GoviEx Uranium Files Final Prospectus

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 16, 2014) -

NOT FOR DISSEMINATION IN THE UNITED STATES - FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW

GoviEx Uranium Inc. (GoviEx) announced today that it has filed, and received a receipt for, a final prospectus for its previously-announced initial public offering (IPO) with the Securities Commissions of Ontario and British Columbia. The prospectus qualifies for distribution between 697,674 and 2,325,581 Class A Common Shares priced at US$2.15 each, for total gross proceeds of between US$1.5 million and US$5 million.

GoviEx has applied to list its Class A Common Shares on the Canadian Securities Exchange (assuming successful completion of the IPO). As stated in the prospectus, GoviEx intends to use the net proceeds of the IPO, together with existing working capital, to fund an environmental & social impact assessment as well as a pilot plant in respect of its Madaouela uranium discovery in Niger.

Upon completion of the IPO, GoviEx expects to repay a US$30 million bond held by Toshiba Corporation by the issuance of approximately 29,234,843 Class A Common Shares. GoviEx also expects, upon completion of the IPO, to convert approximately 24.5% of its 117,080,738 outstanding Class B Common Shares, which are subject to resale restrictions, into freely-trading Class A Common Shares. Both of these transactions are described more fully in the prospectus.

GoviEx has engaged Salman Partners Inc. of Vancouver to act as the agent for the IPO and will pay a commission of up to 4% of the IPO's gross proceeds. Completion of the initial public offering is subject to and conditional upon the receipt of all necessary approvals, including regulatory approvals.

The prospectus and other material documents related to the IPO are available on SEDAR (www.sedar.com).

This news release is not an offer of the Class A Common Shares for sale in the United States. The Class A Common Shares have not been, and will not be, registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an exemption from the registration requirements thereof. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About GoviEx

GoviEx Uranium Inc. is a mineral resources company incorporated in British Columbia focused on the exploration and development of uranium properties. The company's principal objective is to become a significant uranium producer through the continued exploration and development of its Madaouela Project and its other uranium properties in Niger.

More information on GoviEx is available at www.goviex.com.

FORWARD-LOOKING STATEMENTS

Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in the company's periodic filings. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may," "potential," "should" and similar expressions, are forward-looking statements. Information provided in this document is necessarily summarized and may not contain all available material information.

All such forward-looking information and statements are based on certain assumptions and analyses made by GoviEx Uranium's management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information or statements. Accordingly, readers should not place undue reliance on forward-looking statements or information. These factors are not, and should not be construed as being, exhaustive. The forward-looking statements and information contained in this release is expressly qualified by this cautionary statement.