Mr. Daniel Major reports

GOVIEX URANIUM FILESA NI 43-101 TECHNICAL REPORT ON THE PRELIMINARY ECONOMIC ASSESSMENT FOR THE MUTANGA URANIUM PROJECT IN ZAMBIA

Further to GoviEx Uranium Inc.'s news release on Nov. 21, 2017, it has filed the "NI 43-101 Technical Report on a Preliminary Economic Assessment of the Mutanga Uranium Project in Zambia," dated Nov. 30, 2017.

The PEA was prepared by qualified persons from SRK Consulting (UK) Ltd. and is available under the company's profile on SEDAR, and on the company's website.

Highlights of the PEA include the following:

• The project development plan envisions an average annual production rate of 2.4 million pounds of U3O8 yellowcake over an initial 11-year mine life, with an 88-per-cent ultimate uranium recovery rate.
• Initial capital costs are estimated at $123-million (U.S.), with estimated cash operating costs of $31.1 (U.S.)/lb U3O8, excluding royalties. Total life-of-mine costs are forecast at $37.9 (U.S.)/lb U3O8.
• The PEA is based on measured and indicated mineral resources of 15 million pounds (Mlb) U3O8 and 45 Mlb of inferred mineral resources.
• At a long-term uranium price of $58 (U.S.)/lb U3O8, the base case project economics for this project are positive, and indicate an after-tax net present value of $112-million (U.S.) (at 8-per-cent discount rate) with an internal rate of return (IRR) of 25 per cent and total life-of-mine net free cash of $268-million (U.S.).

The PEA is considered preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves have not yet demonstrated economic viability. Due to the uncertainty that may be attached to inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration or mineral reserves once economic considerations are applied; therefore, there is no certainty that the production profile concluded in the PEA will be realized.

The Mutanga project consists of three contiguous, fully permitted mining licences.

MINERAL RESOURCE ESTIMATE, MUTANGA URANIUM PROJECT, ZAMBIA, SRK CONSULTING (UK) LTD. 

Deposit         Category  Tonnes (Mt)U3O8 Grade (ppm)     U3O8 Mlb
Mutanga2        Measured             1.9          481          2.0
               Indicated             8.4          314          5.8
                Inferred             7.2          206          3.3
Dibwe2          Inferred            17.0          239          9.0
Dibwe East2     Inferred            43.1          304         28.9
Gwabe3          Measured             1.3          237          0.7
               Indicated             3.6          313          2.5
                Inferred             0.7          178          0.3
Njame3          Measured             2.7          350          2.1
               Indicated             3.7          252          2.1
                Inferred             2.1          225          1.1
Njame South3    Inferred             4.4          250          2.4
Subtotal measured                    5.9          366          4.8
Subtotal indicated                  15.7          299         10.4
Measured and indicated              21.6        317.5         15.1
Inferred                            74.6        273.0         44.9

Qualified persons

The qualified persons from SRK Consulting (UK) Ltd. for the PEA are: Robert Bowell, BSc, PhD, CChem, CGeolFGS, EGeolFIMMM; corporate consultant (recovery methods, mineral processing and metallurgical testing) Guy Dishaw, PGeo, senior resource geology consultant (exploration, geology, drilling, sample preparation, data verification and resource estimation) Filip Orzechowski, MSc, MIMMM, CEng -- chartered mining engineer (mining).

The scientific and technical information in this release has been reviewed 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 National Instrument 43-101 for uranium deposits. Dr. Bowell has verified the data disclosed in this news release.

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 mine-permitted Mutanga project in Zambia, and its other uranium properties in Africa.