Global Atomic Confirms 90% Ownership of Dasa Project
Toronto, ON: Global Atomic Corporation (“Global Atomic” or the “Company”), (TSX: GLO, OTCQX: GLATF, FRANKFURT: G12) announced today that it is has received formal notification from the Republic of Niger that the Government will not increase its ownership stake in the Company’s Dasa Uranium Project beyond the minimum 10% interest decreed under the Mining Code.
Global Atomic will now take steps to establish its Niger mining subsidiary of which Global Atomic will own a 90% equity interest and the Republic of Niger will own a 10% equity interest.
In a letter to the Company from Niger’s Minister of Mines; Madame Hadizatou Ousseini Yacouba, confirmed the Government’s 10% ownership interest in the Dasa Uranium Project.
Minister Yacouba also expressed the Government’s confidence in Global Atomic to bring the mine successfully into production and deliver direct benefits to the Republic through taxes, royalties and their 10% ownership interest and, indirect benefits through employment of mine workers and in country procurement of mine supplies and services. The Minister also noted the Company’s exemplary record on Environmental, Social and Governance issues and pledged the Government’s full support for the Dasa Project.
Stephen G. Roman, President and CEO commented, “This confirms our decision to enter Niger in 2005 in search of uranium deposits. We appreciate Niger’s proactive support for mining and uranium mining in particular, which has been a significant part of the country’s economy for 50 years. The Niger Government has supported our extensive exploration programs over the past 16 years, encouraged our development plans, and at the end of 2020 granted our mining permit in less than three months after we submitted our application. We look forward to having the Government as our partners in the high-grade long-life Dasa Project. We plan to bring the 12-year Phase I of the Dasa Project into full production by the end of 2024 and add subsequent Phases to extend the life of the mine for many decades.”