TORONTO, Oct. 23, 2018 (GLOBE NEWSWIRE) -- Global Atomic Corporation (“Global Atomic” or the “Company”), (TSX-V: GLO, FRANKFURT: G12) is pleased to announce the results of the Preliminary Economic Assessment (“PEA”) on the DASA Project (“DASA” or the “Project”), located in the Republic of Niger.

A summary of the PEA is provided below, including opportunities being explored through an alternate mining strategy to accelerate development of the Project for early mining.  All figures are stated in U.S. dollars, unless otherwise stated.


  • The objective of the PEA was to study the DASA Project as an integrated underground mining operation, processing mineralized material through an on-site mill (the “DASA Standalone Scenario”) initially operating at 2,500 tpd and ramping up to 3,000 tpd.  Highlights include:
    • High grade resource: 69 million lbs U3O8 recovered at an average grade of 2,380 ppm U3O8 over a 15 year mine life.
    • Scalable production: Annual production sustained from 4 Mlb to 7 Mlb U3O8 over the mine life.
    • Low cost operation: All-in sustaining cost (“AISC”) of US$28.51/lb U3O8.
    • Initial CAPEX: US$320 million, including US$141 million for an on-site mill; US$467 million with sustaining capital and reclamation.
    • Significant NPV and project return at expected long-term uranium price:

NPV and IRR – DASA Standalone Scenario

 UnitUranium Price (US$/lb U3O8)
 $45.00  $50.00  $55.00  
NPV @ 8%US$ M$342 $539 $735 
IRR (100% Equity) 
NPV @ 8%US$ M$172 $299 $437 
IRR (100% Equity) 18% 25% 32% 

The PEA was completed in accordance with NI 43-101, Canadian Institute of Mining, Milling and Petroleum (“CIM”) standards.  The PEA is preliminary in nature and includes Inferred Mineral Resources that are too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves.  There is no certainty that PEA results will be realized.  Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

  • An alternate mine plan scenario, the “Alternate Mining Strategy”, based on the July 2017 MOU signed with Orano Mining (“Orano”), in which high grade mineralized material is sold to Orano targeting early cash flow, identified a significant value opportunity.  Highlights include:
    • Fast track to cash flow: Accelerated underground development with minimal infrastructure.
    • Reduced initial capital: US$35 million to start mining, no mill required.
    • High grade material: Potential to ship 360,000 tonnes annually for the 5 year contract containing on average 2.8 million lbs U3O8 grading 3,698 ppm
    • Low cost mining: Minimizing operating costs, US$10.94 per lb U3O8 before transport and processing, indicates this is potentially profitable at low uranium prices.
  • The Company expects it could permit the Alternate Mining Strategy by Q4, 2019, with ramp development beginning as early as 2020.
  • Management also identified the following additional value opportunities which are currently being explored to improve overall project economics:
    • Improve modelled uranium recovery with further metallurgical test work.
    • Mine plan optimizations to reduce dilution and minimize underground development.
    • Improve grade and increase Mineral Resources with further infill drilling.
    • Value opportunities currently being explored are expected to be reflected in an updated Feasibility Study targeted for 2019.

Stephen G. Roman, President and CEO of Global Atomic, commented, “The DASA uranium project is a Tier 1 project in a proven uranium mining jurisdiction where accelerated permitting is possible.  The PEA demonstrates the economic potential of the Project and our agreement with Orano allows us to pursue ways to fast track the Project to early mining at current commodity prices.”


The PEA was completed by CSA Global Pty. Ltd. (“CSA Global”) with the objective to assess the economic and technical viability of uranium production at DASA as an integrated operating facility to mine and recover a uranium concentrate on the property, referred to as the DASA Standalone Scenario in this news release.

As a “value opportunity”, Global Atomic also requested CSA Global to study the Alternative Mining Strategy, whereby the Company could achieve positive cash flow with minimal up front capital by selling mineralized rock directly to Orano as per a Memorandum of Understanding the Company has with Orano and the Company  believes it represents a compelling case at current uranium prices.

