Forsys to Retain Control of The Ondundu Gold Project
01 Fevereiro 2012 - 10:53AM
Marketwired
Forsys Metals Corp. ("Forsys" or the "Company")
(TSX:FSY)(FRANKFURT:F2T)(NAMIBIAN:FSY) is pleased to announce that
it has entered into an agreement dated January 31, 2012 with Angus
Mining (Namibia) Inc. ("Angus") pursuant to which Angus will
relinquish all of its rights, title and interests under an Option
Agreement dated July 30, 2010 with the Company that provided Angus
with a right to earn up to a 75% interest in Forsys' subsidiary,
Omatjete Mining Company (Namibia) (Pty) Ltd. ("Omatjete"). Omatjete
holds a 100% ownership interest in the Ondundu Gold Project
("Ondundu") located in Namibia.
As consideration for this relinquishment Angus will receive a
20% carried ownership interest in Omatjete. Forsys will return to
Angus for cancellation 3,000,000 common shares and 3,000,000 common
share purchase warrants of Angus which Forsys received in September
2010, when the original Option Agreement was entered into. Forsys
will also assume responsibility for outstanding Ondundu related
payables of approximately C$300,000. The closing is subject to
regulatory approvals. Forsys currently anticipates completion of
the agreement to occur during February 2012.
"Retaining control of the Ondundu Gold Project will permit
Forsys to reassess and update the project's economic potential. The
Company will undertake a comprehensive review of the data obtained
from the recent exploration activities undertaken by Angus and then
determine the most appropriate way to progress Ondundu", said
Marcel Hilmer, CEO and Director at Forsys.
About the Ondundu Gold Project
Ondundu comprises an area of 19,969 hectares within the region
of Erongo, in Namibia. Ondundu lies within the Northern Zone of the
Damara Belt that extends east from the Atlantic Ocean into north-
western Botswana. This Neoproterozoic Belt is prospective for
sediment-hosted gold deposits analogous to Muruntau (+100 M oz),
Telfer (+26 M oz), and Kumtor (+4 M oz) and is already host to the
Namibian based Navachab Mine (+4 M oz) and the Otjikoto Deposit (+1
M oz).
For more information on Ondundu, please refer to our website and
the NI 43-101 compliant technical report, prepared for Westport
Resources Namibia (Pty) Ltd. dated March 2010 and revised July 20,
2010 which is included in Forsys filings on SEDAR at www.sedar.com.
The Termination and Settlement Agreement is also filed on
SEDAR.
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
(12-02)
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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