TORONTO, March 20,
2023 /CNW/ - 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
The zinc recycling plant in Iskenderun, Türkiye, has restarted
production following the earthquakes earlier this year. Employees
are relieved to be back at work to fund their rebuilding efforts
and thankful for the support from the joint venture partners.
Dasa Uranium Project
All assays from Dasa's 2022 16,000-meter drill program have been
completed at ALS Labs in Vancouver,
Canada, and the database is now ready for final review and
verification, including final K-factor adjustments. The data will
then be transmitted to Dmitry
Pertel, MAIG, of AMC Consultants for the development of
the updated Mineral Resource Estimate ("MRE"). The MRE and a
revised mine plan will then be used to develop a revised Phase 1
Feasibility Study for the Dasa Project.
At the Dasa Mine, operations are proceeding on schedule with
approximately 200 meters of underground development now completed
on the decline ramp as well as for re-muck and safety bays. A total
of 800 meters will be developed before the ramp encounters
development ore, expected in late Q4 2023. See photos below.
Engineering progress continues with DCPL and Lycopodium with
first earthworks expected to begin in Q2. Long-lead items including
the crusher, SAG mill and acid plant will be ordered by the end of
March.
Global Atomic President and CEO, Stephen
G. Roman commented, "Our two businesses position
Global Atomic as one of the most environmentally progressive
companies in the mining sector. Our zinc recycling plant in Türkiye
is a key component in that region's circular economy, removing
previously dumped waste materials in the form of Electric Arc
Furnace Dust and producing high quality zinc concentrate for
smelters in Europe. Our Dasa Mine
is one of the few near term uranium producers under development
today, uranium that will be used by international electric
utilities to generate clean baseload power to support the
increasing electrification of our planet."
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 delivery to utilities to
commence in 2025. Mine excavation began in Q1 2022.
Global Atomic's 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, Türkiye. 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) 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 proposed financings; Global Atomics'
development potential and timetable of its operations, development
and exploration assets; Global Atomics' ability to raise additional
funds on satisfactory terms to the Company; the future price of
uranium; the estimation of mineral reserves and resources; the
completion and timing of the MRE; conclusions of economic
evaluation; the realization of mineral reserve estimates; the
timing and amount of estimated future production, development and
exploration; impacts of third-parties and Government policies on
the Company's operations; 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
