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03/6/14 - C$0.60
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forsys metals corp (FSY) Details

Forsys Metals Corp. is engaged in acquiring, exploring, and developing mineral properties in Namibia. The company primarily explores for uranium ores, as well as gold ores. Its primary project is Norasa uranium project, which comprises Valencia uranium project covering an area of 735.6 hectares; and the Namibplaas uranium project comprising 1,742 hectares located in the Republic of Namibia. 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.

15 Employees
Last Reported Date: 11/6/14
Founded in 1985

forsys metals corp (FSY) Top Compensated Officers

Chief Executive Officer, Director and Member ...
Total Annual Compensation: C$300.0K
Chief Financial Officer
Total Annual Compensation: C$180.0K
Vice President of Legal Affairs, Executive Di...
Total Annual Compensation: C$180.0K
Compensation as of Fiscal Year 2013.

forsys metals corp (FSY) Key Developments

Forsys Metals Corp. Provides Norasa Uranium Project Feasibility Study Update

Forsys Metals Corp. announced the completion of a metallurgical report by SGS South Africa (Pty) Ltd. This study is a major component of the company's Norasa Uranium Project Feasibility Study being prepared by AMEC Foster Wheeler and slated for completion in first quarter of 2015. Highlights of the Metallurgical Study compared with the 2013 Engineering Cost Study: overall uranium recovery increased to 91.3% from 85.0%; leach acid consumption decreased by 36.8%; 31.5% decrease in consumption of leach oxidant, as well as better utilization as a result of a change to the use of hydrogen peroxide from manganese dioxide; zero iron addition required in leach once steady state operation achieved due to iron in ore being sufficient a 36% reduction in the filtration area. Other benefits over the ECS include a three times higher loading of the IX resin resulting in a reduction in the size of the IX circuit and downstream SX circuit, a 22% reduction in the number of belt filters and a 20% reduction in the number of NIMCIX parallel trains. A primary objective achieved by the metallurgical test work carried out by SGS confirmed the leach reagent requirements, especially ferrous ion addition and the impact of barren liquor recycle, in a locked cycle pilot campaign. Other objectives achieved included a determination of leach extraction, leached slurry filtration performance, slurry settling performance, leach slurry viscosity and optimization of ion exchange performance. The locked cycle pilot test program has confirmed previous small-scale tests that high uranium recoveries could be obtained for the Norasa Uranium Project with an average plant recovery of 91.3%. The test work identified that considerable benefit could be achieved by the use of hydrogen peroxide as leach oxidant instead of pyrolusite. Not only did the tests show that less oxidant was required but that lower acid consumption could also be achieved. The overall acid demand for leaching and IX regeneration is now 37% lower at 12 kg/t ore for continuous operation conditions. The tests also confirmed that iron addition (usually in the form of ferrous ion) was not required as sufficient iron was present in the ore to provide the required levels for uranium leaching. A series of filtration tests confirmed that 36% less filter area was required for the horizontal belt filters to achieve final cake moisture content of 15% to 16%. The final metal recovery, from the filters, of nearly 100% was achieved with a wash ratio of 0.454 m(3)/t solids. Other test work completed as part of this program included the following: ion exchange breakthrough curve bulk leaches, slurry settling performance tests, leach slurry viscosity tests, near-term FS milestones include: updating the capital cost for the process plant to incorporate the positive results from optimization studies; and updating plant operating costs to reflect an optimized flow sheet that reduces production complexity and input costs.

Forsys Metals Corp. Commence Feasibility Study for its Permitted Norasa Uranium Project Located in Namibia

Forsys Metals Corp. announced that it has engaged AMEC to commence a Feasibility Study for its 100% owned and permitted Norasa Uranium Project ("Norasa") located in Namibia. AMEC with prior involvement in the development of NI 43-101 Technical Reports for Norasa. SGS South Africa has also been appointed to complete additional metallurgical studies, which will include pilot plant testwork. The FS will also include the input of other specialist consultants for certain aspects of the study. These areas include an update of the pit designs, tailings handling systems and bulk water and power supply. Some technical aspects have already been completed to a level suitable for the FS including the resource model and pit geotechnical designs. The FS will also incorporate the development of an engineered construction and operating plan with considerations for social, environmental and water management, additional permitting, geotechnical engineering, metallurgical testing, process design and mine planning. An Environmental Impact Assessment was previously completed in 2008 resulting in the granting of an Environmental Clearance Certificate by the Ministry of Environment and Tourism to cover all activities associated with the construction, operation and closure of the Valencia Mine, the deposit at Norasa. This work will be expanded and updated to accommodate the larger Norasa Project. The estimated Measured and Indicated Mineral Resource for Norasa is 237Mt at a grade of 197ppm U3O8, which equates to 103Mlbs of U3O8. The total Proven and Probable Norasa Mineral Reserve is 177Mt at a grade of 202ppm, which equates to 79Mlbs of U3O8. Resources are reported inclusive of Reserves.

Forsys Metals Corp. Approves Amendments to By-Law

Forsys Metals Corp. at its annual and special meeting of the shareholders held on May 22, 2014, approved the amendments to by-law No. 1 of the company's by-laws to require advance notice to the company in circumstances where nomination of persons for election to the board of directors are made by the company's shareholders.


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