Mr. Michael Cella reports

GLOBAL ALUMINA RELEASES 2012 YEAR-END RESULTS

Global Alumina Corp. is releasing its financial and operating results for the year ended Dec. 31, 2012. The 2012 annual audited consolidated financial statements and accompanying notes, and management's discussion and analysis relating thereto, can be viewed or printed from the company's SEDAR reference page. All dollar amounts are in U.S. dollars and financial information has been prepared in accordance with international financial reporting standards.

2012 financial highlights

For the year ended Dec. 31, 2012, the company reported a net loss of approximately $104.6-million (57 cents per share), including a $135.7-million non-cash impairment charge and $53.8-million net gain on derivative instruments, compared with a net loss of approximately $130.6-million (71 cents per share), including a $95.5-million non-cash impairment charge and a $44.4-million net loss on derivative instruments, for the same period in 2011. At Dec. 31, 2012, the company had working capital of about $1.3-million, versus $22.9-million (including restricted cash) at Dec. 31, 2011. In 2012, the joint venture partners contributed capital of $50.7-million toward the approved project budget, with the company contributing its $16.9-million one-third share. Subsequent to year-end, the joint venture partners contributed an additional $2.1-million toward the project, with Global Alumina contributing its $700,000 one-third share. As of Dec. 31, 2012, the company had unrestricted cash of $2.1-million (2011, $6.0-million) and nil escrowed cash (2011, $16.7-million). As of Dec. 31, 2012, the company had an accumulated deficit of $220.5-million (2011, $116.8-million). The audited annual consolidated financial statements of the company for the year ended Dec. 31, 2012, have been prepared on a going-concern basis. However, the company's liquidity position has deteriorated significantly, and the company's ability to continue as a going concern is dependent on management's ability to secure an injection of financing to finance its near-term capital commitments and continuing operating requirements. These conditions raise substantial doubt about the company's ability to continue as a going concern.

The company's 2012 annual filings, including its audited consolidated financial statements and accompanying notes, and management's discussion and analysis, for the year ended Dec. 31, 2012, together with the company's annual information form, are available under its profile on SEDAR.

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