Cameco (TSX:CCO)(NYSE:CCJ) today reported its consolidated financial and operating results for the fourth quarter and year ended December 31, 2016 in accordance with International Financial Reporting Standards (IFRS).

“The past year proved to be another difficult period for the uranium market,” said president and CEO, Tim Gitzel. “However, despite the uranium spot price hitting a 12-year low, the performance of our core business – uranium – was solid, and in line with our outlook.”

“Our uranium segment remained strong and drove over 90% of our 2016 gross profit, although our earnings reflect the consequences of a weak uranium market and our resolve to take the necessary steps to strengthen our core business. While we expect those steps to benefit our performance over time, they involved up-front costs, which impacted our results. In the current market environment, it can be difficult to see beyond the weakness that has persisted for almost six years. However, as we look to the future, we see continued growth in reactor construction and, consequently, increasing uranium demand. We believe that with our focus on value and our tier-one assets, we are well positioned to seize that demand.”

Summary of 2016 results and developments:

• Net loss of $62 million largely due to impairment charges of $362 million; adjusted net earnings $143 million: Strategic changes and market weakness impacted our 2016 financial results:
  • We recognized an impairment charge for the full carrying value of Rabbit Lake ($124 million -second quarter) and the full carrying value of our interest in Kintyre ($238 million – fourth quarter).
  • We incurred costs related to the suspension of production at our Rabbit Lake operation, curtailment of production at Cameco Resources’ US ISR operations and the corresponding reduction of the workforce at these sites and at our corporate office.
• Core uranium business continued to outperform market: We delivered on our annual outlook with an average realized price in our uranium segment that was 60% higher than the average spot price for the year.
• Contract portfolio optimization: We continue to work with certain customers to optimize the value of our existing contract portfolio, converting their future uncertainty to present value where it was beneficial to us, resulting in the cancellation of two contracts during the third quarter for financial gains of $59 million, reflected as other income.
• Tier-one focus: We continued to focus on lowering our costs and improving efficiency amid difficult uranium market conditions. Our 2016 cash cost per pound decreased and annual production totalled 27 million pounds-5% higher than our guidance as a result of Cigar Lake exceeding expectations.
• 2016 JV Inkai Restructuring Agreement: We signed an agreement with our partner Kazatomprom and JV Inkai to restructure and enhance JV Inkai. Upon closing, we expect the new agreement to strengthen and extend our partnership with another global leader in uranium mining.

Also of note:

• TEPCO contract termination: On February 1, 2017, we announced that on January 31, 2017, Tokyo Electric Power Company Holdings Inc. (TEPCO), alleging force majeure, confirmed that it would not withdraw a contract termination notice it provided to Cameco Inc. with respect to a uranium supply agreement, which affects approximately 9.3 million pounds of uranium deliveries through 2028, worth approximately $1.3 billion in revenue to Cameco.
• Further cost reductions: On January 17, 2017, we announced planned operational changes including a 10% reduction of the workforce at the McArthur River, Key Lake and Cigar Lake operations, changes to shift rotation schedules, and changes to the commuter flight services at the sites, which are all expected to further reduce costs and improve efficiency at our uranium mining operations.
• Changes to our disclosure: In our 2016 annual management’s discussion and analysis (MD&A) we have modified and added to the disclosure of our outlook for 2017. The intention of the changes is to help investors better understand our business and improve the alignment of expectations.

The 2016 annual financial statements have been audited; however, the 2015 fourth quarter and 2016 fourth quarter financial information presented is unaudited. You can find a copy of our 2016 annual MD&A, and our 2016 audited financial statements, on our website at cameco.com.

Non-IFRS measures

ADJUSTED NET EARNINGS

Adjusted net earnings is a measure that does not have a standardized meaning or a consistent basis of calculation under IFRS (non-IFRS measure). We use this measure as a more meaningful way to compare our financial performance from period to period. We believe that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate our performance. Adjusted net earnings is our net earnings attributable to equity holders, adjusted to better reflect the underlying financial performance for the reporting period. The adjusted earnings measure reflects the matching of the net benefits of our hedging program with the inflows of foreign currencies in the applicable reporting period, and is adjusted for impairment charges, NUKEM purchase price inventory recovery, Rabbit Lake reclamation provision adjustment, and income taxes on adjustments.

Adjusted net earnings is non-standard supplemental information and should not be considered in isolation or as a substitute for financial information prepared according to accounting standards. Other companies may calculate this measure differently, so you may not be able to make a direct comparison to similar measures presented by other companies.

To facilitate a better understanding of these measures, the table below reconciles adjusted net earnings with our net earnings for the years ended 2016 and 2015.

Selected segmented highlights

Management’s discussion and analysis and financial statements

The 2016 annual MD&A and consolidated financial statements provide a detailed explanation of our operating results for the three and twelve months ended December 31, 2016, as compared to the same periods last year. This news release should be read in conjunction with these documents, as well as our most recent annual information form, all of which are available on our website at cameco.com, on SEDAR at sedar.com, and on EDGAR at sec.gov/edgar.shtml.

Caution about forward-looking information

This news release includes statements and information about our expectations for the future, which we refer to as forward-looking information. Forward-looking information is based on our current views, which can change significantly, and actual results and events may be significantly different from what we currently expect. Examples of forward-looking information in this news release include: the statements made by Cameco’s president and CEO on the first page regarding our expectation that the steps we are taking to strengthen our core business will benefit our performance over time, our expectation of continued growth in reactor construction and increasing uranium demand, and that we are well positioned to seize that demand; our expectation that the JV Inkai restructuring agreement will strengthen and extend our partnership with Kazatomprom; and our expectation that the planned operational changes we announced on January 17, 2017 will further reduce costs and improve efficiency at our uranium mining operations. Material risks that could lead to a different result include: unexpected changes in demand for uranium, our production and other costs, our mineral reserve and resource estimates, and government regulations or policies; the risk of litigation or arbitration claims against us that have an adverse outcome; the risk that our contract counterparties may not satisfy their commitments; and the risk that our cost reduction strategies are unsuccessful, or have unanticipated consequences. In presenting the forward-looking information, we have made material assumptions which may prove incorrect about: uranium demand; our costs; the accuracy of our reserve and resource estimates; the absence of new and adverse government regulations or policies; the successful outcome of any litigation or arbitration claims against us; our ability to complete contracts on the agreed-upon terms; and that our cost reduction strategies will successfully achieve their objectives. Please also review the discussion in our 2016 annual MD&A and our most recent annual information form for other material risks that could cause actual results to differ significantly from our current expectations, and other material assumptions we have made. Forward-looking information is designed to help you understand management’s current views of our near- and longer-term prospects, and it may not be appropriate for other purposes. We will not necessarily update this information unless we are required to by securities laws.

Conference call

We invite you to join our fourth quarter conference call on Friday, February 10, 2017 at 11:00 a.m. Eastern.

The call will be open to all investors and the media. To join the call, please dial (800) 319-4610 (Canada and US) or (604) 638-5340. An operator will put your call through. The slides and a live webcast of the conference call will be available from a link at cameco.com. See the link on our home page on the day of the call.

A recorded version of the proceedings will be available:

• on our website, cameco.com, shortly after the call
• on post view until midnight, Eastern, March 10, 2017, by calling (800) 319-6413 (Canada and US) or (604) 638-9010 (Passcode 1098)

2017 quarterly report release dates

We plan to announce our 2017 quarterly results as follows:

• first quarter consolidated financial and operating results: before markets open on April 28, 2017
• second quarter consolidated financial and operating results: before markets open on July 27, 2017
• third quarter consolidated financial and operating results: before markets open on October 27, 2017

The 2018 date for the announcement of our fourth quarter and 2017 consolidated financial and operating results will be provided in our 2017 third quarter MD&A. Announcement dates are subject to change.

Profile

We are one of the world’s largest uranium producers, a significant supplier of conversion services and one of two CANDU fuel manufacturers in Canada. Our competitive position is based on our controlling ownership of the world’s largest high-grade reserves and low-cost operations. Our uranium products are used to generate clean electricity in nuclear power plants around the world. We also explore for uranium in the Americas, Australia and Asia. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan.

As used in this news release, the terms we, us, our, the Company and Cameco mean Cameco Corporation and its subsidiaries; including NUKEM Energy GmbH, unless otherwise indicated.

Kelt Exploration Ltd. (“Kelt” or the “Company”) (TSX: KEL) is pleased to report on its oil & gas reserves and production for the year ended December 31, 2016.

