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TORONTO, ONTARIO--(Marketwire - July 22,
2008) - Forsys Metals Corp ("Forsys" or the
"Company") (TSX:FSY)(FRANKFURT:F2T)(NSX:FSY) is pleased to
announce the third set of percussion drilling results from the 2008
exploration campaign at the Company's 100% owned Valencia Uranium
Deposit ("Valencia") located in Namibia, Africa. Drilling
results demonstrate that the ore body footprint at 325 m depth (380 m
elevation) indicates a possible east-west extension of 200 m wide by
approximately 500 m long in the north-south direction, as compared to
the current pit bottom which is 45 m wide by 75 m long (June 2007 NI
43-101 Technical Report).
Drilling at the Valencia Southwest Zone and Transition Zone has again
confirmed additional mineralization further expanding the Valencia
resource. The third set of drill hole results in the Southwest Zone and
Transition Zone consisted of 13 additional vertical holes, bringing the
total to 43 holes (15,050 m). It is notable that all holes in this
drilling campaign have exhibited uranium mineralization. Upon
completion of the drilling campaign, the Company is expected to deliver
a revised reserve and resource calculation in September 2008 along with
major components of the feasibility study.
Results from drill holes PD-021 and PD-027 through to PD-030, which
were pending from the second set of drill results announced in the
Company's news release dated June 13, 2008, are added to the following
table of significant intersections. Refer to the Company's website at www.forsysmetals.com
for the complete set of results to date from the 2008 exploration
campaign.
Table 1: Southwest Zone Highlights ------------------------------------------------------------------------ Grade Hole From(m) To(m) Interval(m) (Kg/T eU3O8)(i) ------------------------------------------------------------------------ PD-021 168.90 286.40 117.50 0.255 Including 190.10 282.20 92.10 0.293 308.30 345.80 37.50 0.216 Including 316.80 344.70 27.90 0.248 ------------------------------------------------------------------------ PD-027 274.70 295.30 20.60 0.178 Including 274.70 292.90 18.20 0.193 297.40 336.80 39.40 0.157 Including 298.50 314.90 16.40 0.220 ------------------------------------------------------------------------ PD-028 280.70 350.00 69.30 0.132 Including 320.90 349.40 28.50 0.157 ------------------------------------------------------------------------ ------------------------------------------------------------------------ Grade Hole From(m) To(m) Interval(m) (Kg/T eU3O8)(i) ------------------------------------------------------------------------ PD-029 159.70 178.10 18.40 0.151 199.30 237.10 37.80 0.191 Including 216.10 236.90 20.80 0.231 253.10 297.50 44.40 0.152 Including 269.60 282.80 13.20 0.262 300.20 358.10 57.90 0.170 Including 300.50 307.20 6.70 0.231 Including 343.90 356.60 12.70 0.238 ------------------------------------------------------------------------ PD-030 141.90 300.50 158.60 0.199 Including 198.20 236.90 38.70 0.215 Including 264.90 275.50 10.60 0.198 Including 276.60 300.10 23.50 0.248 302.40 337.20 34.80 0.147 Including 306.70 309.10 2.40 0.188 Including 316.30 321.70 5.40 0.358 ------------------------------------------------------------------------ PD-032 141.70 191.40 49.70 0.153 Including 145.90 150.20 4.30 0.179 Including 152.30 157.00 4.70 0.166 Including 181.00 190.40 9.40 0.287 307.30 338.30 31.00 0.177 Including 307.30 310.70 3.40 0.266 Including 313.90 319.10 5.20 0.207 Including 323.00 334.40 11.40 0.223 ------------------------------------------------------------------------ PD-034 169.90 190.40 20.50 0.190 Including 170.30 183.70 13.40 0.229 213.40 350.00 136.60 0.197 Including 200.30 210.40 10.10 0.246 Including 220.30 227.60 7.30 0.480 Including 229.20 233.10 3.90 0.448 240.40 277.50 37.10 0.211 Including 283.30 290.20 6.90 0.430 314.00 334.40 20.40 0.202 Including 314.00 322.20 8.20 0.315 336.00 350.00 14.00 0.180 ------------------------------------------------------------------------ PD-036 51.30 55.70 4.40 0.131 149.10 156.80 7.70 0.175 193.90 243.90 50.00 0.116 Including 232.40 243.50 11.10 0.162 ------------------------------------------------------------------------ PD-037 28.50 70.50 