GoviEx Uranium to restructure, seeks Madaouela Mine permit in Niger

GoviEx Uranium Inc., the mineral resource company overseeing Niger's Madaouela Mine Project and other uranium mines in Niger, said on Thursday that it is restructuring the company in an effort to build performance and value while also cutting operating and sustaining expenses by half.

The company said it will slash its workers' salaries and benefits by 20 percent. The company's senior executives have been offered stock options with a Dec. 31, 2017, expiration date from a $2.8 million pool for 0.1125 cents that may vest on Jan. 1, 2017, (subject to terms established by the company).

The Madaouela Project's mine permit has not yet been issued, and GoviEX officials are working closely with the Niger government to keep the permit process going.

"We are pleased with the progress that we have made toward attaining a mine permit for the proposed development of our flagship Madaouela uranium project," Govind Friedland, GoviEx founder and executive chairman, said. "The team at GoviEx is focused on strengthening the company and further advancing this large, high-grade project."

More information is available online at www.goviex.com.