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Global Atomic Announces Q2 2019 Results
TORONTO, Aug. 14, 2019 (GLOBE NEWSWIRE) -- Global Atomic Corporation (“Global Atomic” or the “Company”), (TSX: GLO, FRANKFURT: G12) is pleased to announce its o
About this update from Global Atomic Corporation
[{"type":"text","content":" TORONTO, Aug. 14, 2019 (GLOBE NEWSWIRE) -- Global Atomic Corporation (“Global Atomic” or the “Company”), (TSX: GLO, FRANKFURT: G12) is pleased to announce its operating and financial results for the second quarter (“Q2 2019”) ended June 30, 2019. Highlights: Global Atomic lists on TSX Main Board, May 8, 2019 The Turkish EAFD processing plant in Iskenderun is undergoing hot commissioning. The kiln has been fired and EAFD will be fed to the kiln by August 18, 2019 Approximately 20,000 tonnes of EAFD has been stockpiled in BST’s warehouse and will enable operations at full capacity for the balance of the year The new plant is expected to generate free cash flow on the re-start with enhanced profitability An updated Mineral Resource Estimate (“MRE”) was completed by CSA Global Pty. Ltd. (“CSA Global”) for the DASA Project, highlighting the following increase in Indicated and Inferred Resources: Indicated Resource Increases by 56% to 101.6 million pounds eU3O8 at 1,752 ppm Inferred Resource Increases by 81% to 87.6 million pounds eU3O8 at 1,781 ppm The DASA Deposit remains open along strike and down dip and further expansion drilling is recommended by CSA Global Outlook: The Turkish EAFD processing plant will resume full operations in September A Prefeasibility Study (“PFS”) is underway by CSA Global on the Indicated Resources suitable for open pit mining An Environmental Impact Study (“EIS”) is also being prepared as pre-requisite to receipt of a mining permit The Company expects to apply for the DASA Mining Permit in mid-2020 with permits expected to be issued Q4 2020 Continued discussions with the French uranium producer, Orano Mining, under the Memorandum of Understanding, signed in July 2017, are ongoing. The Company is considering various options for the early delivery of ore to Orano Base Metals Division Operations: Hot commissioning of the Iskenderun plant is underway and EAFD will be fed to the kiln on August 18, 2019. The existing plant was closed in January 2019 to facilitate the construction of the new plant. During the shut-down period EAFD is being stored in a warehouse and an estimated 20,000 tonnes EAFD is available for start-up. The economics of the new plant will be greatly improved as a result of the following: EAFD throughput increases from 60,000 tonnes to 110,000 tonnes EAFD Zinc recovery rate...