Forsys Announces Agreement to Acquire Remaining 30% of Namibplaas Uranium Project and Commences Phase Two Drilling Program
Published : October 24, 2011
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TORONTO, ONTARIO--(Marketwire - Oct. 24, 2011) - Forsys Metals Corp. ("Forsys" or the "Company") (News - Market indicators)(FRANKFURT:F2T)(NSX:FSY) is pleased to announce that it has entered into a purchase agreement with Etherlin Management Corp ("Etherlin") pursuant to which the Company will acquire from Etherlin its indirect 30% equity interest in the Namibplaas Uranium Project ("Namibplaas") in Namibia. The acquisition is in exchange for the issue by the Company of 13,000,000 new common shares in the capital of the Company and 2,000,000 common share purchase warrants of the Company. Upon completion of the acquisition, Forsys will have a 100% equity interest in Namibplaas.

The Company is also pleased to announce that it has commenced phase two of its 2011/12 drilling program at Namibplaas with an approved budget of C$2,500,000. The Company is targeting an updated compliant NI 43-101 Technical Report in the third quarter of 2012.

Forsys' Chief Executive Officer Marcel Hilmer said, "By acquiring the remaining 30% interest in Namibplaas, Forsys is able to benefit fully from the advanced exploration program and has full control over the project consolidation assessment with the already 100% owned Valencia Uranium Project. The acquisition is a significant step towards a consolidated Valencia/Namibplaas uranium project with the aim of completion of an updated Feasibility Study in 2012 incorporating increased resources, lower capital and operating costs and improved overall project economics. The maiden resource statement for Namibplaas released in September 2011 confirmed the project's potential and we are pleased to have now commenced a second phase 40,000 metre percussion drilling program at Namibplaas."

Acquisition of 30% Interest in Namibplaas Uranium Project

Pursuant to the purchase agreement, the Company will acquire 100% of the shares of Gold Enterprises Limited which owns 30% of the shares of Dunefield Mining Company (Pty) Limited which in turn owns the 100% equity interest in Namibplaas in exchange for the issue to Etherlin of 13,000,000 shares and 2,000,000 share purchase warrants, each warrant entitling the holder to acquire one share at a price of C$1.10 for a period of 2 years from the date of issue. The shares and warrants shall be issued to Etherlin in reliance on exemptions from the requirement to prepare a prospectus and shall be subject to statutory resale restrictions for a period of four months and one day from the date of issue.

Completion of the purchase agreement is conditional, among other things, on all necessary third party, regulatory or tax approvals being obtained and Etherlin satisfying its shareholder funding obligations for the 2011 exploration expenditures on Namibplass to date of C$1,030,000.

2011/12 Namibplaas Drilling Program

The Company has commenced phase two of its 2011/12 drilling program at Namibplaas with the objective of an updated compliant NI 43-101 Technical Report by the third quarter of 2012.

The aim of the 2011/12 drilling program is to complete an additional 40,000 metres of percussion drilling in a total of approximately 200 holes. This would bring the drill spacing to 40 by 40 metres and allow for completion of an update of the NI 43-101 resource statement for Namibplaas previously announced in September 2011.

About Forsys Metals Corp.

Forsys Metals Corp. is an emerging uranium producer with 100% ownership in the fully permitted Valencia Uranium Project and currently 70% ownership in Namibplaas in Namibia, Africa a politically stable and mining friendly jurisdiction. Current NI 43-101 compliant reserves at the Valencia Uranium Project are 60.5 Mlbs of U3O8. Current Measured and Indicated resources are 75.5 Mlbs U3O8 with a further 8.4 Mlbs of Inferred U3O8. Current NI 43-101 compliant inferred resources at the Namibplaas Uranium Project are 41.1 Mlbs of U3O8 at an 80ppm cut-off grade.

On behalf of the Board of Directors of Forsys Metals Corp.

Marcel Hilmer, Chief Executive Officer

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, 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: 80,130,231

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Forsys Metals Corp.
Marcel Hilmer
Chief Executive Officer
+61 417 177 942
mhilmer@forsysmetals.com
www.forsysmetals.com
or
TMX Equicom
Nisha Hasan
+1 416-815-0700 ext.258
nhasan@equicomgroup.com
Data and Statistics for these countries : Namibia | All
Gold and Silver Prices for these countries : Namibia | All

Forsys Metals Corp.

DEVELOPMENT STAGE
CODE : FSY.TO
ISIN : CA34660G1046
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Forsys Metals is a zinc and copper exploration company based in Canada.

Forsys Metals develops zinc, copper and uranium in Namibia, and holds various exploration projects in Namibia.

Its main asset in development is VALENCIA URANIUM in Namibia and its main exploration properties are OMARURU, ELBE PROJECT, ONDUNDU and NAMIBPLAAS in Namibia.

Forsys Metals is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 80.3 millions as of today (US$ 64.2 millions, € 56.2 millions).

Its stock quote reached its highest recent level on April 20, 2007 at CA$ 9.94, and its lowest recent point on June 30, 2016 at CA$ 0.05.

