GoviEx and Denison Complete Transaction to Combine African Uranium Interests
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GoviEx Uranium Inc. and Denison Mines Corp. have completed the transaction to combine their respective African uranium interests. Under the terms of the transaction, GoviEx has acquired Denison’s wholly owned subsidiary, Rockgate Capital Corp., which holds all of Denison’s Africa-based uranium interests (DML Africa).
GoviEx’s new, combined asset portfolio now includes two permitted uranium development projects — the Madaouela Project in Niger and the Mutanga Project in Zambia. It also includes the Falea Project, an advanced exploration-stage project in Mali, and the exploration-stage Dome Project in Namibia. GoviEx now controls one of the largest uranium resource bases among publicly listed companies.
“The closing of this transaction with Denison signifies a new beginning for GoviEx. The company has greatly expanded its uranium resources, diversified geographically, and introduced a project pipeline to add leverage to the development of our flagship Madaouela Project in Niger. The uranium market also may be reaching a turning point, as we are seeing the classic signs of a commodity being at, or near, the bottom of the commodity cycle,” said Govind Friedland, founder and executive chairman of GoviEx.
“In March, China unveiled its new, five-year plan to increase its nuclear power generation capacity from 27 gigawatts to 150 gigawatts by 2030. With more than US$700 billion in nuclear power generation investments currently planned, the long-term fundamentals for the uranium market remain incredibly strong,” said Friedland.
“Denison is very pleased to have closed this transaction and is looking forward to joining a group of shareholders at GoviEx, which includes other uranium and mining industry heavyweights. This transaction provides Denison shareholders with significant exposure to GoviEx’s Madaouela project, which is one of the world’s most advanced and arguably underappreciated uranium development assets. The closing of this transaction also marks the end of Denison’s transition from being a globally diversified company to one with a clear focus on advancing its Wheeler River project to become the next uranium producer in the Athabasca Basin region,” said David Cates, president and chief executive officer of Denison.
About GoviEx Uranium
GoviEx is a mineral resource company focused on the exploration and development its African 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 mine permitted Mutanga Project in Zambia and Falea Project in Mali.
To stop by GoviEx’s website, CLICK HERE
About Denison
Denison is a uranium development and exploration company focused in the infrastructure rich eastern portion of the Athabasca Basin region in northern Saskatchewan, Canada. Highlighted by its 60 percent owned Wheeler River development project, which hosts the high grade Gryphon and Phoenix uranium deposits, Denison’s project portfolio covers over 350,000 hectares and includes a 22.5 percent interest in the McClean Lake uranium mill, which is permitted for annual production of up to 24 million pounds U3O8 and is currently processing ore from the Cigar Lake mine under a toll milling agreement. Denison’s interests in the eastern Athabasca Basin also include a 61.55 percent interest in the J Zone deposit on the Waterbury Lake property, a 25.17 percent interest in the Midwest deposit, and a 22.5 percent interest in the McClean lake uranium deposits — all of which are located within 20 kilometers of the McClean Lake mill. Denison is also engaged in mine decommissioning and environmental services through its Denison Environmental Services division and is the manager of Uranium Participation Corp.
To stop by Denison’s website, CLICK HERE
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