Business
Global Atomic Updates Situation in The Republic of Niger
TORONTO, July 27, 2023 /CNW/ - Global Atomic Corporation ("Global Atomic" or the "Company") (TSX: GLO) (FRANKFURT: G12) (OTCQX: GLATF) announced today that its
About this update from Global Atomic Corporation
[{"type":"text","content":" TORONTO, July 27, 2023 /CNW/ - Global Atomic Corporation (\"Global Atomic\" or the \"Company\") (TSX: GLO) (FRANKFURT: G12) (OTCQX: GLATF) announced today that its development of the Dasa Project continues to advance. Following the recent resignation of the President in Niger, the Company's Dasa Project remains unaffected other than the borders and airport have been temporarily closed which will interrupt our supply lines in the short term. As the safety and security of our employees in the capital of Niamey and at the Project site is of utmost importance, we have been reassured to know that various branches of the military are maintaining peace and stability in the country. We have also been informed that the ruling political party remains in place and that a new Head of State will be appointed. With an infrastructure that has supported uranium mining for over 50 years, an experienced mining work force and the highest-grade uranium deposit in Africa, Global Atomic remains committed to the development of the Dasa Project and the ensuing benefits to our shareholders and the people of Niger. We are closing monitoring the unfolding situation in Niger and we will keep our investors and other stakeholders informed. 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 Feasibility Study for Dasa was filed in December 2021 and estimates yellowcake delivery to utilities to commence in 2025. 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 smel...