October 02, 2009 11:36 ET
TORONTO, ONTARIO--(Marketwire - Oct. 2, 2009) - Forsys Metals Corp (TSX:FSY)(FRANKFURT:F2T)(NSX:FSY) is pleased to report that the 2009 infill and deposit expansion drill program has been completed at the Company's wholly-owned Valencia Uranium Deposit located in Namibia, Africa. Results for the 200 percussion drill holes comprising 49,562 m are being compiled.
The Company expects that as a result of the confidence gained from the infill drilling, Inferred category resources can be moved into the Indicated category to expand the reserves. After the deposit expansion drilling, the orebody remains open to the north and northeast, while the northwest has not yet been drilled. All these areas will be targeted in the 2010 drill program.
Pending the forthcoming drill results, the Company hopes to be in a position to deliver an upgraded resource/reserve and grade calculation later this month. Final mining design, pit optimization and mine schedule will be incorporated into an updated financial model that the Company believes will increase the overall value of Valencia. This is a vital step in advancing the project and will be instrumental in finalizing strategic options.
NI 43-101 and Qualified Person
Dr. Roger Laine, Ph.D., P.Geo., Chief Geologist for Forsys, is the designated Qualified Person responsible for the Company's exploration programs. Dr. Laine has verified the geological database which included review of geological description and interpretation, assays, and radiometric readings, and Dr. Laine is familiar with the methods for Quality Assurance and Quality Control specifically applicable to uranium. Dr. Laine has sufficient experience which 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.
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 2011 with a 15 year life of mine. Current NI 43-101 compliant reserves at Valencia are 51.4 Mlbs U308 and current Measured and Indicated resources are 70 Mlbs U308 with a further 11 Mlbs Inferred U308. Additional infill drilling is currently underway and is designed to bring 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
Duane Parnham, President and CEO
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 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: 78,985,231
Forsys Metals Corp.Bruce HallChief Communications Officer(905) 844 email@example.comIn NamibiaForsys Metals Corp.+264 61 219 firstname.lastname@example.org
See all RSS Newsfeeds