Forsys Metals Corp.

Published : April 01st, 2008

Increases Ownership of Ondundu Gold Project in Namibia to 90%

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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:

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
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.


Forsys Metals Corp.
Bruce Hall
Chief Communications Officer
(905) 844-4646


Forsys Metals Corp.
In Namibia
+264 61 219 462

INDUSTRY: Manufacturing and Production - Mining and Metals


Data and Statistics for these countries : Botswana | Namibia | All
Gold and Silver Prices for these countries : Botswana | Namibia | All

Forsys Metals Corp.

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$ 96.3 millions as of today (US$ 77.0 millions, € 67.4 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.
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Nominations of Forsys Metals Corp.
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3/7/2008Appoints New Chief Financial Officer
Financials of Forsys Metals Corp.
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Project news of Forsys Metals Corp.
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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...
8/21/2008(Valencia Uranium)Valencia Uranium Project, Namibia Mining Licence Granted
8/6/2008(Valencia Uranium) Confirms Deeper Uranium Mineralization at Valencia
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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
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2/28/2007Completes $47.5 Million Financing
2/26/2007Acquires 70% of Ancash Investments and 5 Additional Uranium ...
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