Forsys Confirms Deeper Uranium Mineralization at Valencia: Financial News

Forsys Confirms Deeper Uranium Mineralization at Valencia
Wednesday August 6, 2008 11:28 am ET

TORONTO, ONTARIO--(MARKET WIRE)--Aug 6, 2008 -- Forsys Metals Corp ("Forsys" or the "Company")(Toronto:FSY.TO - News)(Frankfurt:F2T.F - News)(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.

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The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.