Kelt’s audit of its 2016 annual consolidated financial statements has not been completed and accordingly all financial amounts relating to 2016 referred to in this news release are unaudited and represent management’s estimates. Readers are advised that these financial estimates are subject to audit and may be subject to change as a result.

Summary of Results

Production

Kelt achieved a record high calendar year average production in 2016. Average production for 2016 was 20,947 BOE per day, up 13% from average production of 18,577 BOE per day in 2015. Production per million shares was 121 BOE per day, up from 120 BOE per day in 2015. Production for 2016 was weighted 37% oil and NGLs and 63% gas. During the fourth quarter of 2016, gas plant outages and intermittent pipeline and facility downtime negatively impacted average production by approximately 1,900 BOE per day.

Average production for December 2016 (“2016 Exit Rate”) was 20,370 BOE per day, weighted 37% oil and NGLs and 63% gas. During the fourth quarter of 2016, Kelt drilled six wells that were uncompleted (“DUCs”) as at December 31, 2016. These DUCs are expected to be put on production in the first quarter of 2017 and therefore, production from these wells, is not included in the 2016 Exit Rate. After giving effect to the disposition of its Karr assets in January 2017, of which approximately 1,300 BOE per day of production was included in the 2016 Exit Rate, the Company is forecasting a 2017 Exit Rate of 25,000 BOE per day, up 31% from the 2016 Exit Rate, excluding disposed Karr production.

Reserves

Kelt retained Sproule Associates Limited (“Sproule”), an independent qualified reserve evaluator to prepare a report on its oil and gas reserves. The Company has a Reserves Committee which oversees the selection, qualifications and reporting procedures of the independent qualified reserves evaluator. Reserves as at December 31, 2016 and at December 31, 2015 were determined using the guidelines and definitions set out under National Instrument 51-101 (“NI 51-101”).

At December 31, 2016, Kelt’s proved plus probable reserves were 194.1 million BOE, up 29% from 150.5 million BOE at December 31, 2015. The Company’s net present value of proved plus probable reserves at December 31, 2016, discounted at 10% before tax, was $1.7 billion, an increase of 46% from $1.2 billion at December 31, 2015. This increase was achieved despite lower forecasted oil and gas prices for the majority of the future years in the December 31, 2016 evaluation (see “Commodity Prices” table below). Sproule’s forecasted commodity prices for 2017 used to determine the present value of the Company’s reserves at December 31, 2016, are USD 55.00/bbl for WTI oil and $3.26/GJ for AECO gas.

The following table outlines a summary of the Company’s reserves at December 31, 2016:

Proved developed producing reserves at December 31, 2016 were 34.5 million BOE, an increase of 2% from 33.8 million BOE at December 31, 2015. Total proved reserves at December 31, 2016 were 108.2 million BOE, up 29% from 83.8 million BOE at December 31, 2015. Proved plus probable reserves at December 31, 2016 were 194.1 million BOE, an increase of 29% from 150.5 million BOE at December 31, 2015.

The following table shows the change in reserves year-over-year by reserve category:

Future development capital (“FDC”) expenditures of $589 million are included in the evaluation for total proved reserves and are expected to be spent as follows: $113 million in 2017, $182 million in 2018, $135 million in 2019, $136 million in 2020, and $23 million thereafter. FDC expenditures of $948 million are included in the evaluation of proved plus probable reserves and are expected to be spent as follows: $146 million in 2017, $224 million in 2018, $225 million in 2019, $231 million in 2020 and $122 million thereafter.

The following table outlines FDC expenditures and future wells to be drilled by province, included in the December 31, 2016 proved plus probable reserve evaluation:

The WTI oil price during the three years 2014 to 2016 averaged USD 61.71 per barrel. After a precipitous decline since 2014, Sproule is forecasting an average WTI oil price of USD 55.00 per barrel in 2017. Natural gas prices during the 2014 to 2016 period at AECO-C averaged $2.97 per GJ. Sproule is forecasting an average AECO-C gas price of $3.26 per GJ in 2017.

The following table outlines forecasted future prices that Sproule has used in their evaluation of the Company’s reserves:

Note: Percent change in the above table shows the change in price used in the 2016 evaluation compared to the price used in the 2015 evaluation for the respective calendar years.

The Company’s net present value of proved plus probable reserves at December 31, 2016, discounted at 10% before tax, was $1.7 billion and the undiscounted future net cash flow, before tax, was $3.9 billion. The Company’s net present value of proved plus probable reserves, discounted at 10% after tax was $1.4 billion and the undiscounted future net cash flow, after tax, was $3.1 billion.

The following table is a net present value summary as at December 31, 2016:

During 2016, the Company’s capital expenditures, net of dispositions, resulted in proved plus probable reserve additions of 51.2 million BOE, resulting in 2P FD&A costs of $3.47 per BOE, including FDC expenditures. Proved reserve additions in 2016 were 32.0 million BOE, resulting in 1P FD&A costs of $4.86 per BOE, including FDC expenditures.

Despite a significant reduction in capital expenditures in 2016, Kelt was able to show significant reserve additions from new wells and from existing wells, which after an additional twelve months of production history, have exceeded previous type curve estimates. Estimated capital expenditures in 2016 were $98.3 million (unaudited), down 80% from $497.3 million in 2015. The Company considers the significant reduction in FD&A costs in 2016 to be a good result considering it also increased its undeveloped land acreage by 24% year-over-year by acquiring exploratory lands on two new Montney plays located at Oak/Flatrock in British Columbia and Pipestone/Wembley in Alberta.

The recycle ratio is a measure for evaluating the effectiveness of a company’s re-investment program. The ratio measures the efficiency of capital investment. It accomplishes this by comparing the operating netback per BOE to the same period’s reserve FD&A cost per BOE. Since inception, Kelt has successfully added high quality reserves at an all-in 2P FD&A cost of $11.36 per BOE. Since inception, corporate operating netbacks have averaged $14.01 per BOE, giving the Company an inception to date recycle ratio of 1.2 times. With the purchase and construction of facilities and infrastructure in 2015 and 2016, along with land and asset acquisitions during both years, Kelt has positioned itself to achieve further efficiencies in production additions and finding and development costs over the upcoming years, as it transitions to development/pad drilling.

Kelt’s 2016 capital investment program resulted in net reserve additions that replaced 2016 production by a factor of 4.2 times on a proved basis and 6.7 times on a proved plus probable basis.

The following table provides detailed calculations relating to FD&A costs for 2016 and 2015:

Reserves Reconciliation

During 2016, 12.5 million BOE of proved plus probable reserves (8.1 million BOE of proved reserves) were added through positive technical revisions, primarily as a result of better well performance in both of Kelt’s core Montney prospects in British Columbia and Alberta.

A reconciliation of Kelt’s proved plus probable reserves is provided in the table below:

[1] Sulphur production of 8,935 Lt (15 MBOE) has been excluded in the above table.
[2] Sulphur reserves of 1,990 MLt (3,317 MBOE) have been excluded in the above table.

A reconciliation of Kelt’s proved reserves is provided in the table below:

[1] Sulphur production of 8,935 Lt (15 MBOE) has been excluded in the above table.
[2] Sulphur reserves of 1,048 MLt (1,747 MBOE) have been excluded in the above table.

Net Asset Value

Kelt’s net asset value at December 31, 2016 was $9.03 per share, up 36% from the previous year. Details of the calculation are shown in the table below:

[1] The net present value of decommissioning obligations included above is incremental to the amount included in the present value of P&NG reserves as evaluated by Sproule.
[2] The calculation of proceeds from exercise of stock options and the diluted number of common shares outstanding only include stock options that are “in-the-money” based on the closing price of KEL of $6.77 and $4.24 per common share respectively, as at December 31, 2016 and 2015. There were no “in-the-money” stock options at December 31, 2015.
[3] The 5% convertible debentures that mature on May 31, 2021 are convertible to common shares at $5.50 per share. At the December 31, 2016 closing price of $6.77, the convertible debentures are “in-the-money” and 16.4 million shares issuable upon conversion are included in diluted common shares outstanding.

Changes in forecasted commodity prices and variances in production estimates can have a significant impact on estimated funds from operations and profit. Please refer to the cautionary statement on forward-looking statements and information set out below.

Advisory Regarding Forward-Looking Statements

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements. In particular, this press release contains forward-looking statements pertaining to the following: the forecasted 2017 Exit Rate for production; and forecasted future commodity prices used by Sproule in their evaluation. Statements relating to “reserves” or “resources” are deemed to be forward looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and that the reserves can be profitably produced in the future.

