|
April 1, 2008
|
|
Forsys Increases Ownership of Ondundu Gold Project in Namibia to 90%
|
TORONTO, ONTARIO--(Marketwire - April 1, 2008) - Forsys Metals Corp. ("Forsys" or the "Company") (TSX:FSY) is pleased to announce that it has increased its ownership in the Ondundu gold project ("Ondundu") in Namibia, Africa to 90%.
License Renewal
The Republic of Namibia's Ministry of Mines and Energy has renewed Omatjete Mining Company (Pty) Ltd's ("Omatjete") exclusive prospecting license (3195) (the "License") through to 31 May 2009. The License encompasses an area of 19,969 hectares and incorporates Ondundu.
Omatjete Mining Company (Pty) Ltd
With the renewal of the License, Westport Resources Namibia (Pty) Ltd ("Westport"), a wholly-owned subsidiary of Forsys, has completed the purchase of Domino Resources (Pty) Ltd's entire equity interest in Omatjete, thereby increasing Forsys' beneficial ownership in Omatjete from 32% to 90%. Consideration for the purchase consisted of a cash payment of CAD$100,000 and the issuance of 130,000 common shares of Forsys which have a hold period of 4 months from date of issue on Monday March 31st 2008.
About the Ondundu Gold Project
Ondundu lies within the Northern Zone of the Damara Belt that extends east from the Atlantic Ocean into northwestern Botswana. This Neoproterozoic Belt is prospective for sediment-hosted gold deposits analogous to Muruntau (+100 M oz), Telfer (+26 M oz), and Kumtor (+4 M oz) and is already host to the Namibian based Navachab Mine (+4 M oz) and the Otjikoto Deposit (+1 M oz) (refer to Figure 1).
To view Figure 1 - Ondundu Location Map, please visit the following link: http://media3.marketwire.com/docs/west401.pdf
The Ondundu property hosted small scale gold production in the 1950's with a historical resource of close to 500,000 ounces of gold. According to a report authored by Charles, P.C., in September 1987 titled: Ondundu Gold Project-Goldfields Prospecting- Tsumeb Joint Venture-Ore Resources Estimate, based on 26 diamond drill holes and the old workings, the Ondundu project contains an historical resource of approximately 4.5 million t at 3.387 g/t gold; equivalent to approximately 500,000 ounces.
Exploration Program
To date, Westport has completed a hyper-spectral airborne survey, regional stream sampling and limited diamond drilling within a small area of the north/south striking silicified ridge at Ondundu. In January and February 2008, 3,043 samples were taken (approximately one per meter) from a 3,043 m trenching program (14 east west trenches spaced approximately 170 m apart) which was completed over the 2.5 km extension of the silicified ridge. The trenching sample assays are pending.
A CAD$500,000 exploration program has been planned for the continued exploration at Ondundu, including a 5,000 m reverse circulation drilling program scheduled to commence in July 2008.
It is anticipated that based on the existing historical data and the results of both ongoing and completed exploration work carried out by Westport, an updated evaluation of the gold resource at Ondundu will be completed during the last quarter of 2008.
As a result of the increased exploration activity at Ondundu, Mr. Gerhard Jacob has been appointed as Manager of Exploration for Westport. Mr. Jacob has 20 years of experience in the international mining and exploration industry, spending almost a decade of his career in southern Africa, and over four years in Namibia, including consulting for Anglo American Corp at the Navachab gold mine in Namibia; Namibia's only producing gold mine.
"The increase of our interest to 90% in the Ondundu Gold project provides Forsys with a unique opportunity to control an advanced Namibian-based gold project" said Mr. Duane Parnham, President and CEO of Forsys. He further stated that "Forsys will continue to focus its efforts on developing its wholly-owned Valencia Uranium Mine. Having worked in Namibia since 2000, we continue to maintain our country focus and continue to explore many opportunities to enhance shareholder value".
For the purpose of this news release, Dr. Roger Laine, Chief Geologist of Forsys, is the Qualified Person responsible for all of Forsys' exploration programs as well as the person responsible for the technical contents of this news release.
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
The resource estimate is historical in nature. A qualified person (as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101")) has not done sufficient work to classify the historical estimate as a current mineral resource or mineral reserve and Forsys is not treating the historical estimate as a current mineral resource or mineral reserve as defined in sections 1.2 and 1.3 of NI 43-101. Any future mineral resource estimates for the Ondundu project may be materially different than the historical estimates referred to in this press release. Accordingly, the historical estimate disclosed in this press release should not be relied upon.
Forward-Looking Information
This press release contains "forward-looking information". All information, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, information regarding the estimation of mineral resources, potential mineralization and resources, exploration and development plans and the Company's objective of identifying in the short term NI 43-101-compliant mineral resources) are considered forward-looking information. Such forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, the possibility that future exploration results will not be consistent with the Company's expectations or the historical estimate, the uncertainties involved in interpreting exploration results and other geological data and the other risks involved in the mineral exploration and development industry. All forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.
Shares Outstanding: 77,028,998
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
|
|