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or Name

GoviEx Uranium Inc
Symbol GXU
Shares Issued 326,424,488
Close 2017-11-14 C$ 0.215
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GoviEx Uranium receives Agaliouk exploration permit

2017-11-15 09:24 ET - News Release

Mr. Govind Friedland reports


Further to its news release of Feb. 1, 2016, where GoviEx Uranium Inc. announced that the renewal application for Agaliouk exploration tenement adjacent to the current boundaries of the Madaouela project in Niger had not been approved at that time, the company now has been granted the Agaliouk exploration permit.

The Agaliouk exploration permit adds 11.67 million pounds U3O8 (triuranium octoxide) in the measured and indicated categories (of which 5.96 million pounds U3O8 relate to the open-pit amenable Miriam deposit) and 9.35 million pounds U3O8 in the inferred category to the Madaouela project's mineral resource statement relating to the Miriam, MSEE and La Banane deposits. The mineral resource statement for the Madaouela project now reflects aggregate mineral resources of 110.76 million pounds U3O8 measured and indicated and 27.66 million pounds U3O8 inferred.

GoviEx's founder and chairman, Govind Friedland, stated, "On behalf of GoviEx and all local and international stakeholders, we warmly welcome the Niger government's issuance of the Agaliouk exploration permit to GoviEx, as approved by Nigerien parliament, in support of the company's continued efforts in advancing the Madaouela project towards commercial production."

GoviEx's chief executive officer, Daniel Major, said: "The granting of the Agaliouk exploration permit allows us to add mineral resources amenable to lower-cost, open-pit mining to the Madaouela project, which could result in prolonging the Madaouela project's mine life beyond that projected in the company's 2015 integrated development plan, which has the potential to further optimize the Madaouela project's economics."

The mineral resources contained within the Agaliouk exploration permit were previously reported by GoviEx for the Madaouela project as part of the mineral resources related to the Madaouela I exploration permit as of April 20, 2015, prior to the company having to relinquish 50 per cent of the Madaouela I permit as part of the permit renewal process in Niger.

Part of the measured and indicated mineral resources related to the Miriam deposit within the Agaliouk exploration permit area were previously reported as part of the mineral reserve statement for the Madaouela project.

GoviEx received approval of its environmental social impact assessment (ESIA) for the Madaouela project from the Niger Minister in charge of the environment in 2015. The approved ESIA included the area covered by the Agaliouk exploration permit.

Based on the GoviEx 2015 integrated development plan, which excludes the Agaliouk exploration permit, the fully permitted Madaouela project represents a proposed base case that envisions a 2.69-million-pound-per-year U3O8 yellowcake production rate over an 18-year mine life, and a total production of 45.6 million pounds U3O8 with forecasted cash operating costs of $24.49 (U.S.) per pound U3O8, excluding royalties.

The company remains focused on implementing its integrated four-step strategy to advance the Madaouela project toward a production decision. The strategy includes:

  1. Debt finance structuring, including engagement of various export credit agencies;
  2. Project optimization and completion of detailed engineering;
  3. Offtake structuring;
  4. Project equity financing.

Further updates on each of the steps will be provided as new information become available.

                          IN ACCORDANCE WITH CIM GUIDELINES 
                         FOR MADAOUELA (CUT-OFF: 0.4 KG/T EU) 
                                  AS OF NOV. 13, 2017

                     Classification       Tonnes         Grade        eU3O8     eU3O8 
                                       (millions)  (kg/t eU3O8)     (tonnes)     (Mlb)

Marianne/Marilyn           Measured         2.14          1.79        3,835      8.45    
                          Indicated        14.72          1.43       21,000     46.30   
                           Inferred         5.04          1.17        5,910     13.02   
Miriam                     Measured         9.62          1.08       10,397     22.92   
                          Indicated         2.68          0.79        2,112      4.66    
                           Inferred         0.58          1.33          773      1.70    
MSNE                      Indicated         5.05          1.61        8,111     17.88   
                           Inferred         0.10          1.34          131      0.29    
Maryvonne                 Indicated         1.23          1.79        2,195      4.84    
                           Inferred         0.42          1.66          703      1.55    
MSCE                       Inferred         0.72          1.81        1,308      2.88    
MSEE                       Inferred         1.45          1.64        2,373      5.23    
La Banane                 Indicated         1.57          1.64        2,589      5.71    
                           Inferred         1.15          1.18        1,358      2.99    
Total measured                             11.76          1.21       14,232     31.37   
Total indicated                            25.25          1.43       36,007     79.39   
Total inferred                              9.46          1.33       12,556     27.66   

Notes: The company's mineral resources as at Nov. 13, 2017, are classified in 
accordance with the Canadian Institute of Mining, Metallurgy and Petroleum's 
(CIM) Definition Standards -- For Mineral Resources and Mineral Reserves in 
accordance with the requirements of National Instrument 43-101, Standards of 
Disclosure for Mineral Projects. Mineral reserve and mineral resource estimates 
reflect the company's reasonable expectation that all necessary permits and 
approvals will be obtained and maintained.

Mineral resources that are not mineral reserves do not have to demonstrate economic viability. Mineral resources are subject to infill drilling, permitting, mine planning, mining dilution and recovery losses, among other things, to be converted into mineral reserves. Due to the uncertainty associated with inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to indicated or measured mineral resources, including as a result of continued exploration.

Qualified person

The scientific and technical information disclosed in this release has been reviewed, verified and approved by Dr. Rob Bowell, a chartered chemist of the Royal Society of Chemistry, a chartered geologist of the Geological Society of London and a fellow of the Institute of Mining, Metallurgy and Materials, who is an independent qualified person under the terms of NI 43-101 for uranium deposits.

About GoviEx Uranium Inc.

GoviEx is a mineral resource company focused on the exploration and development of uranium properties in Africa. GoviEx's principal objective is to become a significant uranium producer through the continued exploration and development of its flagship mine-permitted Madaouela project in Niger, its Mutanga project in Zambia and its other uranium properties in Africa.

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