Significant Gold Sampling Program At Falea Project

VANCOUVER - GoviEx Uranium Inc. has commenced a diamond drill core assay program on the Birimian-aged metasedimentary, volcanic and intrusive rocks intervals from previous existing diamond drill core completed within the Falea deposit in Western Mali. The objective of the sampling program is to investigate the polymetallic and precious metal potential of the deposit below the uranium bearing sandstone unconformity.

"Our recent gold soil sampling survey highlighted the potential for gold at the Falea Project to be present stratigraphically below the uranium deposit. The core sampling program we are announcing today is focused on advancing and proving this theory. GoviEx's team of geologists are excited by the initial visual assessment of the 96 diamond drill cores logged that display intervals of quartz veining, chalcopyrite and pyrite in many of the core, which appears to add further support and evidence that the gold anomalies associated with the Birimian greenstones apparently underlays the known uranium-copper-silver mineralization of the Falea Project.

"While the development of the Madaouela Uranium Project in Niger remains the Company’s primary focus, creating shareholder value on all of our projects remains a core driver to our strategy," said, Executive Chairman, Govind Friedland.

The previous exploration work conducted before GoviEx acquired the Falea Project had stopped diamond drilling at depths approximately 30 metres into the Birimian as they were targeting the sandstone hosted unconformity itself rather than the precious and base metal potential that is well known to be Birimian hosted. The core samples currently being taken will be analyzed for gold and multi-elements to assess the potential for gold and other base metal such as copper and silver which are already known to be present within the Falea uranium deposit.

The prior release disclosed the results of gold geochemical sampling program at the Falea Project with significant gold in soils anomalies in the Birimian rocks that suggest the potential extensions of the Sirabaya West and the Siribaya- Bambadinka gold trends through, and potentially intersecting within, the Falea Project. The presence of these gold in soils anomalies occurring along similar structural trends with the Falea Project, positively signals the mineral potential of the Falea Project, which the Company is now further exploring through the current core sampling program.