Forsys Completes Acquisition of Remaining 30% Interest in Namibplaas
TORONTO, ONTARIO -- (Marketwire) -- 03/26/12 -- 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
+61 417 177 942
mhilmer@forsysmetals.com
www.forsysmetals.com
TMX Equicom
Nisha Hasan
+1 416-815-0700 ext.258
nhasan@equicomgroup.com