Although Kelt believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Kelt cannot give any assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses; failure to obtain necessary regulatory approvals for planned operations; health, safety and environmental risks; uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures; volatility of commodity prices, currency exchange rate fluctuations; imprecision of reserve estimates; and competition from other explorers) as well as general economic conditions, stock market volatility; and the ability to access sufficient capital. We caution that the foregoing list of risks and uncertainties is not exhaustive.

In addition, the reader is cautioned that historical results are not necessarily indicative of future performance. The forward-looking statements contained herein are made as of the date hereof and the Company does not intend, and does not assume any obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise unless expressly required by applicable securities laws.

Certain information set out herein is “financial outlook” within the meaning of applicable securities laws. The purpose of this financial outlook is to provide readers with disclosure regarding Kelt’s reasonable expectations as to the anticipated results of its proposed business activities. Readers are cautioned that this financial outlook may not be appropriate for other purposes.

Non-GAAP Measures

This document contains certain financial measures, as described below, which do not have standardized meanings prescribed by GAAP. As these measures are commonly used in the oil and gas industry, the Company believes that their inclusion is useful to investors. The reader is cautioned that these amounts may not be directly comparable to measures for other companies where similar terminology is used.

“Operating income” is calculated by deducting royalties, production expenses and transportation expenses from oil and gas revenue, after realized gains or losses on associated financial instruments. The Company refers to operating income expressed per unit of production as an “Operating netback”. “Funds from operations” is calculated by adding back transaction costs associated with acquisitions and dispositions, provisions for potential credit losses, settlement of decommissioning obligations and the change in non-cash operating working capital to cash provided by operating activities. Funds from operations per common share is calculated on a consistent basis with profit (loss) per common share, using basic and diluted weighted average common shares as determined in accordance with GAAP. Funds from operations and operating income or netbacks are used by Kelt as key measures of performance and are not intended to represent operating profits nor should they be viewed as an alternative to cash provided by operating activities, profit or other measures of financial performance calculated in accordance with GAAP.

“Production per common share” is calculated by dividing total production by the basic weighted average number of common shares outstanding, as determined in accordance with GAAP.

“Finding, development and acquisition” or “FD&A” cost is the sum of capital expenditures incurred in the period and the change in future development capital required to develop reserves. FD&A cost per BOE is determined by dividing current period net reserve additions into the corresponding period’s FD&A cost. Readers are cautioned that the aggregate of capital expenditures incurred in the year, comprised of exploration and development costs and acquisition costs, and the change in estimated FDC generally will not reflect total FD&A costs related to reserves additions in the year.

“Recycle ratio” is a measure for evaluating the effectiveness of a company’s re-investment program. The ratio measures the efficiency of capital investment by comparing the operating netback per BOE to FD&A cost per BOE.

“Net asset value per share” is calculated by adding the net present value of P&NG reserves, undeveloped land value and proceeds from exercise of stock options, less the net present value of decommissioning obligations and bank debt, net of working capital, and dividing by the diluted number of common shares outstanding. The calculation of proceeds from exercise of stock options and the diluted number of common shares outstanding only include stock options that are “in-the-money” based on the closing price of KEL common shares as at the calculation date. The diluted number of common shares outstanding includes common shares to be issuable upon conversion of the convertible debentures that are “in-the-money” based on the closing price of KEL common shares as at the calculation date.

Measurements and Abbreviations

All dollar amounts are referenced in thousands of Canadian dollars, except when noted otherwise. This MD&A contains various references to the abbreviation BOE which means barrels of oil equivalent. Where amounts are expressed on a BOE basis, natural gas volumes have been converted to oil equivalence at six thousand cubic feet per barrel and sulphur volumes have been converted to oil equivalence at 0.6 long tons per barrel. The term BOE may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet per barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead and is significantly different than the value ratio based on the current price of crude oil and natural gas. This conversion factor is an industry accepted norm and is not based on either energy content or current prices. References to oil in this MD&A include crude oil and field condensate. References to natural gas liquids (“NGLs”) include pentane, butane, propane, and ethane. References to gas in this discussion include natural gas and sulphur. Such abbreviation may be misleading, particularly if used in isolation.

TORONTO, ONTARIO–(Marketwired – Sept. 7, 2016) – Denison Mines Corp. (“Denison” or the “Company”) (TSX:DML)(NYSE MKT:DNN) is pleased to announce that results from an additional 13 exploration drill holes, targeting the D series mineralized lenses, have successfully expanded the strike length of the lenses immediately north and northwest of the Gryphon uranium deposit, on the 60% owned Wheeler River property, which is located in the infrastructure rich eastern portion of the Athabasca Basin region in northern Saskatchewan.

The Company is also pleased to announce that it will commence initial follow-up drilling, in the coming weeks, on the basement hosted mineralization discovered earlier this summer in drill hole WR-663 on the K-West conductive trend (see Denison’s Press Release dated August 4, 2016). The K-West conductive trend is parallel with, and located approximately 500 metres west of, the K-North conductive trend which hosts the Gryphon deposit. The basement hosted uranium mineralization intersected in drill hole WR-663 is associated with an extensive alteration zone which is indicative of significant fluid flow with the potential for high grade mineralization. The discovery of uranium mineralization and a significant alteration zone, taken together with a favorable geological setting similar to and in proximity to the Gryphon deposit, makes the K-West trend a prime target for the discovery of meaningful additional mineralization.

David Cates, President and CEO of Denison commented, “Our team is focused on adding value to our project portfolio despite the current price of uranium, and positioning our Company to be a producer in the future – when it is expected that years of low uranium prices will lead to a shortage of low cost uranium supplies at a time when demand is anticipated to grow dramatically. We can justify our continued exploration and development activities because we‘re focused on adding value to a project, in Wheeler River, which has the potential to become a large-scale and profitable operation with relatively low up front capital costs in even a low price environment.

“Our summer exploration program at Wheeler River has built on the success of our discovery of significant mineralization in the Gryphon D series lenses earlier this year. With 75% of drill holes completed in the D lens target areas this summer having intersected uranium, the extent of the mineralization around the Gryphon deposit continues to grow and remains open. Beyond the D lenses, our exploration team also managed to discover mineralization to the west of Gryphon, earlier this summer, on the K-West trend. After reviewing the results at K-West and considering the potential for the discovery of a significant mineralized zone occurring in a similar geological setting and in close proximity to Gryphon, we’ve decided to go back to K-West before we wrap up drilling this season and expect to complete some initial follow-up holes over the coming weeks.”

Expansion of D Series Lenses

Exploration drilling at Wheeler River during the summer of 2016 has focused primarily on exploring the Gryphon D series mineralized lenses, which occur within 200 metres north and northwest of the Gryphon deposit. Previously reported assay highlights for the D series lenses include 5.3% U₃O₈ over 11.0 metres, 11.9% U₃O₈ over 1.5 metres, 2.9% U₃O₈ over 6.0 metres, 2.3% U₃O₈ over 4.0 metres and 6.2% U₃O₈ over 2.5 metres (see Denison’s Press Release dated May 26, 2016). The holes were drilled at a high angle to mineralization to allow for better evaluation of true thicknesses which are expected to be approximately 75% of the intersection lengths. The D series lenses have not yet been included in the current resource estimate or the Preliminary Economic Assessment (“PEA”) for the Wheeler River project.

Results from an additional 13 drill holes in this area indicate continued expansion of the D series lenses along strike. To date, the 2016 summer exploration drill program has expanded the strike extent of the D series lenses by approximately 90 metres to the northeast and 115 metres to the southwest using an approximate 50 x 50 metres drill spacing. The D series lens mineralization currently totals 330 meters in collective strike extent, with mineralization still open along strike in both directions. Table 1 provides a summary of mineralized intersections from the most recently completed drill holes.

Results of importance include:

• On Section 5350 GP, the most northeastern section drilled to date, intersections of 9.39% eU₃O₈over 1.6 metres and 1.16% eU₃O₈over 1.8 metres indicate the continued strength of the mineralizing system and significant potential along strike and down-plunge to the northeast where no drilling has been undertaken to date; and
• On Section 5100 GP, multiple mineralized intercepts including 1.21% eU₃O₈over 5.3 metres, 2.26% eU₃O₈over 1.2 metres and 0.68% eU₃O₈over 3.1 metres indicate continuity between the recently defined D series lenses discovered during winter 2016 and the D series lenses previously identified in 2014.

Notes:

1. eU₃O₈ is radiometric equivalent U₃O₈ from a calibrated total gamma down-hole probe. eU₃O₈ results are preliminary in nature and all mineralized intervals will be sampled and submitted for chemical U₃O₈ assay.
2. Intersection interval is composited above a cut-off grade of 0.05% eU₃O₈. Composites are compiled using 1.0 metre minimum ore thickness and 2.0 metres maximum waste.
3. As the drill holes are oriented steeply toward the northwest and the basement mineralization is interpreted to dip moderately to the southeast, the true thickness of the mineralization is expected to be approximately 75% of the intersection lengths.

