NEW YORK, NEW YORK--(Marketwired - Sept. 29, 2015) - This news release is issued by Ivanhoe Industries, LLC ("Ivanhoe Industries"), pursuant to the early warning requirements of Canada's National Instrument 62-103 with respect to the common shares of GoviEx Uranium Inc. ("GoviEx").

On September 24, 2015, Ivanhoe Industries subscribed for 16,228,177 units of GoviEx in a private placement (the "Private Placement"). Each unit consists of one common share, and one common share purchase warrant that entitles the holder to purchase one common share for a period of 24 months from the closing of the Private Placement, subject to applicable adjustments and acceleration provisions described later in this press release. The common share portion of the Units will represent approximately 9.9% of GoviEx's then issued and outstanding common shares at closing. The aggregate purchase price for the Units was C$1,825,669.92, representing a per common share price of C$0.1125. Each warrant entitles the holder to purchase one common share of GoviEx at a price of C$0.18.

Following the Private Placement, Ivanhoe Industries will be deemed to beneficially own 32,456,354 common shares (including 16,228,177 unissued common shares issuable upon the exercise of common share purchase warrants), representing 18.2% of GoviEx's then issued and outstanding common shares on a partially diluted basis. All of these securities are beneficially owned and controlled by Ivanhoe Industries.

Should the closing price of GoviEx's shares on the Canadian Securities Exchange exceed 120% of C$0.18 for each of 15 consecutive trading days (the "Accelerated Exercise"), then the expiry time of the warrant may be accelerated by GoviEx to the day that is 60 days following notice by GoviEx of the Accelerated Exercise.

Ivanhoe Industries acquired the units for investment purposes. Depending on economic or market conditions or matters relating to GoviEx, Ivanhoe Industries may choose to either acquire additional common shares or dispose of common shares of GoviEx.

For further information and to obtain a copy of the early warning report filed under applicable Canadian provincial securities legislation in connection with the transactions hereunder please go to the GoviEx Uranium Inc. profile on SEDAR website, or contact Penny Schattenkirk at (604) 689-8765.

Contact Information:

Penny Schattenkirk
(604) 689-8765