Forsys Completes Acquisition of Remaining 30% Interest in Namibplaas
26 Março 2012 - 2:46PM
Marketwired
Forsys Metals Corp. ("Forsys" or the "Company")
(TSX:FSY)(FRANKFURT:F2T)(NAMIBIAN:FSY) is pleased to announce that
it has completed the acquisition of the 30% indirect equity
interest in the Namibplaas Uranium Project ("Namibplaas") in
Namibia, Africa held by Etherlin Management Corp. ("Etherlin") and
now owns a 100% equity interest.
"This acquisition positions Forsys to be better able to realize
the full potential of consolidating Namibplaas with its
wholly-owned Valencia Uranium Project," said Marcel Hilmer, CEO and
Director of Forsys.
Consideration for the acquisition is 13,000,000 common shares in
the capital of the Company and 2,000,000 common share purchase
warrants. Each warrant entitles Etherlin to acquire one (1) common
share of capital in the Company at an exercise price of $1.10 per
share at any time before March 26, 2014. The common shares and
warrants are subject to a four-month hold period until July 27,
2012.
About the Namibplaas Uranium Project
Forsys owns 100% 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" situated
7 kilometres northeast of the Valencia Uranium Project
("Valencia"). The Namibplaas uranium project is accessible by way
of a recently 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 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.
The Company is on schedule to release an updated compliant NI
43-101 Technical Report in the third quarter of 2012. The detailed
Namibplaas project history together with previous news releases
detailing drill results, are also available for download from the
Company's website at www.forsysmetals.com.
About Forsys Metals Corp.
Forsys Metals Corp. is an emerging uranium producer with 100%
ownership of both the fully permitted Valencia Uranium Project and
Namibplaas Uranium Project in Namibia, Africa a politically stable
and mining friendly jurisdiction. Information regarding current
National Instrument 43-101 compliant resource and 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
(12-03)
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: 109,875,422
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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