Exploration drilling is ongoing with two drills that have commenced testing for extensions along strike to the southwest of the D series lenses previously identified in 2014.

Illustrative Figures & Further Details

A property location and basement geology map is provided in Figure 1, which show the K-North and K-West conductive trends. A plan map of the northeast plunging Gryphon deposit mineralized lenses, projected up to the simplified basement geology at the sub-Athabasca unconformity, is provided in Figure 2, which shows the location of the D series lenses interpreted from winter 2016 drilling results and the summer mineralized intercepts as yellow stars. Cross-sections for section lines 5350 GP and 5100 GP are provided in Figures 3 and 4 respectively, showing the location of the new mineralized intercepts from the D lenses relative to the Gryphon deposit’s A, B, and C lenses. Figure 5 provides a cross-section along section line 5050 GP showing the intersection of mineralization and alteration at K-West in drill hole WR-663.

Further details regarding the Gryphon deposit and the current mineral resource estimates are provided in the NI 43-101 Technical Report for the Wheeler River project titled “Preliminary Economic Assessment for the Wheeler River Uranium Project, Saskatchewan, Canada” dated April 8, 2016 with an effective date of March 31, 2016. A copy of this report is available on Denison’s website and under its profile on SEDAR at www.sedar.com and on EDGAR at www.sec.gov/edgar.shtml.

Qualified Persons

The disclosure of a scientific or technical nature contained in this news release was prepared by Dale Verran, MSc, Pr.Sci.Nat., Denison’s Vice President, Exploration, who is a Qualified Person in accordance with the requirements of NI 43-101. For a description of the assay procedures and the quality assurance program and quality control measures applied by Denison, please see Denison’s Annual Information Form dated March 24, 2016 filed under the Company’s profile on SEDAR (www.sedar.com).

About Wheeler River

The Wheeler River property is a joint venture between Denison (60% and operator), Cameco Corp. (30%), and JCU (Canada) Exploration Company Limited (10%), and is host to the high-grade Gryphon and Phoenix uranium deposits discovered by Denison in 2014 and 2008, respectively. The Gryphon deposit is hosted in basement rock and is currently estimated to contain inferred resources of 43.0 million pounds U3O8 (above a cut-off grade of 0.2% U3O8) based on 834,000 tonnes of mineralization at an average grade of 2.3% U3O8. The Phoenix unconformity deposit is located approximately 3 kilometres to the southeast of Gryphon and is estimated to include indicated resources of 70.2 million pounds U3O8 (above a cut-off grade of 0.8% U3O8) based on 166,000 tonnes of mineralization at an average grade of 19.1% U3O8, and is the highest grade undeveloped uranium deposit in the world.

On April 4th, 2016 Denison announced the results of a Preliminary Economic Assessment (“PEA”) for the Wheeler River Project, which considers the potential economic merit of co-developing the high-grade Gryphon and Phoenix deposits as a single underground mining operation. The PEA returned a base case pre-tax Internal Rate of Return (“IRR”) of 20.4% based on the current long term contract price of uranium (US$44.00 per pound U₃O₈), and Denison’s share of estimated initial capital expenditures (“CAPEX”) of CAD$336M (CAD$560M on 100% ownership basis). Exploration results from the winter and summer 2016 drilling program have not been incorporated into the resource estimate or the PEA. The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability. On July 19th, 2016 Denison announced the initiation of a Pre-Feasibility Study (“PFS”) for the Wheeler River property and the complimentary commencement of an infill drilling program at the Gryphon deposit to bring the inferred resources up to an indicated level of confidence.

About Denison

Denison is a uranium exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan. Including its 60% owned Wheeler River project, which hosts the high grade Phoenix and Gryphon uranium deposits, Denison’s exploration portfolio consists of numerous projects covering over 350,000 hectares in the infrastructure rich eastern Athabasca Basin. Denison’s interests in Saskatchewan also include a 22.5% ownership interest in the McClean Lake joint venture, which includes several uranium deposits and the McClean Lake uranium mill, which is currently processing ore from the Cigar Lake mine under a toll milling agreement, plus a 25.17% interest in the Midwest deposit and a 61.55% interest in the J Zone deposit on the Waterbury Lake property. Both the Midwest and J Zone deposits are located within 20 kilometres of the McClean Lake mill.

Denison is also engaged in mine decommissioning and environmental services through its Denison Environmental Services division and is the manager of Uranium Participation Corp., a publicly traded company which invests in uranium oxide and uranium hexafluoride.

Cautionary Statement Regarding Forward-Looking Statements

Certain information contained in this press release constitutes “forward-looking information”, within the meaning of the United States Private Securities Litigation Reform Act of 1995 and similar Canadian legislation concerning the business, operations and financial performance and condition of Denison. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “believes”, or the negatives and/or variations of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur”, “be achieved” or “has the potential to”. In particular, this press release contains forward-looking information pertaining to the following: exploration (including drilling) and evaluation activities, plans and objectives; potential mineralization of drill targets; and the estimates of Denison’s mineral resources.

Forward looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Denison to be materially different from those expressed or implied by such forward-looking statements. Denison believes that the expectations reflected in this forward-looking information are reasonable but there can be no assurance that such statements will prove to be accurate and may differ materially from those anticipated in this forward looking information. For a discussion in respect of risks and other factors that could influence forward-looking events, please refer to the “Risk Factors” in Denison’s Annual Information Form dated March 24, 2016 available under its profile at www.sedar.com and in its Form 40-F available at www.sec.gov/edgar.shtml. These factors are not, and should not be construed as being, exhaustive.

Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking information contained in this press release is expressly qualified by this cautionary statement. Denison does not undertake any obligation to publicly update or revise any forward-looking information after the date of this press release to conform such information to actual results or to changes in its expectations except as otherwise required by applicable legislation.

Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Mineral Resources: This press release may use the terms “measured”, “indicated” and “inferred” mineral resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable.

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VANCOUVER, BC–(Marketwired – September 07, 2016) – UEX Corporation (TSX: UEX) (“UEX” or the “Company”) is pleased to announce assay results from the first holes of the summer 2016 drilling program and radiometric results from five new holes completed on the Christie Lake Project (the “Project”).

Based upon the results, UEX has elected to expand the budget of the 2016 drill program from $2.75 million to $4 million program. A second drill rig is currently being mobilized to site.

Assay Results from the Paul Bay High Grade Area

The final assay results from the first three drill holes completed during the summer program that tested the High Grade Area within the Paul Bay Deposit are presented below. Radiometric grades from these three holes were previously reported in the UEX News Releases of June 24, 2016 and July 11, 2016.

Assay results from CB-093 far exceeded our expectations. The assays returned a composite grade interval of:

• 14.74% U₃O₈ over 5.5 m (from 492.2 – 497.7 m), including a subinterval of:
  • 31.77% U₃O₈ over 2.5 m, which in turn included a subinterval of:
    • 57.83% U₃O₈ over 1.2 m.

These assay grades far exceeded the previously reported Radiometric Equivalent Grades (“REGs” or “eU₃O₈“) of 1.16% eU₃O₈ over 5.9 m (from 491.75 – 497.65 m).

The large discrepancy between the assay grades and the REGs for CB-093 is the result of the down-hole radiometric probes ‘saturating’ when encountering very high grade uranium in-situ, a phenomena described in more detail in the UEX News Release of May 24, 2016.

Assay results from CB-092-1 returned grades that corresponded closely to the REGs. The assay composite averaged:

• 2.10% U₃O₈ over 4.6 m (from 505.1 – 509.7 m) and included a subinterval of:
  • 3.76% U₃O₈ over 2.4 m (from 507.3 – 509.7 m).

Hole CB-092-2 returned:

• 0.48% U₃O₈ over 4.3 m (from 509.8 – 514.1 m) and included a subinterval of:
  • 1.67% U₃O₈ over 1.0 m (from 513.1 – 514.1 m).

The exceptional assay grades from hole CB-093 have extended the zone of semi-massive to massive ultra-high grade uranium mineralization defined by holes CB-093, CB-092 and historic hole CB-004 to a plunge length of 60+ m within the High Grade Area of the Paul Bay Deposit. This Ultra-High Grade Core remains open up-plunge to the northeast (see Figure 1).

