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To: The Barracuda™ who wrote (18439)10/24/2019 6:04:55 PM
From: The Barracuda™
   of 22746
 
The proposed sanctions


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To: Logain Ablar who wrote (18438)10/24/2019 7:33:14 PM
From: The Barracuda™
   of 22746
 
IMO when the uraniums turn they will trade in gaps to the upside.

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From: The Barracuda™10/26/2019 3:37:55 PM
1 Recommendation   of 22746
 
Interesting statistic


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From: The Barracuda™10/31/2019 10:55:58 PM
   of 22746
 
Ignoring my "ironic investing" post I think this is the bottom


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From: The Barracuda™11/3/2019 11:32:14 AM
   of 22746
 
Good twitter thread on CCJ conference call from Quakes99


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From: The Barracuda™11/3/2019 11:50:53 AM
   of 22746
 
Excellent thread on what underfeeding is. What exactly is underfeeding and why is it so important to u3o8 prices


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From: LoneClone11/3/2019 12:38:45 PM
   of 22746
 
Denison Reports Installation of Commercial Scale Wells and Provides Operational Update from Ongoing ISR Field Test at the Phoenix Deposit

denisonmines.com

October 31, 2019
Download PDF Version

TORONTO, Oct. 31, 2019 /CNW/ - Denison Mines Corp. ("Denison" or the "Company") (DML: TSX, DNN: NYSE American) is pleased to report the successful installation of two Commercial Scale Wells ("CSWs") within the Phoenix deposit ("Phoenix"), as part of the ongoing In-Situ Recovery ("ISR") field test program at the Company's 90% owned Wheeler River Uranium Project ("Wheeler River"), located in northern Saskatchewan, Canada. Additionally, the Company is pleased to report the successful deployment of the MaxPERF Drilling Tool and its plans for completion of long-duration hydrogeological test work during the remainder of the 2019 ISR Field Test program.

View PDF Version

Operational Highlights

  • Installation of the first CSWs designed for ISR mining in the Athabasca Basin: CSW1 (drill hole GWR-031, in Test Area 1) and CSW2 (drill hole GWR-032, in Test Area 2) represent the first large-diameter CSWs successfully installed, for the purpose of ISR mining, in the Athabasca Basin region. The completion of each CSW included the drilling of a large-diameter vertical borehole (~12 inches in diameter) approximately 400 metres from surface, to intersect the Phoenix ore body, and the installation of well materials designed to meet expected environmental and regulatory standards for eventual ISR mining. Locations of the Phoenix Test Areas and CSWs are shown in Figures 1, and Figures 2 and 3 respectively.

  • Successful lateral penetrations of the Phoenix ore body using the MaxPERF Drilling Tool: Penetrators Canada Inc. ("Penetrators"), developers and operators of the MaxPERF Drilling Tool, successfully deployed the tool within CSW1 and completed 28 lateral drill holes (penetration tunnels) within a variety of ore types associated with the Phoenix deposit. MaxPERF deployment at CSW2 is planned to follow during the remainder of the 2019 ISR Field Test program.

  • Initial short-duration hydrogeological tests demonstrate effectiveness of MaxPERF at Phoenix: Initial short-duration hydrogeological tests confirmed increased flow rates in Test
    Area 1 following the completion of the MaxPERF drilling in CSW1. These results demonstrate the effectiveness of the MaxPERF Drilling Tool in providing increased access to hydraulic connectivity associated with the existing permeability of the ore zone.

  • Long-duration hydrogeological tests planned to complete the 2019 ISR Field Test: Based on the successful completion of CSW1 and CSW2, and following the successful deployment of the MaxPERF Drilling Tool, long-duration hydrogeological tests are planned to be completed during the remainder of the 2019 ISR Field Test. These tests are expected to be carried out in both CSW1 and CSW2 to allow for the simulation of fluid flow, within Test Area 1 and Test Area 2 of Phoenix, under conditions similar to an envisioned commercial production environment.
  • David Bronkhorst, Denison's Vice President Operations, commented, "We are very pleased to have completed the successful installation of the first two Commercial Scale Wells at Phoenix. As part of the Company's risk managed approach to the 2019 ISR Field Test program, we continue to build on operational successes and advance towards the completion of all of our program objectives – including the testing of the MaxPERF Drilling Tool, which has already proven to be effective when deployed in a CSW. With the varied geology interpreted at Phoenix, the ability to use MaxPERF, to mechanically engineer increased access to the existing permeability of the ore formation, bodes well for potentially normalizing the geological variations in a production environment."

    Commercial Scale Well (CSW) Installations

    CSW1 and CSW2 were successfully drilled to their designed depths and locations within the Phoenix deposit. A directional drilling methodology was employed in conjunction with Measurement-While-Drilling ("MWD") surveying technology to accurately determine the well path to its desired target location.

