TORONTO, Dec. 13, 2021 /CNW/ - 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