Forsys Expands Uranium Zones at Valencia
Tuesday April 29, 1:00 pm ET
TORONTO, ONTARIO--(Marketwire - April 29, 2008) - Forsys Metals Corp. (TSX:FSY - News; FRANKFURT:F2T - News; NSX:FSY) ("Forsys" or the "Company") is pleased to report the initial percussion drilling results from the 10,000 m percussion drilling programme at the Company's 100% owned Valencia Uranium deposit ("Valencia") in Namibia, Africa. As described in the Company's news release dated January 14, 2008, this programme is designed to expand the Valencia resource to the North, South and East as well as below the proposed Main Zone pit floor. Historically few drill holes have been completed below a 200-250 m depth in these areas.
The first 3,850 m of the percussion drilling campaign comprised ten (10) vertical holes located south and west of the Valencia Main Zone with one hole located within the Transition Zone (refer to Figure 1).
Results demonstrate the following:
- Uranium mineralization encountered from surface to drill hole bottom (350 m) potentially increasing the uranium resource south of the current Valencia deposit
- Ten drill holes terminated in uranium mineralization of varying grades, some higher than the June 2007 reserve estimate (Forsys Metals Corp; Valencia Project, Namibia - Technical Report, Snowden Mining Industry Consultants Pty Ltd). These results confirm the potential for depth extension.
To view "Figure 1 - Schematic Plan View of Pit Surface; view of some diamond drill holes and percussion holes" and "Figure 2- NE-SW Schematic Longitudinal Section of Proposed Valencia Pit Looking North", please visit the following link:
http://media3.marketwire.com/docs/429fsy_figures1and2.pdf.Selected results of the drilling South of the Main Zone including holes 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
http://www.forsysmetals.com for full results).
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From To Interval Grade
Hole (m) (m) (m) (Kg/T eU3 O8)(1)
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PD-002 1.80 350.00 348.20 0.124
Including 288.50 350.00 61.50 0.225
--------------------------------------------------
PD-003 0.00 348.50 348.50 0.109
Including 300.90 348.40 47.50 0.180
--------------------------------------------------
PD-005 228.00 332.00 104.00 0.164
Including 228.10 261.20 33.10 0.225
Including 313.20 331.90 18.70 0.222
--------------------------------------------------
PD-007 243.50 353.20 109.70 0.132
Including 319.50 353.00 33.50 0.184
--------------------------------------------------
PD-011 167.40 360.00 192.60 0.143
--------------------------------------------------
PD-006 0.00 350.00 350.00 0.141
Including 239.90 303.90 64.00 0.296
Including 347.40 349.50 2.10 0.241
--------------------------------------------------
Table 1 - Selected drilling highlights from the first 3,850 m of the ongoing
10,000 m drilling programme
(1) The results in this news release are reported as equivalent ppm U3O8.
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 Forsys'
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 eU3O8 in the percussion drill holes from gamma probe
survey with a resulting correlation coefficient of 0.99 (estimation of
confidence level).
The remaining 6,150 m of the programme is progressing well with a second drill rig being added; results of the Company's findings are forthcoming.
Duane Parnham, the Company's President & CEO, commented: "Management is encouraged with the initial results of the percussion drilling program and its potential to add substantially to Valencia's resources and reserves".
Dr. Roger Laine, Ph.D., P.Geo, Chief Geologist of Forsys, is the designated Qualified Person responsible for all of Forsys' exploration programmes 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 uranium 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: 77,054,498
About Forsys Metals Corp.
Forsys Metals Corp is an innovative uranium development company focused on advancing the Valencia Uranium Deposit, the Company's 100% owned flagship project to production. With the bankable feasibility study underway, the Company is undertaking the transition to become a significant contributor to the uranium fuel business.
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.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Bruce Hall
Forsys Metals Corp.
Chief Communications Officer
(905) 844 4646
Email: bhall@forsysmetals.com
Forsys Metals Corp.
In Namibia
+264 61 219 462
Email: vul@forsysmetals.com
Website:
www.forsysmetals.com
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