“We are pleased to identify an ultra-high grade core within the Paul Bay Deposit which was previously unconfirmed. We will now be looking to extend the Ultra-High Grade Core to the northeast with our upcoming holes.” – Roger Lemaitre, President and CEO

Probe Results from Paul Bay Down-Dip Drilling

Five holes have been completed to test the down-dip extent of the Paul Bay Deposit.

REGs from down-hole probe results from hole CB-094 encountered multiple mineralized intervals, the best of which returned 1.04% eU₃O₈ over 4.8 m (from 616.85 – 621.65 m) and included a section that averaged 1.96% eU₃O₈ over 1.5 m.

The CB-094 intersection extends the Paul Bay Zone at least 35 m in the down-dip direction below the deepest historic intersection by the previous operators, CB-018. CB-094 is also approximately 25 m northeast of and slightly below UEX hole CB-091B that returned a composite assay grade of 0.28% U₃O₈ over 7.7 m from 600.0 – 607.7 m (see UEX News Release of May 24, 2016).

Hole CB-095A, drilled to test the Paul Bay Zone approximately 50 m along strike to the northeast of CB-094, encountered anomalous radioactivity and weak hydrothermal alteration, indicating that this hole may have tested the northeast boundary of the Paul Bay Zone at this depth.

Hole CB-094-1 tested the Paul Bay Deposit approximately 25 m below the CB-094 intersection. This hole encountered two narrow intervals of minor uranium mineralization, the best of which returned a probe grade of 0.16% eU₃O₈ over 0.3 m (from 618.35 – 619.85 m). While hydrothermal alteration and minor uranium were present in this hole and likely continue at depth, the results suggest that the Paul Bay Deposit may now be closed off in the down-dip direction.

Hole CB-096 was drilled to test the down-plunge extent of the Paul Bay High Grade Zone to the west of the known limits of the uranium mineralization. CB-096 did encounter 1.17% eU₃O₈ over 1.5 m (from 512.75 – 514.25 m) within one of the most intense and strongest hydrothermally-altered package of rocks intersected on the property to date.

Hole CB-096-1 tested the western edge of the deposit approximately 25 m down-dip of CB-096 and also encountered substantial and intense hydrothermal alteration. Uranium was intersected over a narrow interval averaging 0.29% eU₃O₈ over 1.0 m.

The eU₃O₈ grades were estimated in-situ within the drill holes using calibrated down-hole radiometric gamma probes. Samples from all holes have been collected for assay analysis to confirm these equivalent grades. The samples will be analyzed at the Geoanalytical Laboratory at the Saskatchewan Research Council in Saskatoon, Saskatchewan, with results expected in the coming weeks. The details on how eU₃O₈ was calculated from the probe grades were outlined in our press release of May 24, 2016.

Expanded Program and Mobilization of Second Rig to Test the Ken Pen Zone

Based upon the results of the drilling program and the Company’s intention to test the Ken Pen Deposit prior to the end of the year, UEX has decided to add a second drill rig to the program. The second rig will commence testing the Ken Pen Zone while the original rig will focus on expanding the Ultra-High Grade Core of the Paul Bay Deposit. The budget for the 2016 Christie Lake Exploration Program has been increased from $2.75 million to $4.0 million.

The Ken Pen Deposit is located approximately 200 m northeast and along strike of the Paul Bay Deposit. High-grade mineralization at Ken Pen is known to be located both at the unconformity and within basement structures below the unconformity. The first holes will focus on expanding mineralization near hole CB-032 which encountered 5.20% U₃O₈ over 9.20 m in the basement structure.

Sample Collection and Compositing

Drill core is split in half sections on site and one half is collected for U₃O₈ (wt %) analysis with the other half core remaining on site for reference. Where possible, samples are collected at a standardized 0.5 m interval through zones of mineralization but respect geological units and intervals.

The samples are shipped to the Geoanalytical Laboratory at the Saskatchewan Research Council (“SRC”) in Saskatoon, Saskatchewan. Analysis at the SRC laboratory for uranium as U₃O₈ (wt %) was completed using the ICP-OES method. The SRC Geoanalytical Laboratory is an ISO/IEC 17025:2005 accredited facility (#537) by the Standards Council of Canada.

Assay intervals were composited using a cut-off grade of 0.1% U₃O₈. All depth measurements and sample intervals reported are down-hole measurements from drill core. True thickness of the mineralized zones has yet to be determined.

About the Christie Lake Project

UEX currently holds a 10% interest in the Christie Lake Project and is working under an option agreement to earn up to a 70% interest. The Project is located approximately 9 km northeast and along strike of Cameco’s McArthur River Mine, the world’s largest uranium producer. The P2 Fault, the controlling structure for all of the McArthur River deposits, continues to the northeast beyond the mine. UEX believes that through a series of en-echelon steps the northeast strike extension of the P2 Fault not only crosses the Project but also controls the two known uranium deposits on Christie Lake, the Paul Bay and Ken Pen Deposits.

The Paul Bay and Ken Pen Deposits are estimated to host a combined 20.87 million pounds of U₃O₈ at an average grade of 3.22% U₃O₈ and were discovered in 1989 and 1993 respectively. This is a historic resource estimation which does not use resource classifications consistent with NI 43-101. The historical resource estimate was presented in an internal report titled Christie Lake Project, Geological Resource Estimate completed by PNC Tono Geoscience Center, Resource Analysis Group, dated September 12, 1997. The historical resource was calculated using a 3 D block model using block sizes of 2 m by 2 m by 2 m, and block grades interpolated using the inverse distance squared method over a circular search radius of 25 m and 1 m height. Specific gravities for each deposit were averaged from specific gravity measures of individual samples collected for assay. UEX plans to complete additional infill drilling on the deposits during the option earn-in period to upgrade these historic resources to indicated and inferred. A qualified person has not done sufficient work to classify the historic estimate as current mineral resources or mineral reserves. UEX is not treating the historic estimate as current mineral reserves or mineral resources.

Qualified Persons and Data Acquisition

Technical information in this news release has been reviewed and approved by Roger Lemaitre, P.Eng., P.Geo., UEX’s President and CEO and Trevor Perkins, P.Geo., UEX’s Exploration Manager, who are each considered to be a Qualified Person as defined by National Instrument 43-101.

About UEX

UEX (TSX: UEX) (OTC PINK: UEXCF) (FRANKFURT: UXO) is a Canadian uranium exploration and development company involved in sixteen uranium projects, including four that are 100% owned and operated by UEX, one joint venture with AREVA Resources Canada Inc. (“AREVA”) that is operated by UEX, as well as nine joint ventures with AREVA, one joint venture with AREVA and JCU (Canada) Exploration Company Limited, which are operated by AREVA, and one project (Christie Lake) under option from JCU (Canada) Exploration Company Limited and operated by UEX. The sixteen projects are located in the eastern, western and northern perimeters of the Athabasca Basin, the world’s richest uranium belt, which in 2015 accounted for approximately 22% of the global primary uranium production. UEX is currently advancing several uranium deposits in the Athabasca Basin which include the Christie Lake deposits, the Kianna, Anne, Colette and 58B deposits at its currently 49.1%-owned Shea Creek Project (located 50 km north of Fission’s Triple R Deposit and Patterson Lake South Project, and NexGen’s Arrow Deposit) and the Horseshoe, Raven and West Bear deposits located at its 100%-owned Hidden Bay Project.

About JCU

JCU is a private company that is actively engaged in the exploration and development in Canada. JCU is owned by three Japanese companies. Amongst these, Overseas Uranium Resources Development Co., Ltd. (“OURD”) acts as the manager of JCU. JCU has partnerships with UEX, AREVA, Cameco, Denison and others on uranium exploration and development projects in the Athabasca Basin of Northern Saskatchewan including Millennium and Wheeler River and the Kiggavik project in the Thelon Basin in Nunavut.

Forward-Looking Information

This news release may contain statements that constitute “forward-looking information” for the purposes of Canadian securities laws. Such statements are based on UEX’s current expectations, estimates, forecasts and projections. Such forward-looking information includes statements regarding UEX’s mineral resource and mineral reserve estimates, outlook for our future operations, plans and timing for exploration activities, and other expectations, intentions and plans that are not historical fact. The words “estimates”, “projects”, “expects”, “intends”, “believes”, “plans”, “will”, “may”, or their negatives or other comparable words and phrases are intended to identify forward-looking information. Such forward-looking information is based on certain factors and assumptions and is subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking information. Important factors that could cause actual results to differ materially from UEX’s expectations include uncertainties relating to interpretation of drill results and geology, additional drilling results, continuity and grade of deposits, participation in joint ventures, reliance on other companies as operators, public acceptance of uranium as an energy source, fluctuations in uranium prices and currency exchange rates, changes in environmental and other laws affecting uranium exploration and mining, and other risks and uncertainties disclosed in UEX’s Annual Information Form and other filings with the applicable Canadian securities commissions on SEDAR. Many of these factors are beyond the control of UEX. Consequently, all forward-looking information contained in this news release is qualified by this cautionary statement and there can be no assurance that actual results or developments anticipated by UEX will be realized. For the reasons set forth above, investors should not place undue reliance on such forward-looking information. Except as required by applicable law, UEX disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.

