| Forsys adds fourth drill rig at Valencia |
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| Written by Staff Reporters | |
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Forsys Metals Corp said this week that it has added a fourth percussion drill rig to the ongoing 30,000 m percussion drilling program underway at its 100% owned Valencia Uranium project in the Erongo Region.
The fourth rig was added in order to accelerate drilling
activity prior to the updating of the resource/reserve estimate on the
Valencia deposit. The north radiometric anomaly was identified from
recent ground geophysical surveys completed over the entire Valencia
ore body.
In November last year, Forsys Metals Corporation moved a step further towards realising the uranium producing potential of the Valencia project this week when it signed a memorandum of understanding (MoU) with a South Korean power company. The MoU saw the Korean Electric Power Corporation (Kepco) availing over N$2 billion to move the project into a producing mine. The Korean company runs 17 gas and energy companies. Forsys is expected to spend N$870 million in its coffers for the development of the project whose production expected to commence at the end of 2009. The mine is expected to produce 2.9 million pounds of uranium oxide per annum, Parnham said. The mine has an 11-year lifespan. The Valencia project is situated 35 kilometres from the Rössing Uranium Mine and 40 kilometres from Paladin’s Langer Heinrich uranium mine. |
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