Global Atomic Fuels Corporation

Global Atomic Fuels Corporation

June 05, 2012 15:02 ET

Global Atomic Fuels Corporation Corporate Update: June, 2012

TORONTO, ONTARIO--(Marketwire - June 5, 2012) - Global Atomic Fuels Corporation ("Global Atomic" or "the Company") a private Ontario corporation, is pleased to present this June 2012 corporate update to shareholders and friends on its activities in the Republic of Niger, West Africa.


  • Significant new discovery at the Dasa open pit project, in the graben, along the Azouza fault. High grade uranium mineralization has been encountered below the planned open pit. Drill results include:
    • ASDH 248: from 256 to 281 meters - 2092 ppm over 25 meters
    • ASDH 254: from 307 to 350 meters - 717 ppm over 43 meters including: from 315 to 335 meters - 1182 ppm over 20 meters
    • ASDH 307: from 437 to 467 meters - 3486 ppm over 30 meters

The recent deep drilling at the Dasa project is continuing in order to define the size and orientation of the mineralized zone. Additional drill rigs have been mobilized to accelerate the drilling.

  • Dasa 1, 2 & 3 surface deposits are being drilled at 50 metre spacing to provide Global Atomic's consulting geologists, SRK, with sufficient confidence for a Measured and Indicated Resource necessary for a Pre-feasibility study, which is currently underway.

  • Metallurgical test work at SGS, Lakefield, Ontario, confirms coarse grind and standard two stage acid leach returns 95% uranium recovery.

  • Heap leach testing on Dasa ores, with low overall costs anticipated, as an alternative processing method is ongoing at MINTEK South Africa with results expected by September.

  • Weatherhaven 50 man camp, to be named "Dajy Camp", is expected on site by June 30th with full commissioning by July 31st.

  • Road works are underway at the Dasa site for better access to the Dajy Camp and to access all drill sites.

  • Isakanan deposit drilling underway with initial drilling confirming structure and grade.

  • Exploration drilling along the Azouza fault northeast of Dasa, is underway and will include exploration drilling on the Isakanan channel between the Isakanan deposit, 20 kilometers south, and the Azouza fault. The Isakanan channel is a paleo-channel structure with a number of wide spaced drill holes completed by the Japanese in the 1980's, all of which intersected ore grade uranium mineralization over mineable widths.

  • Global Atomic currently has 6 drill rigs operating and an additional 2 expected.

"Global Atomic has been ramping up its exploration and deposit development efforts in Niger over the past year", stated Stephen G. Roman, Global Atomic's President & CEO. "We continue to drill our Dasa surface discovery in order to define a mineable resource that we can put into production over the next 24 to 36 months. With our new high grade, deep discovery, we have the potential to add significantly to the Company's overall uranium resources. In addition, exploration efforts are underway with dedicated drill rigs, in order to define new deposits and continue to build on Global Atomic's resource base which now stands in excess of 100 million pounds of U3O8" Mr. Roman said.

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 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.

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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