Though uranium is currently selling at $74 per pound, it closed last year at $90 per pound. Industry officials believe higher international demand for nuclear fuel will force uranium prices higher during the upcoming years. 

In Mongolia, Denison Mines is managing partner with a 70 percent stake in the Gurvan Saihan uranium site. The Mongolian and Russian governments are the other stockholders in the site. 

“We believe that it's at or near the bottom of the (uranium) price cycle,” CEO Peter Farmer said on Tuesday.  

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