Forsys Metals Corp

Forsys Metals Corp

February 08, 2010 09:06 ET

Forsys Metals Corp Announces Appointment of New CEO and Changes to the Board

TORONTO, ONTARIO--(Marketwire - Feb. 8, 2010) - Forsys Metals Corp ("Forsys" or the "Company") (TSX:FSY)(FRANKFURT:F2T)(NSX:FSY) is pleased to announce that mining executive Mr. Marcel Hilmer has been appointed as CEO and a Director of the Company. Mr. Hilmer, currently a business development executive with First Quantum Minerals Limited has extensive experience in the mining sector and a successful career spanning more than 25 years in senior management positions with international organizations.

Mr. Martin Rowley, Chairman of Forsys, stated "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 & Co. to develop, evaluate and implement the strategic options available to the Company."

Mr. Hilmer stated "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."

Mr. Duane Parnham will step down as President and CEO but remains on the Board as Executive Director, Business Development.

Mr. Rick Vaive has resigned as a non-executive Director.

Mr. Rowley commented "On behalf of the Board we would like to thank Mr. Duane Parnham, who remains as an Executive Director, for his invaluable contribution as CEO and President of the Company and to Mr. Rick Vaive for his greatly appreciated contribution as a non-executive Director of the Company."

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. Additional infill drilling is planned to move the Inferred category resources into the Indicated category so they can be incorporated into a future reserve update. 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

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Forward-Looking Information

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 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.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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