TORONTO, March 18,
2024 /CNW/ - Global Atomic Corporation ("Global
Atomic" or the "Company"), (TSX: GLO) (OTCQX: GLATF) (FRANKFURT:
G12) reports that the Republic of Niger announced its intention to terminate its
military cooperation agreement with the
United States, which has a large military base in
Niger. It remains unclear if a withdrawal of US troops will
be required by Niger, as the US
military base is used to patrol a larger section of the Sahel
region beyond Niger's borders.
Stephen G. Roman, President and
CEO commented, "With the situation in Niger being fluid, in addition to current
advanced discussions with project lenders, the Company is also
pursuing other financing strategies to meet its project funding
requirements. Given strong third-party interest in
Global Atomic's high-grade uranium project and our plans for
near-term production, there are many groups interested in funding
the Dasa Project. The Company will assess these options,
monitor events in Niger and keep
shareholders appraised."
About Global Atomic
Global Atomic Corporation (https://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 has identified three additional
deposits in Niger additional to
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. Mine excavation began in Q1 2022, and
commissioning of the processing plant is expected at the end of
2025/ beginning 2026.
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 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 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
