Global Atomic Submits the Mining Permit Application for its Dasa Uranium Project
Toronto, ON: Global Atomic Corporation (“Global Atomic” or the “Company”), (TSX: GLO, FRANKFURT: G12, OTCQX: GLATF) announced today that the Company has submitted the Mining Permit Application for its Dasa Uranium Project in Niger, as planned.
Global Atomic in Niger and History of the Dasa Project:
- Global Atomic began negotiations with the Government of the Republic of Niger in 2005. In 2006, 4 permits were granted and in 2007 an additional two permits were granted. Field activities commenced during 2006.
- The Company has discovered four deposits on four permits, the most significant being the Dasa Project on the Adrar Emoles 3 permit in 2010.
- Since operations began in Niger, in excess of US$50 million has been spent on the exploration and development of these deposits.
- The Dasa Project is a Tier 1 asset, with approximately 102 Mlb of uranium in the Indicated and 88 Mlbs of uranium in the Inferred categories, as stated in the July 2019 Technical Report, which is available on the Company website.
- Global Atomic believes strongly in local ESG initiatives with Company support including medical, education, food and water well drilling.
- In May 2020, the Company filed a Preliminary Economic Assessment using a Base Case uranium price of US$35/lb to mine the Flank Zone of the Dasa Project, as Phase 1, over 12 years, at an average AISC of less than US$19/lb to deliver an after-tax NPV8 of US$211 million and after-tax IRR of 26.6%.
- In Phase 1, Global Atomic plans to use conventional underground mining techniques and proven processing technology that is currently being used at existing uranium mines in Niger and targets an initial production of 44 Mlb.