TORONTO, June 27,
2023 /CNW/ - Global Atomic Corporation ("Global
Atomic" or the "Company"), (TSX: GLO) (FRANKFURT: G12) (OTCQX:
GLATF) is pleased to report on the continuing development of its
Dasa Uranium Project in the Republic of Niger.
Stephen G. Roman, President &
CEO, stated, "The primary question investors ask is regarding
the timing of a term sheet for our banking syndicate's Dasa Project
loan facility. While this has been a much longer process than
expected, the financing terms are in the final stage of completion,
which, upon agreement, will then go to the banks' Boards for
approval prior to announcement to our shareholders."
"We continue to make significant progress at the Dasa
Project, having now put in place a mining and support team of over
200 people, the majority of which are local Nigeriens, comprised of
both skilled workers, with extensive uranium mining experience, and
young workers who are being trained in apprenticeship roles. The
ramp is nearing the top of the ore body (see figure 1 below) and
earthworks at the plant site are preparing the location for civil
works. We remain on schedule to produce Yellowcake for
delivery to nuclear utilities in early 2025."
Approximately 500 meters of ramp development have now been
completed. Surface and Underground mine infrastructure including
mine dry, ventilation raises, electrical and pumping installations
are underway. The development of the decline relative to the
current Phase 1 Mine Plan is shown in the longitudinal section and
the plan view below.
Since the 2023 MRE (Mineral Resource Estimate) has been
released, the updated Mine Plan,
expected in Q4 this year, will have a positive effect on the Phase
1 Mine Plan. A significant portion of the Dasa orebody
wireframe shown in these images has been upgraded to the Indicated
Resource Category, which will allow a new, larger Mineable Reserve
to be calculated, based on actual mining costs.
Detailed engineering for the processing plant is nearing
completion. The Company's internal project team and
contractor DCPL of India are
now being supported by METC of South
Africa, who are very familiar with the Dasa Project having
authored the 2021 Phase 1 Feasibility Study. As a priority item,
the project team has defined detailed specifications, completed the
tendering process and placed orders for critical long-lead items
including the acid plant, crusher and SAG mill. Purchase orders for
additional equipment are currently being finalized. The cost of the
equipment ordered to date is consistent with cost estimates in the
Feasibility Study, due to revised procurement strategies and cost
deflation since the date of the Feasibility Study, which was
completed at the peak of the covid pandemic, when freight
rates and other costs were at their maximum.
In anticipation of equipment deliveries beginning in Q4, 2023,
the Dasa Site Team have begun earthworks in preparation for civil
engineering and pouring cement. Camp facilities for an additional
224 beds for the plant construction crew has been ordered in
addition to the integration and construction of locally designed
and built housing.
Annual General Meeting
The Annual General Meeting of shareholders of Global Atomic
Corporation will be held by live audio webcast on Wednesday, June 28, 2023, at 10:30 am EDT. For details on how to participate
please refer to the Virtual AGM Guide which can be found on
the Company's website at
https://globalatomiccorp.com/investors/events/default.aspx or
please click on the link
https://virtual-meetings.tsxtrust.com/1507.
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 financings; Global Atomic's
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", "targets", "expects", "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates", "does not anticipate", or
"believes" or variations of such words and phrases or
statements that certain actions, events or results "could",
"would", "might", "will be taken", "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
