TORONTO, Sept. 29, 2021 /CNW/ - Global Atomic Corporation
("Global Atomic" or the "Company"), (TSX: GLO) (OTCQX: GLATF)
(FRANKFURT: G12) has signed a letter of intent with CMAC-Thyssen
Mining Group to collar the portal and complete initial underground
development at the Dasa Uranium Project in the Republic of
Niger. The selection of CMAC-Thyssen resulted from a
multi-party bidding process that required bidders to have project
experience in West Africa.
The Box-Cut excavation is scheduled to begin in January 2022 using local contractors in
Niger. CMAC-Thyssen plans to mobilize to the Dasa Site in
February 2022. Once the Box-Cut excavation is complete,
CMAC-Thyssen are expected to Collar the Portal in April 2022 thus initiating the Dasa Underground
Development Campaign. The equipment to be employed by
CMAC-Thyssen at Dasa has already been secured and a contract will
be finalized once final terms are agreed to by the
Parties.
CMAC-Thyssen Mining Group, a well-known mine contractor from
Val d'Or, Quebec, Canada,
has excellent West African experience as well as the requisite
French language skills for working in Niger. They are currently active on a shaft
sinking project in West Africa and
in recent years have worked on numerous projects in Quebec, British
Columbia, Nunavut and
Morocco. Clients include Glencore Canada, Agnico Eagle
Mines Limited, Osisko Mining Inc., Wesdome Gold Mine Ltd. and
Eldorado Gold Corporation.
Stephen G. Roman, President and
CEO commented, "Concurrent with completion of our Feasibility
Study we continue to move ahead on many aspects of the Dasa Project
and are gearing up to break ground in Q1 2022 as planned. We
will use the expertise of CMAC Thyssen to do initial mine
development, prepare stopes for long-hole mining and also train a
local, Niger workforce in Canadian
safety and operational standards. Global Atomic intends to build
its own team to mine the uranium ore for decades to come. 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."
"As planned, our 15,000-meter drill program began this month
and is currently focused on step-out drilling on strike of the
Flank Zone. Other aspects of the Dasa Project actively
underway include the completion of the Feasibility Study by the end
of 2021, negotiations with Utilities for off-take agreements,
project financing arrangements and the formation of our local
Mining Company in Niger, in
partnership with the Government of Niger, who are extremely supportive of the
Dasa Project and its potential to bring jobs and prosperity to the
heart of their country."
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