TORONTO, ON -Global Alumina Corporation (the “Company”) (TSX: GLA.U) today announced that the Company and the lenders under the previously announced US$100 million Loan Facility Agreement have agreed to extend from November 30, 2006 to December 31, 2006 the deadline for the negotiation of the terms of a joint venture to develop and operate the Company’s alumina refinery project in the Republic of Guinea. The lenders under the Loan Facility Agreement are an affiliate of BHP Billiton (“BHP Billiton”), Dubai Aluminium Company Limited (“DUBAL”) and Mubadala Development Company PJSC (“Mubadala”). The potential joint venture participants are a separate affiliate of BHP Billiton, DUBAL and Mubadala.
The Company anticipates that a formal amending agreement will be entered into within the next week. To date, the Company has drawn down an aggregate of US$20,000,000 under the Loan Facility Agreement. Each of the agreements entered into today is effective as of November 2, 2006. The execution of the Loan Facility Agreement and the agreement to negotiate the proposed joint venture were each announced on November 5, 2006. A copy of the Loan Facility Agreement has been made available on the Company’s reference page at www.sedar.com.
About Global Alumina
Global Alumina is a company that intends to use the vast bauxite resources of Guinea to produce alumina for sale to the global aluminum industry. Global Alumina is positioned to be one of the largest companies focused solely on alumina production and sales, and offers an opportunity for socially responsible investing in a country that holds over one-third of the world’s bauxite resources. Global Alumina is headquartered in Saint John, New Brunswick with operations in Bok&eactute;, Guinea and has administrative offices in New York, London, Montreal and Conakry, Guinea. For further information visit our website at www.globalalumina.com.
This press release includes certain “forward-looking statements”. All statements, other than statements of historical fact, included herein, including without limitation statements regarding future plans, goals and objectives of Global Alumina, are forward-looking statements that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are cautioned to not place undue reliance upon the forward-looking statements included herein.