Price Assumptions
A uranium price of US$50/lb U3O8 was chosen for the PEA, consistent with the consensus long-term spot price estimate as reported by industry analysts.

PEA Summary – DASA Standalone Scenario

Mineralized Material ProcessedMillion tonnes15.9 
Extraction Ratio 85% 
Dilution 34% 
Mill Head Gradeppm2,380 
Mill Recovery 84.3% 
Total Recovered UraniumMillion lbs69.1 
Mine LifeYears15 
Annual Tonnage (Phase 1 – First 6 Years)Ktpa900 
Average Annual Production (Phase 1)m lbs U3O87.0 
Average Annual Production (Phase 2)m lbs U3O84.0 
Capital Cost  
Mine DevelopmentUS$ M$49.5 
MillUS$ M$141.2 
Surface InfrastructureUS$ M$45.4 
Owner's CostUS$ M$8.7 
Indirects/EPCMUS$ M$11.1 
Contingency (25%)US$ M$64.0 
Total Construction Costs Incl. ContingencyUS$ M$319.9 
Sustaining Capital CostsUS$ M$137.2 
ReclamationUS$ M$10.0 
Total Capital CostsUS$ M$467.1 
Operating Cost  
Transport and MarketingUS$/lb$1.50 
Total Operating CostUS$/lb$26.52 
Sustaining CapitalUS$/lb$1.99 
All In Sustaining CostUS$/lb$28.51 


Deposit Overview
DASA is a high grade uranium deposit located in the Tim Mersoi Basin of Niger, a sedimentary basin host to a large number of uranium deposits including Orano’s COMINAK and SOMAIR mines, which combined have produced over 240 million pounds of historical production.  Uranium mineralization in Niger is located exclusively in the sandstone formations of the basin, however concentration and tonnage vary widely by deposit.  DASA is unique in that it contains significantly higher concentrations of uranium making it the highest grade project in the basin and one of the highest grade deposits in the world.

Mineral Resource Estimate
A NI 43-101 Mineral Resource Estimate was prepared by CSA Global dated June 30, 2018 and filed on SEDAR.

Block modelling was based on the idea DASA would be mined as open pit to start, transitioning to underground mining in subsequent years.  During the PEA process, it was determined a more optimal approach was to start ramping underground to the mineralized material.  Opportunity exists to further refine the resource model that could potentially improve the underground mining assumptions.

Mineral Resource Estimate

TonneseU3O8Contained metal
Indicated – Pit Constrained7.083,25150.8
Indicated – Underground2.52,55314.1
Total Indicated9.593,06864.8
Inferred – Pit Constrained0.261,1350.7
Inferred – Underground8.182,64747.7
Total Inferred8.442,60048.4

* These results are based on chemical assays and gamma probing using an Electomind DIL 1125 gamma probe. Additional results will be released once chemical assaying is completed on the Flank Zone drill holes currently at ALS Global in Vancouver, Canada.

  1. Mineral Resources are based on CIM definitions and is reported as at 1st June 2018.
  2. Mineral Resources for pit constrained resources are estimated within the limits of an ultimate pit shell
  3. Mineral Resources for underground resources are estimated outside the limits of ultimate pit shell.
  4. A cut-off grade of 320 ppm eU3O8 has been applied for pit constrained resources.
  5. A cut-off grade of 1200 ppm eU3O8 has been applied for underground resources.
  6. A bulk density of 2.36t/m3 has been applied for all model cells.
  7. Rows and columns may not add up exactly due to rounding.

Grades were calculated using a comprehensive suite of chemical assays for all diamond core intervals above a cut-off of 100 ppm (pre 2014) or 300 ppm (post 2014) as measured in down hole logging.  This was calibrated against the results of the down hole logging (which occurs in all drill holes) and found to have a very good correlation.  Based on this correlation representative corrective adjustments were made in areas of the high grades where sections of drill core were “saturated”.  Chemical assays are currently being conducted at ALS Global in Vancouver, British Columbia on the recently drilled Flank Zone holes which account for less than 10% of total drilling on the project and will form part of the updated NI 43-101 resource to be published in a later technical report.


