Forsys Metals boosts mineral resources at Valencia
Forsys Metals Corp (C:FSY)
Shares Issued 74,486,704
Last Close 7/6/2007 $6.47
Monday July 09 2007 - News Release
Mr. Duane Parnham reports
FORSYS UPGRADES RESOURCE TO 62.1 MLBS AT THE VALENCIA URANIUM DEPOSIT, NAMIBIA
Forsys Metals Corp.'s mineral resource at its wholly owned Valencia uranium deposit, located in Namibia, Africa, has been upgraded to 62.1 million pounds U3O8.
As described in the company's announcement in Stockwatch on June 28, 2007, regarding the updated National Instrument 43-101 technical report on Valencia, the report outlines the company's continuing optimization efforts at Valencia including pit designs, detailed cost analysis and metallurgical flowsheets. This effort has further optimized the base-case information previously outlined in the prefeasibility study (PFS), reported by Forsys in Stockwatch on May 16, 2007.
The report describes the increased resource and reserve of the Valencia deposit based on optimization work of the data compiled during the PFS.
The mineral resources reported have been classified as measured, indicated and inferred resources in accordance with the guidelines of the CIM Definition Standards (CIM, 2005). The resource has been constrained to a maximum depth of 380 metres below surface.
SUMMARY OF VALENCIA URANIUM MINERAL RESOURCE, JUNE, 2007
Category Cut-off Tonnes U3O8 U3O8
U3O8 (kg/t) (millions) (kg/t) (Mlb)
Measured 0.06 18.2 0.14 5.6
Indicated 0.06 146.0 0.11 35.8
Total measured and indicated 0.06 164.2 0.11 41.4
Inferred 0.06 92.4 0.10 20.7
All tabulated data have been rounded to one decimal place for tonnage and
two decimal places for U3O8 grades. These results describe a mineral resource
(total measured, indicated and inferred) of 62.1 million pounds U3O8, as
compared with the 49.6 million pounds U3O8 outlined in the PFS which was
reported on May 16, 2007, in Stockwatch, representing an increase of 25
per cent.
The mineral reserves for the Valencia deposit were classified as probable reserves using the guidelines of the JORC code, which is a recognized foreign code under NI 43-101.
SUMMARY OF VALENCIA URANIUM RESERVE, JUNE, 2007
Category Cut-off Tonnes U3O8 U3O8 metal
U3O8 (kg/t) (M) (kg/t) (tonnes)
Measured 0.06 16.9 0.14 2,400
Indicated 0.06 99.9 0.12 11,600
Probable 0.06 117 0.12 13,900
The results describe a mineral reserve (probable) of 117 million tonnes,
as compared with the 88 million tonnes outlined in the May, 2007, PFS,
representing an increase of 33 per cent.
These upgraded resources and reserves are based on the continuing optimization studies currently under way with Forsys personnel and the company's various external consultants. It must be noted that no new drilling results have been included in these updates and that the increases reported are strictly based on refinements of information available at the time of the publication of the PFS.
Continuing drilling at the East zone of Valencia is designed to identify additional resources that may exist within the current pit limits, in addition to increasing confidence in the resource at depth. If results are favourable, this will allow the declaration of additional mineral reserves.
Engineering and exploration programs, including activities such as diamond drilling (exploration and geotechnical), detailed plant design, metallurgy and environmental studies, are continuing at Valencia. These efforts will contribute to the continuing Valencia project feasibility study.
The company currently has more than 1,000 Valencia assay samples at the laboratory awaiting analysis. These samples were obtained from five holes drilled in the Joly zone and four of the five holes completed in the East zone at Valencia.
Rick Bonner, PGeol, exploration manager of Forsys, is the designated qualified person responsible for the company's exploration programs as well as for the general content of this news release.
Dag Kullmann, FSAIMM, engineering manager of Forsys, is the designated qualified person responsible for the reporting of mineral reserves and the management of the feasibility study.
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