Todays news very goodin fact I like todays news on Forsys because we now own 100% of Valencia and we just paid 1m US$ in cash + 2m shares at 5.25C$ in order to get the 10% stake. Remember the first 90% (at U3O8 prices at 17.50 US$/lb) cost us 2m US$ + 7.82m shares (partly diluted).
A second positive aspect is that we get some smaller assets in addition to the non-uranium assets (15% in Ondundu Gold, where FSY subsidiary holds a stake) and a JV for Elbe copper. The good news about this that FSY may now conduct the spin-off they announced back in fall 2006. This is quite important because we are a pure uranium company after the spin-off.
Last but not least FSY receives a property in the North of Namibia called Khorixas property. I can't find out anything from the company but Ongopolo who owned this prospect holds a licence EPL 3277 that exactly matches with this town of Khorixas and this EPL includes nuclear fuels for exploration. We try to find out something more about the uranium out there but it seems to be another goodie.
See ya
Art