Global Atomic Announces 2019 Results

TORONTO, March 30, 2020 (GLOBE NEWSWIRE) -- Global Atomic Corporation (“Global Atomic” or the “Company”), (TSX: GLO, FRANKFURT: G12, OTCQX: GLATF) the multi-asset development company with cash flow from the BST facility in Turkey and one of the world’s premium uranium development assets, at the Dasa Project in the Republic of Niger is pleased to announce its operating and financial results for the year ended December 31, 2019.

HIGHLIGHTS

• Dasa Project trade-off studies completed with results recommending a Phase One, twelve-year development with a high-grade underground mine plan and a standalone processing plant

• Optimized Preliminary Economic Assessment of the Phase One plan for Dasa will be released in Q2, 2020

• Environmental Impact and Hydrogeology Studies are underway for inclusion in the Final Technical Report for the Government of Niger as part of the Mining Permit Application

• A new Mineral Resource Estimate (“MRE”) was completed by CSA Global Pty. Ltd. (“CSA Global”) during 2019 and formed the basis for the improved mine plan

• Discussions are on-going with Orano Mining for a potential mutually beneficial outcome to deliver uranium bearing rock to the Somaïr processing facility in Arlit, Niger

• Turkish Zinc Plant modernized and expanded, built on time and on budget, and commissioned during 2019

• Global Atomic Corporation graduated to the TSX Main Board, symbol “GLO” and the USA OTCQX market under the symbol “GLATF”

• Ronald S. Halas, P.Eng., appointed Chief Operating Officer in charge of building the Dasa Project

• Global Atomic continues to receive management fees and sales commissions from zinc sales, operating cash flow is retiring plant construction costs

• Positive Net Income generated during 2019 of CDN$3.6 million, despite plant downtime of 7 months for Turkish Plant modernization program

• Cash position as at December 31, 2019 was C$3.8 million

Stephen G. Roman, Chairman, President and CEO commented “Despite COVID-19 and the disruption to markets and our daily lives, work at Global Atomics’ business continues largely as normal. We continue, of course, to 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.