Denison Mines Corporation Up 10.29% Today

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Denison Mines Corporation (DNN) jumped up yesterday on a heavy volume of 6.3 million shares, DNN has pushed higher with a gain of 10.29% or $0.35, to close at $3.75, on the back of uranium prices hitting $70/lb. The technical indicators are a tad on the high side at the moment but it is pleasing to see this progress.

We purchased Denison Mines back in January 2009 for $1.66 so we now have a paper profit of about 125%, so its a step in the right direction. We may pick up a few more on dips in the future, but we have yet to make that decision. We will of course keep you posted if we do decide to commence buying in earnest.

Denison Mines Corporation is a diversified, growth-oriented, intermediate uranium producer with three active mines in the United States. Denison’s assets include an interest in two of the four uranium mills in North America, with its 100% ownership of the White Mesa mill in Utah and its 22.5% ownership of the McClean Lake mill in Saskatchewan. Denison has a portfolio of world-class exploration projects, including its 60% interest in the Wheeler River project, and a range of development projects in Canada, U.S., Mongolia and Zambia providing potential for future production. In terms of the latest news DNN said that it will cut uranium production by 17 percent in 2011, and focus on exploration as it looks to boost production to at least 10 million pounds a year by 2020, they plan to produce 1.2 million pounds of uranium and sell 1.3 million pounds in 2011.

Denison Mines Corporation trades on the AMEX under the symbol of DNN and on the Toronto Stock Exchange as DML. (In Toronto today DML gained another 10.95%)

Market capitalization is $1.27 billion, average volume ranging from 1 -2 million shares traded, 52 week high $3.76, 52 week low $1.08, closed yesterday at $3.75.

Other uranium stocks doing well yesterday are as follows:

URZ Up 13.06%
CCJ Up 4.20%
CXX Up 17.84%
URRE Up 8.66%
MGA Up 5.43%