Forsys Metals Corp.
TORONTO, ONTARIO--(Marketwire - Jan. 14, 2008) - Forsys Metals Corp. ("Forsys" or the "Company")(TSX:FSY) is pleased to report drill results and commencement of the 2008 resource definition and exploration drilling campaign on the Company's 100% owned Valencia Uranium deposit ("Valencia") located in Namibia, Africa.
The Valencia property is an advanced stage uranium development project located 35km from Rio Tinto's Rossing Uranium Mine and approximately 50km north of Paladin's Langer Heinrich Uranium Mine. In June 2007, the Company released a National Instrument 43-101 compliant Prefeasibility Study Technical Report ("PFS") on the Valencia project, outlining a mineral resource (measured, indicated and inferred) of 62.1M lbs U3O8 and a mineral reserve of 30.2M lbs U3O8.
Since delivery of the PFS, a total of eight additional exploration drill holes were completed in late 2007 targeting near surface mineralization between the Main and East zones (refer to Figure 1). The drilling results confirm uranium mineralization is continuous over the tested length towards the east and below the current pit bottom design of the East Arm, with grades both similar to and locally better than the current Valencia production profile.
To view the Figure 1 Long Section showing Valencia Pit Shell and Drilling Locations map, please visit the following link:
www.ccnmatthews.com/docs/forsysfig1.pdf.The Company will commence a 10,000m percussion drilling program designed to expand resources to the North, South and East as well as beyond the Main zone pit floor. Historically few drill holes have been completed beyond a 200-250m depth in these areas.
In addition, a deep vertical hole will be drilled in the centre of the deposit to a depth of 650m. This drill hole will verify the potential to add resources in an area where higher grade mineralization has been identified.
Following completion of the drill program, the Company anticipates delivering by the end of Q2, a revised "measured block" and resource calculation which will include all data gathered since the June 2007 PFS.
Assay results from the eight 2007 drill holes are as follows:
VAL26-134: -39.31m of 0.112Kg/T from 16.46m to 55.77m including
-13.37m section of 0.194Kg/T
-84.65m of 0.069Kg/T from 51.85m to 236.50m.
VAL26-135: -31.19m of 0.104Kg/T from 74.76m to 105.95m
VAL26-136: -7.77m of 0.271Kg/T from 54.99m to 62.76m
-5.57 m of 0.117Kg/T from 75.08m to 80.65m
-23.43m of 0.090Kg/T from 177.81m to 201.24m
VAL26-137: -12.44m of 0.144 Kg/T from 38.01 to 50.45m
-2.81m of 0.467 Kg/T from 88.39m to 91.20m
-17.91m of 0.072 Kg/T from 160.46m to 178.37m
-6.94m of 0.107 Kg/t from 200.91m to 207.85m
VAL26-138: -8.23m of 0.221mKg/T from 23.15m to 31.38m
-15.93m of 0.140Kg/T from 186.45m to 202 38m
-12.96m of 0.203Kg/T from 345.54m to 358.50m
VAL26-139: -21.95m of 0.125Kg/t from 26.27m to 48.22m
-93.40m of 0.179Kg/T from 64.12m to 157.52m including
14.75m of 0.332Kg/T from 99.43m to 114.18m
-27.95m of 0.238 Kg/T from 250.27m to 278.22m
VAL26-140: -3.28m of 0.098Kg/T from 102.57m to 105.85m
-18.31m of 0136Kg/T from 224.07m to 256.62m
-16.01m of 0.126Kg/T from 265.51m to 281.52m
VAL26-141: -4.34m of 0.091Kg/T from 64.81m to 68.55m
-7.84m of 0.115Kg/T from 110.62m to 118.46m
-13.69m of 0.098Kg/T from 125.07m to 138.76m
VAL26-141 partial results reported and assays below 140m are still pending.
Analytical results are reported to Forsys by Set Point Laboratories which is located in Johannesburg, South Africa. Set Point was unconditionally accredited by the South African National Accreditation System (SANAS) for the uranium pressed pellet technique (M053) on May 4, 2006. Forsys is also managing an intensive quality control program designed to monitor and independently verify the laboratory results.
Dr. Roger Laine, Chief Geologist of Forsys, is the designated Qualified Person responsible for all of Forsys' exploration programs as well as the person responsible for the contents of this news release.
On Behalf of the Board of Directors of Forsys Metals Corp.
Duane Parnham, President and CEO
For further information visit our web site at
www.forsysmetals.comSedar Profile
#00008536Shares Outstanding: 76,838,998
For more information, please contact
Forsys Metals Corp.
Bruce Hall
Chief Communications Officer
(905) 844-4646
Email: bhall@forsysmetals.com
or
In Namibia
Forsys Metals Corp.
+264 61 219 462
Email: wrn@forsysmetals.com
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