    Well materials, designed for commercial ISR production, were successfully installed as planned – providing a double-walled and fully-sealed piping system. Additionally, the outer casing of each CSW was successfully grouted in place with a single-stage cement application, providing a further seal between the CSW and outlying sandstone formation. The piping system installed for both CSWs is ISR mining solution ready and is expected to meet environmental and regulatory standards. A CSW is considered complete once the piping system has been installed and the outer casing grouted into position. Further details regarding the design of the CSWs are provided in Denison's news release dated September 19, 2019.

    Deployment of the MaxPERF Drilling Tool and Preliminary Hydrogeological Test Results

    Penetrators successfully deployed the MaxPERF Drilling Tool within CSW1 and completed a total of 28 lateral drill holes (penetration tunnels), with an approximate length of 72 inches (1.83 metres) and diameter of 0.7 inches (1.78 centimetres) each, within the ore zone from seven different elevations spaced 30 centimeters vertically apart. The penetration tunnels were completed in a variety of ore types associated with the Phoenix deposit, including a wide variety of uranium grades (massive to disseminated uraninite), clay contents, and rock competencies.

    Initial short-term hydrogeological injection testing was carried out both before, and after, the application of MaxPERF drilling in CSW1, to evaluate the relative differences of injection pressure, flow rate, permeability, and borehole connectivity with adjacent monitoring wells. The preliminary hydrogeological test results from CSW1 indicate that the ore zone was able to accept increased flow rates following the application of the MaxPERF drilling. Importantly, this result suggests that the penetration tunnels have successfully provided increased access to hydraulic connectivity associated with the existing permeability of the ore zone.

    Long-Duration Hydrogeological ISR Testing and Modelling

    The integration and evaluation of the hydrogeological data collected from the 2019 ISR Field Test is ongoing. Data collected, to date, includes the initial results from Test Area 1 and Test Area 2 (see Denison's press releases dated August 27, 2019, and September 19, 2019), and the initial short-duration test results from CSW1 (described in this press release). Additional hydrogeological data is expected from initial short-duration tests in CSW2 (both pre- and post-MaxPERF drilling), and from long-duration tests carried out in both CSW1 and CSW2. The long-duration tests are expected to allow for the simulation of fluid flow under conditions similar to an envisioned commercial production environment.

    These data sets, as outlined above, will be incorporated into the hydrogeological model being developed for Phoenix, which will facilitate detailed mine planning as part of a future Feasibility Study.

    The hydrogeological testing and modelling is being undertaken by Petrotek Corporation ("Petrotek") – specialists in the technical evaluation and field operation of subsurface fluid flow and injection projects, including significant ISR experience in various jurisdictions.

    About Wheeler River

    Wheeler River is the largest undeveloped uranium project in the infrastructure rich eastern portion of the Athabasca Basin region, in northern Saskatchewan – including combined Indicated Mineral Resources of 132.1 million pounds U3O8 (1,809,000 tonnes at an average grade of 3.3% U3O8), plus combined Inferred Mineral Resources of 3.0 million pounds U3O8 (82,000 tonnes at an average grade of 1.7% U3O8). The project is host to the high-grade Phoenix and Gryphon uranium deposits, discovered by Denison in 2008 and 2014, respectively, and is a joint venture between Denison (90% and operator) and JCU (Canada) Exploration Company Limited (10%).

    A PFS was completed for Wheeler River in late 2018, considering the potential economic merit of developing the Phoenix deposit as an ISR operation and the Gryphon deposit as a conventional underground mining operation. Taken together, the project is estimated to have mine production of 109.4 million pounds U3O8 over a 14-year mine life, with a base case pre-tax NPV of $1.31 billion (8% discount rate), Internal Rate of Return ("IRR") of 38.7%, and initial pre-production capital expenditures of $322.5 million. The Phoenix ISR operation is estimated to have a stand-alone base case pre-tax NPV of $930.4 million (8% discount rate), IRR of 43.3%, initial pre-production capital expenditures of $322.5 million, and industry leading average operating costs of US$3.33/lb U3O8. The PFS is prepared on a project (100% ownership) and pre-tax basis, as each of the partners to the Wheeler River Joint Venture are subject to different tax and other obligations.

    Further details regarding the PFS, including additional scientific and technical information, as well as after-tax results attributable to Denison's ownership interest, are described in greater detail in the NI 43-101 Technical Report titled "Pre-feasibility Study for the Wheeler River Uranium Project, Saskatchewan, Canada" dated October 30, 2018 with an effective date of September 24, 2018. A copy of this report is available on Denison's website and under its profile on SEDAR at www.sedar.com and on EDGAR at www.sec.gov/edgar.shtml.

    About Denison

    Denison is a uranium exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada. In addition to the Wheeler River project, Denison's Athabasca Basin exploration portfolio consists of numerous projects covering approximately 305,000 hectares. Denison's interests in the Athabasca Basin also include a 22.5% ownership interest in the McClean Lake joint venture ("MLJV"), which includes several uranium deposits and the McClean Lake uranium mill, which is currently processing ore from the Cigar Lake mine under a toll milling agreement, plus a 25.17% interest in the Midwest and Midwest A deposits, and a 66.51% interest in the J Zone and Huskie deposits on the Waterbury Lake property. Each of Midwest, Midwest A, J Zone and Huskie are located within 20 kilometres of the McClean Lake mill.

