February 9, 2007
Forsys Metals Corp
featuring President Wayne Isaacs
highlights from audio appear below
Questions:
1. Wayne, can you give us a brief overview of your company’s Valencia uranium deposit in Namibia and some of the background behind the previous exploration?
Valencia is our flagship resource property in Namibia, the historic resource drilling was performed by Goldfields in the late 70s and into the 80s. That amounted to about 23,000 meters or so of drilling. The majority of the core samples were available to us and we were able to use this material as a basis of our 43-101 report. That report yielded inferred resource of approximately 21.6 million pounds of uranium.
2. For the past year Forsys Metals has quietly been working under the radar screen, and only recently has your company’s shares dramatically jumped. Does this have something to do with Paladin opening their nearby uranium mine?
3.Your company has developed strong relationships within the government of Namibia. Can you tell us how this has benefited and is benefiting Forsys Metals, and how this will benefit Forsys Metals in the future?
4. When we began covering Forsys Metals, your company was following on the coattails of Paladin Resources, which has become a major success story in the uranium sector. Now there are more than 20 companies exploring for uranium in Namibia. What advantage does Forsys Metals have over others, such as UraMin?
Paladin’s success has definitely helped shine a spotlight on Namibia and by extension placed a spotlight on Forsys and the Valencia project as the next uranium success story. Please keep in mind that we’re in very close proximity to two producing uranium mines, that being Paladin and the Rossing mine which has further fast tracked our ability to bring Valencia possibly to being the third production uranium mine in Namibia.
5. The prefeasibility study for the Valencia project is nearly wrapped up. Results should be out shortly. Your CEO is now in Africa. What can we expect about Forsys Metals moving this project into production?
We expect to have a resource update completed within the next 30 days or so. We also expect to commence our bankable feasibility within that time frame. On the heels of that there are five more uranium exploration projects expected to be generated out of our relationship with AnCash Investments. We’ve also recently announced the spin out of our non-uranium assets. So you can see we’re moving toward becoming a pure uranium company, to where we’re very excited about the future, we’re looking forward to making that production decision and moving ahead.
6. Who will be opening the next uranium mine in Namibia – Forsys or UraMin?
I guess I’m a little bit biased, but I believe that we’re closer to opening up the next uranium mine in Namibia. We’ve advanced our project, in my opinion, further at this stage than UraMin has.
7. Who is likely to have more production by the end of the decade – Forsys or UraMin?
That is unclear right now. We have other exploration targets that we’re looking into. We have the newly discovered Joly zone which we haven’t drilled yet. UraMin hasn’t come out with a resource definition at this particular point in time, so we’re not entirely certain. But again, being on the bias side, I’m rooting for Forsys.
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