Denison Mines Completes Private Placement and Enters into Uranium Offtake Agreement with Korea Electric Power

On June 23, 2009, Korea Electric Power Corporation (KEPCO) and Korea Hydro & Nuclear Power Co. Ltd. (KHNP), through a special purpose vehicle, closed a private placement acquisition of 58,000,000 common shares of Denison Mines Corp., representing approximately 17 per cent of the stock of Denison, a dual-listed (TSX and NYSE Amex) company for proceeds of $75.4 million.

The parties have also entered into a long-term offtake agreement, as well as a strategic relationship agreement with respect to certain other commercial arrangements. Denison concurrently completed a separate private placement of 15,000,000 common shares to other entities for additional proceeds of $19.5 million.

Denison Mines is an intermediate uranium producer in North America, with mining assets in the Athabasca Basin region of Saskatchewan, Canada and the southwestern United States, including Colorado, Utah and Arizona.

Further, Denison Mines has ownership interests in two of the four conventional uranium mills operating in North America today. Denison also has a strong exploration and development portfolio with large land positions in the United States, Canada, Mongolia and Zambia.

KEPCO is an integrated electric utility company engaged in the transmission and distribution of electricity in Korea. During the year ended December 31, 2008, the company sold 385 billion kilowatt-hours of electricity. KHNP is the wholly owned nuclear and hydroelectric power generation subsidiary of KEPCO. KEPCO operates in three segments: transmission and distribution, power generation and all other. The transmission and distribution segment consists of operations related to the transmission, distribution and sale to end-users of electricity. The power generation segment consists of operations related to the generation of electricity.

Denison Mines was represented internally by Andre Desautels, vice president, general counsel and corporate secretary and David Frydenlund, vice president, US legal and regulatory affairs.

Externally in Canada, Denison Mines was represented by Blake, Cassels & Graydon LLP with a team that included Dan McLeod, Stefan McConnell, Gordon McKenna and Cynthia Sargeant (corporate and securities) and Jason Gudofsky (regulatory), and externally in the United States by Dorsey & Whitney LLP with a team that included Christopher Barry and Jodie Kaufman (securities) and Nelson Dong and Lawrence Ward (regulatory).

KEPCO and KHNP were represented by Baker & McKenzie with a team that included Nurhan Aycan, Matthew Grant and Allan Ritchie (Canadian corporate and securities), Arlan Gates (Canadian regulatory); Won Lee, Winton Kim, Jeannie Jeong and Jiyoun Kim (Korea practice team based in Hong Kong office), Omer Ozden (US securities); and Edward Dyson, Kerry Contini and Sylwia Lis (US regulatory).


Matthew Grant Chris Barry Cynthia K. Sargeant Allan J. Ritchie Stefan McConnell Nurhan Aycan Arlan Gates Gordon McKenna Daniel John McLeod Jason L. Gudofsky