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TORONTO, ONTARIO--(Marketwire - June 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 ending April 30, 2008. For full details, please
refer to SEDAR at www.sedar.com or
the Company's website at www.forsysmetals.com.
Duane Parnham, the Company's President and CEO stated: "During the
first quarter, the Company continued to make significant progress
towards commencing production at its wholly-owned Valencia Uranium Mine
in Namibia by 2010. Currently, efforts are focused on obtaining
necessary government approvals, procurement of long lead items,
completion of engineering design and finalizing supply agreements for
power and water which are required for production. Furthermore, our
ongoing and recently expanded drill program continues to demonstrate
excellent results. An upgraded resource/reserve estimate will be
prepared at the conclusion of this drilling program."
Government Approvals
On June 4, 2008, the Company received approval and full clearance for
the Valencia Uranium Mine ("Valencia") by the Namibian
Ministry of Environment and Tourism on both the Environmental Impact
Assessment and the Environmental Management Plan. This approval marks
the final milestone in support of the Company's mining license application.
Procurement of Long-Lead Items
In order to maintain a target date for commercial production of early
2010, orders were placed in April 2008 for specific long-lead items
including three rod mills and a gyratory crusher with a delivery date
in late 2009.
Power and Water
A regional power supply upgrade is being undertaken by NamPower (Pty)
Ltd. ("NamPower"), the Namibian national power utility, to
meet the power demands of Valencia and other producing and expanding
mines in the region. The Company is advancing part of its required
capital contribution towards the cost of the upgrade to allow NamPower
to embark on network studies and initial planning and design work.
Water required for production at Valencia will be supplied by Namibia
Water Corporation Ltd ("NamWater"), the national bulk water
utility. The Company is actively participating with NamWater and the
other producing and proposed mines in the region in a cooperative
project to construct a seawater desalination plant located on the western
coast of Namibia.
Valencia Percussion Drilling Update
The Company recently released drilling results on June 13, 2008 and
also on April 29, 2008, all of which continue to demonstrate
encouraging uranium mineralization results at Valencia which management
believes will correlate with a potential resource expansion. As a
result, the Company has tripled the size of the ongoing percussion
drill program from 10,000 m to 30,000 m.
On Behalf of the Board of Directors of Forsys Metals Corp
Duane Parnham, President and CEO
For further information visit our web site at www.forsysmetals.com.
Sedar Profile #00008536
Shares Outstanding: 77,076,898
Forward-Looking Information
This press release contains "forward-looking information"
including statements and information regarding exploration results.
Such forward-looking information reflects the current expectations or
beliefs of the Company. Forward-looking information is subject to a
number of risks, assumptions and uncertainties that may cause the
actual results of the Company to differ materially from those discussed
herein, including the possibility that future exploration results will
not be consistent with the announced results or the Company's expectations,
the resource/reserve and grade of the ore body may not be upgraded, the
uncertainties involved in interpreting exploration results and other
inherent risks in the mineral exploration and development industry.
Such forward-looking information speaks only as of the date on which it
is made and, unless required by applicable securities laws, the Company
undertakes no obligation to update any forward-looking information,
whether as a result of new information, future events or results or
otherwise.
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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