The new Patch v1.2 with Shader Model 3.0 support is still not available yet.
Crytek, the developers of the Ubisoft game Farcry, are still working on the new Patch v1.2. It was planned to become in the second week of July. We'd already tested a preview version of the new patch, enabling the use of Shader Model 3.0 with NVIDIA GeForce 6800 cards. This results in a significant performance boost for these cards. (See: FarCry Patch v1.2 With Shader Model 3.0).
Here's an official word from Ubisoft:
Once again, we want to let you know that Far Cry patch 1.2 is close to being released. We were about to release this week as planned, when a hardware manufacturer code update forced us to modify the patch accordingly. It took a couple of days to make it work without breaking anything else. We think it is worth the extra wait, as it's all about making sure everyone enjoys the best experience possible, both in terms of gameplay and performance.
Yesterday, a new solid patch candidate left for what we hope is the last series of tests.
We are all looking forward to releasing this very ambitious Far Cry upgrade, and we know we need to give it our best to make sure we live up to your expectations.
Thanks again for your patience
Far Cry Ubisoft producer