    Denison is also engaged in mine decommissioning and environmental services through its Denison Environmental Services division and is the manager of Uranium Participation Corp., a publicly traded company which invests in uranium oxide and uranium hexafluoride.

    Follow Denison on Twitter @DenisonMinesCo

    Qualified Persons

    The hydrogeological results and interpretations thereof contained in this release were prepared by Mr. Errol Lawrence, PG (Senior Hydrogeologist), and Mr. Aaron Payne, PG (Senior Hydrogeologist) at Petrotek, independent Qualified Persons in accordance with the requirements of NI 43-101.

    The other technical information contained in this release has been reviewed and approved by Mr. Dale Verran, MSc, P.Geo, Pr.Sci.Nat., Denison's Vice President, Exploration, a Qualified Person in accordance with the requirements of NI 43-101.

    Cautionary Statement Regarding Forward-Looking Statements

    Certain information contained in this news release constitutes 'forward-looking information', within the meaning of the applicable United States and Canadian legislation concerning the business, operations and financial performance and condition of Denison.

    Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as 'plans', 'expects', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', or 'believes', or the negatives and/or variations of such words and phrases, or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur', 'be achieved' or 'has the potential to'.

    In particular, this news release contains forward-looking information pertaining to the following: the field test program (including drilling) and evaluation interpretations, activities, plans and objectives; the current and continued use and availability of third party technologies, such as MaxPERF, as applicable; the results of the PFS and expectations with respect thereto; development and expansion plans and objectives, including plans for a feasibility study; and expectations regarding its joint venture ownership interests and the continuity of its agreements with its partners.

    Forward looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Denison to be materially different from those expressed or implied by such forward-looking statements. Denison believes that the expectations reflected in this forward-looking information are reasonable but no assurance can be given that these expectations will prove to be accurate and results may differ materially from those anticipated in this forward-looking information. For a discussion in respect of risks and other factors that could influence forward-looking events, please refer to the factors discussed in Denison's Annual Information Form dated March 12, 2019 under the heading 'Risk Factors'. These factors are not, and should not be construed as being exhaustive.

    Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Any forward-looking information and the assumptions made with respect thereto speaks only as of the date of this news release. Denison does not undertake any obligation to publicly update or revise any forward-looking information after the date of this news release to conform such information to actual results or to changes in Denison's expectations except as otherwise required by applicable legislation.

    Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Mineral Resources and Probable Mineral Reserves: This news release may use the terms 'measured', 'indicated' and 'inferred' mineral resources. United States investors are advised that while such terms have been prepared in accordance with the definition standards on mineral reserves of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in Canadian National Instrument 43-101 Mineral Disclosure Standards ("NI 43-101") and are recognized and required by Canadian regulations, the United States Securities and Exchange Commission ("SEC") does not recognize them. 'Inferred mineral resources' have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable. The estimates of mineral reserves in this news release have been prepared in accordance with NI 43-101. The definition of probable mineral reserves used in NI 43-101 differs from the definition used by the SEC in the SEC's Industry Guide 7. Under the requirements of the SEC, mineralization may not be classified as a "reserve" unless the determination has been made, pursuant to a "final" feasibility study that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Denison has not prepared a feasibility study for the purposes of NI 43-101 or the requirements of the SEC. Accordingly, Denison's probable mineral reserves disclosure may not be comparable to information from U.S. companies subject to the reporting and disclosure requirements of the SEC.



    Figure 1. Phoenix Zone A plan view showing Test Areas delineated for ISR field testing. (Full Resolution)



    Figure 2. Plan map and long section showing Pump/Injection wells, Observation wells and CSW1 completed for ISR field testing in Test Area 1. (Full Resolution)



    Figure 3. Plan map showing Pump/Injection wells, Observation wells and CSW2 completed for ISR field testing in Test Area 2. (Full Resolution)

    SOURCE Denison Mines Corp.

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    To: LoneClone who wrote (18446)11/3/2019 1:16:59 PM
    From: LoneClone
       of 22746
     
    UEX Intersects New Christie Lake Mineralization Averaging 1.17% U3O8 over 1.9 m

    Brownfields McClean South Drilling Program Underway at Hidden Bay
    UEX Webinar to be held Wednesday, November 6th

    ca.finance.yahoo.com

    GlobeNewswireOctober 29, 2019

    New Mineralization at Christie Lake

    SASKATOON, Saskatchewan, Oct. 29, 2019 (GLOBE NEWSWIRE) -- UEX Corporation (UEX:TSX) (“UEX” or the “Company”) is pleased to announce the results of the 2019 Phase II exploration program at the Christie Lake Project. The summer drilling program was 8,122 m diamond drilling in 14 holes.

