FORUM URANIUM NEWS RELEASE
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NEWS RELEASE
FORUM ACQUIRES 100%
INTEREST IN THE NORTH THELON JV PROPERTY ADJACENT TO AREVA'S KIGGAVIK URANIUM
DEPOSIT, NUNAVUT
Vancouver, B.C. July 8,
2008. Forum Uranium Corp. (FDC: TSX.V) ("Forum"), operator and 50% owner of
the North Thelon Joint Venture ("NTJV") has entered into an
agreement with partner Northern Superior Resources Inc. (SUP: TSX.V)
(Northern Superior) to acquire Northern Superior's 50% interest in the Joint
Venture. This acquisition will give Forum a 100% interest in over 500,000
acres of claims located adjacent to AREVA's 148 million pound Kiggavik
uranium deposits, currently undergoing a full feasibility study.
Rick Mazur, President
& CEO, stated, "We have acquired 100% ownership in a project with
tremendous potential. We are thrilled to have complete control of this
strategic land position bordering AREVA's Kiggavik development. Forum will
actively advance exploration towards discovery of an economic uranium
deposit."
2008 Drill Program
Structurally-controlled
uranium mineralization grading up to 1.3% U3O8 was
identified on 10 showings during the 2007 prospecting and mapping program. A
3,000 metre drill program has commenced on targets that have been delineated
through the integration of airborne and ground geophysical surveys with these
uranium occurrences. This method of exploration has proven successful in the
discovery of two of the Kiggavik deposits that occur along east-northeast and
north-northeast trending lineaments. Field crews have also been mobilized to
follow-up on past geological mapping and prospecting programs, as well as new
areas identified by the geophysical surveys.
Agreement Terms
Forum will acquire all of
Northern Superior's right, title and interest in and to all agreements and
property interests related to the NTJV. As
consideration for the acquisition to be closed on or before July 31, 2008,
Forum shall:
(i) Issue to Northern Superior, 2,700,000 common
shares of Forum at a deemed price of $0.50 per share, such that 675,000
shares will be tradeable 4 months following the closing date and a further
675,000 shares will be tradeable on each of 12, 18 and 24 months after the
closing date.
(ii) Grant to Northern Superior a 5% net profits
royalty on the mineral properties that are currently held 100% by the NTJV;
and
(iii) Effective as of the closing date, release Northern Superior from
and assume any and all obligations of Northern Superior which are then
outstanding under the Agreements or which may arise under the Agreements
following the closing date.
The agreement is subject to the acceptance of the TSX Venture
Exchange.
The Kiggavik Uranium Deposit
Exploration for uranium in the northern Thelon Basin was conducted
primarily from the mid-1970's to the mid-1980's culminating in the discovery
of the Kiggavik deposits located 80 km west of Baker Lake, Nunavut. AREVA
acquired the project in 1993. Forum has assembled a strategic land position
adjacent to AREVA's Kiggavik property by staking in 2006 and optioning
prospective ground in the district in 2007 and 2008. A uranium development
policy for the Territory of Nunavut was adopted in September, 2007 and
shortly thereafter, AREVA and partners announced the commencement of a two
year feasibility study and the regulatory process to obtain the necessary
approvals for a uranium mine and mill complex on the Kiggavik deposits (See
AREVA News Release dated December 3, 2007). AREVA reports a resource estimate
of 148 million pounds of uranium at an average grade of 0.24% U (0.28% U308).
Ken Wheatley, P.Geo. (Saskatchewan and Nunavut), Forum's Vice
President of Exploration is the Qualified Person that has reviewed the
contents of this news release. The Company is also pleased to announce the
allocation of options to purchase 100,000 common shares in the capital of the
Company to certain employees and consultants at an exercise price of $0.50.
About Forum Uranium
Forum Uranium Corp. is a Canadian-based energy
company with a focus on the acquisition, exploration and development of
Canadian uranium projects in the Athabasca Basin, Saskatchewan and the Thelon
Basin, Nunavut. Forum has assembled a highly experienced team of exploration
professionals with a track record of mine discoveries for unconformity-style
uranium deposits in Canada. The Company has a strategy to discover near surface
uranium deposits nearby existing infrastructure by exploring on its 100%
owned properties and through strategic partnerships and joint ventures.
ON BEHALF OF THE BOARD
Richard J. Mazur, P.Geo.
President & CEO
The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this release.
For further information contact:
Timea Carlsen
Director of Corporate Relations
FORUM URANIUM CORP.
910-475 Howe Street
Vancouver, BC V6C 2B3
Tel: 604-638-3949
Fax: 604-689-3609
Email: info@forumuranium.com
Website: www.forumuranium.com
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