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Global Atomic Corporation ("Global Atomic" or the "Company") (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12) is pleased to provide an update on the considerable progress being made at its Dasa Uranium Project in the Republic of Niger.
President and CEO, Stephen G. Roman , commented, "The Dasa Project is fully permitted and, based on our Feasibility Study results announced last month, is economically viable at a base price assumption of US$35 /pound. Global Atomic is a positive cash-flowing company from its Turkish Zinc Joint Venture and following our C$35 million equity offering that closed on December 7, 2021 , we are well-funded. In November, our Board of Directors made a production decision to proceed with the Dasa Project and we have been moving ahead at full speed. In fact, with the activity already occurring at site, we have broken ground almost two months ahead of schedule. The team is growing and fully engaged at site, with the goal of building our mine and mill to produce yellowcake for sale by January 2025 ."
Dasa Site Highlights:
Site infrastructure development is underway using local contractors and heavy equipment as follows:
- Upgraded roads to connect the Mine Camp to the main highway
- New roads to the mine and the mill sites
- The Box Cut and Portal area cleared for excavation to begin in January
- Warehousing facilities currently under construction
- Employee housing development underway
Contract signed with CMAC-Thyssen Mining Group
To formalize the Letter of Intent announced on September 29, 2021 , the Company has signed a definitive contract with CMAC-Thyssen Mining Group ("CMAC"), to commence operations at the Dasa Project site in April 2022. CMAC will collar the Portal and complete over 8,000 meters of horizontal and vertical underground mine development within the ensuing 24 months to prepare stopes for commercial operations.
Niger Mining Company Advancing
To support the Dasa Project, the Company has begun the hiring process, targeting the experienced labour force available in Niger with interviews and initial hires underway. In Niger's capital of Niamey , the Company has secured living accommodations and a head office for the Company's local mining subsidiary to be named Société Minière Dasa or "SOMIDA".
"We expect steady news flow as we achieve important milestones over the next quarter, including drill results, finalization of terms with the Government of Niger to form SOMIDA and the completion of an agreement with Orano Mining, based on the 2017 Memorandum of Understanding, to Direct Ship Ore to Orano's Somaïr operation near the town of Arlit," continued Mr. Roman. "In addition, discussions with lending institutions and utilities continue as part of the overall advancement of the Dasa Project."
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.
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.
SOURCE Global Atomic Corporation
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