forsys completes $47.5 million financing

February 27, 2007, Toronto, Ontario: Forsys Metals Corp (the "Company" or "Forsys") is pleased to announce the completion of a private placement of 10,000,000 common shares at a price of $4.75 per common share for total gross proceeds of $47,500,000 (the "Private Placement"). Salman Partners Inc. acted as Lead Agent in the financing syndicate which included Paradigm Capital Inc., Canaccord Capital Corporation, Blackmont Capital Inc., and Laurentian Bank Securities Inc. (collectively, the "Agents"). The Agents were paid a cash commission equal to 4% of the gross proceeds raised in the Private Placement. The common shares issued pursuant to the Private Placement are subject to a four month hold period which expires on June 28, 2007.

In addition the Company issued an aggregate of 500,000 warrants to independent third party consultants. Each warrant is exercisable at $4.75 per share at any time until February 27, 2009.

Proceeds will be used by the Company to advance development of the Valencia Uranium Project (the "Project") including advanced ordering of long lead time items and equipment required for the Project. In addition certain amounts of the proceeds will be used for general working capital purposes and the development of the Company's other uranium properties.

For further information, please contact Wayne Isaacs, President at 416-601-1286 or visit www.forsysmetals.com