Arizona 1 Uranium Project, USA

The Arizona 1 uranium project mines partial development Arizona Strip. Arizona Strip owned Denison Mines located Fredonia Arizona–Utah spreads 13,000m².

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History

"Arizona 1 solution collapse Redwall Limestone."

Energy Fuels owner Arizona 1 uranium deposit. 1992 Energy Fuels acquired Concord Group. declaring bankruptcy Concord acquired International Uranium Corporation (IUC) 1997. December 2006 IUC Denison Mines merged forming Denison Mines Corp.

Mining activities Arizona 1 1990. suspended 1992 shaft depth 1,254ft. target depth 1,600ft deposit.

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Before 1992 Energy Fuels dug 253 drill holes amounting 67,600ft drill footage. Underground drilling 236 holes amounting 42,312ft. drilling 17 holes amounted 25,289ft.

In April 2007 development deposit initiated again. Key activities including rehabilitation shaft underground development sinking internal raise (to used pass) sinking ventilation shaft completed September 2008.

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In November 2009 Denison announced plans uranium deposit its production base.

Geology reserves

Arizona 1 solution collapse Redwall Limestone. throat diameter formation 200ft 300ft vertical displacement throat average 175ft. uranium mineralisation depth 650ft Hermit Shale formation maximum depth 1,400ft surface.

"The production deposit expected quarter 2010."

In 1992 exploration department Energy Fuels documented historical estimate mineralised material Arizona 1 pipe. resources estimated 120,000t average grade 0.545% U3O8 containing 1.3 million pounds U3O8. cut-off grade used Energy Fuels 0.15% U3O8.

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In quarter 2007 inferred resource Arizona 1 estimated 70,300t average grade 0.68% U3O8 containing 956,000lbs U3O8.

resources property classified inferred due difficulties faced validating historical data Arizona 1 project's resources.

In 2009 mine plan resources estimated 72,121t average grade 0.66% U3O8. grade used drilling 0.20% U3O8.

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Mineralisation

The mineralisation Arizona 1 vertically located breccia pipe deposit cuts surroundings uranium oxides pitchblende uraninite materials. drill hole intersections grade 1% U3O8. average intersection 12 drill holes met 75ft grade 0.62% U3O8. maximum drill hole intersection Arizona 1 92.5ft grade 1.55% U3O8.

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Mining

The underground operations carried two-compartment shaft combination hole shrinkage stopping methods. rate expected 335t/day operating days week.

Ore processing

The transported haul trucks Mesa mill located Utah. batch treated mill recovery 95% 17,000t available processing.

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Production

The production deposit expected quarter 2010. total estimated production 857,000lbs U3O8 156,000lbs available sale 2010 461,000lbs 2011 240,000lbs 2012.

Costs

In 1993 Energy Fuels published feasibility report project. details included two-phase programme exploration development production mine years. anticipated mine estimated years.

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The pre-production costs estimated $5.6m.

In 2009 development costs estimated $2.3m key developmental activities including underground development erection pad purchase underground worth $400,000.

The operating costs expected $30.5/lb U3O8 comprising $13.52/lb haulage $10.88/lb milling $5.36/lb overheads sales $0.74/lb reclamation.

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Denison expects generate revenues $50.8m net cash flows $22.2m net present value (at 10% discount rate) $17.6m spot long-term U3O8 prices $53 $65 respectively.

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