CSE-listed uranium junior GoviEx Uranium has initiated a strategic realignment to “aggressively” reduce operating and sustaining costs by approximately 50%.

This will be achieved through a programme of targeted compensation adjustments, non-essential retrenchments, cut-backs in overheads, and other cost-cutting measures.

The company’s senior leadership team is proactively participating in the strategic realignment plan and has agreed to a 20% reduction in salary and benefits in an effort to reposition the company for future growth.

In lieu of the foregone compensation resulting from the realignment plan, GoviEx senior executives have been granted a total of 2.8 million stock options with an exercise price of $0.1125 that may vest on 1 January 2017, subject to certain conditions as determined by the company. The options have an expiry date of 31 December 2017.

Madaouela project update

The company also reports the Mine Permit application for its Madaouela project in Niger remains on-going with management engaged in discussions with senior leadership of the Nigerian Government, which to date has been positive.

Management continues to focus on optimising the Madaouela project, and have commenced a programme focused on the development funding for the project.

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

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