Forsys Metals Corp. ("Forsys" or the "Company") (TSX:
FSY)(FRANKFURT: F2T)(NSX: FSY) is pleased to announce that the
Company has completed its initial resource estimate, reported in
accordance with the National Instrument 43-101, for the Namibplaas
uranium deposit in Namibia. The Company holds a 70% interest in the
Namibplaas Project.
Highlights
-- Inferred Resource of over 87 million tonnes and 25 million lbs. of
U3O8 at a 100ppm cut-off grade.
-- Confirmation of similar mineralization type to the Valencia Project.
-- A number of significant high-grade zones.
-- Additional drilling scheduled to upgrade and increase the uranium
resource.
-- Conceptual consolidation of the Namibplaas and Valencia projects being
progressed.
The Inferred Mineral Resource is reported for a range of cut-off
grades. The deposit has a strike length of 1,700 metres and a depth
extent of at least 250 metres. The deposit is open to the north,
south and east and at depth.
The Namibplaas project's Inferred Resource estimate as at
September 2011 reported at a range of eU3O8 cut-offs is as
follows:
Cut-off Tonnes Grade MLbs
ppm Mt ppm eU3O8
--------------------------------------
80 169.1 110 41.1
--------------------------------------
100 87.8 130 25.1
--------------------------------------
120 42.9 152 14.4
--------------------------------------
An extensive drilling program commenced in July 2010 and was
completed in August 2011. The results of this drilling program
together with limited historical drilling by Goldfields were used
in the estimation. As present at the Valencia Project,
mineralization has been observed to occur within the leucogranites.
A categorical model was developed, in which the proportion of
leucogranite within a block (20m x 20m x 10m) was estimated,
following which eU3O8 was then estimated into the categorical
model.
Figure 1 below details all drill hole locations. Additional
information, including a comprehensive list of all significant
assay results and individual detailed drill hole location maps for
each of the diamond and percussion drill holes can be found on the
Company's website at www.forsysmetals.com. The area of higher
grades corresponds to the magnetic high shown in the violet
coloured area, trending northeast to southwest.
To view Figure 1 - Namibplaas Drill Hole Location Map, please
visit the following link:
http://media3.marketwire.com/docs/namibplaas.pdf
The resource estimate was completed by Michael Andrew, a
Principal of Optiro, a Perth-based mining consultancy firm. Mr.
Andrew has previously worked for Forsys in preparing the NI 43 -
101 resource estimate for the Valencia Project. The information in
this report that relates to Mineral Resources is based on
information compiled by Dr. Roger Laine, the Company's Chief
Geologist and reviewed by Mr. Michael Andrew who is a member of the
AusIMM and a full time employee of Optiro. The associated Technical
Report will be filed under the Company's filings on SEDAR at
www.sedar.com within 45 days of this news release.
The drill spacing completed to date is intended to be at 40x40
metres, which is only approximately 50% of the total surface
anomaly and planned additional drilling will be needed to bring the
resources to the indicated category, requirement for reserve
estimate and for proper pit planning.
About the Namibplaas Uranium Project
Forsys owns 70% of Dunefield Mining Company (Pty) Limited which
holds the Namibplaas EPL 3638 which covers a total surface area of
1,742ha on the farm "Namibplaas 93". Situated 7 kilometres
northeast of the Valencia Uranium Project, the Namibplaas uranium
project is accessible by way of a newly constructed industrial
grade road from the B2 highway to the Valencia project site and
from there by a trail suitable for 4x4 vehicles.
EPL 3638 is in good standing with all reporting and
environmental requirements up to date. No encumbrances exist on the
licence, no royalties are payable and there is no liability for any
environmental taxes or royalties at this stage of exploration. A
baseline Environmental Impact Assessment and Environmental
Management Plan was carried out by Colin Christian, Independent
Consultant, during October 2008 and approved by the Ministry of
Environment and Tourism on December 11, 2008.
For more information on the Namibplaas project, please refer to
the Company's news releases or our Annual Information Form, dated
March 29, 2011, filed on the Company's profile at
www.sedar.com.
NI 43-101 and Qualified Persons
Dr. Roger Laine, Ph.D., P.Geo, Chief Geologist for Forsys Metals
Corp., is the designated Qualified Person responsible for the
Company's exploration programs. Dr. Laine has verified the
geological database that included review of geological description
and interpretation, assays, and acquisition of radiometric data.
Dr. Laine is familiar with the methods for Quality Assurance and
Quality Control specifically applicable to uranium. Dr. Laine has
sufficient experience that 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. Equivalent U3O8 at
Namibplaas has been calculated using the correlation established by
Dr. Laine at Namibplaas; that correlation is almost identical to
the one already calculated at Valencia.
Mr Andrew has sufficient experience that is relevant to the
style of mineralization and type of deposit and to the activity he
is undertaking to qualify as a QP under NI 43-101. Michael Andrew
holds no interests in Forsys or its associated companies. As part
of the data verification used in the estimate, Mr Andrew visited
the Namibplaas Uranium Deposit in July 2011. Mr Andrew has read and
consents to the relevant content of this news release.
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
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.
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. Craig Bamford Chief Financial Officer +1 416-367-4242
cbamford@forsysmetals.com
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