Forsys Metals Corp T.FSY

Forsys Increases Valencia Reserve by 68%

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Forsys Increases Valencia Reserve by 68% and FurtherUpdates Resource - April 30, 2009 4:00PM ET

Forsys Metals Corp (Forsys or the Company)(TSX:FSY)(FRANKFURT:F2T)(NSX:FSY) is pleased to announce that a revised OreReserve Estimate for the Company s wholly-owned Valencia Uranium Deposit(Valencia) located in Namibia, Africa has been completed by Snowden MiningIndustry Consultants (Snowden). The Reserves which are summarized in Table 1below are reported in a manner consistent with the guidelines of the JORC code,which is a recognized foreign code under National Instrument 43-101 (NI 43-101)including the CIM Definition Standards (CIM, 2005). An NI 43-101 TechnicalReport is being prepared by Snowden and will be filed on SEDAR at www.sedar.com within 45 days.

Table 1 - Summary of Valencia Uranium Reserve, April 2009

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Cut-offGradeU3O8

CategoryU3O8OreU3O8Metal

(ppm)(Mt)(ppm)(Mlbs)

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Probable72146.815951.4

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Table 2 - Class of Resource Material Converted toReservesWithin the Pit

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GradeU3O8

CategoryOreU3O8Metal

(Mt)(ppm)(Mlbs)

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Measured17.71606.2

Indicated129.215945.2

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The Resource block model on which the pit design is basedhas been constrained to a maximum depth of 380 m below surface and limited togeological modeling of the alaskite, which was conditionally simulated inblocks of 5 m x 5 m x 5 m. These blocks were reblocked to the anticipatedSelective Mining Units (SMU). An SMU of 10 m x 10 m x 5 m has been assumedbased on previous optimization studies of Valencia and would reflect losses anddilutions. The simulation at the SMU scale indicates the potential that existsthrough selective mining and effective grade control of the Resource.

Table 3 - Distribution of Material Types and Grade Withinthe Pit

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Average

Grade rangeOreGradeU3O8

Material Type(ppm)(Mt)(ppm)(lbs)

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High Gradegreater than 12084.021139.1

Intermediate Grade100 - 12022.21045.1

Low Grade72 - 10040.7817.3

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Total Ore146.815951.4

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Marginal Unpay60 - 7221.0622.9

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Waste274.9

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Grand Total442.8

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Waste reported within the Resource model also includesmaterial that has been classified as Inferred Resource, some of which is wellmineralized and estimated to be above cut-off grade. This material isconsidered as Inferred due to the lower density of data available to supportthe grade and tonnage estimation. Although this material cannot be consideredin the optimization process, some Inferred material is encompassed within thepit limits. The Company has multiple drill rigs operating in targeted areas toupgrade currently defined Inferred Resource material into the Reserve category,as well as to further increase the Valencia Resource.

The following table summarizes the Inferred material thatis currently present within the designed pit.

Table 4 - Distribution of Inferred Material CurrentlyWithin the Pit

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Average

Grade rangeTonnesGradeU3O8

Material Type(ppm)(M)(ppm)(Mlbs)

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High Gradegreater than 12012.22125.7

Intermediate Grade100 - 1203.11040.7

Low Grade72 - 1006.0811.1

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Total Ore21.31597.5

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Marginal Unpay60 - 723.3630.5

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Reserve Estimation Process

The Ore Reserve Estimate is based on pit optimizationsusing the Resource model developed in March 2009 described below, and byapplying modifying factors (such as costs, mining and metallurgical factors)deemed appropriate for the deposit and anticipated scale of operation.

The following factors and variables were involved in thedesign process of the Valencia open pit:

- Whittle 4X software was used to run pit optimizationsand the resulting pit shells were used as a guide for pit designs

- Pit slope angles of 42 52 degrees were determined fromthe 2008 detailed geotechnical program including oriented core drilling androck strength testing

- Economic cut-off grade of 72 ppm was determined usingthe following economic factors:

-- mining costs averaging US$2.10/t mined (ore and waste)

-- processing cost of US$8.60/t milled

-- overheads of US$0.50/t milled

-- revenue rate based on US$70/lb

-- mineral royalty of 2% on revenue

- Process plant recovery of 88.4% was determined frommetallurgical test work

The resulting designed Valencia pit is 1,600 m long (onstrike), 1,000 m wide and 375 m deep (to a depth of 360 m above mean sea level)as shown in Figure 1 and Figure 2 below. The current limits of the pit are notdefined by the orebody or by mineralization. However, the limits of the pit areconfined by the extent of drilling that defines the current understanding ofthe deposit.

