Global Atomic Dasa Uranium Project Update
TORONTO, July 29, 2020 (GLOBE NEWSWIRE) — Global Atomic Corporation (“Global Atomic” or the “Company”; TSX:GLO; OTCQX: GLATF; Frankfurt: G12) announced today that significant progress has been made towards submitting it’s Mining Permit application for the Dasa Uranium Project in the Republic of Niger, West Africa.
HIGHLIGHTS:In July,The Company filed its completed Environmental Impact Statement (“EIS”), with the Niger Government;The Dasa Project site hydrogeology drilling and water flow test work has been completed; andA tender for final geotechnical diamond drilling for the feasibility study has been issued.In August,Two public hearings in Niger regarding the EIS are being scheduled; one in the Dasa Project area and the other in the capital city of Niamey;the Company will begin a Pilot Plant test program to confirm Dasa process plant flow sheet and recoveries using drill-hole samples that recently arrived in Canada for the test work. The samples represent mineralized material expected to be mined in the first five years of mining operations; andThe Pilot Plant Study as well as the optimization and finalization of the flow sheet is being conducted at Process Research Ortech of Mississauga, Ontario, world renowned experts in uranium extraction. Results are expected in Q4, 2020.Next steps include:Global Atomic expects to file its Development Plan with the Niger Government by the end of August along with it’s Mining Permit application; andDasa Project development work ongoing will include the Pilot Plant operation, geothechnical drilling to refine the mining plan and final feasibility studies including refinement of project Capex and Opex.Ron Halas, P.Eng., Chief Operating Officer stated, “Since I joined the Company in March, the Global Atomic operating team and consultants have made excellent progress with all facets of our Dasa Project development. We are now preparing the documentation necessary for our Mining Permit application and continuing to de-risk the Project. It is an exciting time and I look forward to reporting on further progress in the coming months.”OTC Markets Webcast:
Investors are invited to participate in a live virtual presentation by Stephen G. Roman, President & CEO, at VirtualInvestorConferences.com being held by the OTC Markets at the end of this week. The time of Global Atomic’s presentation is as follows:DATE: Friday, July 31st
TIME: 11:00 a.m. (ET)
LINK: https://www.tinyurl.com/073020MiningVICAbout Global Atomic
Global Atomic Corporation (www.globalatomiccorp.com) is a TSX 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. The Company plans to submit its Development Plan for the Phase 1 high grade underground mine to the Ministry of Mines in the Republic of Niger together with a Mining Permit application in Q3 2020.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 processing facility, 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 and Asia.Key contacts: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.
