The most recent substantial holder notice had Denison holding around 97% of White Canyon, with the compulsory acquisition for the remaining 3%.

Denison is an intermediate uranium producer with production in the U.S., combined with a diversified development portfolio of projects in the U.S., Canada, Zambia and Mongolia.

The most recent substantial shareholder notice has Denison holding 82.6% of White Canyon, with the White Canyon directors and major shareholders having already accepted the offer.

The offer is set to close on Friday 10 June 2011.

Denison already holds just under 65% of White Canyon's shares.

The offer values White Canyon at A$57 million, a 51% premium over the 90 days of trading before a trading halt was announced.

A substantial shareholder of White Canyon, Ms Lulu Yu, has already accepted the Denison offer for her 27% holding.

Also included in the acceptances received by Denison are those from both of White Canyon’s substantial shareholders including Michael Shumway, the operations manager of White Canyon with a 20% holding.

Directors of White Canyon have informed Denison that they have now accepted the offer for all of their shares.

The offer remains subject certain defeating conditions, principally a 90% minimum acceptance condition.

This amounts to 58% of White Canyon’s shares on issue under Denison's off-market takeover.  Of note, a substantial shareholder of White Canyon, Ms Lulu Yu has accepted the Denison offer for her 27% holding.

Included in the acceptances received by Denison to date are those from both of White Canyon’s substantial shareholders including Michael Shumway, the Operations Manager of White Canyon with a 20% holding.

Directors of White Canyon Uranium have informed Denison that they have now accepted the Offer for all of their shares.

The Offer remains subject certain defeating conditions, principally a 90% minimum acceptance condition.

The offer closes at 5:00pm (Perth time) on 20 May 2011, unless extended or withdrawn.

Denison now holds 24.7% of White Canyon, up from 22.8% a day before.

Denison has made the offer at a price of $0.24 cash per share.

The offer is dated 14 April 2011 and closes at 5:00pm (Perth time) on 20 May 2011, unless extended or withdrawn.

White Canyon directors have unanimously recommended shareholders accept the Denison offer unless there is a superior proposal.

Earlier in the month White Canyon's operations manager and substantial shareholder Michael Shumway entered into a pre-bid acceptance deed for his 19.8% shareholding with Denison, in the absence of a superior offer.

Denison has made the offer at a price of $0.24 cash per share.  Last trade for White Canyon was $0.22.

The offer is dated 14 April 2011 and closes at 5:00pm (Perth time) on 20 May 2011, unless extended or withdrawn.

White Canyon Directors have unanimously recommended shareholders accept the Denison Offer unless there is a Superior Proposal.

White Canyon's operations manager and substantial shareholder Michael Shumway has entered into a pre-bid acceptance deed for his 19.8% shareholding with Denison, in the absence of a superior offer.

The Independent Expert has assessed the control value of White Canyon shares to be in the range of $0.172 to $0.211 per share, assuming all options exercised, and $0.174 to $0.217, assuming options are not exercised.

White Canyon’s second largest shareholder, controlling 19.8%, has already entered into a Pre-Bid Acceptance Deed.

White Canyon is one of few uranium producers listed on the Australian and Toronto stock exchanges and was looking to take advantage of rising uranium prices with an exploration program aimed at lifting reserves from its tenements surrounding the Daneros Mine in Utah.

The offer values White Canyon at A$57 million, a 51% premium over the 90 days of trading before a trading halt was announced.

White Canyon is being advised by Apex Capital Partners as financial advisor and Norton Rose Australia as Australian legal advisor.

White Canyon is one of few uranium producers listed on the Australian and Toronto stock exchanges and was looking to take advantage of rising uranium prices with an exploration program aimed at lifting reserves from its  tenements surrounding the Daneros Mine in Utah.

The offer is subect to a 90% acceptance condition of White Canyon's shares by the end of the offer period.

The offer values White Canyon at A$57 million, a 51% premium over the 90 days of trading before a trading halt was announced.

A break fee of $500,000 is payable by either company in certain circumstances.

Mike Bynum, the chief executive officer of White Canyon, said “The White Canyon Uranium Board of Directors has invested a great deal of time and effort in closely evaluating the offer by Denison.

"After thorough consideration of all aspects of the company's future prospects and challenges, we unanimously support and recommend the offer from Denison as being in the best interest of White Canyon Uranium and our shareholders.”

