Sunday, March 9, 2008

Forsys Prepares for Contract Mining at Valencia

Forsys Prepares for Contract Mining at Valencia
March 10-(miningnamibia)-Forsys Metals Corporation has announced that Valencia Uranium (Pty) Ltd., a wholly-owned subsidiary of the company has entered into a Heads of Agreement with Basil Read (Pty) Ltd for the provision of mining services for the company's 100% owned Valencia Uranium Mine located in Namibia, Africa. Basil Read, based in South Africa since 1952, is a diversified construction company possessing capacity, expertise and a considerable track record in the fields of building, civil engineering, structures, roads and opencast mining. Basil Read is currently performing select contract mining services across southern Africa, including the Rio Tinto's Rossing Uranium Mine, located approximately 35 km from Valencia.
Pursuant to the Agreement, Valencia and Basil Read have entered into negotiations on the commercial terms for the provision of mining and construction services for the establishment and operation of Valencia.
Priorities at Valencia which will be addressed immediately by Basil Read and Valencia include the development of a mining plan, mining programme and a mining budget.

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