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Denison was instrumental in the establishment of the Uranium Participation Corporation (UPC) in March 2005 and is the manager. UPC is an investment holding company that raises equity and invests the proceeds in uranium, either in the form of U3O8 in concentrates or uranium hexafluoride (“UF6”). UPC’s primary investment objective is to achieve long-term appreciation of its uranium holdings. As a publicly traded company (TSX:U), UPC provides investors with an opportunity to hold uranium without the risks associated with uranium producers. UPC had a market capitalization of about $683 million at December 31, 2007.
Uranium is acquired by UPC when its Board of Directors determines that appreciation in value of that uranium is likely. As of February 29, 2007, UPC’s investment portfolio consisted of 4,475,000 pounds of U3O8, worth approximately Cdn $320 million and 1,417,230 kilograms U as UF6, worth approximately Cdn $277 million.
As manager, Denison supervises the activities of UPC including the purchasing of uranium on behalf of UPC, arranging for its storage in licensed facilities in Canada, France and the United States, and attending to regulatory reporting. Denison does not have, directly or indirectly, an ownership interest in UPC. Denison earned aggregate management fees, commissions and other income of Cdn $4.6 million from UPC in 2007.
To learn more about Uranium Participation Corporation, please contact Investor Relations at Denison at 416-979-1991, Extension 366 or visit www.uraniumparticipation.com.
Last updated April 2008
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