    The highlight of the program was the intersection of new uranium mineralization in hole CB-141. This hole encountered perched uranium mineralization located approximately 8 m above the unconformity that returned a Radiometric Equivalent Grade (“REG”) of 1.17% eU3O8 over 1.9 m from 498.1 m to 499.6 m (true width is anticipated to be 85-90% of the core length). CB-141 was drilled to test the B Trend approximately 600 m along strike to the northeast of historical mineralized drill hole CB-048, which averaged 0.25% U3O8, 2.05% Co and 2.32% Ni over 1.5 m within a fault structure located approximately 50 m below the unconformity. Strong hydrothermal alteration was observed in drill holes collared northeast of CB-141 and in a separate location 1.5 km southwest in hole CB-147 drilled at the southernmost end of the B Trend coincident with another low resistivity anomaly. Due to poor core recovery within the mineralized interval in CB-141, REG’s are considered to be a more accurate representation of uranium concentration than assay grades for this hole. For more information regarding the determination of REG’s please refer to the section below About Radiometric Equivalent Grades.

    In the Orora North area, three holes were drilled to test the southwest margin of the large and strong resistivity anomaly identified at the unconformity north of the Orora Deposit and parallel to the Yalowega Trend (see Figures 1 and 2). Strong hydrothermal alteration, including thick dravite clay-filled veins, was encountered in holes CB-142, CB-143 and CB-145 along a previously unknown northwest-oriented fault structure, verifying the Company’s interpretation that there may be a fault-offset of the Orora mineralization and alteration system. These holes only tested the extreme southwest end of the prospective Orora North resistivity anomaly. The Orora North area remains a very high priority drill target area and UEX will be proposing additional drilling and geophysical surveying of this target for consideration by its joint venture partner in 2020.

    Holes CB-136 and CB-138, targeting the Southwest C Extension (see Figure 1) that covers the area 100 m to 600 m southwest along strike of the Paul Bay Deposit on the C Conductor Trend did not extend the narrow zones of mineralization in hole CB96-083. However, the drilling did determine that there are two parallel and undertested fault structures associated with the Yalowega Trend that extend southwest of the Paul Bay Deposit.

    Brownfield Exploration Program at McClean South Underway

    UEX has commenced a 7-hole – 2,000 m brownfields exploration drill program at the McClean South Area of the Hidden Bay Project. The McClean South area is located immediately adjacent to and south of Orano’s McClean Lake Operation, immediately on-strike of the mined-out Sue Uranium Deposits. The Sue Deposits are a cluster of five uranium deposits that occur over a north-south strike length of 1.7 km hosted within the Sue Fault structure. The southernmost Sue Deposit, Sue E, was mined by open pit. The pit’s margins are located within 50 m from our property boundary.

    The McClean South drill program is one of the few brownfields-type exploration programs in the Athabasca Basin controlled by a junior explorer and developer. The drill program is anticipated to be completed by the end of November.

    Exploration drilling by UEX along strike of the Sue Deposits focused on drill-testing the extension of the Sue Fault onto the Hidden Bay Property. UEX has also drill tested the Telephone Fault, located parallel to and 500-600 m west of the Sue Fault. Drilling on the Telephone Fault has encountered scattered uranium mineralization and hydrothermal alteration over a 4 km strike length immediately south of the property boundary. Uranium mineralization along the Telephone Fault occurs in several widely-spaced small narrow pods which can sometimes be very high grade, such as hole SP-156, which encountered 4.53% U3O8 over 0.5 metres.

    This summer, UEX completed a RadonExTM radon survey covering the northern part of the Telephone and Sue Faults. Several radon anomalies were detected between the two fault structures. Coupled with historic geophysical and geochemical data, UEX believes there may be faults oriented in an east-north-east direction between and linking the Telephone and Sue Faults. Such linking faults are a key host environment of several of the economically exploited uranium deposits at Cameco’s Eagle Point Mine.

    In addition to the radon, geochemical and geophysical information, UEX’s analysis of the relative movements along both the Sue and Telephone faults suggests that the presence of such prospective linking faults is likely.

    UEX Webinar

    The Company is pleased to announce we are hosting a webinar on Wednesday, November 6, 2019 at 12:00 p.m. EDT/ 9:00 am PDT. The webinar is open to all audiences.

    The purpose of the webinar is to provide an update on the 2019 exploration activities, our McClean South exploration concepts, our remaining 2019 exploration activities, and UEX’s views on the uranium and cobalt markets. All participants will have the opportunity to submit questions prior to and following the presentation.

    To access the webinar, participants will need to register in advance through the following link:

    https://webinar.ringcentral.com/webinar/register/WN_FLyLTSGvS8m9u4dkpKiVqg

    After registering, participants will receive a confirmation email containing information about joining the webinar. Please be advised that the total number of registrants is limited. For those interested but unable to attend, a video of the webinar will be posted on the UEX website ( www.uexcorp.com) shortly after the event has concluded.

