Global Atomic Corporation (“Global Atomic” or the “Company”),
(TSX-V: GLO, FRANKFURT: G12) is pleased to provide the following
update regarding the Corporation’s activities:
Highlights:
- The Government of the Republic of
Niger has granted a two-year extension to January 29, 2021 on all
of Global Atomic’s Exploration Permits in the Tim Mersoi
Basin. These include the Adrar Emoles 3 Permit which hosts
the DASA uranium deposit currently in the Feasibility stage of
development. In addition, extensions were also granted on the
Adrar Emoles 4 Permit, hosting the Isakanan deposit and the Tin
Negouran 1, 2, 3 & 4 Permits, hosting the Tin Negouran
deposit.
- Discussions with Orano Mining were
held in November to continue advancing the Ore Shipment MOU to
supply mineralized material to Orano. Further metallurgical
test work is ongoing in order to input final costs in the DASA
Feasibility Study.
- CSA Global Pty. Ltd is currently
updating the DASA Project resource with an additional 22 drill
holes completed in 2018. Results of this update are expected
in January.
- 5,000 drill samples from the DASA
2018 drill program are being sent to ALS Labs in Vancouver, BC, to
complete chemical assays. All assays are expected by the end
of Q1, 2019 and will be incorporated into the final DASA resource
report.
- Merlin Marr-Johnson, M.Sc., has
joined the Company as Manager of Technical Services to coordinate
and oversee the Feasibility Study process at the DASA Project and
provide corporate development services in the UK and European
market. Mr. Marr-Johnson is based in London, UK.
- Application to list on the Toronto
Stock Exchange Main Board is underway.
Stephen G. Roman, President and CEO of Global
Atomic, commented, “The extension of the exploration permits in
Niger is an important milestone for the Company and underscores the
ongoing commitment of the Nigerien Ministry of Mining to support
its resource industry. We will continue to work closely with our
key stakeholders with the goal of bringing the high grade DASA
Uranium Project to production near-term.
“At a corporate level, the application to list
on the TSX Main Board is a reflection of the continuing growth of
Global Atomic. The recent $8.86 million private placement enables
us to accelerate our work programs and add key professionals to our
management team. Looking forward, we are on schedule to complete
the doubling of our electric arc furnace dust recycling plant in
Turkey by Q4, 2019 and begin construction for Phase I mining in
Niger, Africa in Q1, 2020.”
OPERATIONS UPDATE
MOU Between Orano and Global
Atomic
Discussions with Orano were held in November to
continue advancing the Ore Shipment MOU. Further
metallurgical test work is ongoing in order to input final costs in
the DASA Feasibility Study. Global Atomic has delivered
representative samples of material that would be mined during the
first ten years of operations.
Mineral Resource Estimate
CSA Global Pty. Ltd is currently updating the
DASA Project resource with an additional 22 drill hole gamma probe
results completed in 2018 but not included in the NI 43-101 Mineral
Resource Estimate, dated June 30, 2018. Results of this
update are expected in January. Furthermore, 5,000 drill
samples from the DASA 2018 drill program have been sent to ALS Labs
in Vancouver, BC, to complete chemical assays. All assays are
expected by the end of Q1, 2019 and will be incorporated into the
final DASA resource report.
CORPORATE UPDATE
Management Appointment
The Company is pleased to announce the
appointment of Merlin Marr-Johnson to the position of Manager of
Technical Services. Mr. Marr-Johnson is a graduate in geology
from Manchester University and holds a Master’s Degree in Mineral
Deposit Evaluation from the Royal School of Mines, Imperial
College. He has over 20 years’ experience in the minerals sector,
including work as an exploration geologist for Rio Tinto, an
analyst for HSBC and a portfolio manager for Blakeney Management.
Mr. Marr-Johnson has worked on projects in South America, Africa,
Central Asia and Europe, and as CEO has brought two companies to
AIM, London. He speaks several languages, including French
(language spoken in Niger). Mr. Marr-Johnson will oversee and
coordinate the preparation of the Phase I Development Plan for the
Company’s DASA Project in Niger, West Africa and assist in
arranging project financing for Phase I mining operations currently
scheduled to begin Q1, 2020.
