FSY Forsys Metals Corp

Forsys Metals Corp. (TSX:FSY)(FRANKFURT:F2T)(NAMIBIAN:FSY) ("Forsys" or the
"Company") is pleased to announce today that subsequent to its news release
dated February 11, 2014, it has filed an updated National Instrument 43-101
Technical Report ("NI 43-101") on SEDAR (www.sedar.com) for its 100% owned
Norasa Uranium Project ("Norasa") located in Namibia. 


This NI 43-101 Technical Report describes the Mineral Resource and Reserve
estimation and economic analyses to a pre-feasibility level for Norasa. Norasa
consists of the Valencia (Mining Licence, ML 149) ("Valencia") and Namibplaas
(Exclusive Prospecting Licence, EPL 3638) ("Namibplaas") Uranium Projects. 


The Mineral Resources are reported above cut-off grades of 100ppm and 160ppm
U3O8 for Valencia and Namibplaas respectively, and areas have been classified as
Measured, Indicated and Inferred Resources in accordance with the guidelines of
the NI 43-101 as listed in Table 1. Estimated Measured and Indicated Mineral
Resource for Norasa is 237Mt at a grade of 197ppm U3O8, which equates to 103Mlbs
of U3O8. The estimated Inferred Mineral Resource is 50Mt at a grade of 198ppm
U3O8 for 22Mlbs of U3O8 


The Mineral Reserve estimate is summarised in Table 2. The total Proven and
Probable Norasa Ore Reserve is 177Mt at a grade of 202ppm, which equates to
79Mlbs of U3O8. Resources are reported inclusive of Reserves. Mineral Resources
that are not Reserves either haven't demonstrated economic viability or don't
meet the cut-off grade criteria.




Table 1. Norasa Mineral Resource (October 2013)                             
----------------------------------------------------------------------------
Category    Cut-Off Grades            Tonnes (M)     U3O8(ppm)    U3O8(Mlbs)
----------------------------------------------------------------------------
Measured                                                                    
            Val 60ppm: Nam 100ppm             27           153             9
            Val 100ppm: Nam 160ppm            17           202             7
            Val 140ppm: Nam 200ppm            10           253             6
----------------------------------------------------------------------------
Indicated                                                                   
            Val 60ppm: Nam 100ppm            419           153           141
            Val 100ppm: Nam 160ppm           221           197            96
            Val 140ppm: Nam 200ppm           114           248            62
----------------------------------------------------------------------------
Measured +                                                                  
Indicated                                                                   
            Val 60ppm: Nam 100ppm            447           153           150
            Val 100ppm: Nam 160ppm           237           197           103
            Val 140ppm: Nam 200ppm           125           248            68
----------------------------------------------------------------------------
Inferred                                                                    
            Val 60ppm: Nam 100ppm            105           156            36
            Val 100ppm: Nam 160ppm            50           198            22
            Val 140ppm: Nam 200ppm            18           269            10
----------------------------------------------------------------------------
Resources are reported inclusive of Reserves.                               
                                                                            
Table 2. Norasa Mineral Reserve Estimate (February 2014)                    
----------------------------------------------------------------------------
Classification                      Tonnes (M)      U3O8(ppm)     U3O8(Mlbs)
----------------------------------------------------------------------------
Proven                                      16            203            7.3
Probable                                   161            202           71.7
Total Reserve                              177            202           79.0
----------------------------------------------------------------------------
Cut-off grades of 100ppm for Valencia and 160ppm Namibplaas                 



The Reserves come from three deposits, resulting in 3 distinct pits; the
Valencia pit, a small satellite pit just 500m away from Valencia, and the
Namibplaas pit.


"This Technical Report has confirmed the strengthening economics of our Norasa
Uranium Project," said Marcel Hilmer, CEO of Forsys Metals. "Norasa is now at an
advanced stage of development and the improved economics, coupled with the
commencement of the nuclear power market recovery add to the momentum we
continue to build."