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GRAND CAYMAN, CAYMAN ISLANDS–(Marketwired – Sept. 2, 2016) – Tethys Petroleum Limited (“Tethys” or the “Company”) (TSX:TPL) (LSE:TPL) today announces a corporate update.

Olisol Transaction

Following approval of The Grand Court in the Cayman Islands on August 19, 2016 to reduce the par value of the Company’s ordinary shares from US$0.10 to US$0.01 the Company has worked with Olisol and its advisors to complete the previously announced C$9.8 million private placement by September 2, 2016. The Company made the necessary filing with the Cayman Islands Registrar of Companies on August 31, 2016 at which time the reduction in par value became legally effective. The Investment Agreement requires a closing date two business days after all closing conditions have been satisfied or waived by the parties. The Company was prepared to complete the private placement with Olisol on September 2, 2016 as originally scheduled or to agree a short extension with Olisol if Olisol met certain funding commitments.

As Olisol has not done so the Company considers Olisol to be in breach of the Investment Agreement. The Company continues to work with Olisol to complete the private placement whilst at the same time evaluating alternative funding arrangements. Olisol continues to advance funds required under its’ obligation of the terms of the Investment Agreement to the Company in order to meet working capital needs and has advanced a total of US$452,000 to the Company in recent days.

Kazakhstan legal proceedings

On August 24, 2016 the Court dismissed the claim brought against the Company and its subsidiaries in Kazakhstan and ordered the lifting of the seizure order over the Company’s assets. The claimant lodged an appeal on August 29, 2016. Until the appeal is heard restrictions remain in place over the operation of the Company’s bank accounts in Kazakhstan.

Tajikistan arbitration proceedings

As previously announced on August 15, 2016, Total and CNPC, the Company’s partners in Tajikistan, filed for arbitration proceedings at the International Court of Arbitration in relation to the Company’s cash call defaults and the partners’ notice to the Company to withdraw. The partners are seeking to enforce the withdrawal notice and their claim for damages of US$9.0 million (and continuing) plus costs. The Company has submitted its response to the request for arbitration and has made a counter-claim against the partners of US$10.1 million.

About Tethys

Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.

Disclaimer

Some of the statements in this document are forward-looking. Forward-looking statements include statements regarding the intent, belief and current expectations of the Company or its officers with respect to Olisol’s access to funds, the placing to Olisol, advances under the working capital facility, potential alternatives to the transactions with Olisol and related transactions. When used in this document, the words “expects,” “believes,” “anticipates,” “plans,” “may,” “will,” “should” and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcomes to differ materially from those suggested by any such statements including risks and uncertainties with respect to completion of the placing, advances under the working capital facility and related transactions. In addition, certain regulatory approvals lapse as early as September 3, 2016, and there is no certainty that the Company will be able to obtain an extension. Should the Company be unable to obtain an extension, it may not be able to complete the placing even if Olisol proposes to do so. Moreover, there is a risk that the Company’s counter-claim against Total and CNPC will not be successful and that the Company will be required to compensate Total and CNPC. There is also a risk that restrictions on the Company’s bank accounts in Kazakhstan will be extended.

No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest in the Company or any other entity, and shareholders of the Company are cautioned not to place undue reliance on the forward-looking statements. Save as required by the Listing Rules and applicable law, the Company does not undertake to update or change any forward-looking statements to reflect events occurring after the date of this announcement.

VANCOUVER, BRITISH COLUMBIA–(Marketwired – Sept. 1, 2016) –

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN

Benz Mining Corp. (TSX VENTURE:BZ) (the “Corporation” or “Benz“) announced that it has entered into a Definitive Agreement (the “Agreement”) with Zimtu Capital Corp.., a public British Columbia company (“Zimtu“) for the option to acquire a 100% interest (the “Transaction“) in the Lithium Project (the “Property“), located in the province of Newfoundland & Labrador, Canada.

Transaction Overview

The Agreement gives Benz a 45 day period (by October 15, 2016) to complete the rest of the detailed due diligence review (the “Due Diligence Review”) and close the Transaction; and to obtain the Exchange approval by October 31, 2016. The terms of the Agreement provide for an aggregate purchase price of C$100,000 cash payment on or before August 31, 2017, and the issuance of 1,000,000 Benz common shares (the “Consideration Shares“) six months after signing the agreement, and the issuance of 1,000,000 Consideration Shares twelve months after signing the agreement. Upon issuance, the Consideration Shares are to be subject to hold periods and restrictions on resale in accordance with applicable securities laws and Exchange requirements. Benz shall spend C$10,000 on exploration of the property within three months of signing the contract.

Zimtu will also retain a 1.5% net smelter return royalty on any future production from the Property. Benz can acquire half (50%) of the net smelter return royalty from Zimtu, at any time, for C$1,000,000.

The Transaction is subject to requisite regulatory approval, including the approval of the TSX Venture Exchange (the “Exchange”) and standard closing conditions, including, approval of the shareholders of Benz, if required, and completion of due diligence investigations to the satisfaction of Benz, as well as the conditions described below.

There can be no assurances the transaction will close.

About the Corporation

Benz is a junior mining company focused on the exploration and development of mineral properties located in the Americas. Its strategic vision is to become a profitable mining producer providing value for all stakeholders. For more information, please refer to the Company’s website at www.benzmining.com.

This news release contains statements that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include failure to obtain final acceptance of the TSX Venture Exchange. The forward-looking statements contained in this news release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the accuracy or adequacy of this release.

CALGARY, ALBERTA–(Marketwired – Sept. 1, 2016) – Zargon Oil & Gas Ltd. (the “Company” or “Zargon”) (TSX:ZAR)(TSX:ZAR.DB) announces the closing of the sale of all of its Southeast Saskatchewan assets for cash consideration of $89.5 million. The effective date of the transaction is July 1, 2016.

The proceeds of this transaction have initially been used to eliminate Zargon’s bank debt. As outlined below, Zargon’s net debt (including debentures) will be approximately $35.5 million following the transaction:

• Bank debt and net working capital – $64.8 million as of June 30, 2016.
• Net sale proceeds after adjustments (transaction and severance costs) – $86.8 million.
• Net post-closing cash balances – $22.0 million.
• Outstanding June 2017 Convertible Debentures – $57.5 million
• Net debt (including debentures) – $35.5 million

Zargon has also entered into a definitive agreement for the sale of all of its Killam, Alberta assets for cash consideration of $4.0 million, subject to normal closing adjustments. The effective date of the transaction is August 1, 2016 and the transaction is expected to close in mid-September. The Killam, Alberta assets have the following attributes:

• Production: 133 barrels of oil equivalent per day – 58 percent oil and liquids (first half 2016 rates).
• Proven plus probable reserves: 0.67 million barrels of oil equivalent – 64 percent oil and liquids (McDaniel & Associates Consultants Ltd. – Dec. 31, 2015)

Remaining Zargon Assets

With the completion of the Southeast Saskatchewan and Killam, Alberta sales, Zargon’s remaining assets will be highlighted by the Alberta Little Bow Alkaline, Surfactant, Polymer (“ASP”) tertiary recovery project, the Alberta Taber and Bellshill Lake low decline oil properties, and the remaining Williston Basin North Dakota properties. The 2015 year end reserves and first half 2016 production rates for these remaining properties are summarized below:

• Production: 2,749 barrels of oil equivalent per day of low decline production – 81 percent oil and liquids.
• Proven plus probable reserves: 15.09 million barrels of oil equivalent – 88 percent oil and liquids (McDaniel & Associates Consultants Ltd. – Dec. 31, 2015).
• Undeveloped oil exploitation locations – 12 net locations (McDaniel & Associates Consultants Ltd. – Dec. 31, 2015).
• Little Bow ASP tertiary recovery project – Currently, the ASP project is forecast to provide stable oil production for a few quarters. At higher oil prices, the existing ASP infrastructure can be utilized for multiple ASP phases and Polymer only projects seeking a 10 percent incremental oil recovery on over 80 million barrels of working interest oil-in-place.