DASA Standalone Scenario
The PEA proposes the development of an underground mine using a sub-level blast-hole retreat and backfill mining method.  The mining method proposed includes the trackless short-hole development of the main decline, ramps, strike and crosscut drives as primary and secondary accesses to mineralized material on a 24 metre sub-level spacing and a 20 metre collection drive spacing.  Standard trackless underground mining equipment is proposed and will comprise electro-hydraulic face drilling rigs and support drilling rigs.  Proposed material handling equipment will comprise diesel powered 7 tonne loaders and 33 tonne trucks.  Ancillary equipment will consist of diesel powered modified charge-up vehicles, utility vehicles and other light vehicles.  The long-hole stoping operation proposed will utilise an electro-hydraulic long-hole production jumbo capable of drilling accurate holes up to 35 metres in a ring fired pattern and will be developed on a retreat basis.  Blasted material will be mucked using a tele-remote capable 7 tonne loader and loaded into either 33 tonne haul trucks or a mucking bay. It is proposed that the depleted stopes will be backfilled using a combination of waste rock from development, classified tailings and binding agents. Broken material will be transported via the ramp and main decline system to surface in 33 tonne haul trucks for dumping at either ROM Pad crusher feed bin, surface stockpile or waste dump storage facility.

The PEA considered spatial distribution of the mining areas based on grade distribution and determined a two stage phased approach is optimal for mining the DASA resource:

  • Stage 1 (Years 1 to 6): Optimize to grade by accessing high grade areas of the deposit as early as possible, maintaining high grade, 4,000 ppm U3O8 feed, at 900 Ktpa mining rate.  Blending of mineralized material will be managed from stockpiles during this period to control feed grade to the processing plant.
  • Stage 2 (Years 7+): Based on the current modelled resource, grades will be blended to provide a target feed grade of 1,800 ppm U3O8 at a mining rate of 1,200 Ktpa to the process plant.  As additional drilling is completed, high grades areas may continue on strike and down dip.

Mineralization not included in the mine plan schedule is highlighted in grey in the following illustration.  These areas could be economic at a lower cut-off grade and may be included as potentially mineable mineralization in the future.

Considerations for the Alternate Mining Strategy Value Opportunity
In this scenario mining throughput is significantly reduced and the highest-grade stopes are mined first.  Average mining output is approximately 360 Ktpa and grade is similar to Stage 1 of mining in the DASA Standalone Scenario.  The initial ramp infrastructure to access the first stopes is the same as the PEA mine plan.

Comparison of Mine Throughput and Costs

 UnitAlternate Mining StrategyDASA Standalone Stage 1DASA Standalone Stage 2
Annual Mining Tonnagetonnes360,000900,0001,200,000
Grade Minedppm3,6983,7901,784
ROM Annual Contained UraniumMlbs U3O82.87.54.7


The metallurgical work stream to support the PEA included comminution work, leach characteristics, settling tests and mineralogy.  Based on the work completed on the samples selected from the mineralized material and the review of the performance during various tests and conditions, an acid leach/resin-in-pulp flowsheet has been suggested for the processing of the DASA deposit. The process plant has been sized to process 1.2 million tonnes annually (3,500 tpd) and to recover up to 8 million lbs U3O8 on an annual basis. The plant will be run from grid power and will require 7 MW of installed capacity.  Material processed in Stage 1 production (years 1 to 6) will be limited to 900,000 tpa to support ~7 million lbs U3O8 product annually. Mineralised material processed in Stage 2 production (year 7 onward) will be limited to 1,200,000 tpa to support ~4 million lbs U3O8 product annually.

Mineralized material from the mine is crushed to 200mm and then milled to a particle size of 106um using a semi-autogenous grinding mill (SAG). The slurry is pumped to a series of leach tanks where sulphuric acid is mixed with the slurry to leach the uranium. The slurry is then pumped to the resin tanks where the uranium in solution is adsorbed onto the resin beads. Once the uranium has been adsorbed onto the resin, the barren slurry is then neutralized with lime and pumped to a tailings dam for storage.

