Forsys Metals Corp.

Published : June 16th, 2008

Corporate Quarterly Update

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Forsys Metals Corp.

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FSY

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F2T

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June 16, 2008

Forsys Corporate Quarterly Update

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.

 

CONTACT INFORMATION:

Forsys Metals Corp.
Bruce Hall
Chief Communications Officer
(905) 844-4646
Email:
bhall@forsysmetals.com

or

In Namibia:
Forsys Metals Corp.
+264 61 219 462
Email: wrn@forsysmetals.com
Website: www.forsysmetals.com

INDUSTRY: Manufacturing and Production - Mining and Metals

.

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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