Significant New Exploration Results at Recently Discovered Valencia East Extension
Published : January 23, 2013

Consolidated Projects to be Called "Norasa"

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TORONTO, ONTARIO--(Marketwire - Jan. 23, 2013) - Forsys Metals Corp ("Forsys" or the "Company") (News - Market indicators)(FRANKFURT:F2T)(NAMIBIAN:FSY) is pleased to announce positive drilling results from an extension exploration program on the Company's fully permitted Valencia Mining Licence 149 in Namibia, Africa. The new discovery, "Valencia East" is located 500 metres northeast from the planned Valencia production pit (see Figure 1). Since November 20, 2012 the Company has completed a total of 15 percussion drill holes for a total of 2,250 metres.

The Company is also pleased to announce that as a result of the continued exploration success at Valencia, comprising Valencia Main, Valencia East and Valencia North and at Namibplaas (EPL 3638), combined with the high likelihood of common infrastructure (a NI 43-101 technical reporting requirement); these projects will now be consolidated and considered as a single project. The Company has designated that the newly consolidated property be named, Norasa Uranium Project. Norasa is an everyday term used by the rich and diverse culture of the Damara people and means united or putting things together.

Marcel Hilmer, Chief Executive Officer, commented, "The initial drilling results at Valencia East have confirmed considerable mineralization in 11 of the 15 percussion drill holes, encountering significant intersections of greater than 200 ppm U3O8 including many greater than 400 ppm as highlighted in Table 1 below. The results from this drilling program are very encouraging and indicate the potential for a significant high-grade area located in close proximity to the main Valencia deposit and proposed processing plant. We are very pleased that this program continues to increase both the potential resources and the overall grade of the consolidated Valencia and Namibplaas projects, now known as Norasa. The consolidation of the projects confirms our strategy to build a world class, large capacity process plant that can be supplied with ore from both the Valencia and Namibplaas deposits."

Table 1: Highlights of recent assay results from Valencia East Percussion Drilling
(Minimum of 200 ppm U3O8 and an interval of 1.0 metre or greater)
        Grade
      Interval (ppm)
Hole From (m) To (m) (m) U3O8
VEPD-002 56.8 66.2 9.4 233
    Including 64.2 66.0 1.8 527
  75.5 83.6 8.1 307
    Including 76.6 78.4 1.8 747
VEPD-004 36.7 41.1 4.4 254
    Including 38.0 39.3 1.3 438
  52.8 56.0 3.2 214
VEPD-005 51.9 55.9 4.0 244
    Including 54.2 55.9 1.7 345
  90.3 99.6 9.3 201
    Including 95.6 97.4 1.8 308
  165.8 166.8 1.0 393
  170.2 174.8 4.6 432
    Including 170.3 172.3 2.0 757
VEPD-006 69.2 72.3 3.1 806
    Including 70.6 71.8 1.2 1400
VEPD-008 36.2 37.5 1.3 399
VEPD-010 25.4 29.7 4.3 228
  38.2 39.2 1.0 273
  43.8 44.8 1.0 248
VEPD-011 21.4 28.0 6.6 205
  31.4 32.4 1.0 311
VEPD-012 4.7 7.6 2.9 205
  40.1 41.4 1.3 290
  73.0 90.0 17.0 404
    Including 81.7 83.3 1.6 731
    Including 85.4 89.0 3.6 701
  96.8 100.6 3.8 689
    Including 98.6 99.8 1.2 1295
VEPD-013 35.9 44.5 8.6 251
  103.3 114.8 11.5 346
    Including 113 114.4 1.4 1692
VEPD-014 121.5 146.9 25.4 228
    Including 137.3 138.4 1.1 552
    Including 140.6 142.5 1.9 317
VEPD-015 21.1 22.5 1.4 221
  35.4 38.4 3.0 416

Valencia East is located within the existing fully permitted Valencia Mining Licence, ML 149.

To view FIGURE 1. Locality of Valencia East, please visit the following link: http://media3.marketwire.com/docs/FIGURE1-fsy.pdf.

Geology

The geology in Valencia East is very similar to that of the Valencia Main deposit with uranium mineralization associated to post D3 deformation anatectic alaskite intruding in stock-like bodies into Meta-sediments of Nosib and Swakop Group (see Figure 2). The preferred intrusion path is along Khan Rossing Fm boundary and the structural weakness zones created by complex folding.

The structure strikes NE/SW and is dipping steep to the SE.