The slurry resin mixture is then screened so the loaded resin can be collected into an elution column where the uranium is removed or eluted off the resin using sulphuric acid. The acidic uranium rich solution is now pumped to the refining stage where hydrogen peroxide is used to precipitate the uranium as final uranyl peroxide (UO4) or ‘yellowcake’ product. The mixture is filtered, dried and packaged in drums for export.

Acid will be generated on site; an acid consumption rate of 120 Kg/t of material treated is assumed.  Water will be supplied by local boreholes.

Overall process recovery is modelled at 84.3% and is expected to improve with additional test work during the Feasibility Study.


DASA Standalone Scenario
Mine development includes a 3,778 m long x 6.5 m wide x 4.5 m high ramp as the main decline.  The ramp has been sized to potentially support a future conveying system alongside vehicle access.  If no conveying system is needed, ramp dimensions will be reduced, a value opportunity that will be explored.

Power will be provided through existing electricity infrastructure.  A cost of US$4.5 million is assumed for connection to the grid which currently supplies power to Orano’s operations in Arlit.

Other surface infrastructure includes basic infrastructure (US$15.9 million), acid plant (US$10.0 million), water purification (US$5 million) and tailings facility (US$8.5 million).

A 25% contingency (US$64 million) was added to Total Construction Costs.

Total construction costs in the DASA Standalone Scenario are US$319.9 million, including contingencies.

Sustaining capital of US$137 million is added for provisioning of major equipment replacement and refurbishment. These items will include mechanised mining equipment and major processing plant equipment components.

Alternate Mining Strategy, Mine Only
Capital costs reduce significantly to US$34.8 million, supporting a mine camp and critical surface infrastructure required to begin mineralized rock shipments off-site.  Mine development is assumed to be completed by contract mining and allocated as an operating expense.

The following table provides a comparison of costs under each scenario:

Capital Costs Alternate Mining Strategy Vs. DASA Standalone Scenario

 Alternate Mining Strategy (M US$)DASA Standalone Scenario (M US$)
Mine Development(1)$16.0$49.5
Surface Infrastructure$14.9$45.4
Owner's Cost$0.3$8.7
Total Construction Costs$34.8 $319.9
Sustaining Capital Costs$2.5$137.2
Reclamation Costs-$10.0
Total Capital Costs$37.3 $467.1
  1. Under the Alternate Mining Strategy, all mine development costs are expensed as incurred after the initial year. Approximately $16 million such development costs are incurred prior to mining.


DASA Standalone Scenario
Mining costs of US$12.26 per lb U3O8 (US$53.25/t) are based on an owner operator model.  Ramp and access development is capitalized prior to initial production and expensed as a component of operating costs thereafter.

Process costs are calculated to be $10.80 /lb based on US$46.92 per tonne of material treated with the largest consumable being reagents.  The processing facility will be operated and maintained by a staff of 150 people and work on 2 x 12 hour shifts, 365 days a year.

Costs for G&A include a 150 person camp and facilities.

Cash operating cost totals US$26.52/lb U3O8 (US$114.96/t).  Including sustaining capital, AISC totals US$28.51/lb U3O8 (US$123.59/t).

Operating Costs – DASA Standalone Scenario

 US$/t ProcessedUS$/lb U3O8
Transport and Marketing$6.52$1.50
Cash Operating Cost$114.96 $26.52
Sustaining Capital$8.63$1.99
All In Sustaining Cost$123.59 $28.51

Considerations for Alternate Mining Strategy
Contractor mining costs (12.5%) are factored into the Alternate Mining Strategy.  However, increased contractor costs are offset by higher U3O8 production due to higher grade stopes.  The net effect is lower costs on a per pound of uranium.

