TORONTO, March 24, 2020 (GLOBE NEWSWIRE) --
Dear Shareholders, Stakeholders and Friends,
In view of the COVID-19 pandemic and turbulent financial markets, I want to provide an update on our activities at Global Atomic Corporation.
Our sympathies are with anyone directly or indirectly affected by COVID-19, whether they are a family member, friend, first responder, or medical professional. We believe that the steps various nations are adopting to contain this outbreak have consequences, and we hope the best for you and your families.
Our business is largely unaffected at this time. Even though we have closed our office, our team is working remotely where possible. Our continued focus on the health and safety of our employees and consultants, the safety of our operations, and the safety of the communities in which we live and work remains paramount.
To that end, we have eliminated unnecessary travel, instituted health protocols for working together, and ensured that our employees are permitted to take time off due to illness or the illness of those around them without penalty. Where we can do so, we have instituted remote working arrangements for our team using systems currently available. As a result, our business continues, without interruption.
At our operations in Turkey and in Niger, we have implemented education to promote hygienic practices and limit social interactions to protect the employees and local communities in an effort to prevent the spread of the virus. On the Dasa uranium project, an Optimized Preliminary Economic Assessment will be published in Q2, 2020 and hydrogeological and environmental impact assessment studies are underway. In Turkey, BST is operating normally.
These are turbulent times. We wish you and your families good health and safety. Know that our team is safe and we continue working towards advancing our business to prepare for a time when business, industry, and financial markets return to a normal level.
Stephen G. Roman
Chairman, President & CEO
About Global Atomic
Global Atomic Corporation is a TSX listed company that provides a unique combination of high-grade uranium development and cash flowing zinc concentrate production. The Company’s Uranium Division includes six exploration permits in the Republic of Niger covering an area of approximately 750 km2. Uranium mineralization has been identified on each of the permits, with the most significant discovery being the Dasa deposit situated on the Adrar Emoles III concession, discovered in 2010 by Global Atomic geologists through grassroots field exploration. The Dasa deposit is currently undergoing feasibility studies and an EIS prior to applying for a Mining Permit in Q4, 2020.
Global Atomic’s Base Metals Division holds a 49% interest in the Befesa Silvermet Turkey, S.L. (“BST”) joint venture, which operates a new, state-of-the art processing facility, located in Iskenderun, Turkey, that converts Electric Arc Furnace Dust (“EAFD”) into a high-grade zinc oxide concentrate which is sold to zinc smelters around the world. The Company’s joint venture partner, Befesa Zinc S.A.U. (“Befesa”) listed on the Frankfurt exchange under ‘BFSA’, holds a 51% interest in and is the operator of the BST joint venture. Befesa is a market leader in EAFD recycling, capturing approximately 50% of the European EAFD market, with facilities located throughout Europe and Asia.
The new BST Joint Venture plant is expected to double annual production of zinc from 30 million lbs to 60 million lbs supported by EAFD supply currently available for processing in Turkey.
The information in this release may contain forward-looking information under applicable securities laws. Forward-looking information includes, but is not limited to, statements with respect to completion of any financings; Global Atomic’s development potential and timetable of its operating, development and exploration assets; Global Atomic’s ability to raise additional funds necessary; the future price of uranium; the estimation of mineral reserves and mineral resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental and permitting risks. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", “targets”, "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All information contained in this news release, other than statements of current and historical fact, is forward looking information. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Global Atomic to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Global Atomic and in its public documents filed on SEDAR from time to time.
Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Global Atomic has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Global Atomic does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Global Atomic’s annual and interim MD&As.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.