Global Atomic Corporate Update

Global Atomic Corporation ("Global Atomic" or the "Company"), (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12) is pleased to report the latest corporate developments including drilling results and project financing progress.

Stephen G. Roman , President and CEO commented, "Global Atomic continues to move forward on developing and expanding the Dasa Project.  The recent drilling continues to enhance what is already the largest, highest-grade uranium deposit under development in Africa.  We continue to receive confirmation for new mining equipment to be delivered concurrent with the start-up of our underground development in Q4,  and now, with interest from Export Development Canada, we have moved another step closer to our goal of completing project financing for the Dasa Project this year.  Project financing, initial off-take agreements and the formation of our Niger mining subsidiary are all catalysts that our shareholders should expect us to complete in the near term."

Project Financing

Global Atomic has received a Letter of Interest ("LOI") from Export Development Canada ("EDC"), confirming their interest in working with the Company in regard to the financing of the Dasa Uranium Project in the Republic of Niger.  EDC is open to partnering with other export credit agencies, commercial banks and/or financial institutions as co-lenders and to have a lead role in the structuring of the debt facility.  EDC has indicated a potential participation, at typical bank rates, for a greenfield mining project, of up to US$75 million , to form the cornerstone of what is expected to be a syndicate of three banks.

The Company expects to complete the Dasa Project financing arrangements in Q4 2022.  Any potential EDC underwriting is subject to acceptable financing terms and conditions and is also subject to satisfactory due diligence including the completion of an environmental and social review pursuant to EDC's Environmental and Social Risk Management Framework, which includes EDC's Environmental and Social Review Directive and the Equator Principles.

Dasa Project Drilling Program

The 15,000-meter drill program at the Dasa Project continues to build on the results disclosed in  the January 19, 2022 news release ( Positive Initial Report for Dasa Project 2021/2022 Drill Program ).  A further 10 holes have been drilled representing approximately 6,000 metres with the following significant intercepts:

Hole ID

From (meters)

To (meters)

Interval (meters)

eU3O8 (ppm)

ASDH597

478.30

532.10

53.80

1351

Incl.

490.70

501.20

10.50

3585

Incl.

496.60

497.60

1.00

12553


612.70

622.20

9.50

1683

Incl.

617.50

621.30

3.80

3035






ASDH598

594.30

662.20

67.90

1303

Incl.

639.10

657.40

18.30

2260

Incl.

650.00

657.40

7.40

3243






ASDH599

416.20

537.90

121.70

2463

Incl.

436.60

441.90

5.30

12792

Incl.

472.20

511.40

39.20

4299






ASDH600

451.10

486.50

35.40

1243

Incl.

471.60

484.60

13.00

2610

Incl.

478.20

484.40

6.20

4011






ASDH601

452.90

526.00

73.10

1883

Incl.

454.10

457.50

3.40

3138

Incl.

468.80

470.80

2.00

12811

Incl.

469.10

469.60

0.50

21024

Incl.

483.40

485.50

2.10

7727






ASDH602

443.70

497.40

53.70

1164

Incl.

450.30

451.60

1.30

3041

Incl.

474.30

475.00

0.70

3332

Incl.

480.90

483.10

2.20

2829


505.30

530.30

25.00

1451

Incl.

508.40

513.90

5.50

4274

These drill results indicate that the four mining zones 2a, 2b and 3 now represent a contiguous ore body approximately three times larger than initially defined in the Feasibility Study Mine Plan.

Four additional holes outside this ore body did not intersect economic mineralization.

Dasa Longitudinal Section N60 (CNW Group/Global Atomic Corporation)

As the next step to compiling these drill results into a new Mineral Resource Estimate ("MRE") for Dasa, the Company has engaged Dmitry Pertel of AMC Consultants of Perth , Australia.  Mr. Pertel completed all the previous work on the Dasa Project while with CSA Global and will work with the Company on the new MRE which will form the basis of a  new Mine Plan , both of which are planned for completion in Q4 2022.

QP Statement

The scientific and technical disclosures in this news release have been reviewed and approved by Ronald S. Halas , P.Eng. and George A. Flach , P.Geo. who are "qualified persons" under National Instrument 43- 101 – Standards of Disclosure for Mineral Properties.

About EDC

EDC is a Canadian based financial Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage. As international risk experts, EDC equips Canadian companies with the tools they need – the trade knowledge, financing solutions, equity, insurance, and connections – to grow their business with confidence. Underlying EDC's support is a commitment to sustainable and responsible business.

For more information and to learn how EDC can help your company, call EDC at 1-800-229-0575 or visit www.edc.ca .