A bidder statement is expected to be lodged with ASIC in mid-March.

White Canyon is being advised by Apex Capital Partners as financial advisor and Norton Rose Australia as Australian legal advisor.

Details have not yet been released identifying if the transaction is a financial one or acquisition.

An announcement is expected to be made before the start of trade on Wednesday 23 February.

One of few listed uranium producers in Australia and in Canada, a total of 35,635 tonnes of ore from White Canyon's Daneros mine was milled by Denison Mines (TSX: DML; NYSE AMEX: DNN) at its White Mesa Mill in the month to December 10, 2010.

Toll milling of White Canyon's uranium ore stockpiled at the White Mesa Mill commenced in November 2010.

The White Mesa Mill is located 100kms from the White Canyon Daneros Mine in Utah, USA.

White Canyon achieved an 0.28% average grade and a 94.06% recovery rate from first ore milled under the agreement with Denison ,which was within expectations.

White Canyon engaged Denison as sales agent for the company’s 'yellow-cake' concentrate which could be sold in to the spot market.

The spot price for uranium has been performing exceptionally well in the past several months and was reported by UXC (The Uranium Consulting Company) at $68 a pound.

With the uranium price spiking 50% to the current price, the company is well placed to increase margins and build cashflows.

White Canyon fast-tracked Daneros to become an advanced uranium production company, holding a 100% interest in multiple mining projects in Southern Utah. These comprise over 15,000 acres of mining claims and mineral leases. The Daneros Mine is White Canyon's first mine to be put into production.

The company has already stockpiled 9,922 tonns of ore for its next mill run in 2011 at the Daneros Mine and production is continuing.

Bynum is credited with arranging capital financing necessary to bring production of the Daneros output to the milling stage, as well as negotiating the sales agency agreement with Denison Mines, which will yield revenues in December 2010.

Bynum will continue to serve as President, White Canyon Uranium, North America, and as an Executive Director on the WCU Board of Directors, and will be based in Moab, Utah.

Both Lark Royal and Daneros are in close proximity to the Denison Mill in Blanding, Utah which began milling ore from the Daneros mine on October 29, 2010 under a toll milling agreement with White Canyon.

White Canyon has multiple accessible uranium mining projects in southeast Utah, comprising approximately 15,500 acres.

Last month White Canyon clinched a sales and agency agreement with Denison Mines (TSX: DML, NYSE AMEX: DNN) to market uranium concentrate from White Canyon's Daneros Mine in Utah and commenced on 1 November 2010.

Sales of concentrate will be sold to the spot market from White Canyon's mine, and could commence as early as December 2010.

This would provide cash flows and revenues for WCU which could provide a shot in the arm for the WCU valuation as sales and revenues increase.

On August 19, in another significant milestone, White Canyon achieved its maiden JORC compliant resource for the Daneros Deposit of 219,021 short tons grading 2,656ppm U3O8 (within a 0.1% U cut-off) for 1.16 million pounds of U3O8.

This will commence on 1 November 2010.

As one of few listed uranium companies producing uranium on the ASX or TSX exchanges, sales of concentrate will be sold to the spot market from White Canyon's mine could commence as early as December 2010.  This would provide cash flows and revenues for WCU which could provide a shot in the arm for the WCU valuation as sales and revenues increase.

This is a milestone for WCU and is ahead of the company’s previous production plan. The Company began mining ore in 2009 after receiving the first mining permit issued in Utah in 30 years.

Denison’s White Mesa Mill is expected to commence toll milling of the Company’s ore in the coming weeks with an expected yield in excess of 200,000 pounds of U308.

White Canyon listed in March 2008 as an advanced uranium exploration and production company holding 100% interest in multiple mining projects in southeast Utah, through its subsidiary, White Canyon Uranium, North America, comprising of approximately 15,500 acres of mining claims and mineral leases.

Denison Mines Corporation is a uranium producer and operates the only Uranium/vanadium mill in the United States, the White Mesa Mill, near Blanding Utah.

On August 19 White Canyon reported its maiden JORC compliant resource for the Daneros Deposit in Utah, of 219,021 short tons grading 2,656ppm U3O8 (within a 0.1% U cut-off) for 1.16 million pounds of U3O8, achieving a significant milestone for the company.

