In the same category
Forsys Announces Second Quarter 2011 Financial and Operational Results
Published : August 15, 2011
( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

TORONTO, ONTARIO--(Marketwire - Aug. 15, 2011) - Forsys Metals Corp. ("Forsys" or the "Company")(News - Market indicators)(FRANKFURT:F2T)(NSX:FSY) announced today the release of its unaudited consolidated financial and operating results for the three months and six months ended June 30, 2011, together with its Management's Discussion and Analysis ("MD&A") for the corresponding period. These documents are posted on the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.forsysmetals.com.

Marcel Hilmer, Chief Executive Officer, commented, "During the second quarter, we saw significant progress at our exploration drilling program at Namibplaas with very encouraging results. This phase of the drilling program is now complete and we look forward to sharing with the market a National Instrument 43-101 ("NI 43-101") technical report, along with updates on the Valencia and Namibplaas consolidation plans, before year end."

The Company had a cash balance of $7,115,077 as at June 30, 2011.

Highlights from the MD&A include:

  • In its press release on July 11, 2011, Forsys announced further positive drill results from the Namibplaas uranium project 2011 drilling program. Latest drilling confirmed further significant intersections of uranium mineralization of approximately 200 ppm U3O8 or better. Since commencing the program in July 2010, a total of 33 Diamond drill holes (8,527 metres) and 271 percussion drill holes (59,311 metres) have been completed. This phase of the drill program has now been completed and the Company will release a NI 43-101 resource statement in the third quarter of 2011.

  • The laboratory results from the August 2011 Mintek report on initial heap leach testing of Valencia ore showed significant potential with the conventional crush and the high pressure grinding row leach tests yielding 92% and 81% uranium extractions respectively. The Company expects improved recoveries in the Phase 2 studies that will focus on larger samples and optimization of processes. Simulus, a leading Perth based engineering group, have been appointed to complete the next optimization study.

  • The internal study on potential plant design efficiencies, improved recoveries and reduced capital and operating costs continues. This review also includes the economics of consolidating the Valencia and Namibplaas ore bodies and increasing the plant size and throughput.

  • In July 2011, the Namibian Ministry of Mines and Energy renewed Exclusive Prospecting Licence 3195, relating to the Ondundu Gold Project, for a further two years ending May 30, 2013. In addition, Forsys and Angus Mining (Namibia) Inc. ("Angus Mining") have now entered into an option agreement giving a local empowered Namibian corporation, Minden Investments Limited, the right to earn a 10% stake in the Ondundu project. This partnership facilitates the direct participation of the Namibian community in this project.

Company Outlook

Throughout the remainder of 2011, Forsys remains focused on advancing the design of a consolidated Valencia and Namibplaas project with an annual plant capacity of approximately 6.0 Mlbs of U3O8 from the two deposits. Preliminary pit designs and mining schedules are expected to confirm the production potential of a consolidated operation.

At the Namibplaas property, the Company is on target to complete a NI 43-101 technical report and resource estimate during the third quarter of 2011. The Company will then evaluate timing of the next phase of drilling.

The heap leach testing on the Valencia ore body will continue with the optimization of processes in Phase 2 underway.

In addition, the Company expects to receive additional drilling results for the Ondundu Project in the third quarter of 2011 from Angus Mining, the operator of Ondundu.

The Company is also progressing financing arrangements for the development of the Valencia Uranium Project as well as funding requirements, as needed, to complete the strategic plans outlined above.

Uranium Outlook

Following the tragic natural disasters in Japan on March 11, 2011 and the resulting issues with the Fukushima Daiichi nuclear plant, a number of countries have undertaken a preliminary review of their nuclear programs. With some exceptions, almost every country, is maintaining its nuclear program. The most significant exception is Germany which, with 17 nuclear reactors representing 5% of the global generating capacity, has decided to revert to its previous phase- out policy. Various industry and equity analyst reports are now indicating that although there may be a short-term slowdown in the nuclear power programs for some countries, the forecast demand for uranium in higher nuclear growth nations such as China, South Korea, India and Russia is expected to remain strong and supportive of a continued rise in the uranium price over the medium and longer term. It is Forsys' view that the underlying fundamentals and growth expectations of the uranium industry remain sound because of nuclear power's clean base load generating capacity.

The long-term contract price for uranium is reported on a monthly basis by Ux Consulting. It was US$62.00/lb at December 31, 2010 and had moved up to US$73.00/lb at the end of January 2011. At the end of July 2011, the monthly quote for the long-term contract price for uranium was US$68.00/lb.

