GoviEx Uranium and Toshiba Complete US$40 Million Strategic Financing and Sign Off-Take Agreement

GoviEx Uranium Inc.'s Executive Chairman Mr. Govind Friedland announced today that the company has closed a US$40 million tactical financing and executed an off-take agreement with Japanese industrial and nuclear giant Toshiba Corporation to advance the growth of GoviEx's Madaouela Project, located in the heart of Niger's uranium-producing district.

"We are pleased to welcome a partner with Toshiba's stature as a global enterprise that has built a reputation as one of the world's major suppliers of nuclear power reactors," said Mr. Friedland. "Toshiba's investment is an conversant gesture of confidence, not just in our management team and our project, but also in the Republic of Niger and its long history as a stable partner in increasing and supporting uninterrupted uranium exports from one of the world's most prolific uranium mining districts."

Mr. Kiyoshi Okamura, Corporate Vice-President of Toshiba, said, "Toshiba has long been looking for an additional project that makes sense in conditions of size and production timeline. GoviEx stood out from others and it is important for Toshiba to make an upstream investment to secure a long-term, stable supply for our clients worldwide." The off-take agreement provides for a 14-year right and compulsion to purchase up to 600,000 pounds of uranium per year, roughly equivalent to the fuel necessary to operate one 1,000-megawatt nuclear power plant.

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