Forsys Metals Corp. (Stock Symbols – TSX: FSY, OTC: FOSYF, FSE: F2T) is an development stage company which engages in the acquisition, exploration, and development of mineral properties in Namibia, Africa.
The company’s flagship project is the Norasa Uranium Project which includes both the Valencia project and the Namibplaas project located south west of Usakos in Namibia. The proposed mining project is just 35 kilometers from the Rio Tinto Rossing Mine.
The company has completed a Definititive Feasibility Study (DFS) for its 100% owned Norasa Uranium project in 2015.
The DFS denotes a post tax 26% internal rate of return (IRR) for the project and will produce 78 million pounds of uranium over the 15 year life of the project which includes over $1 billion in free cash flow.
The company’s total uranium reserve is 91 million proven and probable pounds at 200 ppm, 115 million pounds of measured and indicated resources, and another 11 million pounds of inferred resources.
The company plans to use open pit mining during the production phase of operations and is reporting a $32.96 per pound cash cost for production during the first five years and an average cash cost per pound of $34.72 over the life of the mine.
The Norasa Uranium project is construction ready and the company has secured a mining license (ML149) from the Ministry of Mines and Energy.
The company has a non-uranium project named Ondundu which is a gold project.
Subsidiaries include Namibian Metals Ltd., Dunefield Mining Company Limited, Namibian Westport and Omatjete Mining Company.
The company was formerly known as Forsys Technologies Inc. and changed its name to Forsys Metals Corp. in June 2005.
Forsys Metals Corp. was incorporated in 1985 and is headquartered in Toronto, Canada.
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