This week, WCU announced a maiden uranium JORC resource estimate at Daneros in Utah, USA.

The move will enable Mr. Sciano to focus on his position as Managing Director of Golden State Resources Ltd (ASX:GDN).

Mr Sciano contributed to the listing of WCU, development of the company and the transition from explorer to uranium producer within the past 12 months - one of few listed companies to do so in recent times.

With the resource open and the limits of mineralisation not identified during the study, indicating that mineralisation extends beyond the current drill data, there is likely to befurther increases to the resource inventory from further exploration at Daneros.

Significantly, WCU has placed an Exploration Target of additional 1Mlbs U3O8, established within the current limits of the resource area.

However, the real benefit of the initial JORC resource is that it provides a qantifiable platform and starting point for WCU to expand its resource base from and for investors to track progress.

There is no shortage of exploration ground and upside as the uranium resource at Daneros is within the Red Canyon district which covers an area of 15,500 acres. It is wholly owned by WCU.

The Daneros Deposit is located in the Red Canyon area of the White Canyon mining district approximately 65 km west of Blanding and some 120 kilometres southwest of Moab in San Juan County of south-eastern Utah, USA.

White Canyon entered the ranks of uranium producers in December 2009 with first production from the Daneros mine, based on an internal model derived from the same drilling database used to delineate the maiden JORC Resource.

This maiden JORC Resource exceeds (in tonnage and grade) the internal model by up to 10% and is consistent with production tonnages and grades achieved to date.

Resource estimates for Daneros are based on the results of the 44 diamond and rotary drill holes drilled in 2008 and the Indicated Resource was based on the assayed samples (24 holes) using ICP method. The remainder of the resource was determined from the 2008 drill holes and 344 historical drill holes.

The resource has an Indicated portion of 707,584 pounds and Inferred of 455,819 pounds of U3O8.

In addition to the Resource Estimate for Daneros, WCU has identified uranium mineralisation within the Daneros wireframe that was not classified in the Resources due to a lack of quality control data in outlying historic drill holes. This mineralisation can be readily added to the Daneros resource with a programme of verification drilling.

This mineralisation will represent an additional 150,000 – 220,000t of mineralisation at a grade similar to the current resource in a range of 0.20% - 0.25% U3O8.

In all, the maiden resource will serve to de-risk WCU and should be seen as a starting point, not an endgame.  In addition, the company is into production, one of the few new listed uranium companies to do so in recent times.

The terms of the agreement provide for US$500,000 to be advanced to the company on a monthly basis up to the full facility of US$2.5 million. The first tranche of US$500,000 is now available and will be drawn down immediately.

In a statement the Company said the agreement represents a significant step forward as the loan funds will progress mining operations in Utah, enabling it to continue mining to produce the required tonnage for milling.  At which time, WCU will join the ranks of uranium producer and marketer.

The Company will use the loan funds to progress its mining operations in Utah.

Lew Cross, chairman of White Canyon said, "this represents a significant step forward for the Company as it will assist it to continue mining to produce the required tonnage for milling at which time the Company is expected to be elevated to the ranks of producer and marketer of uranium."

The terms of the Agreement provide for US$ 500,000 to be advanced to the company on a monthly basis up to the full facility of US$2.5 million. The interest rate on the notes is 8% per annum payable on maturity. The notes mature on 31 December 2010 and can be converted or repaid on that date at the noteholder’s discretion. The notes may also be converted, in part or full, at the noteholder's discretion prior to the maturity date. The conversion price is AUD$10.75 cents per ordinary share.

 The Company will not require shareholder approval to issue any conversion shares, as this can be done in its 15% placement capacity under Listing Rule 7.1.

While any notes are outstanding, the noteholder may appoint a person to the White Canyon board. Any such director must resign on full repayment of the notes. The Agreement also provides the noteholder with a right of first refusal to provide secured debt funding to the Company while any notes are outstanding.

The Agreement is subject to the prior acceptance for filing of the TSX Venture Exchange. The first tranche of US$ 500,000 will be drawn down immediately once such acceptance is obtained. The loan is secured over the assets of the Company that are located in San Juan County, Utah.

The company acquired the properties from a syndicate of private prospectors through an option agreement which was initially announced on December 16 2009.