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WHITE CANYON URANIUM CEO ACQUIRES 219,714 SHARES

Managing director of Australian and Toronto-listed uranium producer, White Canyon Uranium (ASX: WCU, TSX‐V: WU), Peter Batten acquired 219,714 ordinary shares in the company in on-market trades at $0.117 cents on 7 May 2010.


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White Canyon Uranium is the newest uranium production company listed on the ASX and TSX-V, with production of development material at Daneros having commenced at the end of 2009 following the mine permit being granted in May 2009. Daneros is the first new uranium mine permitted in Utah in 30 years. The company has U3O8 upside of 10 million pounds within 3 years, and is well placed to establish a 10 year mine production schedule.

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AUSTRALIA'S WHITE CANYON URANIUM TO BEGIN TRADING ON CANADIAN TSX EXCHANGE

United States-focused uranium producer White Canyon Uranium Limited (ASX: WCU, TSX: WU) has received approval to list on the Toronto Stock (Venture) Exchange.

The Company commenced trading on the TSX-V on Friday under the symbol WU, while the company’s ordinary shares will continue to be listed on the Australian Securities Exchange.

Shareholders can trade their shares on the ASX as they did prior to the TSX-V listing. However shareholders intending to trade on the TSX-V will need to transfer their shares onto the Canadian share registry and establish an account with an appropriate stock broker prior to trading on the TSX-V. The company and their share registrars can provide further details on such procedures to interested shareholders.

White Canyon Managing Director, Mr Peter Batten, said listing on the TSX-V would not only provide White Canyon with increased access to the larger North American capital markets, but he expected the listing would also further raise the profile of the Company within the global investment community.

“The Canadian and US markets have a close understanding of uranium and an enthusiasm to invest in uranium production, particularly uranium production in North America," Mr Batten said.

The listing on the TSX-V was a compliance listing only and no fund raising was associated with the process.

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White Canyon Uranium Signs Toll Milling Agreement With Denison Mines Corp.

US-focussed Uranium producer White Canyon Uranium (ASX: WCU) has executed a toll milling agreement with Denison Mines Corp. (TSX:DML, NYSE AMEX:DNN).

Denison will process all material produced from White Canyon’s owned and operated Daneros uranium mine in Utah.

White Canyon has confirmed that based on the conditions in the toll milling agreement the Daneros mine is viable even at current spot prices.

The agreement has a three year term with an optional two year extension and commences in January 2010.

The earlier than expected execution of the Toll Treating Agreement concludes the Company’s participation in the Ore Purchase Programme with only the first ore lot sold to Denison.

Denison used samples from the first ore lot to conduct amenability tests and derive the processing variables necessary for the completion of a Toll Milling Agreement.

Under the terms of the agreement, White Canyon will transport material produced to Denison’s White Mesa Mill for processing of up to 55,000 tons per annum.

The Company will pay to Denison the costs to mill its ore, a capital charge plus a toll milling fee per ton of ore, which will be partly linked to the long-term uranium price.

Processing will be scheduled by Denison and first processing of Daneros ore is expected in H1 2011 allowing White Canyon to meet expected delivery dates in H2 2011.

Initial production is expected to be sourced from the Daneros mine, which is located approximately 100kms from the White Mesa complex and has been the source of material provided to date for analysis to derive critical processing parameters in determining this toll milling agreement.

Additional production is expected to be sourced from the Company’s Lark Royal, Geitus, Blue Jay, Marcy Look and Yellow Cat projects, which are also in close proximity to the White Mesa Mill.

The total tonnage will be negotiated at the completion of each 12 month production period for the subsequent full production year dependent on mill availability.

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