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 the BST facility in Turkey and one of the world’s premium uranium development assets, at the Dasa Project in the Republic of Niger, is pleased to report on the publication and filing of the recently announced, NI 43-101 compliant, Preliminary Economic Assessment, (“PEA”), which can now be found on www.SEDAR.com as well as the Global Atomic Corporation website (www.globalatomiccorp.com).
The PEA Study, which focuses on a high grade, low cost, Phase 1, mine development at the Dasa Project, located in the Republic of Niger, was completed by CSA Global Pty. Ltd., of Perth, Australia, with collaboration from METC Engineering in Johannesburg, South Africa. In addition, valuable contributions were made by Dr. Santiago Faucher at Insight R&D and Ortech Research Ltd., in Mississauga, Ontario.As stated in the news release of April 15, 2020, the PEA estimates cash costs of $16.72/lb U3O8 and an all-in sustaining cost of $18.39/lb U3O8. Based on a U3O8 price of $35/lb, the after-tax NPV8 was estimated at $211 million for an after-tax IRR of 26.6%.Stephen G. Roman, President & CEO stated, “Next steps for the Company will be to complete the ongoing field work, engineering and Environmental Impact Statement (“EIS”), in order to apply for our Mining Permit. We are excited by the good progress on all fronts and by the recent rise in Uranium prices. COVID-19 has demonstrated the acute need for clean, reliable electricity which will become even more critical as the world transitions to total electrification.”Incentive Options:
Options which vest over a three year period were recently granted to Global Atomic’s Chief Operating Officer, Ronald S. Halas, as part of his long term incentive compensation. One million options were granted at prices varying from C$0.40 to $0.50/share.About Global Atomic
Global Atomic Corporation is a TSX listed company with a unique combination of high grade uranium development and cash flowing zinc concentrate production.The Company’s Uranium Business 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 3 concession, discovered in 2010 by Global Atomic geologists through grassroots field exploration. Global Atomic expects to apply for a Mining Permit for the Dasa Deposit in H2, 2020.Global Atomic’s EAFD Business 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 for sale to zinc smelters around the world. The Company’s joint venture partner, Befesa Zinc S.A.U., a wholly-owned subsidiary of Befesa, S.A. (“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 Asia.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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