Forsys Metals Corp. (TSX:FSY)(FRANKFURT:F2T)(NSX:FSY) ("Forsys" or
the "Company") is pleased to announce further positive drilling
results from its Namibplaas drilling program at Exclusive
Prospecting Licence No 3638 ("EPL 3638"), located 7 kilometres
northeast of the Company's fully permitted Valencia Mining Licence
No 149 in Namibia, Africa. As part of the Phase 2 drilling program
the Company has completed 53 additional percussion holes. From
commencement of the exploration program in 2008, the Company has
completed a total of 33 diamond drill holes and 341 percussion
drill holes; for a total of 81,499 meters (8,527 meters of diamond
drilling and 72,972 meters of percussion drilling).
Marcel Hilmer, Chief Executive Officer, commented, "We are very
pleased that the Phase 2 drilling program at Namibplaas which began
in October 2011 has proven extensive mineralization with
significant intersections of 200 ppm eU3O8 or higher in 30 of the
53 drill holes. It is our expectation that this drill program will
increase the overall project resource, as well as upgrade the
category, and overall grade at Namibplaas. The continued positive
results received from the Namibplaas drilling program have
reinforced our confidence that ultimately we will be able to
consolidate the Namibplaas Project with our 100% owned Valencia
Project into an expanded combined uranium project".
Highlights of recent assay results from Phase 2 Percussion
Drilling at Namibplaas
-----------------------------------------------------------
Hole From (m) To (m) Interval (m) Grade (ppm eU3O8)
-----------------------------------------------------------
NAPD-289 33.5 40.7 7.2 192
-----------------------------------------------------------
NAPD-291 66.8 70.6 3.8 441
-----------------------------------------------------------
NAPD-294 85.4 97.4 12.0 237
-----------------------------------------------------------
NAPD-295 72.3 76.9 4.6 257
-----------------------------------------------------------
NAPD-296 88.0 93.6 5.6 216
-----------------------------------------------------------
NAPD-299 63.7 68.5 4.8 725
-----------------------------------------------------------
NAPD-300 42.6 51.6 9.0 202
-----------------------------------------------------------
NAPD-301 46.6 55.8 9.2 245
63.5 68.6 5.1 191
-----------------------------------------------------------
NAPD-302 135.5 141.5 6.0 218
-----------------------------------------------------------
NAPD-303 75.5 82.1 6.6 200
-----------------------------------------------------------
NAPD-304 63.9 69.1 5.2 507
-----------------------------------------------------------
NAPD-305 152.3 163.0 10.7 203
-----------------------------------------------------------
NAPD-306 118.7 125.7 7.0 224
-----------------------------------------------------------
NAPD-308 166.9 185.1 18.2 225
NAPD-308 240.3 256.2 15.9 205
-----------------------------------------------------------
NAPD-309 44.4 48.0 3.6 211
-----------------------------------------------------------
NAPD-311 30.3 35.7 5.4 254
-----------------------------------------------------------
NAPD-312 56.2 66.2 10.0 300
-----------------------------------------------------------
NAPD-313 110.1 113.1 3.0 248
224.0 226.3 2.3 346
-----------------------------------------------------------
NAPD-314 93.8 112.2 18.4 218
-----------------------------------------------------------
NAPD-315 69.7 74.1 4.4 212
-----------------------------------------------------------
NAPD-317 51.8 62.5 10.7 242
-----------------------------------------------------------
NAPD-318 63.5 68.3 4.8 203
-----------------------------------------------------------
NAPD-319 79.0 81.6 2.6 918
95.5 98.7 3.2 203
-----------------------------------------------------------
NAPD-321 213.3 216.9 3.6 220
248.8 251.8 3.0 878
261.2 264.2 3.0 192
-----------------------------------------------------------
NAPD-325 147.9 150.1 2.2 393
-----------------------------------------------------------
NAPD-326 56.6 59.9 3.3 558
127.6 132.9 5.3 203
-----------------------------------------------------------
NAPD-331 65.1 67.4 2.3 546
76.0 82.1 6.1 255
-----------------------------------------------------------
NAPD-332 66.1 76.3 10.2 226
105.0 112.9 7.9 220
124.4 137.3 12.9 198
-----------------------------------------------------------
NAPD-335 62.2 77.0 14.8 199
-----------------------------------------------------------
NAPD-336 108.1 117.2 9.1 231
-----------------------------------------------------------
The Phase 2 program is on schedule and within budget. There are
four (4) drilling rigs currently operating on site with
approximately 10,000 meters completed in 53 holes, or 25% of the
budgeted 40,000 meter program. Geological sections are used to
determine the anticipated stopping depth of each hole as determined
by the interpreted geological cross sections in order to avoid
drilling in unproductive, barren lithological units. Lithological
and mineralization continuity between boreholes and created
sections are encouraging and consistent as depicted below in the
newly created schematic NW - SE Cross section through boreholes
NAPD-010 and NAPD-264.
