- $1,950,000 raised by private placement at $1.50 / share to fund completion of a Preliminary Economic Assessment (“PEA”). The best option will be studied for the first defined orebody to be mined using methods that may include In Situ Recovery (“ISR”), Open Pit or Underground mining methods. The PEA is focussed on targets identified by Global’s drilling programs completed to-date.
- Drilling has currently resumed at the high grade “Dajy” target, Adrar Emoles #3 concession with an RC and core rig.
- Lyntek Inc. of Denver, Colorado, one of the world’s foremost ISR experts, engaged to complete PEA.
- Surface reconnaissance at Dajy leads to discovery of new high grade sandstone hosted anomaly.
- Initial wet assays show grades as high as 30% U3O8.
- IPO target date May 2010, once initial PEA completed.