Toronto, Ontario, February 7, 2007: Stephen G. Roman, Co-founder, President and Chief Executive Officer of Global Uranium (“Global” or the “Company”), a private Ontario corporation, is pleased to announce the signing of an exploration agreement with the Republic of Niger, the fourth largest uranium producing country in the world, regarding four uranium concessions in that country.
A three year exploration agreement was signed in Niamey, the Capital of Niger, on January 22, 2007 on the Tin-Negoran 1, 2, 3 and 4 concessions, totaling approximately 2000 km2. The concessions are located on the main uranium bearing trend that hosts numerous uranium deposits in central Niger, west of the Aïr mountains, near the town of Agadez.
Previous work on one of the properties by a Japanese company identified a uranium resource which will now be validated with modern uranium exploration techniques, including the completion of a National Instrument 43-101 report by an independent professional geologist (P.Geo.,Q.P.). The exploration plan is to begin immediately with an airborne radiometric survey, to be followed by ground mapping, geochemical analysis and diamond drilling. Data compilation of the past work is ongoing.
Global is required to spend US $2,250,000 per concession over the three year period. The Government of Niger maintains a 10% carried interest in the concessions. A new mining law was recently enacted which allows the Government to increase this interest to a maximum of 40 % by funding its increased share of any mining operation.
Mr. Roman commented: “We are excited about this project and would like to thank the Government of the Republic of Niger for its confidence in Global Uranium and our very experienced management team. I would also like to extend my thanks to all those who helped Global achieve a successful transaction. Global plans an aggressive exploration and development program on the four concessions with the objective of bringing the already identified resource into the production stage.”
Global Uranium is a private Ontario corporation founded in January, 2005 by Clifford H. Frame, P.Eng., Chairman of the Board, and Stephen G. Roman, President & CEO. The Company owns a database consisting of numerous uranium exploration targets around the world collected over a 30 year period by a major Canadian uranium producer. In addition, the Company has a three year exploration agreement on four uranium concessions in Niger. An exceptional group of individuals form the operating team, including Mr. Frame, former President of Denison Mines Limited, Mr. Roman, former Director and V.P. Exploration & Development at Denison and currently Co-Chairman of Gold Eagle Mines Ltd., shares of which are listed on the Toronto Stock Exchange, and Andrew C. Rickaby, B.Sc.Mining, former Vice President and General Manager of Denison’s flagship Elliot Lake uranium mine.
It is Global’s intention to fast-track this opportunity in Niger into at least one producing mine and continue to aggressively grow the Company through exploration and acquisition of high value uranium targets world-wide. A number of potential projects are presently under review.
Subject to shareholder approval the Company intends to modify its name to avoid duplication with other currently listed uranium companies.
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.
For further information contact:
Stephen G. Roman, President & CEO