Vancouver, B.C. February 27, 2009. Forum Uranium Corp. (FDC: TSX.V) is pleased to announce that it has entered into an Option Agreement on its 100% owned Henday project in the Athabasca Basin, Saskatchewan with Hathor Exploration Limited ("Hathor"). Hathor can earn up to a 60% interest in stages by spending $3.5 million in exploration over three years and making a payment of 150,000 shares upon TSX approval. Hathor's first year commitment is to complete a $500,000 ground electromagnetic and gravity survey program to commence immediately. A further 10% interest in the property can be earned by completing a feasibility study.
The Henday property is located along the northeast trend of deposits that hosts over 50 million pounds of uranium at the AREVA/Denison Midwest Lake mine development project and the emerging Roughrider deposit currently being drilled by Hathor. Forum completed a drill program last winter that was successful in identifying a strong illitic alteration halo with associated tectonization, quartz dissolution and anomalous uranium, boron, and base metal geochemistry at Mallen Lake. These features are indicative that uranium ore forming fluids have been at work on the Henday property. This area is located only 2 km north of AREVA's Mallen Lake showing where drill intercepts of 5.9% U3O8 over 0.3 m have been reported in basement rocks from previous drilling.
Ken Wheatley, P.Geo. (Saskatchewan, NWT/Nunavut), Forum's Vice President, Exploration is the Qualified Person that has reviewed the contents of this news release.
Terms of the Agreement
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
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
Rick J. MazurPresident & CEOTel: 604 630-1585
Mark ProsserCorporate CommunicationsFORUM URANIUM CORP.910-475 Howe StreetVancouver, BC, V6C 2B3
Tel: 604-638-3947Fax: firstname.lastname@example.org