GoviEx Uranium has secured an exploration permit for Agaliouk exploration tenement, adjacent to the current boundaries of the Madaouela Project in Niger.

With the receipt of the permit, the Agaliouk tenement is expected to add 11.67 million pounds (Mlb) U3O8 in the measured and indicated categories and 9.35Mlb U3O8 in the inferred category to the Madaouela project’s mineral resource statement.

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According to the resource statement, the Madaouela project is estimated to have total mineral resources of 110.76Mlb U3O8 measured and indicated and 27.66Mlb U3O8 in the inferred segment.

“The granting of the Agaliouk exploration permit allows us to add mineral resources amenable to lower-cost, open-pit mining to the Madaouela project.”

GoviEx Uranium CEO 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 optimise the Madaouela project’s economics.”

In 2015, the company was granted approval of its environmental social impact assessment (ESIA) for the Madaouela project, including the area covered by the Agaliouk exploration permit.

The company’s 2015 development plan envisions the fully permitted Madaouela project alone will have a 2.69Mlb per year U3O8 yellowcake production rate over a mine life of 18 years, and a total production of 45.6Mlb U3O8.

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The estimate does not include the Agaliouk exploration permit.

In order to advance the Madaouela project towards a production decision, GoviEx is currently focused on implementing its integrated four-step strategy, which includes debt finance structuring; project optimisation and completion of detailed engineering; off-take structuring; and project equity financing.