GoviEx Uranium terminates deal with African Energy Metals
GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) has announced that the agreement with African Energy Metals Inc. (AEM) for AEM’s acquisition of GoviEx’s wholly-owned Malian subsidiary, Delta Exploration Mali SARL (Delta), has been terminated. Delta holds the Falea project in Mali.
The termination of the agreement occurred because AEM was unable to fulfill its obligations for closing the deal. As a result, GoviEx retains ownership of the Falea project. In light of this development, the company has decided to focus its resources on the development of its two advanced-stage mine-permitted projects: the Madaouela project in Niger and the Muntanga project in Zambia.
Objective
GoviEx’s primary objective is to become a significant uranium producer by continuing the exploration and development of its flagship mine-permitted projects. These include the Madaouela project in Niger, the Mutanga project in Zambia, and the multi-element Falea project in Mali. The company has a sizable resource inventory with over 130M lbs U3O8 in measured and indicated categories, and 89.3M lbs U3O8 in the inferred category.
The African continent is home to an abundance of nature resources and holds approximately 30% of the earth’s known mineral resources. Given this natural wealth, mining has exploded on the continent and has attracted fastest-growing foreign direct investments.
