TORONTO, Aug. 11,
2022 /CNW/ - Global Atomic Corporation ("Global
Atomic" or the "Company"), (TSX: GLO) (OTCQX: GLATF) (Frankfurt:
G12), is pleased to announce the incorporation of Société Minière
DASA S.A. or "SOMIDA", the Company's Niger mining subsidiary under which the Dasa
Uranium Project will operate. SOMIDA will be governed by a Board of
Directors comprised of six representatives from the Company and
three representatives of the Government of Niger.
HIGHLIGHTS:
- Share ownership of SOMIDA will be 80% Global Atomic and 20%
Government of Niger, including the
10% carried interest provided under the Niger Mining Code
- The Niger Government will own 20% of the shares of SOMIDA and
receive dividend income when paid
- The Niger Government is obligated to contribute 10% of all
capital and operating costs over the life of the mine
- Moussa Souley, the former Managing Director of Orano's COMINAK
Mine, has been appointed Managing Director of SOMIDA
- Robert Parr, Mining Engineer,
MBA, has been appointed Project Manager for Dasa
"Global Atomic Corporation would like to thank His
Excellency, President Mohamed Bazoum
and Madame Hadizatou Ousseini Yacouba, Minister of Mines of
the Republic of Niger, for their
support of the Dasa Project. We look forward to a long-term
partnership in the development and operation of our outstanding new
uranium mine which will benefit all Nigeriens", said
Stephen G. Roman, Global Atomic's
President & CEO.
"The Niger Government's decision to acquire and fund an
additional 10% interest in the Dasa Project reflects their
confidence in the quality of the deposit and longevity of the
mine. Uranium mining plays an important social-economic role
in Niger, providing steady
long-term employment and associated economic benefits including
royalty payments, tax revenue at the local, regional and national
levels, foreign exchange earnings and funds for regional
development and local communities."
"This agreement demonstrates the Niger Government's
commitment to support the Dasa Project, which will be viewed
positively by our Banking Syndicate, who are currently conducting
their Due Diligence review. We are now constructing the Dasa mining
camp to house employees during construction and early-stage mine
development. The Mine Site infrastructure is currently well
advanced, with completion timed to coincide with commencement of
mining operations and the collaring of the Portal, scheduled for
November, 2022."
About Moussa Souley
Moussa Souley, is a Nigerien mining engineer, who from 2016 to
2021 was the Managing Director of the COMINAK Underground Mine a
subsidiary of the French nuclear energy company Orano Group,
located 100 kms north of the Dasa Project. The Cominak Mine
employed over 1,000 people and shut down after 50 years of mining
in March 2021.
Starting in December 2002, Mr.
Souley held several management positions with Orano (previously
AREVA) in Niger and France.
Prior to that Mr. Souley worked as a mining engineer for Noranda in
Canada, where he also studied
mining and mineral processing engineering and received his Masters
Degree in Mineral Economics from the University of Montreal. Mr. Souley has also
lectured and designed workshops at the Engineering School of Mines,
Industry and Geology in Niamey,
Niger. Mr Souley speaks French and English.
About Robert Parr
Robert Parr is a mining engineer
with more than 25 years' operational and technical experience
across both underground and open pit operating environments.
He brings valuable and extensive experience from the significant
time he has spent on Australian and international projects
(Africa, South America, Asia and Scandinavia). Mr. Parr has
recently held the roles of Chief Operating Officer for both a
leading African mining contractor (SFTP Mining) and a large
Colombian gold miner (Caldas
Gold). Prior to that he was the Project Director for
constructing Sissingue Gold Mine in Ivory
Coast. He also has mine construction experience with
Ranger Uranium (Rio Tinto, Australia), Hecla Mining (San Isidora,
Venezuela), Barrick Gold (Bulyanhulu, Tanzania) and Porgera Joint Venture (Barrick,
Nui Guini). Mr. Parr speaks
native English, conversational French and Spanish, and beginner
Arabic. He is a member of AusIMM and qualifies as a Competent
Person for evaluating mining reserves.
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
Dasa Feasibility Study filed December
2021 represents approximately 20% of the current resource
and estimates 45.4 million pounds U3O8
production over a 12-year period to commence by the end of
2024. Mine excavation began in Q1 2022.
Global Atomics' 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")
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,
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 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