Denison Mines Corporation sent the White Canyon Uranium Company a compulsory acquisition notice. Denison Mines already holds 97% of Perth based White Canyon and will acquire the remaining 3% shortly.
White Canyon operates multiple mining claims in North American and is one of few companies in the US which has moved from exploration to production of uranium at its Daneros Mine.
White Canyon's principle assets are located in southeastern Utah, close to Denison's White Mesa mill. Its assets comprise 100% interests in the advanced Thompson, Daneros, Lark Royal, Geitus, Blue Jay and Marcy Look Projects, covering approximately 15,500 acres in the Red Canyon district.
Chief Executive Ron Hochstein of Toronto listed Denison Mines said that he was frustrated by the US government’s ban on mining in the one million acre land surrounding the Grand Canyon. He added that out of four projects that the company had in the region the ban would not affect three of the Arizona Strip projects.
Hochstein added that if for some reason this withdrawal impacts our development of EZ, that is something that will definitely impact their production, probably within the next 5-10 years. As of now Denison Mines produces 200,000 to 300,000 pounds of uranium a year.
He added that the environmental study conducted by the Interior Department had shown no significant current or future negative impact from mining in the area.