Valencia

Forsys Metals Corp. announced positive uranium leaching results from laboratory tests to determine whether ore from its fully licensed Valencia Uranium Project, Namibia, could be economically recovered by heap leaching.

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.

Forsys Metals announced new estimates for Mineral Resources and Reserves at the Company’s wholly-owned Valencia Uranium Deposit located in Namibia, Africa. Mineral Reserve increased by 18% to 60.5 Mlbs U308, grading 156 ppm with a 67 ppm cut-off including reserves of 49.8 Mlbs, grading 194 ppm with a 100 ppm cut-off. As a results, the life of mine increased to over 17 years. Also, Measured and Indicated resource increased to 77.2 Mlbs U308 grading 146 ppm with a 60 ppm cut-off including 60.5 Mlbs U308 grading 191 ppm with a 100 ppm cut-off.