TORONTO, Feb. 24,
2023 /CNW/ - Global Atomic Corporation ("Global
Atomic" or the "Company") (TSX: GLO) (FRANKFURT: G12) announced
that the Appeals Court in Tahoua, Niger overturned and annulled all issues
raised against the Company's Niger
subsidiary, SOMIDA S.A.
As the Dasa Project is of major importance to the economy of
Niger, the Hearing was treated as
a special case and resulted in an expedited ruling.
SOMIDA did not cease underground development of the Dasa Mine
due to the court proceedings and remains on its development
schedule.
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, 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) 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