About Global Atomic

Global Atomic Corporation ( www.globalatomiccorp.com ) is a publicly listed company that provides a unique combination of high-grade uranium mine development and cash-flowing zinc concentrate production.

The Company's Uranium Division includes four deposits with the flagship project being the large, high-grade Dasa Project, discovered in 2010 by Global Atomic geologists through grassroots field exploration. With the issuance of the Dasa Mining Permit and an Environmental Compliance Certificate by the Republic of Niger , the Dasa Project is fully permitted for commercial production.  The Phase 1 Feasibility Study for Dasa was filed in December 2021 and estimates Yellowcake production to commence by the end of 2024.  Mine excavation began in Q1 2022.

Global Atomics' Base Metals Division holds a 49% interest in the Befesa Silvermet Turkey, S.L. ("BST") Joint Venture, which operates a modern zinc production plant, located in Iskenderun, Turkey . The plant recovers zinc from Electric Arc Furnace Dust ("EAFD") to produce a high-grade zinc oxide concentrate which is sold to zinc smelters around the world. The Company's joint venture partner, Befesa Zinc S.A.U. ("Befesa") listed on the Frankfurt exchange under 'BFSA', holds a 51% interest in and is the operator of the BST Joint Venture. Befesa is a market leader in EAFD recycling, with approximately 50% of the European EAFD market and facilities located throughout Europe , Asia and the United States of America.

The information in this release may contain forward-looking information under applicable securities laws.  Forward-looking information includes, but is not limited to, statements with respect to completion of any financings; Global Atomics' development potential and timetable of its operations, development and exploration assets; Global Atomics' ability to raise additional funds necessary; the future price of uranium; the estimation of mineral reserves and resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; cost of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental and permitting risks.   Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "is expected", "estimates", variations of such words and  phrases or statements that certain actions, events or results "could", "would", "might", "will be taken", "will begin", "will include", "are expected", "occur" or "be achieved".  All information contained in this news release, other than statements of current or historical fact, is forward-looking information.   Statements of forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Global Atomic to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Global Atomic and in its public documents filed on SEDAR from time to time.

Forward-looking statements are based on the opinions and estimates of management at the date such statements are made.  Although management of Global Atomic has attempted to identify important factors that could cause actual results to be materially different from those forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.  There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.  Accordingly, readers should not place undue reliance upon forward-looking statements.  Global Atomic does not undertake to update any forward-looking statements, except in accordance with applicable securities law.  Readers should also review the risks and uncertainties sections of Global Atomics' annual and interim MD&As.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this news release.

Global Atomic Corporation logo (CNW Group/Global Atomic Corporation)

SOURCE Global Atomic Corporation

Cision View original content to download multimedia: https://www.newswire.ca/en/releases/archive/April2022/19/c3184.html

News Provided by Canada Newswire via QuoteMedia

GLO:CA,GLATF
The Conversation (0)
GLOBAL ATOMIC PROVIDES DASA PROJECT UPDATE

GLOBAL ATOMIC PROVIDES DASA PROJECT UPDATE

Global Atomic Corporation ("Global Atomic" or the "Company"), (TSX: GLO) (FRANKFURT: G12) (OTCQX: GLATF) is pleased to report on the continuing development of its Dasa Uranium Project in the Republic of Niger .

Stephen G. Roman , President & CEO, stated, " The primary question investors ask is regarding the timing of a term sheet for our banking syndicate's Dasa Project loan facility. While this has been a much longer process than expected, the financing terms are in the final stage of completion, which, upon agreement, will then go to the banks' Boards for approval prior to announcement to our shareholders."

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Global Atomic Announces Q1 2023 Results

Global Atomic Announces Q1 2023 Results

Dasa Uranium Project On Schedule to Produce Yellowcake in Q1 2025

Global Atomic Corporation ("Global Atomic" or the "Company"), (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12) announced today its operating and financial results for the quarter ended March 31, 2023 .

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Global Atomic Completes a Second Definitive Agreement to Supply Uranium to a Major North American Utility

Global Atomic Completes a Second Definitive Agreement to Supply Uranium to a Major North American Utility

Global Atomic Corporation ("Global Atomic" or the "Company"), (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12) announced today that the Company has formalized its June 2022 Letter of Intent by signing a Definitive Agreement with a major North American utility for their procurement of uranium from the Dasa Project. The agreement represents the supply of up to 2.1 million pounds U 3 O 8 within a multi-year delivery window beginning in 2025, representing about 7% of Dasa's annual production over the period with a revenue potential valued in excess of US$110 million in real terms.

