GoviEx Uranium Inc (CVE:GXU) told shareholders Thursday that it remains focused on updating the prefeasibility study on its Madaouela project in Niger, even as the coronavirus pandemic has halted many businesses around the globe.
The junior company said it continues to be optimistic that the study will be completed during the first half of 2020, but acknowledged its timeline may be affected in light of government-imposed lockdowns.
The testwork is targeting areas that may have potential to reduce both operating and capital costs contained in Madaouela’s current technical report.
Prefeasibility (PFS) testwork is currently underway in South Africa, where non-essential businesses are shuttered as part of a mandated three-week lockdown.
“While GoviEx remains optimistic that its PFS consultants may be able to complete the PFS and for GoviEx to provide an update on the Madaouela project economics during the first half of 2020, as previously announced, this may change depending on the extent and duration of the RSA lockdowns, and GoviEx will continue to monitor the situation closely and provide further market updates as and when the situation evolves,” the company said in a statement.
“During these disruptive times, GoviEx remains firm in its resolve and it continues to believe in the strong underlying fundamentals of the uranium and nuclear industry, and deep value in GoviEx's asset base.”
GoviEx’s flagship Madaouela project in Niger - the fourth-largest uranium-producing country in the world – contains 79.4 million pounds of indicated uranium and 31.4 million pounds in the measured category.
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