Vancouver, British Columbia--(Newsfile Corp. - May 18, 2017) - GoviEx Uranium Inc. (TSXV: 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."(1)
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. (1)
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.
Further updates on each of the steps will be provided as new information become available.
(1) An independent NI 43-101 technical report was prepared for the Madaouela Project in 2015 to a pre-feasibility level of confidence. The report titled “An Updated Integrated Development Plan for the Madaouela Project, Niger” has an effective date of August 11, 2015, and a revision date of August 20, 2015, and is available at GoviEx’s profile on SEDAR at www.sedar.com.
Qualified persons
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 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.
About GoviEx Uranium
GoviEx is a mineral resource company focused on the exploration and development of uranium properties. GoviEx's principal objective is to become a significant uranium producer through the continued exploration and development of its mine-permitted Madaouela Project in Niger, and its other uranium properties in Africa.
