Global Atomic Fuels Corporation

Global Atomic Fuels Corporation

November 11, 2009 10:13 ET

Global Atomic Fuels Releases New NI 43-101 Results, Updates IPO Timing

TORONTO, ONTARIO--(Marketwire - Nov. 11, 2009) - Global Atomic Fuels Corporation ("Global" or "Corporation"), a private Ontario corporation, is pleased to announce the completion of the latest NI 43-101 by GEOEX Inc. on its uranium projects in the Republic of Niger, West Africa. Total resources have been increased by 77% through additional drilling and compilation of previous drilling, and a geological potential estimate which outlines a minimum of 300 million pounds combined potential on Global's concessions. The current resources are listed below:

                         Tonnes Grade (ppm e U3O8) Contained e U3O8 (pounds)
Measured Resource       
Tin Negouran Concession 402,000  592  525,700
Indicated Resource       
Tin Negouran Concession 12,793,000  176  4,973,800
Total Measured and       
Indicated Resource13,195,000  189  5,499,500
Inferred Resources       
Tin Negouran Concessions 9,928,000  160  3,508,000
Adrar Emoles Concessions 27,900,000  821  50,500,000
Total Inferred Resource37,828,000  647  54,008,000
Total Measured & Indicated      ˜ 5.5 million
Total Inferred      ˜ 54 million
 
                         Geological Potential Estimate  
                         Tonnes Grade (ppm e U3O8) Contained e U3O8 (pounds)
 
Tin Negouran Concessions 319 to 386 million  160 to 230  114 to 196 million
Adrar Emoles Concessions 118 to 144 million  717 to 880  207 to 254 million

The next phase of work will include reverse circulation drilling to expand and in-fill high grade resources and core drilling for metallurgical testing and to enable the completion of a Preliminary Economic Assessment ("PEA"). In addition, an assessment will be made for ISR ("in-situ recovery") potential at Dajy in the high grade Tarat unit which is mineralized as is the Madouela and Guezouman sandstone units on the concession.

The Corporation also announced today that on the advice of its underwriters, it is deferring the timing of its planned Initial Public Offering of its common shares to the spring of 2010, when capital market and economic conditions are expected to be stronger, and coincides with the completion of the PEA.

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, and own 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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