Duane Parnham will step down as president and CEO of the company but remains on the board as executive director of business development.

Martin Rowley, chairman of Forsys, said: “The board very much looks forward to working with Marcel as his experience, particularly in Africa will be invaluable. This new appointment adds significant additional mining experience to the company particularly in the areas of project development and financing. Marcel will work closely with Morgan Stanley & company to develop, evaluate and implement the strategic options available to the company.”

Mr Hilmer, said: “I am delighted to be joining Forsys and look forward to working with the board, management and shareholders to continue to enhance the value of the company’s fully licenced Valencia uranium project in Namibia.”

Forsys is a uranium producer with 100% ownership in the fully permitted Valencia uranium project.