Namibia-focused uranium explorer Forsys Metals has successfully completed an updated mineral reserve estimate for its 100% owned Norasa uranium project in Namibia.

Norasa project comprises the Valencia main, satellite pits and Namibplaas deposits.

Reserve statement is based the results of ongoing technical studies as the revised and upgraded Resources presented in October 2013, the company noted.

The company has reported an increase of probable reserves of U3O8 by 30% from 60.5 million pounds to 79.0 million pounds at the project.

An increase of the average grade to 202 parts per million (ppm) been reported using higher cut-off grades of 100 and 160ppm for Valencia and Namibplaas pits.

Forsys Metals President and CEO Marcel Hilmer said that the company has been boosting the Norasa uranium project economics as priority over the past two years.

"We are very encouraged by our recent efforts that resulted in an improved grade and an increased mineral reserve estimate," Hilmer added.

"In less than 18 months, we have consolidated our deposits in Namibia, optimized our planned process plant, identified a new high-grade zone at Valencia East and improved our recovery rates from metallurgical test programs."

"This progress paves the way for further development of our Norasa project in tandem with the positive signals we are seeing for the recovery of the uranium sector, including higher spot prices and supply-demand deficits."