To view FIGURE 2. Surface geology of Valencia East, please visit the following link: http://media3.marketwire.com/docs/FIGURE2-fsy.pdf.

Valencia East is the structural extention of Valencia Main and forms a tightly packed sequence of upper Nosib and lower Swakop Group lithologies dipping steeply to the SE. The sequence is trending NE/SW and alaskites are intruding in stock work like bodies subparrallel to the main contacts (Figure 3).

To view FIGURE 3. General structure of Valencia E with D-type alaskite intruding along Rössing Marble contacts, please visit the following link: http://media3.marketwire.com/docs/FIGURE3-fsy.pdf.

Mineralisation

The alkaline leukogranite, also known as alaskite is moderately to highly radioactive on surface (see Figure 4) and continues to depth beyond current drill cover. It is characterized by a coarse grain texture, frequent smoky quartz clusters and the occurrence of secondaries in the form of yellowish uranophane-group minerals along micro-cracks and/or mineral boundaries.

To view FIGURE 4. Radiometric footprint of the Valencia East area, please visit the following link: http://media3.marketwire.com/docs/FIGURE4-fsy.pdf.

Phase 2 Drilling Program

The 2013 Valencia East drilling program is now underway. The program is being scheduled for completion by mid 2013. The Company has an approved budget of US$0.5 million to complete this phase of drilling which will include a total of 31 percussion drill holes.

NORASA - CONSOLIDATED NAMIBIAN PROJECTS

The Company has consolidated its various projects in the Erongo region and collectively they will be known as Norasa. The location of each project and details of the stage of development and or resources are detailed in Figure 5 and below:

To view FIGURE 5. Locality map showing Valencia and Namibplaas licenses in spatial relation, please visit the following link: http://media3.marketwire.com/docs/Figure5-fsy.pdf.

  Valencia Main: Mineral Resources of 143.80 Mt, grade ppm eU3O8 191 for 60.5 Mlbs U3O8 including Reserves of 148.0 Mt, grade ppm U3O8 172 for 56.0 Mlbs.
     
  Valencia East: Highly prospective ongoing exploration site.
     
  Valencia North (previously "Joly Zone"): A prospective exploration target with 825.5m drilled from 5 Diamond drill holes and 451m drilled from 3 percussion holes. Renewed drilling activity is expected to commence in H2 2013.
     
  Namibplaas Main: Mineral Resources of 99.5 Mt, grade ppm eU3O8 152 for 33.4 Mlbs U3O8.

NI 43-101 and Qualified Persons

Mr. Martin Hirsch, M.Sc in Geology and a member of the British IMMM, Chief Geologist for Forsys Metals Corp., is the designated Qualified Person responsible for the Company's exploration programs. He is familiar with the methods for Quality Assurance and Quality Control specifically applicable to uranium. Mr. Hirsch has sufficient experience that is relevant to the style and mineralization, type of deposit and the use of radiometrics in resource estimates as well as to the activity he is undertaking to qualify as a Qualified Person under NI 43-101.

About Forsys Metals Corp.

Forsys Metals Corp. is an emerging uranium producer with 100% ownership of the fully permitted Valencia uranium project and the Namibplaas uranium project in Namibia, Africa a politically stable and mining friendly jurisdiction. Information regarding current National Instrument 43-101 compliant Resource and Reserves at Valencia and Namibplaas are available on our website.

On behalf of the Board of Directors of Forsys Metals Corp.

Marcel Hilmer, Chief Executive Officer

Sedar Profile #00008536

Forward-Looking Information

This news release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. The following are important factors that could cause Forsys actual results to differ materially from those expressed or implied by such forward looking statements: fluctuations in uranium prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology; continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs; recovery rates, production estimates and estimated economic return; general market conditions; the uncertainty of future profitability; and the uncertainty of access to additional capital. Full description of these risks can be found in Forsys Annual Information Form, dated March 29, 2012, available on the Company's profile on the SEDAR website at www.sedar.com. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral forward looking information are based on estimates and opinions of management on the dates they are made and expressed qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.

Shares Outstanding: 109,875,422

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Forsys Metals Corp
Marcel Hilmer
Chief Executive Officer
+61 417 177 942
mhilmer@forsysmetals.com
www.forsysmetals.com
or
TMX Equicom
Patrick Piette
+1 416-815-0700 Ext 267
ppiette@equicomgroup.com
Data and Statistics for these countries : Namibia | All
Gold and Silver Prices for these countries : Namibia | All

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$ 86.1 millions as of today (US$ 68.8 millions, € 60.3 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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