Sells Zambian Uranium Projects

7 March 2017

Sale of Zambian Uranium Projects

• African Energy Resources Ltd has executed a binding agreement to sell its Zambian uranium portfolio to TSX-V listed GoviEx Uranium Inc. for consideration of 3.0M GoviEx shares and 1.6M common share purchase warrants.
• GoviEx shares last traded at C$0.325
• On completion, this transaction will unify African Energy�s Chirundu and Kariba Valley properties with GoviEx�s Mutanga project, resulting in contiguous tenements containing combined mineral resources of 15.2Mlb U₃O₈ in the Measured and Indicated categories and 45.2Mlb U₃O₈ the Inferred category.
• GoviEx also owns uranium projects in Niger, where Measured and Indicated resources containing 110.75Mlb U₃O₈ and Inferred resources containing 27.6Mlb U₃O₈ have been identified.
• The sale of African Energy�s uranium projects is subject to various regulatory approvals and is expected to close before the second half of July 2017.
• African Energy continues to focus on its portfolio of power generation projects in Botswana, including the 450MW Sese Joint Venture.

To view today's announcement in full, please click here.