TORONTO, Jan. 10,
2024 /CNW/ - Global Atomic Corporation ("Global
Atomic" or the "Company") (TSX: GLO) (OTCQX: GLATF) (FRANKFURT:
G12) corrected the U3O8 off-take sales
quantity in today's earlier news release.
Global Atomic has formalized the Letter of Intent announced in
October 2023 by signing a Definitive
Agreement for the sale of up to 700,000 lbs uranium per annum from
the Company's Dasa Project in the Republic of Niger. This would represent up to 3.5 million
lbs over the five-year agreement. Today's earlier news release
stated that the contract was for 350,000 lbs uranium per annum,
totaling 1.75 million lbs over the five-year agreement.
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 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 Feasibility
Study for Dasa was filed in December
2021 and estimates yellowcake delivery to utilities to
commence in 2026. Mine excavation began in Q1 2022.
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 proposed financings; Global
Atomics' development potential and timetable of its operations,
development and exploration assets; Global Atomics' ability to
raise additional funds on satisfactory terms to the Company; the
future price of uranium; the estimation of mineral reserves and
resources; the completion and timing of the MRE; conclusions of
economic evaluation; the realization of mineral reserve estimates;
the timing and amount of estimated future production, development
and exploration; impacts of third-parties and Government policies
on the Company's operations; 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