Toronto Stock Exchange
Listing
The Company is completing its application for
listing on the Toronto Stock Exchange. The Company
anticipates the listing process will be completed and its common
shares will be listed for trading on the Toronto Stock Exchange
prior to the end of Q1, 2019.
Amended Financial
Statements
The Company has amended and refiled its
Condensed Interim Consolidated Financial Statements for the three
and nine months ended September 30, 2018 and 2017 that were
initially filed on November 28, 2018. In the originally filed
financial statements, the statement of comprehensive income
included the incorrect currency translation amount for the three
months ended September 30, 2018 and, did not include the
comparative comprehensive income for the nine month periods ended
September 30, 2018 and 2017. The financial statements have been
corrected and a new Note 17 has been added to the financial
statements to explain the amendments outlined above.
Stock Options
The Company issued 3,069,900 stock options to
Directors, Management, Employees and Consultants on December 19,
2018. Stock options are exercisable at $0.35 per common share for a
period of five years from issuance.
Private Placement
The Company also confirmed the terms of its
recent non-brokered Private Placement. On November 16, 2018 the
Company raised gross proceeds of $8,861,900 through the sale of
29,539,666 common shares at $0.30 each. The common shares are
subject to a four month hold period ending March 17, 2019.
Finder’s fees payable under the private placement consist of
a cash payment equal to 6% of cash raised and common share purchase
warrants equal to 6% of the number of shares issued in connection
with certain orders for a total of $465,614 and 1,485,380
warrants. Finder’s warrants are exercisable at $0.30 for a
period of eighteen (18) months from closing. Proceeds from
the financing will be used to fund technical studies and permitting
related to commercial production, exploration at DASA and for
general corporate purposes.
QP Statement
George A. Flach, Vice President of Exploration,
P.Geo. is the Qualified Person (QP) as defined in NI 43-101 and has
prepared, supervised the preparation of, and approved the
scientific technical disclosure in this news release.
About Global Atomic
Global Atomic Corporation is a TSX Venture
listed company providing a unique combination of high grade uranium
development and cash flowing zinc concentrate production.
The Company’s Uranium Division includes six
exploration permits in the Republic of Niger covering an area of
approximately 750 km2. Uranium mineralization has been
identified on each of the permits, with the most significant
discovery being the DASA deposit situated on the Adrar Emoles III
concession, discovered in 2010 by Global Atomic geologists through
grassroots field exploration.
Global Atomics’ Base Metals Division holds a 49%
interest in Befesa Silvermet Turkey, S.L. (“BST”) joint venture,
which operates a processing facility, located in Iskenderun,
Turkey, that converts Electric Arc Furnace Dust (“EAFD”) into 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,
capturing approximately 50% of the European EAFD market with
facilities located throughout Europe and Korea.
BST is well underway with an expansion project
to significantly modernize and expand its processing plant in
Turkey. The expansion is targeted to double annual production
of zinc from 30 million lbs to 60 million lbs and is supported by
EAFD supply currently available for processing in Turkey. The
new plant is scheduled for completion by September 2019.
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Key contacts: |
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Stephen G. Roman |
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Merlin
Marr-Johnson |
Chairman, President
& CEO |
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Manager Technical
Services |
Tel: (416)
368-3949 |
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Tel: +44 (0)7803 712
280 |
Email:
sgr@globalatomiccorp.com |
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Email:
mmj@globalatomiccorp.com |
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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 operating,
development and exploration assets; Global Atomic’s ability to
raise additional funds necessary; the future price of uranium; the
estimation of mineral reserves and mineral resources; conclusions
of economic evaluation; the realization of mineral reserve
estimates; the timing and amount of estimated future production,
development and exploration; costs 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" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or statements that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "occur" or "be
achieved". All information contained in this news release, other
than statements of current and historical fact, is forward looking
information. Forward-looking statements 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 as of the date such statements
are made. Although management of Global Atomic has attempted to
identify important factors that could cause actual results to
differ materially from those contained in 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 on forward-looking statements. Global Atomic does not
undertake to update any forward-looking statements, except in
accordance with applicable securities laws. Readers should also
review the risks and uncertainties sections of Global Atomic’s
annual and interim MD&As.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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