Update on B2Gold Earn-In Agreement
TORONTO, March 20, 2018 (GLOBE NEWSWIRE) -- Forsys Metals Corp. (TSX:FSY) (FSE:F2T) (NSX:FSY) (“Forsys” or the “Company”) is pleased to announce an update on the earn-in agreement (“Earn-In”) with B2Gold Namibia (“B2Gold”), a subsidiary of B2Gold Corp., whereby B2Gold can earn up to a 100% interest in the Company’s Ondundu Gold Project (“Ondundu”) held by Razorback Gold Mining Company (Pty) Limited (“Razorback”), in Namibia.
B2Gold having expended the minimum amounts required under the Earn-In in the second earn-in period, exercised its right and has increased its equity in Razorback to 49%; the Company retains the balance of 51%. The Earn-In, now in its third and final period, provides B2Gold the right to acquire an additional 26% interest in Ondundu by spending a further minimum US$1,300,000. If the right to increase B2Gold’s equity position in Razorback to 75% is exercised by B2Gold on or before January 2, 2019, Forsys may exercise a put option and B2Gold a call option, to transfer the balance of Ondundu for US$8,500,000 at any time during a 12 month period.
About Forsys Metals Corp.
Forsys Metals Corp. is an emerging uranium producer with 100% ownership of the Norasa project that comprises the fully permitted Valencia uranium project and the 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 Valencia and Namibplaas are available on the Company website.
The Ondundu Gold project is 51% owned by Forsys. Shares outstanding: 152.6m
On behalf of the Board of Directors of Forsys Metals Corp. Marcel Hilmer, Chief Executive Officer.
For additional information please contact:
Marcel Hilmer, Chief Executive Officer
Telephone: +61 8 9426 6400
Email: mhilmer@forsysmetals.com
www.forsysmetals.com
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 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. The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.