About Forsys Metals Corp.

Forsys Metals Corp. is an emerging uranium producer with 100% ownership in the fully permitted Valencia Uranium Project and 70% ownership in the Namibplaas Uranium Project in Namibia, Africa a politically stable and mining friendly jurisdiction. Current NI 43-101 compliant reserves at Valencia are 60.5 Mlbs of U3O8 supporting a 17-year mine life and current Measured and Indicated resources are 75.5 Mlbs U3O8 with a further 8.4 Mlbs of Inferred U3O8.

On behalf of the Board of Directors of Forsys Metals Corp.

Marcel Hilmer, Chief Executive Officer

For further information visit our website at www.forsysmetals.com

Sedar Profile #00008536

(11-07)

Forward-Looking Information

This news release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. The following are important factors that could cause Forsys actual results to differ materially from those expressed or implied by such forward looking statements: fluctuations in uranium prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology; continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs; recovery rates, production estimates and estimated economic return; general market conditions; the uncertainty of future profitability; and the uncertainty of access to additional capital. Full description of these risks can be found in Forsys Annual Information Form, dated March 29, 2011, available on the Company's profile on the SEDAR website at www.sedar.com. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward looking information. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral forward looking information are based on estimates and opinions of management on the dates they are made and expressed qualified in their entirety by this notice. The Company assumes no obligation to update forward looking information should circumstances or management's estimates or opinions change.

Shares Outstanding: 80,130,231

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Forsys Metals Corp.
Marcel Hilmer
Chief Executive Officer
+61 417 177 942
mhilmer@forsysmetals.com
or
Forsys Metals Corp.
Miranda Smith
Investor Relations
647-258-9721
msmith@forsysmetals.com
www.forsysmetals.com
Data and Statistics for these countries : China | Germany | India | Japan | Namibia | Russia | South Korea | All
Gold and Silver Prices for these countries : China | Germany | India | Japan | Namibia | Russia | South Korea | All

Forsys Metals Corp.

DEVELOPMENT STAGE
CODE : FSY.TO
ISIN : CA34660G1046
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Forsys Metals is a zinc and copper exploration company based in Canada.

Forsys Metals develops zinc, copper and uranium in Namibia, and holds various exploration projects in Namibia.

Its main asset in development is VALENCIA URANIUM in Namibia and its main exploration properties are OMARURU, ELBE PROJECT, ONDUNDU and NAMIBPLAAS in Namibia.

Forsys Metals is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 80.3 millions as of today (US$ 64.2 millions, € 56.2 millions).

Its stock quote reached its highest recent level on April 20, 2007 at CA$ 9.94, and its lowest recent point on June 30, 2016 at CA$ 0.05.

