TORONTO, ONTARIO--(Marketwire - May 16, 2011) - Forsys Metals Corp ("Forsys" or the "Company") (TSX:FSY)(FRANKFURT:F2T)(NSX:FSY) is pleased to announce positive additional drilling results from its ongoing Namibplaas drilling program at Exclusive Prospecting Licence ("EPL") 3638, located 7 kilometres northeast of the Company's fully permitted Valencia Mining Licence ("ML") 149 in Namibia, Africa. From January 1, 2011 to the date of this release, the Company has completed an additional 11 diamond drill holes and 89 percussion holes, making a total of 33 diamond drill holes and 128 percussion drill holes since July 2010 for a total of 22,961 metres (3,510 metres of diamond drilling and 19,451 metres of percussion).
Marcel Hilmer, Chief Executive Officer, commented, "Drilling since January 1, 2011 has confirmed again considerable mineralization in 6 of the 11 diamond drill holes and 46 of the 89 percussion drill holes, encountering significant intersections of approximately 200 ppm U3O8 or better. The results from the Namibplaas drilling program continue to be very encouraging and indicate the potential for significant high-grade areas. We are very pleased that this program continues to increase potential resources and the overall grade of the project area."
Highlights from the Most Recent 2011 Diamond Drilling at Namibplaas
|Hole||From (m)||To (m)||Interval (m)||Grade|
Highlights from the Most Recent 2011 Percussion Drilling at Namibplaas
|Hole||From (m)||To (m)||Interval (m)||Grade (ppm U3O8)|
The percussion drill holes are all inclined at 60 degrees, which intersects the leucogranite sheets almost perpendicularly; the diamond drill holes are at 45 degrees for geological framework.
Figure 1 below details all drill hole locations. Additional information, including a comprehensive list of all significant assay results and individual detailed drill hole location maps for each of diamond drill and percussion drill holes can be found on the Company's website at www.forsysmetals.com. Initial drill results and detailed Namibplaas project history were previously announced in the Company's News Releases dated November 8, 2010 and February 2, 2011 and are also available for download from the Company's website.
The area of higher grades corresponds to the magnetic high shown in the violet area, trending northeast to southwest.
To view the figure associated with this press release, please visit the following link: http://media3.marketwire.com/docs/fsy0516fig1.pdf.
2011 Namibplaas Drilling Program and Consolidation Strategy
To date in 2011 the Company has completed over 50% of the total budgeted drilling program of 53,500 metres and is on schedule to complete budgeted drilling by mid-August 2011 and within budgeted cost. Based on our internally generated resource estimate, we are proceeding with the preliminary design of an expanded consolidated project that could produce up to 5.0 Mlbs of U3O8 from the Valencia and Namibplaas deposits. Preliminary pit designs and mining schedules are expected to confirm the production potential of a consolidated operation.
Forsys is on target to achieve a NI 43-101 compliant Technical Report at Namibplaas by the end of the third quarter of 2011 and the Company has already published a NI 43-101 compliant technical reserve report for its Valencia property which can be found on our website.
It should be noted that the potential quantities and grades and other technical parameters presented in this document in reference to the consolidation of the Valencia and Namibplaas deposits are conceptual in nature only and it is uncertain whether the consolidated deposits will be developed into a mine.
About the Namibplaas Uranium Project
Forsys owns 70% of Dunefield Mining Company (Pty) Limited which holds the Namibplaas Uranium Project, (EPL3638), that covers a total surface area of 1,742ha on the farm "Namibplaas 93". Situated 7 kilometres northeast of the Valencia Uranium Project, the Namibplaas Uranium Project is accessible by way of a newly constructed industrial grade road from the B2 highway to the Valencia project site and from there by a trail suitable for 4x4 vehicles.
EPL 3638 is in good standing with all reporting and environmental requirements up to date. No encumbrances exist on the licence, no royalties are payable and there is no liability for any environmental taxes or royalties at this stage of exploration. A baseline Environmental Impact Assessment ("EIA") and Environmental Management Plan ("EMP") was carried out by Colin Christian, Independent Consultant, during October 2008 and approved by the Ministry of Environment and Tourism on December 11, 2008.
For more information of the Namibplaas Uranium Project, please refer to the Company's news releases dated November 8, 2010 and February 2, 2011 or our Annual Information Form, dated March 29, 2011, filed on the Company's profile at www.sedar.com.
NI 43-101 and Qualified Persons
Dr. Roger Laine, Ph.D., P.Geo., Chief Geologist for Forsys Metals Corp., is the designated Qualified Person ("QP") responsible for the Company's exploration programs. Dr. Laine has verified the geological database that included review of geological description and interpretation, assays, and acquisition of radiometric data. Dr. Laine is familiar with the methods for Quality Assurance and Quality Control specifically applicable to uranium. Dr. Laine has sufficient experience that is relevant to the style and mineralization, type of deposit and the use of radiometrics in resource estimates as well as to the activity he is undertaking to qualify as a qualified person under NI 43-101.Equivalent U3O8 at Namibplaas has been calculated using the correlation established by Dr. Laine at Namibplaas; that correlation is almost identical to the one already calculated at Valencia.
About Forsys Metals Corp.
Forsys Metals Corp. is an emerging uranium producer with 100% ownership in the fully permitted Valencia Uranium Project in Namibia, Africa a politically stable and mining friendly jurisdiction. Current NI 43-101 compliant reserves at Valencia are 60.5 Mlbs of U308 supporting a 17-year mine life and current Measured and Indicated resources are 75.5 Mlbs U308 with a further 8.4 Mlbs of Inferred U308.
On behalf of the Board of Directors of Forsys Metals Corp.
Marcel Hilmer, Chief Executive Officer
For further information visit our website at www.forsysmetals.com.
Sedar Profile #00008536
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 Annual Information Form, dated March 29, 2011, available on the Company's profile 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.
Shares Outstanding: 80,130,231
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.