TORONTO, ONTARIO, Nov 11 (MARKET WIRE) --
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 Contained e U3O8
(ppm e U3O8) (pounds)
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Measured Resource
Tin Negouran Concession 402,000 592 525,700
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Indicated Resource
Tin Negouran Concession 12,793,000 176 4,973,800
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Total Measured and
Indicated Resource 13,195,000 189 5,499,500
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Inferred Resources
Tin Negouran Concessions 9,928,000 160 3,508,000
Adrar Emoles Concessions 27,900,000 821 50,500,000
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Total Inferred Resource 37,828,000 647 54,008,000
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Approximately
Total Measured & Indicated 5.5 million
Approximately
Total Inferred 54 million
---------------------------------------------------------------------------
Geological Potential Estimate
Tonnes Grade Contained e U3O8
(ppm 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
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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.
Contacts:
Global Atomic Fuels Corporation
Stephen G. Roman
Chairman, President & CEO
(416) 368-3949
www.globalatomicfuels.com
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