To view "Figure 1 - Namibplaas Schematic NW-SE Cross Section,"
please visit the following link:
http://media3.marketwire.com/docs/FSY0126figure1.pdf.
Figure 2 below details all percussion drill hole locations. The
current drilling program is on a 40 x 40 meter grid on the surface
magnetic anomaly as depicted on the figure. Higher-grade eU3O8
values tend to correspond with the high magnetic values shown in
the violet area, trending northeast to southwest. This 40 x 40
meter grid was calculated from the maiden Inferred Resource
Estimate that was released on September 15, 2011, after the data
was geo- statistically analysed and semi-variograms calculated from
the data. The continuity of the lithological units and
mineralization will fall within this 40 x 40 meter grid and thus
enable upgrading of the resource from Inferred to Indicated. The
ore-bodies at Namibplaas and Valencia consist of Leuco Granite
Sheets (LGS), locally known as alaskites, which have intruded the
surrounding country rock and have formed lenses that open and close
depending on the characteristics of the host country rocks.
The higher grade areas correspond to the magnetic high shown in
the violet area, trending northeast to southwest.
To view "Figure 2 - Namibplaas Drill Hole Location Map," please
visit the following link:
http://media3.marketwire.com/docs/FSY0126figure2.pdf.
2012 Namibplaas Drilling Program and Consolidation Strategy
The Company has completed 25% of the total budgeted Phase 2
drilling program and is on schedule to complete the current
drilling program by June 2012 and deliver an updated compliant NI
43-101 Technical Report by the third quarter of 2012. The Company
has already published a NI 43-101 compliant maiden resource report
on September 15, 2011 for the Namibplaas Project, as well as a NI
43-101 compliant technical reserve report for its Valencia
property. Both reports can be found on the Company website.
The Company continues to develop the preliminary design of an
expanded consolidated project (based on an internally generated
resource estimate) that could produce annually up to 6.0M lbs of
U3O8 from the consolidated Valencia and Namibplaas deposits.
Preliminary pit designs and mining schedules are expected to
confirm the potential of a consolidated operation. It should be
noted that the potential quantities and grades and other technical
parameters in reference to the consolidation of the Valencia and
Namibplaas deposits are at this stage conceptual in nature
only.
About the Namibplaas Uranium Project
Forsys owns 70% of Dunefield Mining Company (Pty) Limited
("Dunefield") which holds the Namibplaas EPL 3638 which covers a
total surface area of 1,742ha on the farm "Namibplaas 93". The
Company is in the process of satisfying the final condition to
closing the agreement to acquire the remaining 30% of Dunefield, in
order to give it 100% ownership of Namibplaas and anticipates this
will occur within the first quarter of 2012 (see news release dated
October 24, 2011). 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. The EPL 3638 was recently
renewed by the Namibian Ministry of Mines and Energy for a further
two years to November 2013. No encumbrances exist on the licence,
no royalties are payable and there is no liability for any
environmental taxes 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.
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 website at www.forsysmetals.com. The
detailed Namibplaas project history together with previous news
releases detailing drill results, are also available for download
from the Company's website. For further information please refer to
the Company's Annual Information Form, dated March 29, 2011, filed
on the Company's profile at www.sedar.com.
NI 43-101 and Qualified Person
Mr Johan de Bruin, MEng, Pr. Sci. Nat., Chief Geologist for
Forsys Metals Corp., is the designated Qualified Person responsible
for the Company's exploration programs. Mr de Bruin has verified
the geological database that included review of geological
description and interpretation, assays, and acquisition of
radiometric data. Mr de Bruin is familiar with the methods for
Quality Assurance and Quality Control specifically applicable to
uranium. Mr de Bruin 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 Mr de Bruin at Namibplaas; that
correlation is almost identical to the one already calculated at
Valencia.
About Forsys Metals Corp.
Forsys Metals Corp. is an emerging uranium producer with 100%
ownership of the fully permitted Valencia Uranium Project and
currently a 70% ownership in the Namibplaas Uranium Project in
Namibia, Africa, a politically stable and mining friendly
jurisdiction. Information regarding current National Instrument
43-101 compliant resource and or reserves at the Valencia and
Namibplaas Uranium Project's is available on our website.
On behalf of the Board of Directors of Forsys Metals Corp.
Marcel Hilmer, Chief Executive Officer
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.
Shares Outstanding: 96,875,422
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 942mhilmer@forsysmetals.com
www.forsysmetals.com TMX Equicom Nisha Hasan +1 416-815-0700 Ext
258nhasan@equicomgroup.com
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