In January 2023 , the Company formalized a similar agreement with another major North American utility for the procurement of Dasa's uranium, representing the supply of 2.4 million pounds U 3 O 8 over a six-year period commencing in 2025, representing a revenue potential of US$140 million in real terms.  In total these two agreements represent revenue potential of over US$250 million .

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Global Atomic Announces 2022 Results

Global Atomic Announces 2022 Results

Dasa Uranium Project On Schedule to Produce Yellowcake in Q1 2025

Global Atomic Corporation ("Global Atomic" or the "Company"), (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12) announced today its operating and financial results for the year ended December 31, 2022 .

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Global Atomic Update and Outlook for 2023

Global Atomic Update and Outlook for 2023

Global Atomic Corporation ("Global Atomic" or the "Company"), (TSX: GLO) (OTC-QX: GLATF) (Frankfurt: G12) is pleased to report on operations at its Turkish zinc recycling joint venture and its Dasa Uranium Project in the Republic of Niger .

Turkish Zinc Recycling Joint Venture

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Ur-Energy Announces Appointment of Vice President Regulatory Affairs

Ur-Energy Inc. (NYSE American:URG)(TSX:URE) (the "Company" or "Ur-Energy") is pleased to announce the appointment of Ryan S. Schierman as Ur-Energy's Vice President Regulatory Affairs

Ur-Energy Chairman and CEO, John Cash, stated, "We are pleased to expand our executive team with the addition of Ryan Schierman as our Vice President Regulatory Affairs. Ryan is highly respected as a former regulator and well known in our industry as a true professional with great expertise in regulatory compliance and environmental health and safety matters. Ryan joins us to lead our well-established EHS department as Ur-Energy moves ahead with our Shirley Basin ISR facility and we look forward to additional growth throughout the Company."

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less

Global Atomic Announces 2023 Results and publishes Dasa Uranium Project Feasibility Study

Dasa Uranium Project Remains on Schedule to Produce Yellowcake in Q1 2026

Global Atomic Corporation ("Global Atomic" or the "Company"), (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12) announced today its operating and financial results for the year ended December 31, 2023 .

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Denison Announces Signing of Sustainable Communities Investment Agreement

Denison Mines logo (CNW Group/Denison Mines Corp.)

Denison Mines Corp. ("Denison") (TSX: DML) (NYSE American: DNN) is proud to announce the signing of a Sustainable Communities Investment Agreement (the "Agreement") with the municipalities of the Northern Village of Beauval the Northern Village of Île-à-la Crosse, the Northern Hamlet of Jans Bay and the Northern Hamlet of Cole Bay (the "Communities"). View PDF version

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Text saying "Uranium Night" superimposed over band playing music.

Uranium Night at PDAC Raises $10,000 for Charity

At this year’s Uranium Night at the Prospectors & Developers Association of Canada (PDAC) convention, the event's sponsors secured a $10,000 donation for the charity Haven Family Connections.

With the uranium sector having its hottest season in years, there was much to celebrate at the event, which was held on March 4 at the Lucky Clover Irish Pub in Toronto. Early in the year, the uranium spot price broke through the US$100 per pound level for the first time since 2007, rising to a 16 year high of US$106 as demand continued to outpace supply.

Although the price has since pulled back to the US$90 level, industry experts still predict a bright future for the energy commodity as countries around the world pursue nuclear power as a strategy for meeting clean energy goals.

Keep reading...Show less

Laramide Outlines 2024 Australian Exploration Plans

Laramide Resources Ltd. ("Laramide" or the "Company") (TSX: LAM) (ASX: LAM) (OTCQX: LMRXF) is pleased to announce 2024 work plans for Australia which include a large drill campaign of up to 12,000m across multiple targets at the Westmoreland Uranium Project in NW Queensland and into the Murphy Uranium Project in the Northern Territory. Two drill rigs have been secured and logistical plans are well advanced for a campaign that will build on last year's successful exploration effort which saw 40 holes completed across 4,000 cumulative meters. Drilling is expected to commence in approximately 6-8 weeks' time at the conclusion of the current wet season.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
C29 Metals

C29 Acquires Transformative High-Grade Uranium Project

C29 Metals Limited (ASX:C29) (C29, or the Company) is pleased to announce it has entered into a binding share sale and purchase agreement (Acquisition Agreement) with CA Metals Pty Ltd (CA Metals) and Ulytau Resources Ltd (Ulytau Resources) to acquire a 100% legal and beneficial interest in a granted exploration licence located in Kazakhstan (Ulytau Uranium Project).

Keep reading...Show less

Latest Press Releases

Related News

×