Forsys Metals Corp. has with its exclusive financial advisor, Morgan Stanley & Co. Limited, completed a comprehensive review of potential strategic and financial alternatives for the Company to maximize shareholder value from its Valencia Uranium Project located in Namibia, Africa. Morgan Stanley on behalf of the Company has invited a select group of interested parties to submit proposals with respect to a potential transaction with the Company, which proposals may range from project funding, acquiring a stake in the Valencia Uranium Project to an outright purchase of the Company. All proposals submitted will be compared against the alternative strategies for development already identified by Morgan Stanley. Access to a data room will be given by the Company to such of the interested parties as are selected by the Company to conduct full due diligence. The Company will provide further updates as appropriate during the selection process.

Forsys Metals Corp. announced that Duane Parnham will step down as chief executive, but continue to be on the board. Marcel Hilmer, who is currently a business development executive with First Quantum Minerals Ltd., will replace Parnham. The company said non-executive director Rick Vaive has resigned. Marcel will work closely with Morgan Stanley & Co. to develop, evaluate and implement the strategic options available to the company.

Forsys Metals Corp. announced new estimates for mineral resources and reserves at the Company's wholly-owned Valencia Uranium Deposit ("Valencia") located in Namibia, Africa. These new estimates incorporate 200 additional holes comprising 49,562 m of definition and expansion drilling and update the previous estimates published earlier in 2009. The 2009 drilling results contributed to an 18% increase in reserves compared to estimate published earlier this year, with the grade improving to slightly below 200 ppm at an increased 100 ppm cut-off. As a result, the planned Valencia mine life now exceeds 17 years. Accounting for uranium price forecast, reduced startup and operating capital requirements and mining production schedules, the economic value of the new plan is expected to increase. The resource has been constrained to a maximum depth of 380 m below surface and limited to geological modeling of the alaskite, which was conditionally simulated in blocks of 5 m x 5 m x 5 m. These blocks were re-blocked to 20 m x 20 m x 5 m and then estimated by ordinary Kriging. Only mineralization associated with the alaskite has been estimated and reported. The resource has been reported at a cut-off grade of both 60 ppm and 100 ppm U3O8.