To view Figure 1 - Designed Pit Mineralization (Viewedfrom Southeast to Northwest), please visit the following link:

https://media3.marketwire.com/docs/FMC_Figure1.jpg

To view Figure 2 - Designed Pit Mineralization (Viewedfrom Northwest to Southeast), please visit the following link:

https://media3.marketwire.com/docs/fmc_figure2.jpg

Potential exists for further expansion of the Valenciapit based on the following:

- Additional infill drilling within areas currentlyclassed as Inferred is planned

- Definition drilling is ongoing to investigate where theore body remains open to the north, west and east

- Mineralization is known to continue at depth but thecurrent Resource model is limited in depth by the drilling

Updated Mineral Resource

The mineral Resources for the Valencia Deposit asreported in Table 5 below were classified as Measured, Indicated and Inferredusing the guidelines of the JORC code, which is a recognized foreign code underNI 43-101 including the CIM Definition Standards (CIM, 2005). The resource hasbeen constrained to a maximum depth of 380 m below surface and limited togeological modeling of the alaskite, which was conditionally simulated inblocks of 5 m X 5 m X 5 m. These blocks were reblocked to 30 m x 30 m x 5 m andthen estimated by ordinary block kriging, with a grade cap of 1,000 ppm U3O8.Only mineralization associated with the alaskite has been estimated andreported. The resource has been reported at a cut-off grade of 60 ppm U3O8.

The Ore Reserve has been estimated from the MineralResource (Measured and Indicated) of 209.1 Mt with a grade of 153 ppm U3O8.This value represents an update of the Resource) previously announced by theCompany on January 28, 2009. This Resource update is based on Snowden sreassessment of available data which resulted in some of the previouslyclassified Inferred material being reclassified to Indicated. The updatedMineral Resource is tabulated below in Table 5.

Table 5 - Updated Summary of Valencia Uranium MineralResources, March 2009

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Cut-offGradeU3O8

CategoryU3O8TonnesU3O8Metal

(ppm)(M)(ppm)(Mlbs)

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Measured6024.51498

Indicated60222.612662

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Total Measured and60247.112970

Indicated

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Inferred6042.911711

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In conjunction with the Global Mineral Resource upgrade,the Resource was also re-assessed through the use of simulations of SelectiveMining Units of 10 m x 10 m x 5 m blocks. A total of 100 conditionalsimulations were run, and the 50th percentile simulation (based on metalcontent at a 60 ppm U3O8 cut-off) is tabulated below in Table 6. This model wasused to determine the Ore)

Reserve.

Table 6 - Summary of Valencia Uranium Deposit MineralResources, Estimatedat the AnticipatedSMU Scale, March 2009

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Cut-offGradeU3O8

Recoverable ResourcesU3O8TonnesU3O8Metal

Category(i)(ppm)(M)(ppm)(Mlbs)

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Measured6020.01557

Indicated60189.215264

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Total Measured and60209.115370

Indicated

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Inferred6045.515115

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(i) 50th percentile of 100 simulations based on metal content

Duane Parnham, President and CEO stated Significantimprovements have been made in further defining the reserve, increasing overallgrade, outlining a higher grade section of ore and improving the overalleconomics of mining the deposit. We expect our continued commitment to drillingat Valencia will result in additional improvements including further upgradesto the reserve and resource.

NI 43-101 and Qualified Persons

Mr. Dag Kullmann, a Fellow of the Southern AfricanInstitute of Mining and Metallurgy (SAIMM), Engineering Manager for Forsys, isthe designated Qualified Person (QP) responsible for the reporting of MineralReserves. Mr. Kullmann has sufficient experience in the assessment andapplication of modifying factors required for the determination of reserves foropen pit operations to qualify as a QP under NI 43-101. Mr. Dag Kullmannretains responsibility for the validity of this data.

The engineering aspects of the reserve determination weresupervised by Mr. Jeremy Peters, who is a member of the Australasian Instituteof Mining and Metallurgy (AusIMM) and a full time employee of Snowden. Mr.Peters has sufficient experience relevant to the type of mining contemplatedand to the activity he is undertaking to qualify as a QP under NI 43-101. Mr.Peters holds no interests in Forsys or its associated companies and has notvisited the Valencia Uranium site. Mr. Peters recommends a Probableclassification for the Reserve. Economic and metallurgical data used in thepreparation of the reserve were derived from the ongoing work on the ValenciaFeasibility Study, conducted under the supervision of Mr. Kullmann. Mr. Petershas read and consents to the content of this news release.

The information in this report that relates to MineralResources is based on information compiled by Mr. Michael Andrew who is amember of the AusIMM and a full time employee of Snowden. Mr. Andrew hassufficient experience which is relevant to the style of mineralization and typeof deposit and to the activity he is undertaking to qualify as a QP under NI43-101. Michael Andrew holds no interests in Forsys or its associatedcompanies. As part of the data verification used in the estimate, Mr. Andrewvisited the Valencia Uranium Deposit in December 2008. Mr. Andrew has read andconsents to the relevant content of this news release.

On Behalf of the Board of Directors of Forsys Metals Corp

Duane Parnham, President and CEO

For further information visit our website at www.forsysmetals.com.

Sedar Profile #00008536.

Forward-Looking Information

This news release contains projections and forwardlooking information that involve various risks and uncertainties regardingfuture events. Such forward looking information can include without limitationstatements based on current expectations involving a number of risks anduncertainties and are not guarantees of future performance of the Corporation.These risks and uncertainties could cause actual results and the Corporation splans and objectives to differ materially from those expressed in the forwardlooking information. Actual results and future events could differ materiallyfrom anticipated in such information. These and all subsequent written and oralforward looking information are based on estimates and opinions of managementon the dates they are made and expressed qualified in their entirety by thisnotice. The Corporation assumes no obligation to update forward lookinginformation should circumstances or management s estimates or opinions change.

SOURCE: Forsys Metals Corp.

Forsys Metals Corp.

Bruce Hall

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