Global Atomic Fuels Corporation



Global Atomic Fuels Corporation

January 28, 2014 12:32 ET

Global Atomic Fuels Corporation Corporate Update: January, 2014

TORONTO, ONTARIO--(Marketwired - Jan. 28, 2014) - Global Atomic Fuels Corporation ("Global Atomic" or "the Company"), a private Ontario corporation, is pleased to present the latest news on the continuing work at the Dasa uranium project, located in the Republic of Niger, West Africa.

Highlights:

  • Diamond and rotary drilling of 100,000 meters confirms the Dasa discovery as a major new uranium deposit in Niger.
  • SRK Consulting has completed the first NI 43-101 / J.O.R.C. compliant technical report on the Dasa deposit using "gamma probe data only."
  • Previous Dasa 1, 2 & 3 deposits have now all merged into one large "Dasa Deposit." Mining studies completed by SRK have shown both open pit and underground mining potential with low operating costs.
  • SRK prepared a block model quantities and grade estimate at various cut off grades. At a 100 ppm cut-off, the quantities and grades are as follows:
eU3O8
000lb ppm
Inside the conceptual pit shell 7,838 365
Below the conceptual pit shell 105,943 656
Total 113,781 622
  • In its technical report on the Dasa deposit, SRK concluded on the following mineral resource statement effective September 20, 2013:
eU3O8
000lb ppm
Open pit Inferred 6,013 579
Underground Inferred 76,843 1,797
Total Inferred 82,856 1,559
  • SRK Consulting will be updating this resource to include 3,500 assays recently received from extensive core drilling. The high grade zone has been confirmed with 44% of the drill holes completed using diamond drilling and chemical assays.
  • The deposit is thick and open on strike which now extends over 1.5 kilometers. Recent drilling includes:
    • ASDH 311: 1,391 ppm over 96 meters
    • ASDH 312: 1,340 ppm over 138 meters; incl: 12,295 ppm over 6 meters
    • ASDH 476: 3,497 ppm over 100 meters; incl: 5,972 ppm over 50 meters
    • DADH 385: 1,318 ppm over 178 meters; incl: 4,029 ppm over 32 meters;
      which includes: 14,681 ppm over 5 meters
      this hole also includes a section of 1,911 ppm over 40 meters;
      which includes: 10,630 ppm over 5 meters
  • Technical studies on the project continue including; metallurgy, hydrogeology and geotechnical studies. Global Atomic's goal is to move the resource to the "Indicated" category with the completion of limited additional diamond drilling and incorporating this and all assay data into the next SRK NI 43-101 / J.O.R.C. technical report.
  • Geophysical surveys including IP (Induced Polarization) and seismic will be completed over the Dasa area during the next three months to map structure, define the basement horizon and delineate structural and lithological trends for further resource expansion.
  • Prior to the discovery of the Dasa deposit, an NI 43-101 compliant technical report was prepared on the Tin Negouran, Isakanan and Dajy deposits, which concluded on total Inferred resources of 60 million pounds.
  • Global Atomic consultant, Mr. Henri Sanguinetti, principal of Mélabar Geoconsulting, an independent uranium consulting company based in Paris, France, who has extensive experience in Niger working for AREVA and other clients, states, "the Dasa deposit is exceptional from a structural and geological viewpoint and cannot be compared to existing known deposits in the Tim Mersoi basin. The deposit also hosts areas which are exceptional in thickness and uranium grades. We have to go back to the richest zone of the Akouta redox front (AREVA's Cominak Mine), to recognize similar thickness and grades."

"I congratulate the Global Atomic team both in Niger and Canada for making such an exciting new, high grade, uranium discovery," said Stephen G. Roman, Global Atomic's President & CEO. "The Dasa discovery is in the same mineralized unit as AREVA's massive Imouraren deposit 30 kilometers northwest of Dasa, with equal size potential. With this discovery now confirmed and quantified by independent third party analysis, Global Atomic is rapidly building a large resource base and becoming one of the world's foremost uranium exploration companies. We look forward to updating shareholders with the next SRK report in the coming months."

QP Statement

Dr. Peter Wollenberg, P.Geo., M.Sc., Ph.D., has reviewed this press release as the Qualified Person (QP) as defined in National Instrument 43-101.

About Global Atomic Fuels Corporation

Global Atomic Fuels Corporation 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 1,500 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.

Current shares outstanding: 62,100,482 million

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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