Denison Mines

PRODUCTION

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EXPLORATION OVERVIEW

Denison is engaged in uranium exploration, as both operator and non-operator of joint ventures and as operator of its own properties in Canada, the U.S., Mongolia and Zambia. Denison�s projects represent a good balance of grass roots, mid-stage and developed projects, while providing important geographic and operational diversification.

In the Athabasca Basin, Denison is participating in 33 exploration projects, primarily located in the southeast part of the basin and within trucking distance of the operating mills. During 2008, over 10,000 metres were drilled on Denison-operated projects, and a further 18,498 metres were performed by AREVA Resources Canada Inc. (ARC) on properties in the McClean mill area.

Denison is participating in five drill programs in the basin during the 2008-2009 winter season. Only one drill program is operated by Denison, on the Wheeler project, where a significant discovery has been made. ARC will undertake winter drill programs at the Midwest, McClean and Wolly projects and, for the first time in several years, the Waterfound property will be drill tested with 5 holes planned. A major focus of ARC�s work will be to look for mineralized strike extensions from a number of deposits along the Midwest trend.

On Denison�s operated and non-operated projects, a total of 29,025 metres of drilling is planned for 2009. In addition to these major drill campaigns, Denison is carrying out a number of different geophysical surveys to identify targets for future drill programs. Approximately 1,500 line kilometres of airborne geophysical surveys are being flown over two properties as an initial screening tool. Denison is also carrying out a large number of ground geophysical surveys on seven properties, where over 250 line kilometres of Fixed Loop or Moving Loop Time Domain EM surveys, 125 line kilometres of Horizontal Loop Electromagnetics and over 100 line kilometres of DC Resistivity surveys are planned for the 2009 season. Over 300 line kilometres of ground magnetic surveys will also be carried out in conjunction with the above.

LOGGING CORE AT MUTANGA

At Mutanga in Zambia, the Company continued a major drilling program, which had been initiated in late 2007 and, during 2008, completed 41,366 metres of both reverse circulation and diamond drilling directed towards development drilling, and 27,341 metres directed towards exploration drilling. Three new areas of significant mineralization were discovered within kilometres of the proposed pit developments. These discoveries will be the target of future development drill programs as the Company works towards further resource estimation.

In Mongolia, the Company was successful two years ago in making a significant discovery on the Hairhan deposit where a deeper zone of relatively thick and permeable sands was discovered underlying the north half of the deposit. In 2008, over 25,000 metres of drilling, part of an overall 72,723 metre program, was completed at Hairhan, and work is currently underway to estimate resources. Drill testing was carried out on five other projects, including the Choir depression�s Haraat deposit where various studies are underway to determine the most optimum mining and processing method.

Last updated April, 2009.