April 2-(miningnamibia)-Forsys Metals Corp has announced that it has increased its ownership in the Ondundu gold project in Namibia to 90%.
Namibia's Ministry of Mines and Energy has renewed Omatjete Mining Company exclusive prospecting license through to 31 May 2009. The License encompasses an area of 19,969 hectares and incorporates Ondundu.
With the renewal of the license, Westport Resources Namibia a wholly-owned subsidiary of Forsys, has completed the purchase of Domino Resources (Pty) Ltd's entire equity interest in Omatjete, thereby increasing Forsys' beneficial ownership in Omatjete from 32% to 90%.
Ondundu lies within the Northern Zone of the Damara Belt that extends east from the Atlantic Ocean into northwestern Botswana.
Estimate, based on 26 diamond drill holes and the old workings, the Ondundu project contains an historical resource of approximately 4.5 million t at 3.387 g/t gold; equivalent to approximately 500,000 ounces.
“The increase of our interest to 90% in the Ondundu Gold project provides Forsys with a unique opportunity to control an advanced Namibian-based gold project” said Mr. Duane Parnham, President and CEO of Forsys.
He further stated that "Forsys will continue to focus its efforts on developing its wholly-owned Valencia Uranium Mine. Having worked in Namibia since 2000, we continue to maintain our country focus and continue to explore many opportunities to enhance shareholder value."