The GSJV was formed in early 1994 and currently holds four exploration licenses in the South Gobi region of Mongolia comprising more than 685,632 hectares. Denison owns a 70% interest and is the Managing Director. The other participants in the GSJV are the Mongolian government and Geologorazvedka, a Russian government entity, each of which holds a 15% interest.

Last year the Mongolian government instituted a Nuclear Energy Law. This new law includes the provision for the Government to acquire a 34 to 51% interest in uranium projects at no cost to the Government. At this time, it is not clear how or if the Mongolian government will attempt to apply this provision to our joint venture in light of the conditions contained in the original GSJV Mineral Agreement, which was signed prior to the new law.

In 2009, the GSJV had its licences renewed for three years and its resource report formally accepted by the Mongolian government. This is the first uranium resource estimate accepted by the Mongolian government and is the first stage in the receipt of a mining licence.

The GSJV project is primarily focussed on In-situ Recovery (ISR) resources.