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Denison Mines Corp.: Drilling at Wheeler River Intersects 55% eU3O8 Over 6.0 Metres and Extends High Grade Uranium Mineralization

• Press Release
• Source: Denison Mines Corp.
• On Tuesday June 30, 2009, 8:00 am EDT

Denison Mines Corp. (TSX:DML - News)(AMEX:DNN - News) ("Denison" or the "Company") is pleased to report that the ongoing summer drill program at the Wheeler River property in the Athabasca Basin of northern Saskatchewan has significantly extended the previously known uranium mineralization on the eastern portion of the Phoenix discovery (previously called the R Zone) (see attached Map).

Phoenix East

Drill holes WR-272, 273 and 274 have intersected high-grade uranium mineralization, at a depth of approximately 400 metres ("m"), which has extended this zone a further 150 m to the northeast to a strike length of over 250 m (Table 1). The eastern portion of the Phoenix discovery remains undrilled along strike to the northeast and for at least 150 m to the southwest where it may continue as part of the western zone.

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                  Table 1.  Phoenix East Results (see Map)

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Hole #                   From        To          Interval       Probe Grade
                           (m)       (m)               (m)         (% eU3O8)
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WR-272                  411.5     413.6               2.1              6.75%
   And                  414.3     414.8               0.5              2.60%

WR-273                  403.9     409.9               6.0              55.0%

WR-274                  412.5     415.5               3.0              16.9%
   And                  417.1     417.7               0.6               2.1%
   And                  418.5     418.9               0.4               2.7%
   And                  419.1     420.3               1.2               2.9%
   And                  428.8     430.2               1.4               2.3%
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Drill hole WR-275, designed to test for the extension of the eastern zone 50 m to the northeast of drill hole WR-274, is currently in progress.

The intersections in drill holes WR-272 and 273 were unconformity type and included 5.0 m of massive pitchblende in drill hole WR-273. In drill hole WR- 274, the high-grade interval was unconformity type mineralization, with the other four intervals in this drill hole being stringer zones in intensely altered basement rocks. This is the first time intense alteration of this type has been encountered in the basement rocks along the Phoenix mineralized trend.

Phoenix West

The western portion of the Phoenix discovery extends south-westerly from Line L150 (see Map).

Drill hole WR-270 was drilled to test for unconformity type mineralization at the southwestern end of the zone. Minor mineralization was encountered grading 0.35% eU3O8 over 1.4 m from 375.35 m. The unconformity was intersected 15 m higher than expected and further testing of this area will be carried out in 2010.

Drill hole WR-271 tested for mineralization in the quartzite ridge to the northwest of drill hole WR-260. No mineralization of consequence was intersected in this hole.

The western portion of the Phoenix discovery remains open along the unconformity in all directions and further drilling is planned in 2010 to further evaluate the high grade mineralization and intense alteration zone encountered in the drilling completed to date.

All drill holes reported to date were drilled at -80 degrees, and while the exact attitude of the mineralization remains uncertain, it is believed, at this time, that the mineralized intervals represent near true widths. All results are reported at a 1.0% eU3O8 cut-off, except for drill hole WR-270 which is at a 0.05% eU3O8 cut-off, based on industry standard down hole probing equipment. Assay results for drill holes WR-270 to 274 will be reported when they have been received.

The 11 drill hole, 5,500 m summer program is ongoing. The remainder of the program will focus on extending the eastern portion of the Phoenix mineralization along strike to the northeast in preparation for the planning of a major resource delineation program to be carried out in 2010.

The Wheeler River Property, which hosts the Phoenix discovery, is located in the Athabasca Basin between the McArthur River and Key Lake operations. This discovery has many geological similarities to the McArthur River deposit but is at a shallower depth.

Denison is the operator of and holds a 60% interest in the Wheeler River Property. Cameco Corp. holds a 30% interest and JCU (Canada) Exploration Company, Limited holds the remaining 10% interest.

The technical information contained in this press release related to the above described exploration activities is reported and verified by William C. Kerr, Denison's Vice President, Exploration, who is a qualified person as defined by NI 43-101. For a description of the quality assurance program and quality control measures applied by Denison, please see Denison's Annual Information Form dated March 26, 2009 filed under the Company's profile on the SEDAR website.