Global Atomic Fuels Corporation

Global Atomic Fuels Corporation

August 17, 2010 16:34 ET

Global Atomic Fuels Corporation: Corporate Update, August 2010

TORONTO, ONTARIO--(Marketwire - Aug. 17, 2010) - Global Atomic Fuels Corporation ("Global" or "Company") a private Ontario corporation, is pleased to announce a number of recent developments relating to its uranium projects in Niger, West Africa.

Highlights:

  • Ministry of Mines, Republic of Niger, sign 27 and 28 month exploration licence extensions on Global's 4 Tin Negouran concessions and 2 Adrar Emoles concessions, respectively.
  • Recently completed drilling program on Dasa target, Adrar Emoles #3 concession, confirms high grade open pit potential. Further drilling and feasibility study planned for next phase of work.
  • Metallurgical studies completed to date indicate high uranium recoveries of 98% and low acid consumption on Dasa ores.
  • An independent structural interpretation on Adrar Emoles #3 concession confirms high potential for uranium resource expansion on numerous targets surrounding Dasa deposits.
  • Global's drill inferred resource estimate on four deposits now tops 80 million pounds.

About Global Atomic Fuels Corporation

Global Atomic Fuels 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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