The change in estimates is primarily due to addition of 10.7 million lbs of reserves from the Namibplaas deposit.
Carried out by Amec Foster Wheeler and other experts, the study estimated operating costs per pound at $32.96 per lb U3O8 over first five years of production and $34.72 per lb U3O8 over the life of the mine.
Norasa is estimated to have pre-tax net present value of $622.6m at a discount rate of 8%, and is estimated to produce approximately 5.2 million lbs of U3O8 a year.
Forsys Metals CEO Marcel Hilmer said: "The completion of the FS confirms the robustness of Norasa’s economics. The FS delivered a number of outstanding results, including increases in tonnage, annual and life of mine production whilst lowering operating costs.
"We believe that the study results will attract strategic partners and investors, and provide us with alternatives for the next phase of Norasa’s development."
The study considered a schedule of around 24 months from the start of detailed engineering to the commencement of plant production.
Production schedule for the project has been customized to include updated mineral reserves and a processing rate increase to 11.2 million tons per annum (mtpa) from 8.2 mtpa in 2010.
