Global Atomic Corporation is pleased to provide an update on the considerable progress being made at its Dasa Uranium Project in the Republic of Niger.
President and CEO, Stephen G. Roman who released the update said the project is fully permitted and, based on their Feasibility Study results announced last month, is economically viable at a base price assumption of US$35/pound.
“Global Atomic is a positive cash-flowing company from its Turkish Zinc Joint Venture and following our C$35 million equity offering that closed on December 7, 2021, we are well-funded. In November, our Board of Directors made a production decision to proceed with the Dasa Project and we have been moving ahead at full speed. In fact, with the activity already occurring at site, we have broken ground almost two months ahead of schedule. The team is growing and fully engaged at site, with the goal of building our mine and mill to produce yellowcake for sale by January 2025.”
Letter of Intent
To formalize the Letter of Intent announced on September 29, 2021, the Company has signed a definitive contract with CMAC-Thyssen Mining Group (“CMAC”), to commence operations at the Dasa Project site in April 2022. CMAC will collar the Portal and complete over 8,000 meters of horizontal and vertical underground mine development within the ensuing 24 months to prepare stopes for commercial operations.
To support the Dasa Project, the Company has begun the hiring process, targeting the experienced labour force available in Niger with interviews and initial hires underway. In Niger’s capital of Niamey, the Company has secured living accommodations and a head office for the Company’s local mining subsidiary to be named Société Minière Dasa or “SOMIDA”.
“We expect steady news flow as we achieve important milestones over the next quarter, including drill results, finalization of terms with the Government of Niger to form SOMIDA and the completion of an agreement with Orano Mining, based on the 2017 Memorandum of Understanding, to Direct Ship Ore to Orano’s Somaïr operation near the town of Arlit,” continued Mr. Roman. “In addition, discussions with lending institutions and utilities continue as part of the overall advancement of the Dasa Project.”