42.00 0.244 Including 40.70 53.80 13.10 0.322 Including 54.40 60.40 6.00 0.285 Including 61.50 67.90 6.40 0.355 181.00 309.00 128.00 0.214 Including 185.70 203.40 17.70 0.274 Including 224.80 250.30 25.50 0.268 Including 252.10 259.00 6.90 0.280 309.90 354.10 44.20 0.141 ------------------------------------------------------------------------ ------------------------------------------------------------------------ Grade Hole From(m) To(m) Interval(m) (Kg/T eU3O8)(i) ------------------------------------------------------------------------ PD-038 23.50 60.00 36.50 0.277 Including 34.00 45.00 11.00 0.346 Including 54.50 59.90 5.40 0.363 156.10 173.90 17.80 0.223 Including 156.10 157.50 1.40 0.377 Including 165.90 173.90 8.00 0.317 199.70 210.80 11.10 0.245 Including 201.20 208.30 7.10 0.329 228.00 259.60 31.60 0.230 Including 228.30 237.20 8.90 0.285 Including 247.80 257.80 10.00 0.254 264.30 323.00 58.70 0.156 ------------------------------------------------------------------------ PD-041 9.10 66.10 57.00 0.273 67.50 128.30 60.80 0.199 Including 109.20 123.60 14.40 0.372 131.10 173.80 42.70 0.215 Including 131.30 144.00 12.70 0.278 183.30 286.10 102.80 0.171 Including 183.30 194.60 11.30 0.240 Including 250.10 256.60 6.50 0.243 Including 260.20 285.00 24.80 0.203 ------------------------------------------------------------------------ PD-046 108.00 271.20 163.20 0.145 Including 163.20 194.60 31.40 0.166 Including 194.60 206.00 11.40 0.195 Including 224.00 265.40 41.40 0.150 281.40 317.00 35.60 0.149 Including 291.00 315.20 24.20 0.167 318.90 346.30 27.40 0.202 Including 324.30 341.50 17.20 0.235 ------------------------------------------------------------------------ PD-048 179.50 195.20 15.70 0.154 210.60 228.10 17.50 0.184 Including 210.60 220.10 9.50 0.257 246.70 350.00 103.30 0.152 Including 290.90 307.90 17.00 0.228 Including 313.80 316.70 2.90 0.291 Including 341.20 350.00 8.80 0.209 ------------------------------------------------------------------------ Table 2: Transition Zone Highlights ------------------------------------------------------------------------ Grade Hole From(m) To(m) Interval(m) (Kg/T eU3O8)(i) ------------------------------------------------------------------------ PD-035 54.00 65.50 11.50 0.194 83.90 92.80 8.90 0.199 ------------------------------------------------------------------------ PD-040 17.60 98.6 81.00 0.221 Including 64.90 71.70 6.80 0.342 Including 82.50 96.60 14.10 0.268 99.10 207.4 108.3 0.134 Including 187.1 205.3 18.2 0.247 269.00 275.7 6.70 0.203 ------------------------------------------------------------------------ PD-043 194.90 205.50 10.60 0.181 ------------------------------------------------------------------------ PD-051 32.00 71.30 39.30 0.206 Including 32.00 47.40 15.40 0.245 Including 58.60 70.50 11.90 0.242 71.50 182.50 111.00 0.137 Including 114.70 133.20 18.50 0.185 Including 141.00 150.90 9.90 0.231 Including 158.90 165.00 6.10 0.207 Including 165.70 178.80 13.10 0.211 ------------------------------------------------------------------------ (i)The results in this news release are reported as equivalent U308 ("eU308"). The Company has calculated a correlation between gradethickness product of gamma counts (counts per second) collected by down hole geophysical methods and the grade thickness product of chemical assays from the Company's drill hole library (otherwise known as GT Chem and GT Rad). That correlation has been established with over 100 GT intervals and is used to calculate eU308 in the percussion drill holes from gamma probe survey with a resulting correlation coefficient of 0.99 (estimation of confidence level).
To
view Figure 1 - Schematic Plan View of Pit Surface, please visit the
following link:
http://media3.marketwire.com/docs/fsy722.pdf
Dr. Roger Laine, Chief Geologist of Forsys, is the designated Qualified
Person responsible for all of Forsys' exploration programs as well as
the person responsible for the 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 website at www.forsysmetals.com.
Sedar Profile #00008536
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.
Shares Outstanding: 77,085,231
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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