FORSYS METALS CORP

Forsys Metals reported results of updated technical report for the Valencia project in Namibia. The mining study undertaken included the development of appropriate pit slope design parameters, which together with process recoveries, operating costs and revenue factors, were used to define an optimal pit outline at Valencia. Based on the work completed, estimates were provided for Capex and Opex based on an initial steady state target production of a nominal 8.7Mtpa of ore derived from open pit operations to the crusher. This rate is planned to increase to 11.8Mtpa within four years of commencement of operation with the introduction of radiometric sorting. Based on these parameters, an average production level in excess of 3.5 Mlbs of uranium oxide per annum is projected to be achieved at Valencia for the first 7 years of operation.