September 16, 2008
Forsys Corporate Quarterly Update
TORONTO, ONTARIO--(Marketwire - Sept. 16, 2008) - Forsys Metals Corp ("Forsys" or the "Company") (TSX:FSY)(FRANKFURT:F2T)(NSX:FSY) has filed its Consolidated Financials and Management Discussion and Analysis ("MD&A") for the three month period ended July 31, 2008. For full details, please refer to SEDAR at www.sedar.com or the Company's website at www.forsysmetals.com.
Significant highlights for the quarter include the following achievements:
- A deep diamond drill hole was completed at the Valencia Uranium Project ("Valencia") in Namibia containing uranium mineralization to a depth of 499.7 m with 320.2 m of intersections returning grades equal to or higher than the average grade as defined in the Valencia June 2007 National Instrument 43-101 Technical Report (Snowden).
- Five percussion drill rigs have been systematically drilling out the Valencia ore body returning grades equal to or higher than the average grade as defined in the Valencia June 2007 National Instrument 43-101 Technical Report (Snowden).
- A cash advance has been provided to NamPower, the Namibian national power utility, for design and engineering work required to meet Valencia's power requirements.
Subsequent to the end of the quarter on August 21, 2008, Valencia Uranium (Pty) Ltd, a wholly-owned subsidiary of the Company, received Mining Licence No.149 ("ML 149") allowing full scale development of Valencia. ML 149 is only the second uranium Mining Licence to be granted in Namibia in over two decades.
Duane Parnham, the Company's President and CEO stated "We were delighted to receive the Mining Licence for Valencia as it represents the most significant milestone to date. We are very encouraged by the drilling results at Valencia and look forward to releasing an upgraded resource/reserve estimate in the near future."
Dr. Roger Laine, Ph.D., P.Geo., 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. Dr. Laine has extensive experience as a geological engineer with a Ph.D. in geosciences specializing in exploration, development, Geostatistics and reserve estimating. He has over 30 years of exploration experience of which 14 years were spent at Areva (formerly known as Cogema).
On Behalf of the Board of Directors of Forsys Metals Corp
Duane Parnham, President and CEO