Forsys Confirms Deeper Uranium Mineralization at Valencia
TORONTO, ONTARIO--(Marketwire - Aug. 6, 2008) - Forsys Metals Corp ("Forsys" or the "Company")(TSX:FSY)(FRANKFURT:F2T)(NSX:FSY) is pleased to report that diamond drill hole VAL-152 encountered uranium mineralization to a depth of 499.7 m, 149 m below the proposed pit bottom at the Company's wholly-owned Valencia Uranium project ("Valencia") located in Namibia, Africa. The deep diamond drill hole was recently completed in addition to the current infill percussion drilling program underway at Valencia.
Assay results from hole VAL-152 demonstrate numerous ore intersections with average grades exceeding those presented in the Forsys Metals Corp: Valencia Project, Namibia Technical Report (Snowden June 2007 NI 43-101 compliant), including intersections encountered at depths below the proposed Valencia pit shell. Highlighting this is a 14 m intersection of uranium mineralization from 417 m to 431 m with a grading of 0.27 Kg/T.
Duane Parnham, President and CEO commented "We are further encouraged that this initial deep diamond drill hole confirms the presence of ore to a depth of 500 m, which is well below the previously defined Valencia ore body. It provides additional exploration potential to expand the pit depth later in mine development. It also opens the possibility to extend the mine plan at depth and complements our percussion drilling program which has been successful in expanding the pit shell boundary."
To view the Figure 1 & 2 maps, please visit the following link:
http://media3.marketwire.com/docs/forsysfigure1%262maps.pdf.Selected results of the diamond drill hole VAL-152 with grades higher than the current Valencia reserve grade of 0.120 Kg/T are shown in the table below (refer to the Company's website at
www.forsysmetals.com for full results).
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From To Interval Grade
Hole (m) (m) (m) (Kg/T eU3O8)(i)
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VAL-152 179.80 236.70 56.90 0.088
Including 196.00 212.30 16.30 0.132
Including 221.70 236.30 14.60 0.124
253.00 330.40 77.40 0.101
Including 258.60 266.10 7.50 0.198
Including 304.50 310.10 5.60 0.183
352.80 450.10 97.30 0.140
Including 363.90 379.80 15.90 0.191
Including 382.30 388.60 6.30 0.136
Including 416.50 431.00 14.50 0.270
491.80 499.70 7.90 0.179
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Table 1 - Selected Drilling Highlights From Diamond Drill Hole VAL-152
(i) The results in this news release are reported as equivalent U308
("eU308"). The Company has calculated a correlation between grade
thickness 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).
Dr. Roger Laine, Ph.D., P.Geo, 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. Dr. Laine has extensive experience as a geological engineer with a Ph.D in geosciences specializing in exploration, development, geostatistics and reserve estimating. He has over 30 years of exploration experience of which 14 years were spent at Areva (formerly known as Cogema).
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
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.
CONTACT INFORMATION:
Forsys Metals Corp.
Bruce Hall
Chief Communications Officer
(905) 844-4646
Email: bhall@forsysmetals.com
Website:
www.forsysmetals.com
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