ENERGY METALS LTD — Major Shareholding Notification 2007

Sep 18, 2007

604 page 1/2 15 July 2001

Form 604 Corporations Act 2001 Section 671B Notice of change of interests of substantial holder

To: Company Name/Scheme	EnergyMetals Limited
ACN/ARSN	ACN: 111 306 533
1. Details of substantial holder (1)
Name	Denison Mines Corp.(“Denison”)
ACN/ARSN (if applicable)	N/A
There was a change in the interests of the
substantial holder on	05 / 09 / 07
The previous notice was given to the company on03 / 04 / 06
The previous notice was dated	03 / 04 / 06
2. Previous and present voting power
The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3)
in when last required, and when now required, to give a substantial holding notice to the company of scheme, are as follows:

Class of securities (4)	Previous notice	Previous notice	Present notice	Present notice
	Person’s votes	Voting power(5)	Person’s votes	Voting power(5)
Ordinary Shares	3,000,000	12.0%	3,000,000	10.6%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme as follows:

Date of change	Personwhoserelevantinterest	Nature ofchange (6)	Considerationgiven in relationto change (7)	Class andnumber ofsecurities affected	Person’s votesaffected
05 / 09 /07	Denison	Increase in number of sharesoutstanding.	n/a	n/a	3,000,000

4. Present relevant interest

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder ofrelevantinterest	Registeredholder ofsecurities	Person entitled to beregistered as holder(8)	Nature of relevant interest (6)	Class andnumber ofsecurities	Person’s votes
Denison	Denison	Denison	Fully paid ordinary shares.	3,000,000ordinary commonshares	3,000,000

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604 page 2/2 15 July 2001

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable) Nature of association N/A N/A

6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
EnergyMetals Limited	Level 2,18 Kings Park Road,West Perth,Western Australia 6005
Denison Mines Corp,	595 BayStreet,Suite 402,Toronto,ON M5G 2C2

Signature

print name Ron F. Hochstein capacity Director sign here date 18 / 09 / 07

DIRECTIONS

(1) If there are a number of substantial holders with similar or related relevant issues (eg. A corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.

• (2) See the definition of “associate” in Section 9 of the Corporations Act 2001.

• (3) See the definition of “relevant interest” in sections 608 and 671B(7) of the Corporations Act 2001.

• (4) The voting shares of a company constitute one class unless divided into separate classes.

• (5) The person’s votes divided by the total votes in the body corporate or scheme multiplied by 100.

• (6) Include details of:

  • (a) any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document setting out

    • the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

  • (b) any qualification of the power of a person to exercise, control the exercise of, the voting powers or disposal of the securities to

    • which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of “relevant agreement” in section 9 of the Corporations Act 2001.

• (7)

Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become

entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

• (8)

If the substantial holder in unable to determine the identity of the person (eg. If the relevant interest arises because of an option) write “unknown”.

• (9) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

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