Forsys Metals has 145 910 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Annual reports of Forsys Metals Corp.
2008 Annual Report
Annual Report 2007
Financings of Forsys Metals Corp.
11/28/2011Announces Completion of Private Placement
Nominations of Forsys Metals Corp.
8/15/2012Appoints Martin Hirsch as Chief Geologist
6/11/2012Appoints Director Finance and Establishes Office in Perth
7/28/2008Appoints Valencia General Manager
3/7/2008Appoints New Chief Financial Officer
Financials of Forsys Metals Corp.
8/15/2011Announces Second Quarter 2011 Financial and Operational Resu...
Project news of Forsys Metals Corp.
9/28/2012(Namibplaas)Announces: Updated Namibplaas Resource
3/26/2012(Namibplaas)Completes Acquisition of Remaining 30% Interest in Namibplaa...
2/1/2012(Ondundu)to Retain Control of The Ondundu Gold Project
10/24/2011(Namibplaas)Announces Agreement to Acquire Remaining 30% of Namibplaas U...
2/2/2011(Namibplaas)Announces Additional Positive Namibplaas Drilling Results an...
3/31/2010(Ondundu)TECHNICAL REPORT ON THE ONDUNDU GOLD PROJECT EPL3195, NAMIB...
8/21/2008(Valencia Uranium)Valencia Uranium Project, Namibia Mining Licence Granted
8/6/2008(Valencia Uranium) Confirms Deeper Uranium Mineralization at Valencia
7/22/2008(Valencia Uranium) Continues Drilling at Valencia Expanding Pit Bottom and Ove...
6/27/2008(Valencia Uranium) Adds Fourth Drill Rig to Test North Anomaly at Valencia
6/13/2008(Valencia Uranium)Mineralization Expansion and Grade Improvement at Valencia-F...
6/4/2008(Valencia Uranium)Receives Environmental Clearance for Valencia
4/29/2008(Valencia Uranium) Expands Uranium Zones at Valencia
4/1/2008(Ondundu)Increases Ownership of Ondundu Gold Project in Namibia to 90...
2/13/2008(Valencia Uranium)Announces Joly Zone Trenching Results
1/29/2008(Valencia Uranium) Provides Joly Zone Update
1/14/2008(Valencia Uranium)Reports Drilling Results and Resumes Drilling at Valencia
3/26/2007(Valencia Uranium)Significant Increase for the Valencia Uranium Resource
Corporate news of Forsys Metals Corp.
9/14/2015Forsys Metals Announces Non-Brokered Private Placement Updat...
8/12/2015Forsys Metals Announces Non-Brokered Private Placement
3/18/2015Forsys Releases Feasibility Study Results for Norasa Uranium...
11/26/2014Forsys Provides Norasa Uranium Project Feasibility Study Upd...
10/29/2014Forsys Closes $2.4 Million Private Placement
10/9/2014Forsys Provides Update on Private Placement & Progress on th...
7/7/2014Forsys Metals Initiates Feasibility Study for Norasa Uranium...
5/23/2014Forsys Announces Annual and Special Meeting Voting Results
3/27/2014Forsys Files Updated NI 43-101 Technical Report on Norasa Ur...
3/20/2014Forsys Adopts Advance Notice Policy for Director Nominations...
10/7/2013Provides Updated Mineral Resource Estimate for Its Norasa Ur...
5/2/2013(Valencia Uranium)Announces Results of Positive Engineering Cost Study for Its...
3/19/2013Reports Positive Exploration Drilling Results and Confirms H...
1/23/2013Significant New Exploration Results at Recently Discovered V...
1/26/2012(Namibplaas)Announces Additional High Grade Zones from Namibplaas Phase ...
10/5/2011Enters Into Share Subscription Agreement to Raise C$8,000,00...
9/15/2011(Namibplaas)Announces Maiden Resource Statement Namibplaas Project-Namib...
8/10/2011Announces Up to 92% Recoveries from Heap Leach Laboratory Te...
7/11/2011(Namibplaas)Announces Discovery of Extensive High Grade Zones From Ongoi...
5/15/2011Proposed Changes to Namibian Mineral Policy Will Not Affect ...
3/3/2011Announces Settlement Agreement With GFI and George Forrest
12/11/2008Corporate Quarterly Update
11/14/2008George Forrest International Afrique S.P.R.L. to Acquire For...
9/16/2008Corporate Quarterly Update
6/27/2008Clarifying Press Release-Mineral Resource and Mineral Reserv...
6/16/2008Corporate Quarterly Update
4/23/2008Clarifies Uranium Project on Track
4/11/2008Namibia to Build Second Desalination Plant for Uranium Mines
3/6/2008Prepares for Contract Mining at Valencia
2/25/2008Receives Water Permits
2/6/2008Uranium Exploration Licences Renewed
3/23/2007Completes Acquisition of Remaining 10% of Valencia Uranium D...
2/28/2007Completes $47.5 Million Financing
2/26/2007Acquires 70% of Ancash Investments and 5 Additional Uranium ...
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (FSY.TO)FRANKFURT (F2T.F)
0.550+5.77%0.350+0.00%
TORONTO
CA$ 0.550
11/28 16:09 0.030
5.77%
Prev close Open
0.520 0.550
Low High
0.490 0.550
Year l/h YTD var.
0.400 -  0.970 -40.86%
52 week l/h 52 week var.
0.400 -  0.970 -42.71%
Volume 1 month var.
38,205 -3.51%
24hGold TrendPower© : 12
Produces
Develops Uranium
Explores for Copper - Gold - Silver - Zinc
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 6/18/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
2022-32.93%1.010.39
2021173.33%1.300.26
2020114.29%0.330.06
2019-42.86%0.290.11
201848.48%0.320.09
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.33+1.10%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 4.85-9.18%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.84+0.60%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.09+5.88%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.02+3.06%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 7.93-2.82%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.18-5.13%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.32-1.54%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.21-8.30%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 66.53-2.59%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.03+3.57%Trend Power :