    About Radiometric Equivalent Grades

    Using down-hole probes to calculate radiometric equivalent grades is a common practice by uranium mining companies in the Athabasca Basin. Down-hole probes are often able to accurately measure uranium concentration in-situ within the drill hole. Grades can be determined when a gamma ray particle emitted from uranium mineralization in the hole enters the probe and strikes the probe’s photomultipler tube, causing a light flash to occur. The number of individual light flashes can be counted every second (counts per second or cps) and a uranium grade determined using standard equations and individual probe characteristics determined when the probe is calibrated.

    About the Christie Lake Project

    UEX currently holds a 60% interest in the Christie Lake Project and has entered into a joint venture with JCU. The Project is located approximately 9 km northeast and along strike of Cameco’s McArthur River Mine, the world’s largest uranium producer. The P2 Fault, the controlling structure for all of the McArthur River deposits, continues to the northeast beyond the mine. UEX believes that through a series of en-echelon steps the northeast strike extension of the P2 Fault not only crosses the Project but also controls the three known uranium deposits on Christie Lake, the Orora, Paul Bay and Ken Pen Deposits.

    The Christie Lake Project is currently estimated to contain 588,000 tonnes grading 1.57% U3O8, which equates to 20.35 million pounds of U3O8 using a cut-off grade of 0.2% U3O8 and are documented in the “Technical Report for the Christie Lake Uranium Project, Saskatchewan, Canada” which was filed on February 1, 2019 and has an effective date of December 13, 2018. The Technical Report is available on the Company’s website at www.uexcorp.com and on SEDAR at www.sedar.com.

    Qualified Persons and Data Acquisition

    Technical information in this news release has been reviewed and approved by Roger Lemaitre, P.Eng., P.Geo., UEX’s President and CEO and Trevor Perkins, P.Geo., UEX’s Exploration Manager, who are each considered to be a Qualified Person as defined by National Instrument 43-101.

    About UEX

    UEX (TSX:UEX, OTC:UEXCF.PK, UXO.F) is a Canadian uranium and cobalt exploration and development company involved in eighteen uranium projects, including seven that are 100% owned and operated by UEX, one joint venture with Orano Canada Inc. (“Orano”) and ALX Uranium Corp. (“ALX”) that is 50.1% owned by UEX and is under option to and operated by ALX, as well as eight joint ventures with Orano, one joint venture with Orano and JCU (Canada) Exploration Company Limited, which are operated by Orano, and one project (Christie Lake), that is 60% owned by UEX with JCU (Canada) Exploration Company Limited which is operated by UEX.

    The Company is also involved in three cobalt-nickel exploration projects located in the Athabasca Basin of northern Saskatchewan. The 100% owned West Bear Project was formerly part of UEX’s Hidden Bay Project and contains the West Bear Cobalt-Nickel Deposit and the West Bear Uranium Deposit. UEX also owns 100% of two early stage cobalt exploration projects, the Axis Lake and Key West Projects.
    The twenty-one projects are located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium belt, which in 2017 accounted for approximately 22% of the global primary uranium production. UEX is currently advancing several uranium deposits in the Athabasca Basin which include the Christie Lake deposits, the Kianna, Anne, Colette and 58B deposits at its currently 49.1%-owned Shea Creek Project (located 50 km north of Fission’s Triple R Deposit and Patterson Lake South Project, and NexGen’s Arrow Deposit) the Horseshoe and Raven deposits located on its 100%-owned Horseshoe-Raven Development Project and the West Bear Uranium Deposit located at its 100%-owned West Bear Project.

    About JCU

    JCU is a private company that is actively engaged in the exploration and development in Canada. JCU is owned by three Japanese companies. Amongst these, Overseas Uranium Resources Development Co., Ltd. (“OURD”) acts as the manager of JCU. JCU has partnerships with UEX, Orano, Cameco, Denison and others on uranium exploration and development projects in the Athabasca Basin of Northern Saskatchewan including Millennium and Wheeler River and the Kiggavik project in the Thelon Basin in Nunavut.

    FOR FURTHER INFORMATION PLEASE CONTACT

    Roger Lemaitre
    President & CEO
    (306) 979-3849

    Forward-Looking Information

    This news release contains statements that constitute "forward-looking information" for the purposes of Canadian securities laws. Such statements are based on UEX's current expectations, estimates, forecasts and projections. Such forward-looking information includes statements regarding the West Bear Co-Ni Deposit drill program, UEX's drill hole results, uranium, cobalt and nickel prices, outlook for our future operations, plans and timing for exploration activities, and other expectations, intentions and plans that are not historical fact. Such forward-looking information is based on certain factors and assumptions and is subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking information. Important factors that could cause actual results to differ materially from UEX's expectations include uncertainties relating to the, interpretation of drill results and geology, assay confirmation, additional drilling results, continuity and grade of deposits, fluctuations in uranium, cobalt and nickel prices and currency exchange rates, changes in environmental and other laws affecting uranium, cobalt and nickel exploration and mining, and other risks and uncertainties disclosed in UEX's Annual Information Form and other filings with the applicable Canadian securities commissions on SEDAR. Many of these factors are beyond the control of UEX. Consequently, all forward-looking information contained in this news release is qualified by this cautionary statement and there can be no assurance that actual results or developments anticipated by UEX will be realized. For the reasons set forth above, investors should not place undue reliance on such forward-looking information. Except as required by applicable law, UEX disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.