Pro forma, upon successful completion of the sale of the Southeast Saskatchewan and Killam, Alberta properties, Zargon’s remaining assets are forecast to have the following attributes in the second half of 2016.

• Oil and liquids production – 2,170 barrels per day.
• Total production – 2,625 barrels of oil equivalent per day.
• Base oil declines – Blended corporate oil decline of 11 percent per year.
• Average royalties – Alberta including ASP; 8 percent: North Dakota; 24 percent.
• Operating Costs – Alberta including ASP; $17.2 million (annualized): North Dakota; $2.0 million (annualized).
• 2016 second half Capital Budget – ASP Polymer Injections; $1.8 million, Other Oil Exploitation Projects: $0.6 million, Abandonments and Site Reclamations; $0.3 million.
• 2017 Capital Budget – ASP Polymer Injections; $3.6 million, Other Oil Exploitation Projects: $1.5 million, Abandonments and Site Reclamations; $1.5 million. If oil prices improve from current levels, this budget can be increased to incorporate high-graded oil exploitation locations and the resumption of Alkaline and Surfactant injections in high-graded areas of the Little Bow ASP project.

Additional information regarding Zargon’s low decline, oil exploitation properties are available on our website at www.zargon.ca.

Ongoing strategic alternatives process

Last year, Zargon announced the formation of a special board committee to examine alternatives that would maximize stakeholder value in a manner that would recognize the company’s fundamental inherent value related to Zargon’s long-life, low-decline conventional oil assets and the significant long term oil potential related to the Little Bow ASP project.

The sale of Zargon’s Southeast Saskatchewan and Killam, Alberta assets are a significant step in this process. The strategic alternatives process is continuing and may include but is not limited to, a financing, merger or other business combination, sale of the company or a portion of the company’s business or assets, or any combination thereof, as well as the continued execution of our business plan.

Forward-Looking Statements

This press release contains forward-looking statements relating to our plans and operations as at September 1, 2016. Forward-looking statements typically use words such as “anticipate”, “continue”, “estimate”, “expect”, “forecast”, “may”, “will”, “project”, “should”, “plan”, “intend”, “believe” and similar expressions (including the negatives thereof). In particular, this press release contains forward-looking statements relating, but not limited to: our business strategy, plans and management focus; our expected oil decline rates, average royalties, operating costs and net debt; plans with respect to our remaining assets, plans with respect to our 2016 and 2017 capital programs, including ASP, our forecasted 2016 production guidance and our plans for our strategic alternatives process. In addition, all statements relating to reserves, including ASP reserves, in this press release are deemed to be forward-looking as they involve an implied assessment, based on certain assumptions and estimates, that the reserves described, can be properly produced in the future.

By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond our control, such as those relating to results of operations and financial condition, general economic conditions, industry conditions, changes in regulatory and taxation regimes, volatility of commodity prices, escalation of operating and capital costs, currency fluctuations, the availability of services, imprecision of reserve estimates, geological, technical, drilling and processing problems, environmental risks, weather, the lack of availability of qualified personnel or management, stock market volatility, the ability to access sufficient capital from internal and external sources and competition from other industry participants for, among other things, capital, services, acquisitions of reserves, undeveloped lands and skilled personnel. Risks are described in more detail in our Annual Information Form, which is available on sedar and our website. Forward-looking statements are provided to allow investors to have a greater understanding of our business.

You are cautioned that the assumptions, including, among other things, future oil and natural gas prices; future capital expenditure levels (including ASP); future production levels; future exchange rates; the cost of developing and expanding our assets; our ability to obtain equipment in a timely manner to carry out development activities; our ability to market our oil and natural gas successfully to current and new customers; the impact of increasing competition; our ability to obtain financing on acceptable terms; and our ability to add production and reserves through our development and acquisition activities used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Our actual results, performance, or achievement could differ materially from those expressed in, or implied by, these forward-looking statements. We can give no assurance that any of the events anticipated will transpire or occur or, if any of them do, what benefits we will derive from them. The forward-looking information contained in this document is expressly qualified by this cautionary statement. Our policy for updating forward-looking statements is that Zargon disclaims, except as required by law, any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Other Advisories – Boe’s may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion ratio on a 6:1 basis may be misleading as an indication of value. The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation.

FURTHER INFORMATION:

Based in Calgary, Alberta, Zargon’s securities trade on the Toronto Stock Exchange and there are currently approximately 30.484 million common shares outstanding.

Zargon is a Calgary based oil and natural gas company working in the Western Canadian and Williston sedimentary basins and is focused on oil exploitation projects (waterfloods and tertiary ASP) that profitably increase oil production and recovery factors from existing oil reservoirs.

In order to learn more about Zargon, we encourage you to visit Zargon’s website at www.zargon.ca where you will find a current shareholder presentation, financial reports and historical news releases.

CALGARY, ALBERTA–(Marketwired – Sept. 1, 2016) – AlkaLi3 Resources Inc., formerly Veraz Petroleum Ltd., (NEX:ALK.H) (the “Company” or “ALK“) is pleased to announce that it has entered into an agreement (the “Acquisition Agreement“) with VE Resources Inc. (“VE“) and the sole shareholder of VE (the “Vendor“) (both of whom are arm’s length parties) pursuant to which the Company is expected to acquire an indirect 50% interest in the 4,060 acre Scotty’s Flats group of highly prospective lithium exploration claims (the “Property“) in central Nye County, Nevada (the “Acquisition“).

Paul Baay, the Company’s Chairman, comments “the acquisition of these claims represents an exciting step in the evolution of the Company, as we look to discover the next lithium deposit to service the world’s increasing demand.”

The Acquisition

Pursuant to the Acquisition Agreement, the Company will acquire 50% of the outstanding shares of VE from the Vendor in exchange for 6,000,000 common shares of the Company (“Shares“). Pursuant to the policies of the TSX Venture Exchange (“Exchange“), the Shares will be issued at a deemed price of $0.05 per Share, which was the last trading price of the Shares prior to the execution of the Acquisition Agreement. As a result, the Company will hold a 50% interest in VE. Pursuant to the terms of the Acquisition Agreement, the Company will appoint up to two directors to VE’s board at closing, which is currently comprised of two directors. The Company understands that the Vendor is currently negotiating an agreement to sell the remaining 50% of VE’s outstanding shares to a third party. The Company anticipates entering into one or more agreements with such third party in respect of the governance of VE and the operation of its assets.

Completion of the Acquisition will be considered a reviewable acquisition in accordance with Exchange Policy 5.3 and is subject to a number of conditions including, but not limited to, Exchange acceptance. The Acquisition and the issuance of Shares in connection therewith are subject to receipt of all necessary regulatory approvals, including the approval of the Exchange. There can be no assurance that the Acquisition will be completed as proposed or at all.

In accordance with Exchange policies, the Company’s Shares were halted from trading and are expected to resume trading today.

Scotty’s Flats Property Highlights

The primary asset held by VE is the Property. In connection with the Acquisition, the Company has commissioned a National Instrument 43-101 compliant technical report entitled “Geological Report and Summary of the Field Examination, Scotty’s Flats Properties, Nye County Nevada” dated July 8, 2016, as amended July 11, 2016, (the “Report“) in respect of the Property. The following description of the Property is derived from the Report. The Company anticipates filing the Report on SEDAR following closing of the Acquisition.

The Property consists of 29 Association Placer claims, representing the equivalent of 203 20 acre placer claim units, which cover a total of 4,060 acres, in central Nye County, which is approximately 50 kilometers (“km“) south of Goldfield, Nevada, two to six km west of the western boundary of the Nevada Military Test site and State Highway 95 and 35 km North of Beatty, Nevada. The Property is 100% controlled by the Vendor without underlying obligations or encumbrances.

The Report describes the Property as an early stage but well defined opportunity for discovery of brines with significant concentrations of lithium and other elements amenable to evaporitic concentrations from continental brines.

The Property covers a key position in the deep quaternary pull-apart basin. The United States Geological Survey (“USGS“) has defined this as a closed basin with mature evaporites and excellent potential for concentration of lithium bearing brines. The source materials for the basin include the Upper Miocene Esmeralda Formation surrounding the Clayton Valley and Lida Valley, the Miocene Horse Springs Formation within the Military Test Site immediately east of the Property, and the tertiary volcanic complex in the Bullfrog Mine/Beatty Area along the south flank of the subject basin. No drilling has been undertaken to confirm the chemistry of the brines within this mature evaporite complex but published USGS results confirm the presence of anomalous lithium concentrations in a very preliminary surface sampling of clay, halite and gypsum bearing sediments in the basin. The Report states that the Property therefore offers good exploration potential in a well defined target environment.

