December 11, 2008
Forsys Corporate Quarterly Update
TORONTO, ONTARIO--(Marketwire - Dec. 11, 2008) - Forsys Metals Corp ("Forsys" or the "Company") (TSX:FSY)(FRANKFURT:F2T)(NSX:FSY) has filed its Unaudited Interim Consolidated Financial Statements and Management Discussion and Analysis ("MD&A") for the three and nine month period ended October 31, 2008. For full details, please refer to the Company's filings on SEDAR at www.sedar.com or the Company's website at www.forsysmetals.com.
Significant highlights for the quarter include the following:
- The Company embarked on a step-out percussion drilling campaign to determine the boundaries of the ore body at its wholly-owned Valencia Uranium Project ("Valencia") located in Namibia, Africa. 205 holes comprising 60,565 m have been drilled to date in the 2008 Valencia percussion drilling program. Updated drilling results are included in Appendix 1 of the Company's MD&A and can also be found on the Company's website at www.forsysmetals.com.
- Subsequent to the end of the quarter, on November 14, 2008 George Forrest International Afrique S.P.R.L. ("GFI") and the Company entered into a definitive agreement pursuant to which GFI will effectively acquire, by way of a court-approved plan of arrangement, all of the outstanding common shares of Forsys (the "Offer") on the basis of CAD$7.00 per share in cash for each common share of Forsys, plus the "in the money" amount of any outstanding Forsys options and warrants. In connection with the plan of arrangement agreed with GFI, it is expected that an interim court order will be sought and a management information circular mailed to shareholders in mid-January for a shareholders meeting to be held on or about February 24, 2009. The Offer values Forsys at approximately CAD$579 million.
- Forsys and GFI have formed a Joint Management Committee ("Joint Management Committee") to oversee the corporate transition process. Under Mr. George Forrest's direction, his son Malta Forrest will work directly with Duane Parnham, President and CEO of Forsys, to deal with ongoing corporate and operational matters. Mr. Pierre Chevalier, Vice President of GFI, will work with Mark Frewin, Director and Legal Counsel of Forsys, and with McCarthy Tetrault LLP to manage the legal requirements relating to the corporate acquisition. Dr. Jacques Cailteux, Manager of Exploration and Development of GFI, will work with Dr. Roger Laine, Chief Geologist of Forsys, to integrate the geological and technical team.
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 technical contents of this news release.
quelle: forsys.com
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