    Two photos accompanying this announcement are available at

    globenewswire.com

    globenewswire.com

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    To: LoneClone who wrote (18447)11/3/2019 2:22:00 PM
    From: LoneClone
       of 22746
     
    Cameco reports third quarter results

    globenewswire.com

    November 01, 2019 07:05 ET | Source: Cameco Corp

    SASKATOON, Saskatchewan, Nov. 01, 2019 (GLOBE NEWSWIRE) -- Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the third quarter ended September 30, 2019 in accordance with International Financial Reporting Standards (IFRS).

    “Our results reflect the outlook we provided for 2019 and the normal quarterly variations in contract deliveries,” said Tim Gitzel, Cameco’s president and CEO. We are on track to achieve our outlook, and in fact, have increased our revenue outlook for 2019, demonstrating our resilience as we position for a market transition.

    “We continue to execute on all fronts of our strategy, operational, marketing and financial. We are responsibly managing our supply to meet our sales commitments, and during the quarter we further strengthened our balance sheet. We reduced our outstanding debt by one-third, retiring $500 million in debt. In addition, we extended the maturity date of our revolving credit facility to November 2023, while also reducing it by $250 million. We don’t have a history of drawing on the excess capacity and, with $864 million in cash and short-term investments on our balance sheet, we don’t anticipate needing it. Therefore, it does not make sense to pay to maintain excess capacity.

    “We are optimistic about the long-term fundamentals driven by the increasing recognition of the role nuclear must play in ensuring safe, reliable, and affordable low-carbon electricity generation. We recognize that today’s low price is creating tomorrow’s opportunity for us. The fact that we have tier-one production shutdown tells us this market needs to transition to ensure those pounds will be available to fuel growing demand. The price needs to transition to one where price is set by the production cost curve. When we look at utilities uncovered requirements, and the success we are having on the long-term contracting front, we know there is acceptable business to be done. In fact, this activity has been a leading indicator in past uranium cycles, which gives us confidence that the uranium market will undergo the same transition we have seen in the conversion market.”

  • Net loss of $13 million; adjusted net loss of $2 million: Results are as expected, driven by normal quarterly variations in contract deliveries and in accordance with our 2019 outlook. Adjusted net earnings is a non-IFRS measure, see below.
  • Updated outlook for 2019: We have updated the outlook provided for 2019 consolidated revenue, uranium revenue and average realized price, fuel services sales volume and revenue. See Outlook for 2019 in our third quarter MD&A.
  • Strengthened balance sheet: At September 30, 2019, we had $864 million in cash and short-term investments on our balance sheet. During the quarter, we retired the $500 million series D debenture that matured in September 2019. In addition, we extended the maturity of our unsecured revolving credit facility to November 2023, and reduced it by $250 million, to $1.0 billion. See Financing activities in our third quarter MD&A.
  • Annual dividend declared: For 2019, an annual dividend of $0.08 per common share has been declared, payable on December 13, 2019, to shareholders of record on November 29, 2019. The decision to declare a dividend by our board is based on our cash flow, financial position, strategy and other relevant factors including appropriate alignment with the cyclical nature of our earnings.

  • Consolidated financial results












    THREE MONTHS
    NINE MONTHS

    CONSOLIDATED HIGHLIGHTSENDED SEPTEMBER 30
    ENDED SEPTEMBER 30

    ($ MILLIONS EXCEPT WHERE INDICATED) 2019
    2018
    CHANGE 2019
    2018CHANGE
    Revenue 303
    488
    (38)% 988
    1,260(22)%
    Gross profit (loss) (2) (6)67% 57
    89(36)%
    Net earnings (losses) attributable to equity holders (13) 28
    >(100%) (54) 6>(100%)

    $ per common share (basic) (0.03) 0.07
    >(100%) (0.14) 0.02>(100%)

    $ per common share (diluted) (0.03) 0.07
    >(100%) (0.14) 0.02>(100%)
    Adjusted net losses (non-IFRS, see below) (2) 15
    >(100%) (53) 9>(100%)

    $ per common share (adjusted and diluted) (0.01) 0.04
    >(100%) (0.13) 0.02>(100%)
    Cash provided by operations (after working capital changes) 232
    278
    (17)% 253
    610(59)%



    The financial information presented for the three months and nine months ended September 30, 2018 and September 30, 2019 is unaudited.

    NET EARNINGS

    The following table shows what contributed to the change in net earnings and adjusted net earnings (non-IFRS measure, see below) in the third quarter and first nine months of 2019, compared to the same period in 2018.

