GoviEx provides update on drilling program at its Madaouela Uranium Project in Niger

GoviEx Uranium (TSX-V: GXU) (“GoviEx” or “Company”) announced today that it has completed the previously announced exploration drilling program adjacent to the Miriam Deposit at its Madaouela Uranium Project in Niger (“Madaouela Project”).

The Company’s geologists concluded that the drilling does not add to the project’s open-pit mineral resources.

GoviEx’s CEO Daniel Major said:

“The latest drilling results will not add to our near-surface resource. Based on all the Miriam drilling results to date, the Company remains confident of the prospective nature of the Madaouela Project and will continue to target further project optimization opportunities.”

Based on the GoviEx’s 2015 Integrated Development Plan, the fully-permitted Madaouela Project represents a proposed base case envisioning a 2.69 Mlb per year U3O8 yellowcake production rate over an 18-year mine life, and a total production of 45.6 Mlb U3O8 with forecasted cash operating costs of US $24.49/lb U3O8, excluding royalties.

The Company remains focused on implementing its integrated four-step strategy to advance the Madaouela Project towards a production decision. The strategy includes:

  • Debt finance structuring, including engagement of various export credit agencies,
  • Project optimization and completion of detailed engineering,
  • Off-take structuring, and
  • Project equity financing.

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