TORONTO, ONTARIO--(Marketwire - March 9, 2010) - Forsys Metals Corp ("Forsys" or the "Company") (TSX:FSY)(FRANKFURT:F2T)(NSX:FSY) has with its exclusive financial advisor, Morgan Stanley & Co. Limited ("Morgan Stanley"), completed a comprehensive review of potential strategic and financial alternatives for the Company to maximize shareholder value from its Valencia Uranium Project located in Namibia, Africa.
Morgan Stanley on behalf of the Company has invited a select group of interested parties to submit proposals with respect to a potential transaction with the Company, which proposals may range from project funding, acquiring a stake in the Valencia Uranium Project to an outright purchase of the Company. All proposals submitted will be compared against the alternative strategies for development already identified by Morgan Stanley. Access to a data room will be given by the Company to such of the interested parties as are selected by the Company to conduct full due diligence.
The Company will provide further updates as appropriate during the selection process.
About Forsys Metals Corp
Forsys Metals Corp, having BEE sponsorship, is an emerging uranium producer with 100% ownership in the fully permitted Valencia uranium project. With an expanding reserve base, production is expected to commence in 2012 with a 17 year life of mine. Current NI 43-101 compliant reserves at Valencia are 60.5 Mlbs U308 and current Measured and Indicated resources are 75.5 Mlbs U308 with a further 8.4 Mlbs Inferred U308. The Company also has an extensive portfolio of uranium exploration projects totaling over 252,000 ha located in Namibia, Africa, a politically stable and mining friendly jurisdiction.
On Behalf of the Board of Directors of Forsys Metals Corp
Martin Rowley, Chairman
For further information visit our website at www.forsysmetals.com
Sedar Profile #00008536
Shares Outstanding: 79,080,231
This news release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. The following are important factors that could cause Forsys actual results to differ materially from those expressed or implied by such forward looking statements: fluctuations in uranium prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology; continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs; recovery rates, production estimates and estimated economic return; general market conditions; the uncertainty of future profitability; and the uncertainty of access to additional capital. Full description of these risks can be found in Forsys various statutory reports including the Annual Information Form available on the SEDAR website at www.sedar.com. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward looking information. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral forward looking information are based on estimates and opinions of management on the dates they are made and expressed qualified in their entirety by this notice. The Company assumes no obligation to update forward looking information should circumstances or management's estimates or opinions change.
Morgan Stanley is acting as exclusive financial advisor to the Company in relation to the review, will not regard any other person (whether a recipient of this document or not) as a client in relation to the review and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Morgan Stanley nor for providing advice to any such other person.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.