Forsys Metals Corp T.FSY

Alternate Symbol(s): FOSYF

Energy

Forsys Metals Corp. is a Canada-based uranium developer. The Company is engaged in the acquisition, exploration and development of mineral properties. It is focused on advancing its wholly owned Norasa Uranium Project, located in the jurisdiction of Namibia, Africa, which is wholly owned by its 100% owned operating subsidiary, Valencia Uranium (Pty) Ltd. The Norasa Uranium Project is comprised of the Valencia Uranium deposit (ML-149) and the nearby Namibplaas Uranium deposit (EPL-3638). The Valencia Uranium project is situated on the farm Valencia 122, which is located approximately 75 kilometers (km) north-east of the town of Swakopmund in central-west Namibia, covering an area of 735.6 hectares (ha). The Namibplaas Uranium project is located 7.5 km northeast of the Valencia deposit on the farm Namibplaas 93, with a total surface area of 1,269 ha.

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Forsys Metals Corp

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Comment by make_rubleson Dec 14, 2006 7:30am

229 Views

Post# 11865190

RE: Something brewing

Lets not forget there is a spin off coming of non-Uranium assets. Here the news release again. IMHO, This is just the beginning of the times to come.

good luck to all 006-10-20 17:54 ET - News Release Mr. Wayne Isaacs reports FORSYS RESTRUCTURES NON-URANIUM ASSETS Subject to regulatory approval, Forsys Metals Corp. intends to restructure its holdings whereby the company intends to divest itself of all of its non-uranium assets. The proposed restructuring will allow the company to focus on advancing the Valencia uranium project to mid-stage development as well as to develop other uranium opportunities with Ancash Investments, the company's strategic Namibian partners. Pursuant to the proposed restructuring plan, the company intends to spin out its wholly owned subsidiary, 1400596 Ontario Ltd., to its shareholders (to be renamed to Namibian Resources) by way of special dividend. Management believes that by establishing a new public vehicle to develop these non-uranium assets, existing Forsys shareholders will be rewarded as management unlocks these projects' true value. The company is currently finalizing the terms and conditions of the proposed restructuring and will update its shareholders once specific details have been confirmed. 1400596 is a private Ontario company based in Namibia that controls interests in gold, copper, zinc and diamond properties. 1400596 owns a 100-per-cent interest in Westport Resources Namibia Pty. Ltd., based in Windhoek, Namibia. Established in 2000, Westport currently holds two exclusive prospecting licences and one exclusive reconnaissance licence covering 1,086,000 hectares of prospective mineral projects targeting diamond, base and precious metals deposits. In addition, Westport holds a 32-per-cent interest in Omatjete Mining Company Pty. Ltd., which owns the Ondundu gold licence, and Westport also holds an option to earn a 60-per-cent interest in the Elbe mine project. The shares in the capital of 1400596 do not constitute all or substantially all of the assets of the company and as such shareholder approval is not required for the proposed divesture.