Forsys to Retain Control of The Ondundu Gold Project
Published : February 01, 2012
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TORONTO, ONTARIO--(Marketwire - Feb. 1, 2012) - Forsys Metals Corp. ("Forsys" or the "Company") (News - Market indicators)(FRANKFURT:F2T)(NAMIBIAN:FSY) is pleased to announce that it has entered into an agreement dated January 31, 2012 with Angus Mining (Namibia) Inc. ("Angus") pursuant to which Angus will relinquish all of its rights, title and interests under an Option Agreement dated July 30, 2010 with the Company that provided Angus with a right to earn up to a 75% interest in Forsys' subsidiary, Omatjete Mining Company (Namibia) (Pty) Ltd. ("Omatjete"). Omatjete holds a 100% ownership interest in the Ondundu Gold Project ("Ondundu") located in Namibia.

As consideration for this relinquishment Angus will receive a 20% carried ownership interest in Omatjete. Forsys will return to Angus for cancellation 3,000,000 common shares and 3,000,000 common share purchase warrants of Angus which Forsys received in September 2010, when the original Option Agreement was entered into. Forsys will also assume responsibility for outstanding Ondundu related payables of approximately C$300,000. The closing is subject to regulatory approvals. Forsys currently anticipates completion of the agreement to occur during February 2012.

"Retaining control of the Ondundu Gold Project will permit Forsys to reassess and update the project's economic potential. The Company will undertake a comprehensive review of the data obtained from the recent exploration activities undertaken by Angus and then determine the most appropriate way to progress Ondundu", said Marcel Hilmer, CEO and Director at Forsys.

About the Ondundu Gold Project

Ondundu comprises an area of 19,969 hectares within the region of Erongo, in Namibia. Ondundu lies within the Northern Zone of the Damara Belt that extends east from the Atlantic Ocean into north- western 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).

For more information on Ondundu, please refer to our website and the NI 43-101 compliant technical report, prepared for Westport Resources Namibia (Pty) Ltd. dated March 2010 and revised July 20, 2010 which is included in Forsys filings on SEDAR at www.sedar.com. The Termination and Settlement Agreement is also filed on SEDAR.

About Forsys Metals Corp.

Forsys Metals Corp. is an emerging uranium producer with 100% ownership of the fully permitted Valencia Uranium Project and currently a 70% ownership in the Namibplaas Uranium Project in Namibia, Africa a politically stable and mining friendly jurisdiction. Information regarding current National Instrument 43-101 compliant resource and or reserves at the Valencia and Namibplaas Uranium Project's is available on our website.

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

Marcel Hilmer, Chief Executive Officer

Sedar Profile #00008536

(12-02)

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, 2011, 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: 96,875,422

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
Nisha Hasan
+1 416-815-0700 Ext: 258
nhasan@equicomgroup.com
Data and Statistics for these countries : Botswana | Namibia | All
Gold and Silver Prices for these countries : Botswana | 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$ 84.6 millions as of today (US$ 67.7 millions, € 59.3 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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