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« Hoeing the Rough Row with Porter Stansberry | Main | Edward Guinness: Solar-Powered “10-Baggers” »
Monday
Sep272010

Denison Mines Corporation: Up 7.32% Today on heavy volume

Denison Chart 28 Sep 2010.JPG


Taking a quick look at just what others are saying regarding Denison Mines Corporation (DNN) we have three differing opinions as below:

Thomson Reuters: Under Perform
Smart Consensus Report: Hold
Market Edge Second Opinion: Long

Nothing conclusive there then!

However when we look at the chart we can glean that Denison Mines has improved of late and yesterday the stock price increased 7.32% as turnover increased dramatically to 2.8 million shares. The technical indicators are high and are now in the overbought zone suggesting a breather could be on the cards which could be a buying opportunity for those who are looking to add Denison Mines to their portfolio.

As an overview of the company this is an extract from their web site:


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 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. Both mills are fully permitted. Denison also has other mines and projects on stand-by in Canada and the U.S.

Denison’s 2009 production from its two mills was 1.4 million pounds U3O8 and 0.5 million pounds of vanadium. 2010 production is estimated to be 1.6 million pounds U3O8 and 2.8 million pounds of vanadium.

Denison enjoys a global portfolio of world-class exploration projects in close proximity to the company’s mill in the Athabasca Basin in Saskatchewan, including the Wheeler River project where Denison announced the new Phoenix discovery in 2008. Denison also has exploration and development properties in Mongolia and Zambia which will provide future production in two to three years.


In a recent report regarding the results from the final 13 holes of the summer drill program on its Wheeler River property in Saskatchewan, Denison said that significant results included WR-343 which returned 16.20% eU3O8 over 1.7 metres and WR-345 which intersected 2.7 metres grading 17.59% eU3O8, both of which were in Zone A of the Phoenix Trend. In Zone B, WR-347 returned 9.88% eU3O8 over 2.0 metres andWR-348 intersected 6.28% eU3O8 over 2.8 metres. The attached map illustrates the results of the summer drill program.

Ron Hochstein, President and C.E.O. of Denison, commented, “We are very happy with the results of the summer drill program as it has extended the overall strike length of both Zones A and B, by approximately 55 and 110 metres, respectively, confirmed the continuity of the high grade mineralization over the entire strike length, and identified two new mineralized zones along the highly prospective Phoenix Trend on the Wheeler River property.


With the spot price of uranium improving recently just maybe things are looking up for Denison mines and this sector in general.

Denison Mines Corporation trades on the AMEX under the symbol of DNN and on the Toronto Stock Exchange as DML.

Market capitalization is $597.91million, average volume is sub 1.0 million shares traded, however, yesterday saw 2.8 million shares change hands, 52 week high $2.07, 52 week low $1.08, closed yesterday at $1.76.

Over in our options trading den they have updated the chart to show all the closed trades as of today, so you can see exactly how it is going, please click this link.



OptionTrader Profits


Stay on your toes and have a good one.

Got a comment then please add it to this article, all opinions are welcome and very much appreciated by both our readership and the team here.

On Friday, 27th August 2010, we closed another successful trade banking a profit of 79.46% on Call Options on Silver Wheaton.

The latest trade from our options team was slightly more sophisticated in that we shorted a PUT as follows:

On Friday 7th May our premium options trading service OPTIONTRADER opened a speculative short term trade on GLD Puts, signalling to short sell the $105 May-10 Puts series at $0.09. On Tuesday the 11th May we bought back the puts for just $0.05, making a 44.44% profit in just 4 days, with more positions opened yesterday. Drop by and take a look.


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Uranium Spot Price chart 28 Sep2010.JPG





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Reader Comments (2)

Nice to see, but if my memory serves me right this stock was $16 at it's high in 2007/8.A long way to go then and how long will it take, if at all

September 28, 2010 | Unregistered Commenteruranium bug

uranium bug,

Your are right of course, every move upwards is welcome, how long to get to $16.00? Phew, I wish we knew!

September 28, 2010 | Unregistered CommenterUranium Stocks

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