Comparison of Mine Costs

 UnitAlternate Mining StrategyDASA Standalone Scenario
Mining Cost – Per TonneUS$/ t$60.14$53.25
Mining Cost – Per PoundUS$/lb U3O8$8.75$12.26


Indicative Tax Assumptions
An after-tax cash flow and NPV were calculated, based on the following tax calculations:

  • The income tax rate in Niger is 30%, companies are provided a three year tax exemption and benefit from accelerated depreciation on capital expenditures.  All VAT is recoverable.
  • A sliding scale royalty is paid on revenues, based on operating margin percentages:
    • Operating margin < 20%:                          Royalty = 5.5%
    • Operating margin of 20% to 50%:             Royalty = 9.0%
    • Operating margin > 50%:                          Royalty = 12.0%

DASA Standalone Scenario NPV and IRR
NPV figures are calculated using an 8% discount rate and cash flows are discounted to the start of first construction.

Under Niger mining code, a Niger Mining Company must be established, of which the Republic of Niger is granted a 10% carried interest in the share capital.  Cash flows calculated on an after-tax basis are considered attributable to the project and have not been adjusted for Niger Mining Company share interests.

NPV and IRR – DASA Standalone Case

 UnitUranium Price (US$/lb U3O8)
 $45.00  $50.00  $55.00  
NPV @ 8%US$ M$342  $539  $735  
IRR 27% 37% 46% 
NPV @ 8%US$ M$172  $299  $437  
IRR 18% 25% 32% 

The PEA was completed in accordance with NI 43-101, Canadian Institute of Mining, Milling and Petroleum (“CIM”) standards.  The PEA is preliminary in nature and includes Inferred Mineral Resources that are too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves.  There is no certainty that PEA results will be realized.  Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

Alternate Mining Strategy Cash Flow Estimate
Total costs including mining, G&A and sustaining capital are US$10.94 per lb of contained uranium.  Considering this the Alternate Mining Strategy generates cash flow at near term uranium prices as forecast by industry analysts and that minimal initial capital of US$37 million (including contingency) to achieve first production the Company believes this scenario is potentially an economic alternative in an environment of lower uranium prices.

Alternate Mining Strategy – Operating Margin

 UnitUranium Price Sensitivities
(US$/lb U3O8)
 $30.00 $35.00 $40.00  
Mineralized Material Shippedtonnes/year360 360 360 
Contained U3O8lbs/year2.8 2.8 2.8 
Operating Profit    
Sales RevenueUS$/lb$30.00  $35.00  $40.00  
Less: Mining CostUS$/lb($8.75) ($8.75) ($8.75) 
Less: G&A US$/lb($2.01) ($2.01) ($2.01) 
Less: Sustaining CAPEXUS$/lb($0.18) ($0.18) ($0.18) 
Total Costs Before Transport / ProcessingUS$/lb($10.94) ($10.94) ($10.94) 
Operating Margin Before Transport / ProcessingUS$/lb$19.06  $24.06  $29.06  


A Mining Permit is required for mineral extraction, granting the holder exclusive rights of prospecting, exploration, mining and disposal of mining substances for which it was issued and without limitation as to depth.  Niger has a long history of uranium development and foreign investment is viewed as a key to economic growth.  The Government of Niger is supportive of DASA development and the Company’s strategy to bring this into production in an accelerated timeline.  To meet permitting requirements, the Company is targeting to deliver a Feasibility Study and Environmental Impact Study by Q2 2019.  The Company expects the overall permitting process to take four to six months, consistent with the timeline of other uranium projects recently permitted in Niger.

Should the company elect to commence the Alternate Mining Strategy, the Company could ship mineralized material to Orano under the MOU by 2020.

Once permitting is complete, the Company expects site preparation and mine development to be completed in six months, allowing the Company to access uranium bearing rock by Q3 2020.


The Company has recognized several areas for opportunity to further enhance value at the DASA Project.