    CHANGES IN EARNINGSTHREE MONTHS ENDEDNINE MONTHS ENDED
    ($ MILLIONS)SEPTEMBER 30SEPTEMBER 30

    IFRSADJUSTEDIFRSADJUSTED
    Net earnings – 2018 28
    15
    6
    9
    Change in gross profit by segment



    (We calculate gross profit by deducting from revenue the cost of products and services sold, and depreciation and amortization (D&A))
    UraniumLower sales volume 4
    4
    (19) (19)

    Higher (lower) realized prices ($US) 6
    6
    (68) (68)

    Foreign exchange impact on realized prices 3
    3
    27
    27

    Higher costs (7) (7) (11) (11)

    Change – uranium 6
    6
    (71) (71)
    Fuel servicesHigher (lower) sales volume (1) (1) 7
    7

    Higher (lower) realized prices ($Cdn) 4
    4
    (16) (16)

    Lower (higher) costs (3) (3) 19
    19

    Change – fuel services -
    -
    10
    10
    Lower administration expenditures 15
    15
    16
    16
    Lower exploration expenditures 2
    2
    6
    6
    Change in reclamation provisions 2
    -
    21
    -
    Higher earnings from equity-accounted investee -
    -
    20
    20
    Change in gains or losses on derivatives (37) (4) 49
    -
    Change in foreign exchange gains or losses 14
    14
    (20) (20)
    Arbitration award in 2019 related to TEPCO contract 52
    52
    52
    52
    Gain on restructuring of JV Inkai in 2018 -
    -
    (49) -
    Gain on customer contract restructuring in 2018 -
    -
    (6) (6)
    Reversal of tax provision in 2018 related to CRA dispute (61) (61) (61) (61)
    Change in income tax recovery or expense (36) (43) (57) (38)
    Other 2
    2
    30
    30
    Net losses – 2019 (13) (2) (54) (53)



    ADJUSTED NET EARNINGS (NON-IFRS MEASURE)

    Adjusted net earnings is a measure that does not have a standardized meaning or a consistent basis of calculation under IFRS (non-IFRS measure). We use this measure as a meaningful way to compare our financial performance from period to period. We believe that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate our performance. Adjusted net earnings is our net earnings attributable to equity holders, adjusted to reflect the underlying financial performance for the reporting period. The adjusted earnings measure reflects the matching of the net benefits of our hedging program with the inflows of foreign currencies in the applicable reporting period, and has also been adjusted for reclamation provisions for our Rabbit Lake and US operations, which had been impaired, the gain on restructuring of JV Inkai, and income taxes on adjustments.

    Adjusted net earnings is non-standard supplemental information and should not be considered in isolation or as a substitute for financial information prepared according to accounting standards. Other companies may calculate this measure differently, so you may not be able to make a direct comparison to similar measures presented by other companies.

    The following table reconciles adjusted net earnings with net earnings for the third quarter and first nine months of 2019 and compares it to the same periods in 2018.



    THREE MONTHSNINE MONTHS


    ENDED SEPTEMBER 30ENDED SEPTEMBER 30
    ($ MILLIONS)2019
    2018
    2019
    2018
    Net earnings (losses) attributable to equity holders(13)28
    (54)6
    Adjustments




    Adjustments on derivatives9
    (24)(31)18

    Reclamation provision adjustments3
    5
    29
    50

    Gain on restructuring of JV Inkai-
    -
    -
    (49)

    Income taxes on adjustments(1)6
    3
    (16)
    Adjusted net earnings (losses)(2)15
    (53)9


    Every quarter we are required to update the reclamation provisions for all operations based on new cash flow estimates, discount and inflation rates. This normally results in an adjustment to an asset retirement obligation asset in addition to the provision balance. When the assets of an operation have been written off due to an impairment, as is the case with our Rabbit Lake and US ISR operations, the adjustment is recorded directly to the statement of earnings as “other operating expense (income)”. See note 8 of our interim financial statements for more information. This amount has been excluded from our adjusted net earnings measure.

    Selected segmented highlights




    THREE MONTHS
    NINE MONTHS



    ENDED SEPTEMBER 30
    ENDED SEPTEMBER 30
    HIGHLIGHTS 2019
    2018
    CHANGE 2019 2018CHANGE
    UraniumProduction volume (million lbs)
    1.4
    1.5
    (7)% 6.3 6.8(7)%

    Sales volume (million lbs)
    6.1
    10.6
    (42)% 17.5 22.5(22)%

    Average realized price($US/lb) 30.94
    30.18
    3% 32.05 35.05(9)%


    ($Cdn/lb) 40.91
    39.49
    4% 42.72 45.08(5)%

    Revenue ($ millions)
    248
    418
    (41)% 748 1,014(26)%

    Gross profit (loss) ($ millions)
    (3) (9)(67)% 17 89(81)%
    Fuel servicesProduction volume (million kgU)
    1.7
    0.8
    113% 9.3 7.033%

    Sales volume (million kgU)
    1.8
    2.1
    (14)% 8.0 6.621%

    Average realized price($Cdn/kgU) 31.56
    29.20
    8% 27.46 29.25(6)%

    Revenue ($ millions)
    56
    61
    (8)% 219 19413%

    Gross profit ($ millions)
    4
    4
    -
    44 3429%



    Management's discussion and analysis and financial statements

    The third quarter MD&A and unaudited condensed consolidated interim financial statements provide a detailed explanation of our operating results for the three and nine months ended September 30, 2019, as compared to the same periods last year. This news release should be read in conjunction with these documents, as well as our audited consolidated financial statements and notes for the year ended December 31, 2018, first quarter, second quarter and annual MD&A, and our most recent annual information form, all of which are available on our website at cameco.com, on SEDAR at sedar.com, and on EDGAR at sec.gov/edgar.shtml.

