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Forsys Metals: Update on B2Gold Earn-In Agreement
TORONTO, March 20, 2018 (GLOBE NEWSWIRE) -- Forsys Metals Corp. (TSX:FSY) (FSE:F2T) (NSX:FSY) (“Forsys” or the “Company”) is pleased to announce an update on th
About this update from Forsys Metals Corp.
[{"type":"text","content":" TORONTO, March 20, 2018 (GLOBE NEWSWIRE) -- Forsys Metals Corp. (TSX:FSY) (FSE:F2T) (NSX:FSY) (“Forsys” or the “Company”) is pleased to announce an update on the earn-in agreement (“Earn-In”) with B2Gold Namibia (“B2Gold”), a subsidiary of B2Gold Corp., whereby B2Gold can earn up to a 100% interest in the Company’s Ondundu Gold Project (“Ondundu”) held by Razorback Gold Mining Company (Pty) Limited (“Razorback”), in Namibia. B2Gold having expended the minimum amounts required under the Earn-In in the second earn-in period, exercised its right and has increased its equity in Razorback to 49%; the Company retains the balance of 51%. The Earn-In, now in its third and final period, provides B2Gold the right to acquire an additional 26% interest in Ondundu by spending a further minimum US$1,300,000. If the right to increase B2Gold’s equity position in Razorback to 75% is exercised by B2Gold on or before January 2, 2019, Forsys may exercise a put option and B2Gold a call option, to transfer the balance of Ondundu for US$8,500,000 at any time during a 12 month period. About Forsys Metals Corp.Forsys Metals Corp. is an emerging uranium producer with 100% ownership of the Norasa project that comprises 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 the Company website. The Ondundu Gold project is 51% owned by Forsys. Shares outstanding: 152.6m On behalf of the Board of Directors of Forsys Metals Corp. Marcel Hilmer, Chief Executive Officer. For additional information please contact: Marcel Hilmer, Chief Executive Officer Telephone: +61 8 9426 6400 &...