AreaOpportunities to Explore
Improve Recoveries
  • Previous metallurgical test work on DASA demonstrated +90% recoveries.
  • Additional test work is required, particularly from the Flank Zone area of the deposit that will be the target for early mining.
  • Complete metallurgical modelling to maximize recovery over mine life.
Optimize Mine Plan
  • Reduce dilution through improvements in the block model – resolution, grade distribution, additional exploratory information.
  • Ramp development, optimized for size based on mining activities.
  • Refine cost models with more accurate mining parameters.
  • Investigate geotechnical impacts on mining.
Grade Improvements
  • Increasing drill density to convert Inferred to Indicated Mineral Resources.
  • Incorporate new drilling into Mineral Resource model to increase tonnage and potentially grade.

QP Statement
The 2018 PEA was prepared and led by CSA Global. All relevant chapters of the Report will be prepared by Qualified Persons (“QPs”) as defined under National Instrument 43-101.  The QPs have reviewed and approved the technical content of this news release and confirm the numbers are an accurate reflection of the content of the NI 43-101 report being prepared.  All of the QPs are “independent” of the Company pursuant to NI 43-101. The technical report supporting the PEA will be filed on SEDAR within 45 days.

George A. Flach, Vice President of Exploration, P.Geo. is the Qualified Person (QP) as defined in NI 43-101 and has prepared, supervised the preparation of, and approved the scientific technical disclosure in this news release.

About Global Atomic
Global Atomic is a TSX Venture listed company providing a unique combination of high grade uranium development and cash flowing zinc concentrate production. 

The Company’s Uranium Division includes six exploration permits in the Republic of Niger covering an area of approximately 750 km2.  Uranium mineralization has been identified on each of the permits, with the most significant discovery being the DASA deposit situated on the Adrar Emoles III concession, discovered in 2010 by Global Atomic geologists through grassroots field exploration.

Global Atomics’ Base Metals Division holds a 49% interest in Befesa Silvermet Turkey, S.L. (“BST”) joint venture, which operates a processing facility located in Iskenderun, Turkey that converts Electric Arc Furnace Dust (“EAFD”) into a high-grade zinc oxide concentrate which is and sold to zinc smelters around the world.  The Company’s joint venture partner, Befesa Zinc S.A.U. (“Befesa”, listed on the Frankfurt exchange under ‘BFSA’), holds a 51% interest in and is the operator of the BST joint venture.  Befesa is a market leader in EAFD recycling, capturing approximately 50% of the European EAFD market with facilities located throughout Europe and Korea.

BST has begun an expansion project to rebuild its processing plant in Turkey.  The expansion is targeted to double annual production of zinc from 30 million lbs to 60 million lbs and is supported by EAFD supply currently available for processing in Turkey.  The new plant is scheduled for completion by September 2019, coinciding with the start-up of mine construction in Niger.  At a zinc price of US$1.20 per lb, 2020 EBITDA is projected to increase from its current level of US$14.4 million to US$38.0 million.  Global Atomic’s share of distributed cash flow is projected to be US$12.5 million (Cdn$16.6 million).

Key contacts:  
Stephen G. Roman  George A. Flach, P.Geo.
Chairman, President & CEO  Vice President, Exploration
Tel: (416) 368-3949  Tel: (416) 368-3949 
Email:  Email:

The information in this release may contain forward-looking information under applicable securities laws. Forward-looking information includes, but is not limited to, statements with respect to completion of any financings; Global Atomic’s development potential and timetable of its operating, development and exploration assets; Global Atomic’s ability to raise additional funds necessary; the future price of uranium; the estimation of mineral reserves and mineral resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental and permitting risks. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", “targets”, "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All information contained in this news release, other than statements of current and historical fact, is forward looking information. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Global Atomic to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Global Atomic and in its public documents filed on SEDAR from time to time.

EBITDA is a non-IFRS measure, does not have a standardized meaning prescribed by IFRS and may not be comparable to similar terms and measures presented by other issuers. EBITDA comprises earnings before income taxes, interest expense (income) and financing expense (income), amortization expense, and other expenses including management fees, sales commissions; gain on sale of property, plant and equipment and impairment charges.

Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Global Atomic has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Global Atomic does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Global Atomic’s annual and interim MD&As.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Photos accompanying this announcement are available at: