November 05, 2009 10:22 ET
TORONTO, ONTARIO--(Marketwire - Nov. 5, 2009) - Forsys Metals Corp. (TSX:FSY)(FRANKFURT:F2T)(NSX:FSY) ("Forsys" or the "Company") is pleased to announce that international mining executive Bob Buchan has been appointed to the Forsys Board of Directors, as a Non-Executive Director.
Mr. Buchan, a mining engineer and benefactor of the Queen's University Buchan Department of Mines, sits on several boards and has over 35 years of experience in the global mining sector. Mr. Buchan currently serves as Executive Chairman of Allied Nevada Corporation. He has significant African experience having previously operated as Chairman of Extract Resources Limited and as founding Chairman of Katanga Mining Limited. Mr. Buchan was the founding President and CEO of Kinross Gold Corporation and built the company to be the seventh largest gold producer in the world.
Mr. Buchan will replace Dr. Roger Laine, as a Director of the Company.
Mr. Buchan stated "I am delighted to join an organization with an opportunity to develop one of the few licenced uranium projects in the world. Valencia and Forsys represent an important part of the solution to the world's long term energy needs and I undertake to work diligently in my role as an independent director to best represent the interests of all stakeholders".
Martin Rowley, Chairman of Forsys, stated "The Board very much looks forward to working with Bob as his experience, particularly in Africa will be invaluable. This new appointment adds additional mine development experience to the company and in conjunction with the recent engagement of Morgan Stanley represent critical steps in the current assessment of all strategic options available to the company."
Mr. Rowley also commented "On behalf of the Board we would like to thank Dr. Roger Laine, who remains as the company's Chief Geologist, for his invaluable contribution whilst an 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 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. The 2009 drilling program has been completed and is expected 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
Shares Outstanding: 78,985,231
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 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.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Forsys Metals CorpDuane ParnhamPresident and CEO(905) 844 firstname.lastname@example.orgMorgan StanleyPeter BacchusManaging Director+44 77899-43482Peter.Bacchus@morganstanley.comorMorgan StanleyRichard AllanExecutive Director+44 78578-57287Richard.Allan@morganstanley.com
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