Forsys Announces Second Quarter 2011 Financial and Operational Results
15 Agosto 2011 - 8:30AM
Marketwired
Forsys Metals Corp. ("Forsys" or the "Company")(TSX:
FSY)(FRANKFURT: F2T)(NSX: FSY) announced today the release of its
unaudited consolidated financial and operating results for the
three months and six months ended June 30, 2011, together with its
Management's Discussion and Analysis ("MD&A") for the
corresponding period. These documents are posted on the Company's
profile on SEDAR at www.sedar.com and on the Company's website at
www.forsysmetals.com.
Marcel Hilmer, Chief Executive Officer, commented, "During the
second quarter, we saw significant progress at our exploration
drilling program at Namibplaas with very encouraging results. This
phase of the drilling program is now complete and we look forward
to sharing with the market a National Instrument 43-101 ("NI
43-101") technical report, along with updates on the Valencia and
Namibplaas consolidation plans, before year end."
The Company had a cash balance of $7,115,077 as at June 30,
2011.
Highlights from the MD&A include:
-- In its press release on July 11, 2011, Forsys announced further positive
drill results from the Namibplaas uranium project 2011 drilling program.
Latest drilling confirmed further significant intersections of uranium
mineralization of approximately 200 ppm U3O8 or better. Since
commencing the program in July 2010, a total of 33 diamond drill holes
(8,527 metres) and 271 percussion drill holes (59,311 metres) have been
completed. This phase of the drill program has now been completed and
the Company will release a NI 43-101 resource statement in the third
quarter of 2011.
-- The laboratory results from the August 2011 Mintek report on initial
heap leach testing of Valencia ore showed significant potential with the
conventional crush and the high pressure grinding row leach tests
yielding 92% and 81% uranium extractions respectively. The Company
expects improved recoveries in the Phase 2 studies that will focus on
larger samples and optimization of processes. Simulus, a leading Perth
based engineering group, have been appointed to complete the next
optimization study.
-- The internal study on potential plant design efficiencies, improved
recoveries and reduced capital and operating costs continues. This
review also includes the economics of consolidating the Valencia and
Namibplaas ore bodies and increasing the plant size and throughput.
-- In July 2011, the Namibian Ministry of Mines and Energy renewed
Exclusive Prospecting Licence 3195, relating to the Ondundu Gold
Project, for a further two years ending May 30, 2013. In addition,
Forsys and Angus Mining (Namibia) Inc. ("Angus Mining") have now entered
into an option agreement giving a local empowered Namibian corporation,
Minden Investments Limited, the right to earn a 10% stake in the Ondundu
project. This partnership facilitates the direct participation of the
Namibian community in this project.
Company Outlook
Throughout the remainder of 2011, Forsys remains focused on
advancing the design of a consolidated Valencia and Namibplaas
project with an annual plant capacity of approximately 6.0 Mlbs of
U3O8 from the two deposits. Preliminary pit designs and mining
schedules are expected to confirm the production potential of a
consolidated operation.
At the Namibplaas property, the Company is on target to complete
a NI 43-101 technical report and resource estimate during the third
quarter of 2011. The Company will then evaluate timing of the next
phase of drilling.
The heap leach testing on the Valencia ore body will continue
with the optimization of processes in Phase 2 underway.
In addition, the Company expects to receive additional drilling
results for the Ondundu Project in the third quarter of 2011 from
Angus Mining, the operator of Ondundu.
The Company is also progressing financing arrangements for the
development of the Valencia Uranium Project as well as funding
requirements, as needed, to complete the strategic plans outlined
above.
Uranium Outlook
Following the tragic natural disasters in Japan on March 11,
2011 and the resulting issues with the Fukushima Daiichi nuclear
plant, a number of countries have undertaken a preliminary review
of their nuclear programs. With some exceptions, almost every
country, is maintaining its nuclear program. The most significant
exception is Germany which, with 17 nuclear reactors representing
5% of the global generating capacity, has decided to revert to its
previous phase- out policy. Various industry and equity analyst
reports are now indicating that although there may be a short-term
slowdown in the nuclear power programs for some countries, the
forecast demand for uranium in higher nuclear growth nations such
as China, South Korea, India and Russia is expected to remain
strong and supportive of a continued rise in the uranium price over
the medium and longer term. It is Forsys' view that the underlying
fundamentals and growth expectations of the uranium industry remain
sound because of nuclear power's clean base load generating
capacity.
The long-term contract price for uranium is reported on a
monthly basis by Ux Consulting. It was US$62.00/lb at December 31,
2010 and had moved up to US$73.00/lb at the end of January 2011. At
the end of July 2011, the monthly quote for the long-term contract
price for uranium was US$68.00/lb.
About Forsys Metals Corp.
Forsys Metals Corp. is an emerging uranium producer with 100%
ownership in the fully permitted Valencia Uranium Project and 70%
ownership in the Namibplaas 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 U3O8
supporting a 17-year mine life and current Measured and Indicated
resources are 75.5 Mlbs U3O8 with a further 8.4 Mlbs of Inferred
U3O8.
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
(11-07)
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 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.
Contacts: Forsys Metals Corp. Marcel Hilmer Chief Executive
Officer +61 417 177 942 mhilmer@forsysmetals.com Forsys Metals
Corp. Miranda Smith Investor Relations 647-258-9721
msmith@forsysmetals.com www.forsysmetals.com
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