Forsys Metals has 145 910 000 shares outstanding.

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Annual reports of Forsys Metals Corp.
2008 Annual Report
Annual Report 2007
Financings of Forsys Metals Corp.
11/28/2011Announces Completion of Private Placement
Nominations of Forsys Metals Corp.
8/15/2012Appoints Martin Hirsch as Chief Geologist
6/11/2012Appoints Director Finance and Establishes Office in Perth
7/28/2008Appoints Valencia General Manager
3/7/2008Appoints New Chief Financial Officer
Financials of Forsys Metals Corp.
8/15/2011Announces Second Quarter 2011 Financial and Operational Resu...
Project news of Forsys Metals Corp.
9/28/2012(Namibplaas)Announces: Updated Namibplaas Resource
3/26/2012(Namibplaas)Completes Acquisition of Remaining 30% Interest in Namibplaa...
2/1/2012(Ondundu)to Retain Control of The Ondundu Gold Project
10/24/2011(Namibplaas)Announces Agreement to Acquire Remaining 30% of Namibplaas U...
2/2/2011(Namibplaas)Announces Additional Positive Namibplaas Drilling Results an...
3/31/2010(Ondundu)TECHNICAL REPORT ON THE ONDUNDU GOLD PROJECT EPL3195, NAMIB...
8/21/2008(Valencia Uranium)Valencia Uranium Project, Namibia Mining Licence Granted
8/6/2008(Valencia Uranium) Confirms Deeper Uranium Mineralization at Valencia
7/22/2008(Valencia Uranium) Continues Drilling at Valencia Expanding Pit Bottom and Ove...
6/27/2008(Valencia Uranium) Adds Fourth Drill Rig to Test North Anomaly at Valencia
6/13/2008(Valencia Uranium)Mineralization Expansion and Grade Improvement at Valencia-F...
6/4/2008(Valencia Uranium)Receives Environmental Clearance for Valencia
4/29/2008(Valencia Uranium) Expands Uranium Zones at Valencia
4/1/2008(Ondundu)Increases Ownership of Ondundu Gold Project in Namibia to 90...
2/13/2008(Valencia Uranium)Announces Joly Zone Trenching Results
1/29/2008(Valencia Uranium) Provides Joly Zone Update
1/14/2008(Valencia Uranium)Reports Drilling Results and Resumes Drilling at Valencia
3/26/2007(Valencia Uranium)Significant Increase for the Valencia Uranium Resource
Corporate news of Forsys Metals Corp.
9/14/2015Forsys Metals Announces Non-Brokered Private Placement Updat...
8/12/2015Forsys Metals Announces Non-Brokered Private Placement
3/18/2015Forsys Releases Feasibility Study Results for Norasa Uranium...
11/26/2014Forsys Provides Norasa Uranium Project Feasibility Study Upd...
10/29/2014Forsys Closes $2.4 Million Private Placement
10/9/2014Forsys Provides Update on Private Placement & Progress on th...
7/7/2014Forsys Metals Initiates Feasibility Study for Norasa Uranium...
5/23/2014Forsys Announces Annual and Special Meeting Voting Results
3/27/2014Forsys Files Updated NI 43-101 Technical Report on Norasa Ur...
3/20/2014Forsys Adopts Advance Notice Policy for Director Nominations...
10/7/2013Provides Updated Mineral Resource Estimate for Its Norasa Ur...
5/2/2013(Valencia Uranium)Announces Results of Positive Engineering Cost Study for Its...
3/19/2013Reports Positive Exploration Drilling Results and Confirms H...
1/23/2013Significant New Exploration Results at Recently Discovered V...
1/26/2012(Namibplaas)Announces Additional High Grade Zones from Namibplaas Phase ...
10/5/2011Enters Into Share Subscription Agreement to Raise C$8,000,00...
9/15/2011(Namibplaas)Announces Maiden Resource Statement Namibplaas Project-Namib...
8/10/2011Announces Up to 92% Recoveries from Heap Leach Laboratory Te...
7/11/2011(Namibplaas)Announces Discovery of Extensive High Grade Zones From Ongoi...
5/15/2011Proposed Changes to Namibian Mineral Policy Will Not Affect ...
3/3/2011Announces Settlement Agreement With GFI and George Forrest
12/11/2008Corporate Quarterly Update
11/14/2008George Forrest International Afrique S.P.R.L. to Acquire For...
9/16/2008Corporate Quarterly Update
6/27/2008Clarifying Press Release-Mineral Resource and Mineral Reserv...
6/16/2008Corporate Quarterly Update
4/23/2008Clarifies Uranium Project on Track
4/11/2008Namibia to Build Second Desalination Plant for Uranium Mines
3/6/2008Prepares for Contract Mining at Valencia
2/25/2008Receives Water Permits
2/6/2008Uranium Exploration Licences Renewed
3/23/2007Completes Acquisition of Remaining 10% of Valencia Uranium D...
2/28/2007Completes $47.5 Million Financing
2/26/2007Acquires 70% of Ancash Investments and 5 Additional Uranium ...
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