The Report also notes that the Property is located in a geopolitical environment permissive to commercial development, and that access and infrastructure are ideal for a cost effective program of target definition and development using well defined geological, geochemical and geophysical tools and rapid advancement to the drilling stage.

The Report recommends that a two phased work program be completed, with Phase 1 of the work program budgeted at approximately $159,000 and expected to consist of: (i) orientation auger geochemical sampling for salts, clays and brines; (ii) airborne gravity, magnetic and ZTem surveys to map the basin geometry and conductive brine bearing aquafers; (iii) permitting for seismic lines; and (iv) a drilling program contingent on geophysical results from the other activities noted. The Phase 2 work program is recommended to include seismic profiles, detailed target modeling for drill planning, the completion of four drill holes and hydrogeological testing. The budget for Phase 2 of the program will be dependent on the results from Phase 1.

All scientific or technical information provided in this news release has been reviewed and approved by the author of the Report, David Bending, M.Sc., P.Geo. (BC 1992), a professional geoscientist and project manager contracted by the Company and a qualified person as defined by National Instrument 43-101. Mr. Bending has verified any data disclosed herein, including sampling, analytical and test data underlying the information or opinions contained in this news release, via multiple site visits to the Property and associated field examinations.

Application to Graduate from NEX to the TSXV

In connection with the Acquisition, the Company expects to apply to graduate from NEX to Tier 2 of the Exchange. The Company sold its oil and gas assets in 2012 and became an inactive company trading on NEX on July 30, 2012. Upon completion of the Acquisition and subject to Exchange acceptance, it is expected that the Company will become a junior mining issuer.

Forward-Looking Statements

This news release contains certain forward-looking statements or information (“forward-looking statements”) as defined by applicable securities laws that involve substantial known and unknown risks and uncertainties, many of which are beyond the Company’s control. These forward-looking statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. The use of any of the words “plan”, “expect”, “prospective”, “project”, “intend”, “believe”, “should”, “anticipate”, “estimate”, or other similar words or statements that certain events “may” or “will” occur are intended to identify forward-looking statements. The projections, estimates and beliefs contained in such forward-looking statements are based on management’s estimates, opinions, and assumptions at the time the statements were made, including assumptions relating to: the current commodity price environment; the impact of economic conditions in North America and globally; industry conditions; changes in laws and regulations including, without limitation, the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; increased competition; the availability of qualified operating or management personnel; fluctuations in commodity prices, foreign exchange or interest rates; stock market volatility and fluctuations in market valuations of companies with respect to announced transactions and the final valuations thereof; results of sampling, exploration and testing activities; and the ability to obtain required approvals and extensions from regulatory authorities. We believe the expectations reflected in those forward-looking statements are reasonable but, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive from them. As such, undue reliance should not be placed on forward-looking statements. Forward-looking statements contained herein include, but are not limited to, statements regarding: the terms of the Acquisition and the Acquisition Agreement; receipt of all required regulatory approvals, including the Exchange; completion of the Acquisition and graduation of the Company to Tier 2 of the Exchange; the Company entering into one or more additional agreements with respect to the governance of VE and the operation of its assets; the resumption of trading of the Company’s common shares; the Company’s ability to explore for and recover the expected deposit types from the Property; the description of the Property described in the Report; the anticipated activities for Phase 1 and Phase 2 of the work program on the Property recommended in the Report; the proposed budget for Phase 1 of the work program on the Property recommended in the Report; and the anticipated timing for filing of the Report. The forward-looking statements contained herein are subject to numerous known and unknown risks and uncertainties that may cause the Company’s actual financial results, performance or achievement in future periods to differ materially from those expressed in, or implied by, these forward-looking statements, including but not limited to, risks associated with: the Acquisition and receipt of all necessary regulatory approvals, including the Exchange; fluctuations in commodity prices, foreign exchange or interest rates; the failure to obtain required regulatory approvals or extensions; failure to secure required equipment and personnel; changes in general global economic conditions including, without limitations, the economic conditions in North America; increased competition; the availability of qualified operating or management personnel; changes in laws and regulations including, without limitation, the adoption of new environmental and tax laws and regulations and changes in how they are interpreted and enforced; the results of sampling, exploration and development activities; the ability to access sufficient capital from internal and external sources; and stock market volatility. The Company cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. The forward-looking statements contained in this news release speak only as of the date hereof and the Company does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be require pursuant to applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SINGAPORE, SINGAPORE–(Marketwired – Sept. 1, 2016) – Terra Nova Energy Ltd. (“Terra Nova” or the “Company”) (TSX VENTURE:TGC)(OTCQX:TNVMF) is pleased to announce that it has entered into a Farmout Agreement (“Agreement”) with Zeta Petroleum (Romania) S.R.L. (“Zeta Petroleum”) to acquire up to an eighty percent (80%) participating interest in the Bobocu License, onshore Romania.

Terra Nova will be entitled to acquire an initial forty percent (40%) participating interest in the Bobocu Production License upon: (1) The drilling of one commitment side-track entering of an existing well (“well”) on the License; and (2) Cash payments totaling USD $1,040,000, of which 40% of the cash payment will be paid on certain milestone events and 60% of the cash payments will be paid out of Terra Nova’s entitlement to future production.

Terra Nova may acquire an additional forty percent (40%) participating interest in the Bobocu Production License by drilling one additional exploration well to a total depth of 2,800 meters and making an additional cash payment totaling USD $1,040,000, of which 50% of the cash payment will be paid on certain milestone events and 50% of the cash payment will be paid out of Terra Nova’s entitlement to future production.

The obligations under the Agreement are conditional on, among other things, National Agency for Mineral Resources’ unconditional written approval of the assignment of the participating interest to Terra Nova and the side-track well.

To view the map associated with this press release, please visit the following link: http://media3.marketwire.com/docs/Romania.jpg.

Henry Aldorf, CEO of Terra Nova stated: “We are looking forward to working with our partner Zeta Petroleum to develop the Bobocu license in Romania, a member country of the European Union and the OECD. Romania, contains South Eastern Europe’s most significant oil and gas reserves and possesses surplus refining capacity. The extensive existing infrastructure, the attractive prospective geology and its strategic location within the European energy markets all creates a robust environment for the Romanian petroleum industry. Romania is currently the largest natural gas producer in Eastern Europe.”

The Bobocu gas field is located in the foreland basin of the Carpathians 150 km NE of Bucharest, Romania. The field was discovered by Romgaz in 1966, and produced from 1977 to June 1995, and again from December 2000 until November 2001.

A total of 31 wells have been drilled in the area and gas has been produced from 14 Upper Miocene sandstone reservoirs located from 2,500 meters to 2,700 meters in depth.

Key Bobocu Highlights:

• Total production to date has been 33 Bcf (10.4 Bcm) from 15 wells.
• The field was discovered and developed solely on 2D seismic data. Terra Nova’s partner has acquired 75 km² of 3D over the field, which has been reprocessed.
• Robust Project Economics: Gas prices for gas produced in Romania are regulated by the Regulatory Authority for Energy (ANRE). The current average monthly regulated price for domestically produced gas is RON 60 per MWh or approximately US$ 4.00 to US$ 4.50 per mmcf.
• Proximity to Key Infrastructure: The Bobocu Gas Field has a 10 inch pipeline connecting to the high-pressure national grid.
• Near term monetization of potential gas reserves as early as 2017.

About Terra Nova Energy Ltd.

Terra Nova Energy Ltd. is an oil and gas company with a 20.66% working interest in two onshore petroleum exploration licenses (“PELs”), being PEL 112 and PEL 444, located on the western flank of the Cooper Eromanga Basin in the State of South Australia, Australia. Its common shares trade on the TSX Venture Exchange under the symbol “TGC” and its ordinary shares trade in the U.S. on the OTCQX marketplace under the symbol “TNVMF.”

This news release contains forward-looking information relating to Terra Nova’s intentions to conduct the drilling programs and other statements that are not historical facts. Such forward-looking information is subject to important risks and uncertainties that could cause actual results to differ materially from what is currently expected, for example: risks related to oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, competition from other producers, inability to retain drilling rigs and other services, reliance on key personnel, and insurance risks. Findings by other oil and gas issuers does not necessarily indicate that Terra Nova will be successful in making such findings in the Western Flank. In making such forward-looking statements, Terra Nova has relied upon certain assumptions relating to geological settings, commodity prices, the stability of markets and currencies and the availability of capital to Terra Nova in order to continue with the seismic and drilling programs. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While Terra Nova may elect to, Terra Nova is under no obligation and does not undertake to update this information at any particular time, except as required by applicable securities law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.