Forsys Announces Third Quarter 2011 Operational Results and Outlook
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 11/14/11 -- Forsys Metals Corp. ("Forsys" or the "Company") (TSX: FSY)(FRANKFURT: F2T)(NSX: FSY) announced today the release of its unaudited consolidated financial and operating results for the three months and nine months ended September 30, 2011, together with its Management's Discussion and Analysis ("MD&A") for the corresponding period. These documents are posted on the Company's profile on SEDAR at and on the Company's website at .
Marcel Hilmer, Chief Executive Officer, commented, "Our third quarter was among our most active for the group with an emphasis on developing our Namibplaas Uranium Project in Namibia. During the third quarter, we released the initial Namibplaas National Instrument 43-101 ("NI 43-101") technical report summarizing the results of the phase one drilling program and have now commenced a $2.5 million phase two drilling program. We also entered into an agreement to acquire the remaining 30% of Namibplaas. This acquisition is a significant step towards the consolidation of production from Namibplaas with production from our 100% owned fully licensed Valencia uranium deposit in Namibia. The announcement of an additional financing of up to $10 million will enable us to focus on advancing our Namibian uranium assets and complete a new feasibility study before the end of 2012".
As at September 30, 2011, the Company had working capital of $4,979,588.
Highlights from the MD&A include:
Company Outlook
The Phase two drilling program at Namibplaas commenced in October 2011 with the objective of completing an additional 40,000 metres of percussion drilling and bringing the drill hole spacing to 40 by 40 metres to allow for preparation of an updated NI 43-101 technical report in the third quarter of 2012. Forsys expects to complete the acquisition of the remaining 30% interest in Namibplaas in Q4, 2011.
The optimization phase of the heap leach testing on the Valencia ore body continues. The Company is also focused on advancing the design of a consolidated Valencia and Namibplaas uranium projects with an annual plant capacity of approximately 6.0 Mlbs of U3O8 from the two deposits. Preliminary pit designs and mining schedules are expected to confirm the potential of a consolidated operation.
The Company is targeting to complete an updated feasibility report before the end of 2012.
Uranium Price Outlook
The long-term contract price for uranium is reported on a monthly basis by Ux Consulting. It was US$62.00/lb at December 31, 2010 and had moved up to US$73.00/lb at the end of January 2011. At the end of October 2011, the monthly quote for the long-term contract price for uranium was US$63.00/lb.
About Forsys Metals Corp.
Forsys Metals Corp. is an emerging uranium producer with 100% ownership in the fully permitted Valencia Uranium Project and currently 70% ownership in the Namibplaas Uranium Project in Namibia, Africa a politically stable and mining friendly jurisdiction. Current NI 43-101 compliant resource and reserves at Valencia and Namibplaas Uranium Project's are available on our Website.
On behalf of the Board of Directors of Forsys Metals Corp.
Marcel Hilmer, Chief Executive Officer
Sedar Profile #00008536 (11-12)
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 . 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: 80,130,231
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Forsys Metals Corp.
Marcel Hilmer
Chief Executive Officer
+61 417 177 942
TMX Equicom
Nisha Hasan
+1 416-815-0700 ext. 258-258-9721
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Datum: 14.11.2011 - 12:30 Uhr
Sprache: Deutsch
News-ID 87287
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TORONTO, ONTARIO
Kategorie:
Mining & Metals
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