    Caution about forward-looking information

    This news release includes statements and information about our expectations for the future, which we refer to as forward-looking information. Forward-looking information is based on our current views, which can change significantly, and actual results and events may be significantly different from what we currently expect.

    Examples of forward-looking information in this news release include: the expected dates for the announcement of future financial results; the factors to be considered and timing for determination of any future dividends; our confidence that the uranium market will undergo the same transition we have seen in the conversion market; and our statements that we are on track to achieve our 2019 outlook; we continue to execute on all fronts of our strategy, operational, marketing and financial; we are responsibly managing our supply to meet our sales commitments; the role that nuclear power will play in providing electricity; that today’s low price is creating tomorrow’s opportunity for us; and we know there is acceptable business to be done.

    Material risks that could lead to different results include: unexpected changes in uranium supply, demand, long-term contracting, and prices; a major accident at a nuclear power plant; the risk that our views on uranium demand, supply, market transition, and growth in support for nuclear power prove to be inaccurate; unexpected changes in our production, purchases, sales, costs, deliveries, and government regulations or policies; trade restrictions; taxes and currency exchange rates; the risk of litigation or arbitration claims against us that have an adverse outcome; the risk that our contract counterparties may not satisfy their commitments; the risk that our strategies may change, be unsuccessful or have unanticipated consequences; the risk our estimates and forecasts may prove to be incorrect; the risk that other factors may affect the determination of any future dividends; and the risk that we may be delayed in announcing our future financial results.

    In presenting the forward-looking information, we have made material assumptions which may prove incorrect about: uranium demand, supply, consumption, long-term contracting, transition of the uranium market, growth in support for nuclear, and prices; our production, purchases, sales, deliveries, and costs; taxes and currency exchange rates; the market conditions and other factors upon which we have based our future plans and forecasts; the success of our plans and strategies; the absence of new and adverse government regulations, policies or decisions; our ability to achieve our 2019 outlook; and our ability to announce our future financial results when expected.

    Please also review the discussion in our most recent annual and quarterly MD&A and our most recent annual information form for other material risks that could cause actual results to differ significantly from our current expectations, and other material assumptions we have made. Forward-looking information is designed to help you understand management’s current views of our near- and longer-term prospects, and it may not be appropriate for other purposes. We will not necessarily update this information unless we are required to by securities laws.

    Conference call

    We invite you to join our third quarter conference call on Friday, November 1, 2019, at 8:00 a.m. Eastern.

    The call will be open to all investors and the media. To join the call, please dial 1-800-319-4610 (Canada and US) or 1-604-638-5340. An operator will put your call through. The slides and a live webcast of the conference call will be available from a link at cameco.com. See the link on our home page on the day of the call.

    A recorded version of the proceedings will be available:

  • on our website, cameco.com, shortly after the call
  • on post view until midnight, Eastern, December 1, 2019, by calling 1-800-319-6413 (Canada and US) or 1-604-638-9010 (Passcode 3699)



  • Fourth quarter and annual report release dates

    We plan to announce our fourth quarter and annual consolidated financial and operating results before markets open on February 7, 2020. Announcement dates are subject to change.

    Profile

    Cameco is one of the world’s largest providers of uranium fuel. Our competitive position is based on our controlling ownership of the world’s largest high-grade reserves and low-cost operations. Our uranium products are used to generate clean electricity in nuclear power plants around the world. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan.

    As used in this news release, the terms we, us, our, the Company and Cameco mean Cameco Corporation and its subsidiaries unless otherwise indicated.

    Investor inquiries:
    Rachelle Girard
    306-956-6403

    Media inquiries:
    Carey Hyndman
    306-956-6317



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    To: LoneClone who wrote (18448)11/3/2019 2:24:00 PM
    From: LoneClone
       of 22746
     
    Edited Transcript of CCO.TO earnings conference call or presentation 1-Nov-19 12:00pm GMT

    ca.finance.yahoo.com

    Thomson Reuters StreetEventsNovember 1, 2019

    Q3 2019 Cameco Corp Earnings Call

    SASKATOON Nov 1, 2019 (Thomson StreetEvents) -- Edited Transcript of Cameco Corp earnings conference call or presentation Friday, November 1, 2019 at 12:00:00pm GMT

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