Global Atomic Fuels Corporation

Global Atomic Fuels Corporation

September 17, 2009 16:41 ET

Global Atomic Fuels Corporation: Corporate Update

TORONTO, ONTARIO--(Marketwire - Sept. 17, 2009) - Global Atomic Fuels Corporation ("Global" or the "Company") a private Ontario corporation, is pleased to report developments as at September 16, 2009.

Highlights

- Successful Annual Meeting of Shareholders held September 16, 2009 appointed a new Board of Directors, Auditors, and a change of the Company's name

- Directors appointed are as follows:

-- Stephen G. Roman

-- Andrew C. Rickaby

-- Derek C. Rance

-- George A. Flach

-- Peter J.M. Hooper

-- J. Alan Spence

all experienced explorationists, mining engineers, and mine developers who will provide the necessary talent, skill, and expertise to advance Global to production in Niger.

- PriceWaterhouseCoopers re-appointed auditors of the Company

- Name changed to "Global Atomic Fuels Corporation"

Global's Plans

Shareholders were informed of Global's development plans over the next quarter which include:

- Updated NI 43-101 report, September 2009

- Lyntek Inc. metallurgical report

- Preliminary Economic Assessment for Tin Negouran

- Complete Initial Public Offering ("IPO") Prospectus by the end of September

-- Company "road show" during October, 2009

-- IPO target completion by November, 2009

-- TSX symbol reserved, "GLO"

- Begin final feasibility study at Tin Negouran

- Commence major drill programs at Global's high priority Dajy and Isakanan deposits to upgrade "resources" to "reserves"

- Resume drilling at Tin Negouran for infill and resource expansion

"The Company has made significant progress in Niger over the past year and we are looking forward to completing our IPO and advancing the first project at Tin Negouran to production while continuing to explore and develop our other high priority targets," said Stephen G. Roman, Global's President & CEO.

About Global Atomic Fuels Corporation

Global is a private Ontario corporation founded in January, 2005 by executives with extensive experience in the mining and marketing of uranium. The Company has exploration agreements covering six uranium concessions in the Republic of Niger, covering an area of approximately 3,000 km2, as well as owning a database consisting of numerous uranium exploration targets around the world collected over a 30 year period by a major Canadian uranium producer.

The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, political instability, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.

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