Summary

GoviEx Uranium Inc. and GoviEx Niger Holdings Ltd., GoviEx's fully owned subsidiary, have commenced arbitration proceedings against the Republic of the Niger under the Convention on the Settlement of Investment Disputes Between States and Nationals of Other States (the "ICSID Convention").

The Companies commenced the Arbitration pursuant to the arbitration clause set out in the Mining Convention signed on 26 May 2007 by GoviEx Niger and the State (the "Mining Convention") which is governed by Nigerien Law, including the 1993 Mining Law as supplemented in 1999 and amended in 2006 (the "Mining Code"), on the basis that the State breached its obligations, as set out in the Mining Convention and Nigerien Law.

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