Business
Forsys Signs Earn-In Agreement With B2gold Namibia
TORONTO, ONTARIO--(Marketwired - Jan. 14, 2016) - Forsys Metals Corp. (TSX:FSY)(FRANKFURT:F2T)(NAMIBIAN:FSY) ("Forsys" or the "Company") is pleased to announce
About this update from Forsys Metals Corp.
[{"type":"text","content":" TORONTO, ONTARIO--(Marketwired - Jan. 14, 2016) - Forsys Metals Corp. (TSX:FSY)(FRANKFURT:F2T)(NAMIBIAN:FSY) (\"Forsys\" or the \"Company\") is pleased to announce an earn-in agreement (\"Earn-In\") has been executed with B2Gold Namibia (\"B2Gold\") whereby B2Gold can earn up to a 100% interest in the Ondundu Gold Project (\"Ondundu\") in Namibia. The principal commercial terms of the Earn-In are as follows: In the first 12 months B2Gold will, as project managers, have the right to acquire 25% of Ondundu for a committed spend of US$900,000; If B2Gold exercise their first right, in the second 12 months they will spend a further US$1,100,000 to acquire an additional 24% interest in Ondundu (49% in total); If B2Gold exercise their second right, they may spend a further US$1,300,000 to acquire an additional 26% interest in Ondundu (75% in total) in the third 12 months; and B2Gold and Forsys may separately exercise a call or put option to transfer the balance of Ondundu for US$8,500,000 after 24 months or 36 months respectively. Forsys Chief Executive Marcel Hilmer said the Earn-In with B2Gold will ensure that there is a strong financial commitment to develop Ondundu. \"We look forward to working with B2Gold to successfully progress the Ondundu project\". 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 70% owned by Forsys. Shares outstanding: 134.9m On behalf of the Board of Directors of Forsys Metals Corp. Marcel Hilmer, Chief Executive Officer. 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 fro...