Plans to Break Ground for the Mine Portal On
Schedule for Q1 2022
TORONTO, Sept. 15, 2021 /CNW/ - Global Atomic
Corporation ("Global Atomic" or the "Company"), (TSX: GLO) (OTCQX:
GLATF) (FRANKFURT: G12) today provided an update on critical
aspects of the Dasa Uranium Project in the Republic of Niger.
Internal Review of the Feasibility Study ("FS")
- the Company is currently engaged in an internal review of key
elements of the FS
- the review provides the Company with the opportunity to audit
key FS assumptions, ensure Dasa is an efficient and modern
operation, and attain the highest level of project cost
certainty
- results of the Company's pilot test program and successful
testing of Dasa Ore at Orano
Mining's nearby Somaïr Mill confirm the process flow sheet and
higher metal recoveries than carried in our April 2020, Preliminary Economic Assessment for
Dasa
- the COVID-19 pandemic has disrupted supply chains around the
world and management are sourcing solutions to mitigate delivery
issues and lower logistics costs
- the review has identified opportunities to increase the
participation of Niger national
contractors, reduce costs and ensure quotations for certain major
equipment components will meet standards for a bankable Feasibility
Study
Mining Plans on Schedule
- Global Atomic's local team in Niger has been moving forward with quotations
for contractors to begin the initial work to open the mine
- plans to break ground to excavate the Box Cut for Dasa's mine
Portal are on schedule for Q1 2022
- negotiations continue with Orano Mining to finalize an
agreement for direct shipment of ore (DSO) to their Somaïr Mine in
Arlit, Niger
Stephen G. Roman, President and
CEO commented, "Our review of the draft Feasibility Study has
identified a number of opportunities to enhance the economics and
operating cost profile of the Dasa Project. We expect
our internal review, as well as further negotiations on pricing
with suppliers of goods and services, to result in significant cost
savings. This will translate into a Feasibility Study we can
present to our current shortlist of interested project finance
banks. We now anticipate a report filing in late Q4
2021, however, we remain on schedule to break gound in Q1 2022 to
excavate the Box Cut and collar the Portal in early Q2 2022 and
then begin the development of the Dasa underground
mine."
"Significant activity is underway at the Dasa Project site to
make that happen, including a selection process to hire a mining
contractor and begin development work. As a result of the
closure of the Cominak Mine in March
2021, we look forward to hiring skilled personnel from this
well trained work force to form the foundation of our own mining
team. The benefits to Niger
from the long life Dasa Project will go a long way towards
replacing the social and economic benefits lost due to the shutdown
of the Cominak Mine."
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, highgrade 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. Final design in support of the
Company's Feasibility Study is ongoing.
Global Atomics' Base Metals Division holds a 49% interest in the
Befesa Silvermet Turkey, S.L. ("BST") Joint Venture, which operates
a new, state of the art 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
the world 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