Forsys Provides Norasa Uranium Project Feasibility Study Update

TORONTO, ONTARIO--(Marketwired - Nov. 26, 2014) - Forsys Metals Corp. (TSX:FSY) (FRANKFURT:F2T) (NAMIBIAN:FSY) ("Forsys" or the "Company") is pleased to announce the completion of a metallurgical report by SGS South Africa (Pty) Ltd ("SGS"). This study is a major component of the Company's Norasa Uranium Project Feasibility Study ("FS") being prepared by AMEC Foster Wheeler and slated for completion in Q1 2015.

Highlights of the Metallurgical Study compared with the 2013 Engineering Cost Study ("ECS"):

• Overall uranium recovery increased to 91.3% from 85.0%

• Leach acid consumption decreased by 36.8%

• 31.5% decrease in consumption of leach oxidant, as well as better utilisation as a result of a change to the use of hydrogen peroxide from manganese dioxide

• Zero iron addition required in leach once steady state operation achieved due to iron in ore being sufficient

• A 36% reduction in the filtration area

• Other benefits over the ECS include a three times higher loading of the IX resin resulting in a reduction in the size of the IX circuit and downstream SX circuit, a 22% reduction in the number of belt filters and a 20% reduction in the number of NIMCIX parallel trains

"The completion of the SGS report is an important milestone towards completing the FS and the development of the Norasa project," said Marcel Hilmer, CEO of Forsys Metals. "We expect that these outstanding results will translate into lower operating costs and reduced plant complexity. Our expectation is that the integration of these metallurgical study outcomes in the FS will result in improved economics for the Norasa Uranium Project."

Mr. Hilmer added, "We are also very pleased to confirm that we remain on target to complete the FS in Q1 2015 whilst remaining within budget. Completion of a satisfactory FS would allow the board to consider feasible alternatives for financing the development of the Norasa Uranium Project."

A primary objective achieved by the metallurgical testwork carried out by SGS confirmed the leach reagent requirements, especially ferrous ion addition and the impact of barren liquor recycle, in a locked cycle pilot campaign. Other objectives achieved included a determination of leach extraction, leached slurry filtration performance, slurry settling performance, leach slurry viscosity and optimisation of ion exchange performance.