TORONTO, May 20, 2020 (GLOBE NEWSWIRE) – Global Atomic Corporation (Global Atomic or the Company), (TSX: GLO, OTCQX: GLATF, FRANKFURT: G12), the multi-asset development company with cash flow from l BST facility in Turkey and one of the world’s leading uranium development assets, as part of the Dasa project in the Republic of Niger, is pleased to report on the publication and filing of the assessment economic preliminary (PEA), compliant with NI 43-101 standards, recently announced. which is now on www.SEDAR.com as well as the Global Atomic Corporation website (www.globalatomiccorp.com).
The PEA study, which focuses on phase 1 of high-grade, low-cost mining development at the Dasa project, located in the Republic of Niger, was carried out by CSA Global Pty. Ltd. of Perth, Australia, in collaboration with METC. Engineering in Johannesburg, South Africa. In addition, Dr. Santiago Faucher of Insight R&D and Ortech Research Ltd. in Mississauga, Ontario made valuable contributions.
As indicated in the press release of April 15, 2020, the PEA estimates the cash costs at $ 16.72 / lb U3O8 and an all-inclusive maintenance cost of $ 18.39 / lb U3O8. Based on a U3O8 price of $ 35 / lb, NPV after tax8 was estimated at $ 211 million for an after-tax IRR of 26.6%.
Stephen G. Roman, President and Chief Executive Officer, said: The next steps for the Company will be to complete the field work, engineering and environmental impact study (EIA) in progress, in order to apply for our mining permit. We are delighted with the good progress on all fronts and the recent increase in uranium prices. COVID-19 has demonstrated the acute need for clean and reliable electricity that will become even more critical as the world moves to full electrification.
Options vested over three years were recently granted to Global Atomics chief operating officer Ronald S. Halas as part of his long-term incentive compensation. One million options were granted at prices ranging from C $ 0.40 to $ 0.50 / share.
About Global Atomic
Global Atomic Corporation is a Toronto Stock Exchange company with a unique combination of development of high-grade uranium and production of zinc concentrate in cash flow.
The company’s uranium activity includes six exploration permits in the Republic of Niger covering an area of around 750 km2. Uranium mineralization has been identified on each of the permits, the most important discovery being the Dasa deposit located on the Adrar Emoles 3 concession, discovered in 2010 by Global Atomic geologists through field exploration. Global Atomic expects to apply for an operating license for the Dasa deposit in H2 2020.
Global Atomics EAFD Business holds a 49% interest in Befesa Silvermet Turkey, SL (BST) Joint Venture, which operates a processing facility, located in Iskenderun, Turkey, which converts electric arc furnace dust (EAFD) into a high quality zinc oxide concentrate for sale to zinc smelters worldwide. The company’s joint venture partner, Befesa Zinc SAU, a wholly-owned subsidiary of Befesa, SA (Befesa) listed on the Frankfurt Stock Exchange under BFSA), holds a 51% interest and is the operator of the BST joint venture . Befesa is a market leader in EAFD recycling, capturing around 50% of the European EAFD market, with facilities located in Europe and Asia.
The information contained in this press release may contain forward-looking information under applicable securities laws. Forward-looking information includes, but is not limited to, statements regarding the completion of any financing; The development potential of Global Atomics and the timing of its operating, development and exploration assets; Global Atomics’ ability to raise additional funds is necessary; the future price of uranium; the estimation of mineral reserves and mineral resources; economic evaluation findings; making estimates of mineral reserves; the estimated timing and amount of future production, development and exploration; costs of future activities; capital and operating expenses; successful exploration activities; extraction or processing problems; exchange rate; government regulation of mining operations; and environmental and authorization risks. In general, 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”, “planned” , “Estimates” “,” anticipates “,” intends “,” anticipates “or” does not anticipate “, or” believes “, or variations of such words and expressions or statements as certain actions, events or results “may”, “could”, “would”, “could” or “will be taken”, “will occur” or “will be reached”. All information contained in this press release, other than statements of current and historical facts are forward-looking information. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause Global Atomic’s actual results, level of activity, performance or achievements to be materially different from those expressed or sub- understood by these forward-looking statements, including but not limited to, the risks described in the Global Atomic Annual Information Form and in its public documents filed from time to time on SEDAR.
Forward-looking statements are based on the opinions and estimates of management as of the date of these statements. Although management of Global Atomic has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other factors that cause results to not are not as expected, estimated or planned. There can be no assurance that these statements will prove to be accurate as actual results and future events may differ materially from those predicted in these statements. Therefore, 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 consult the risk and uncertainty sections of Global Atomics’ annual and interim management reports.
Neither the TSX Venture Exchange nor its regulatory service 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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