Forsys Prepares for Upgraded Resource / Reserve At Valencia
Forsys Metals Corp, an emerging uranium producer with 100% ownership in the fully permitted Valencia Uranium Project report that the 2009 infill and deposit expansion drill program has been completed at the Company’s wholly-owned Valencia Uranium Deposit located in Namibia, Africa. Results for the 200 percussion drill holes comprising 49,562 m are being compiled.
The Company expects that as a result of the confidence gained from the infill drilling, Inferred category resources can be moved into the Indicated category to expand the reserves. After the deposit expansion drilling, the orebody remains open to the north and northeast, while the northwest has not yet been drilled. All these areas will be targeted in the 2010 drill program.
Pending the forthcoming drill results, the Company hopes to be in a position to deliver an upgraded resource/reserve and grade calculation later this month. Final mining design, pit optimization and mine schedule will be incorporated into an updated financial model that the Company believes will increase the overall value of Valencia. This is a vital step in advancing the project and will be instrumental in finalizing strategic options.
