Planned Drilling Programs Boost Denison Mines and Uranium One

In early Monday morning trading, Uranium producers Denison Mines Corp. (DNN) and Uranium One Inc. (SXRXF.PK), were up 7% and 4.3%, respectively.

On Friday, Denison (25% stake) and its joint venture partners provided a resource estimate for its Midwest A deposit in the Athabasca Basin of northern Saskatchewan. The results were in line with estimates from Raymond James analyst Bart Jaworski, who said a planned drilling program this year will likely expand the resource. He upgraded his rating to “strong buy” from “outperform” due to recent share price weakness.

As for Uranium One, the renewed investor interest may be for the same reason. The stock fell roughly 30% last week after the company announced a reduction to its output forecast, and the departure of its CEO.