Global Alumina Announces Substantial Issuer Bid



    TORONTO, June 15 /CNW/ -- 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withdrawn or extended by the Company.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
www.globalalumina.com.
    



    




For further information:

For further information: Michael Cella of Global Alumina,
+1-212-351-0010, cella@globalalumina.com; or Barbara Cano of Breakstone Group
for Global Alumina, +1-646-452-2334, bcano@breakstone-group.com Web Site:
http://www.globalalumina.com

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Global Alumina Corporation

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