Forsys Metals Corp

Forsys Metals Corp

March 18, 2009 08:42 ET

Forsys Further Update on Plan of Arrangement

TORONTO, ONTARIO--(Marketwire - March 18, 2009) - In response to shareholder inquiries, Forsys Metals Corp. ("Forsys") (TSX:FSY)(FRANKFURT:F2T)(NSX:FSY) confirms that the arrangement agreement entered into with George Forrest International Afrique S.P.R.L. ("GFI") on November 14, 2008 (and as amended on January 28, 2009) does not automatically terminate on March 18, 2009, but remains in full force, until terminated in accordance with its terms by one of the parties. In the meantime, Forsys and GFI are still in the process of negotiating a definitive second amendment agreement to, among other things, extend the closing date of the proposed plan of arrangement in accordance with the terms of the agreement in principle the summary of which was announced by Forsys on March 13, 2009. Whether or not such negotiations will ultimately lead to the execution of a definitive second amendment agreement cannot be assured by Forsys.

On Behalf of the Board of Directors of Forsys Metals Corp

Duane Parnham, President and CEO

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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 Corporation. These risks and uncertainties could cause actual results and the Corporation'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 Corporation assumes no obligation to update forward looking information should circumstances or management's estimates or opinions change.

Shares Outstanding: 78,935,231

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