Economic analysis and parameters

A financial model was prepared to assess the economics for Norasa based on the
Mineral Reserve and mining schedule to report NPV, payback and IRR. The
financial model quantifies the revenues, costs and capital expenditure over a
13-year life of mine. It is believed that these results are accurate to within
+/-25%, within the constraints of the associated assumptions.


NPVs were calculated on post-tax, uninflated cash flows at discount rates of 0%,
6% and 8% and outcomes are shown in Table 3. The IRR for the project is 36%. A
long-term uranium price of US$68/lb is assumed. The project has a payback period
of 3 years after commencement of production.


Table 3. Norasa Project NPV



----------------------------------
Discount Rate    NPV (US$ M)      
----------------------------------
0%               851              
6%               491              
8%               410              
----------------------------------



The financial modelling was based on the following production assumptions:



--  construction to commence in early 2015, 
--  plant commissioning by mid 2016, 
--  mining to commence in early 2016 to prepare pit benches and open mining
    faces, 
--  the mining rate steadily increases to 68Mtpa in 2021, 
--  radiometric sorting is introduced in mid 2018, after 2 years of plant
    operation, 
--  nameplate Norasa plant capacity obtained in 2019. 



Economic parameters include:



--  metal price of US$68/lb throughout the life of mine, 
--  as of the end of 2013, deferred exploration expenditures of US$32.9M for
    Valencia and US$7.3M for Namibplaas are capital deductible and included
    in the model. 



The production schedule is described in Figure 1 and forms the basis for the
economic model with consideration of the above development schedule. The
resulting annual uranium production is given in Figure 2. 


To view Figure 1. Plant feed tonnages and grade, please visit the following
link: http://media3.marketwire.com/docs/FSY1.jpg.


To view Figure 2. Planned uranium production, please visit the following link:
http://media3.marketwire.com/docs/FSY2.jpg.


To view Figure 3. Locality of Norasa's Valencia and Namibplaas deposits with
proposed pit outlines, please visit the following link:
http://media3.marketwire.com/docs/FSY3.jpg.


NI 43-101 and Qualified Persons 

Mr. Martin Hirsch, M.Sc in Geology and a member of the British IMMM, Chief
Geologist for Forsys Metals Corp., is the designated Qualified Person
responsible for the Company's exploration programs and reporting of Mineral
Resources. Mr. Hirsch has sufficient experience that is relevant to the style
and mineralization, type of deposit and the use of radiometrics in resource
estimation to qualify as a Qualified Person under NI 43-101.


Mr. Dag Kullmann, M.Sc. Mining Engineering from the University of Alberta, a
Fellow of the Southern African Institute of Mining and Metallurgy (SAIMM),
Engineering Manager for Forsys, is the designated QP responsible for the
reporting of Mineral Reserves. Mr. Kullmann has sufficient experience in the
assessment and application of modifying factors required for the determination
of reserves for open pit operations to qualify as a QP under NI 43-101.


About Forsys Metals Corp.

Forsys Metals Corp. is an emerging uranium producer with 100% ownership of the
fully permitted Valencia uranium project and the Namibplaas uranium project in
Namibia, Africa a politically stable and mining friendly jurisdiction.
Information regarding current National Instrument 43-101 compliant Resource and
Reserves at Valencia and Namibplaas are available on our website. Shares
outstanding: 109.9M


On behalf of the Board of Directors of Forsys Metals Corp. Marcel Hilmer, Chief
Executive Officer


Sedar Profile #00008536

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 15, 2013, available on the Company's
profile on the SEDAR website at www.sedar.com. 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. 


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


FOR FURTHER INFORMATION PLEASE CONTACT: 
Forsys Metals Corp.
Marcel Hilmer
Chief Executive Officer
+61 417 177 942
mhilmer@forsysmetals.com
www.forsysmetals.com


TMX Equicom
Joe Racanelli
+1 416-815-0700 Ext 243
jracanelli@tmxequicom.com

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