Pearltrader

Overview

Forsys Metals Corp is an innovative exploration and development company in the business of advancing high value uranium, precious and base metal exploration and advanced stage projects in Namibia, Africa. 

The Company provides its shareholders with a unique opportunity to participate and gain exposure to the exceptional growth potential of the Namibian economy. The intention is to develop its portfolio of mineral properties: Valencia Uranium Deposit, Ondundu Gold and Elbe Copper Zinc to production decisions over the next 18 months.

Highlights

• October 2007 - announcement of the appointment of Mr. Martin R. Rowley and Mr. Paul Matysek to the Company's Board of Directors.
   
  

• August 2007 - increase in current mineral resource (measured, indicated and inferred) at Valencia represents 62.1 Mlbs of U₃O₈ while the current mineral reserve (probable) represents 117 Mt of ore at a grade of 0.12 kg/t which amounts to 30.9 M lbs of U₃O₈.

 

• June 2007 - delivered NI 43-101 compliant independent technical report on Valencia

• Resource increased to 164Mt (measured and indicated) representing 41.4 Mlbs U₃O₈

• Reserve increased to 117 Mt representing 30.84 Mlbs U₃O₈

• Mining rate increased to 13 Mt/yr

• Scheduled U₃O₈ production increased to an average of 2.9 Mlbs/yr during steady state period

• Internal Rate of Return increased to 74%

• Net Present Value (at 8% and pre-tax) increased to US$429 M

• Capital expenditure increased to US$223 M (to end of 2009) to facilitate a larger operation

• March 23 - 2007 the Company acquired the remaining 10% of the Valencia Uranium Deposit

• March 22 - 2007 the Company completed the acquisition of 5 new uranium projects in Namibia;

• February 27 - 2007 the Company closed $47.5 million financing
   
  
• On February 22, 2007 the Company was granted Exclusive Prospecting Licence 1496 for the Valencia Uranium Deposit
   
  
• Discovered new high grade uranium zone
   
  
• October 17 - 2006 the Company commenced trading on The Toronto Stock Exchange
   
  
• Closed a bought deal financing with Sprott Securities, Orion Securities and Quest Securities
   
  
• July 2005 - the Company acquired 90% interest in the Valencia Uranium Deposit in Namibia
   
  
• Corporate and geological staff expanded with announcement of Duane Parnham as Chairman and CEO, Miles Nagamatsu as CFO and Rick Bonner as Exploration Manager and Allan Walden as Project Manager
   
  
• Acquired 100% interest in 1400956 Ontario Inc. and wholly owned subsidiary Westport Resources Namibia (PTY) Ltd. Westport currently holds two exclusive prospecting licences and one exclusive reconnaissance licence covering 1,086,000 hectares of prospective mineral projects targeting diamond, base and precious metal deposits. In addition, Westport holds a 32% interest in the newly formed Omatjete Mining Company (Pty) Ltd., which owns the Ondundu Gold licence as well as an option to earn a 60% interest in the Elbe Mine Project
   
  
• Successfully raised $14.5 million in equity financing
   
  
• September 2004 - obtained listing on the TSX Venture Exchange