TORONTO, July 31,
2023 /CNW/ - Global Atomic Corporation ("Global
Atomic" or the "Company"); (TSX: GLO) (Frankfurt: G12) (OTCQX:
GLATF) announced today that its entire team in the Republic of
Niger is safe and that the Dasa
Project remains fully engaged in opening up access to the ore body
and preparing the plant site for construction.
Stephen Roman, President &
CEO of Global Atomic stated, "While the situation in
Niger remains volatile and there
has been protesting in some parts of the capital, the rest of the
country remains calm. Importantly, our people remain
safe and normal business is being conducted at our offices and
development of the Dasa Project continues."
Specifically at the Dasa Project:
- As of July 28, the mining team
has opened up over 600 meters of underground development, including
over 20 meters in preparation for the commencement of an 80 meter
Alimak raise, which will form the main ventilation development for
the Dasa Mine.
- The second fleet of mining equipment has arrived in
Niger and is being shipped to the
project site.
- Surface and underground mine infrastructure including mine dry,
ventilation infrastructure, electrical and plumbing installations
are underway.
- To prepare for civil engineering and the pouring of cement
related to the processing plant, earthworks began in Q2 2023.
"The neighbouring African countries union, ECOWAS, as well as
the EU and USA have voiced their
opinions to the Niger Junta currently running the Country and given
a directive that the President and his Ministers be returned to
power in 7 days. It is too early to speculate on the outcome of
this mandate. In the meantime, the Global Atomic Board and
Management team, as well as SOMIDA Management in Niger are closely monitoring the
situation."
"We hope for a timely and successful resolution to this
unexpected event", said Mr. Roman.
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
