TORONTO, June 15 /PRNewswire/ -- Global Alumina Corporation (TSX: GLA.U) (the "Company" or "Global Alumina"), a corporation participating in a joint venture to develop an alumina refinery, mine and associated infrastructure in the bauxite-rich region of the Republic of Guinea (the "Project"), announced today that intends to make a substantial issuer bid (the "Offer") pursuant to which the Company will offer to repurchase for cancellation up to US$8 million of its outstanding common shares ("Common Shares") from shareholders. The Offer will proceed by way of a "Dutch auction" and the range of offer prices will be US$0.40 to US$0.65 per share. The Dutch Auction tender process allows shareholders to individually select the price, within the specified range, at which they are willing to sell all or a portion of their Common Shares. When the Offer expires, Global Alumina will select the lowest tendered price from the range of prices (the "Purchase Price") allowing it to buy up to US$8 million of the Common Shares tendered to the Offer. All Common Shares tendered at or below the selected price level will be bought at the Purchase Price, subject to proration in the event that the aggregate cost to purchase all of the shares exceeds US$8 million. The Offer will be subject to conditions typical of transactions of this nature. It is anticipated that the offer to purchase and issuer bid circular and other related documents (the "Offer Documents"), containing the terms of the Offer and the instructions for tendering Common Shares will be mailed to Shareholders and filed with applicable securities regulators on July 10, 2009 or as soon as practicable thereafter. The Offer will remain open for acceptance for at least 35 days after the date of commencement, unless withdrawn or extended by the Company. The directors of Global Alumina believe that the purchase of Common Shares under the Offer represents an effective use of the Company's financial resources and is in the best interests of its shareholders as the recent trading price range of the Common Shares is not fully reflective of the value of the Company's business and future prospects. The repurchase of Common Shares is not expected to preclude Global Alumina from pursuing its foreseeable business opportunities or the future growth of its business. The Company completed the maximum allowable purchases under its normal course issuer bid ("NCIB") announced November 25, 2008 as amended on December 18, 2008. As of December 31, 2008, Global Alumina had purchased an aggregate of 10.9 million Common Shares at an aggregate cost of US$5.2 million pursuant to the NCIB. Global Alumina currently has 195,639,187 Common Shares outstanding. About Global Alumina Global Alumina and its joint venture partners are developing a 3.6 million metric tons per annum nominal capacity alumina refinery located in the bauxite-rich region of the Republic of Guinea. The joint venture partners in the Project are Global Alumina International, Ltd., a wholly owned subsidiary of the Company, BHP Billiton, Dubai Aluminium Company Limited and Mubadala Development Company PJSC. The Project is one of the most advanced new projects in Guinea with the refinery already in feasibility stage and critical path infrastructure and site work already underway. Global Alumina is positioned to be one of the only companies focused solely on alumina production and sales. The Company offers a first mover advantage over other projects in the region and 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 Boke, Guinea and has administrative offices in New York, London, Montreal and Conakry, Guinea. For further information visit the company's website at http://www.globalalumina.com/. DATASOURCE: Global Alumina Corporation CONTACT: Michael Cella of Global Alumina, +1-212-351-0010, ; or Barbara Cano of Breakstone Group for Global Alumina, +1-646-452-2334, Web Site: http://www.globalalumina.com/

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