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« Andrew Coleman: E&Ps with Margins for Error | Main | Australian Floods Cause Drought in the Coal Market »
Monday
Jan312011

Denison Mines Corporation Up 10.29% Today

DNN Chart 01 Feb 2011.JPG



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%

Lets hope that this current trend continues at a steady pace this time around.

......................................................................

Over in the options trading pit we have just closed 3 more winning trades, so we now have 62 winners out of 64 trades, or a 96.87% success rate.


If you have any questions regarding these trades please address them through their site where they will be handled quickly and I hope efficiently.


sk chart Jan 2011.JPG


The above progress chart is being updated constantly. However, to see exactly how it is going, please click this link.

So, the question is: Are you going to make the decision to join us today, before we decide to cap membership.

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.


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Reader Comments (2)

Denison seems like a good buy but we have so much in Uranium already doesn't make for a very diversified portfolio.

Valrie

February 1, 2011 | Unregistered CommenterValrie

Yes, But the uranium stocks are very volatile at present and frequently fall by 10% so do not get carried away.
You should remember that Denison was seven or eight times higher in 2007 and this is a target. The question is can it get there again , how long will it take , and will this be a double top or will it break out even higher.?
The same question applies to other uranium stocks

February 1, 2011 | Unregistered Commenteruranium bug

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