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Forum Mobilizes
Three Drills For 13,000 Metres Drilling On Three Athabasca Basin Uranium
Projects, Saskatchewan
Vancouver, B.C. January 15, 2008. Forum Uranium
Corp. (FDC: TSX-V) is pleased to announce the commencement of a major drill
campaign on all three of its uranium exploration properties in the Athabasca
Basin, Saskatchewan:
- Key
Lake Road -- A further 5,000 metres (m) of
drilling nearby the Cameco/AREVA Key Lake Mine/Mill has commenced after
an initial campaign of 1,068m completed this fall.
- Henday - Forum will conduct its first drill campaign totaling 5,000m on
this project acquired in early 2007 nearby the Midwest Lake mine
development of AREVA and Denison.
- Maurice
Point - Mega Uranium will fund a 3,500m
drill campaign nearby Cameco's Maurice Bay deposit in the western
Athabasca Basin as part of Mega's option to earn a 55% interest in the
project by spending $8 million over three years.
All projects have shallow exploration targets that will be tested by a total
of approximately 60 drill-holes comprising 13,000 metres of drilling from now
until April.
Key Lake Road Project (100% owned)
Forum has identified over 200 kilometres of prospective electromagnetic
conductors and mapped and prospected the prolific Key Lake Road Shear Zone
over the past three years in search for basement-style unconformity deposits
similar to Cameco's 50 million pound Millennium uranium deposit. A number of
targets were identified by geological/structural interpretations integrated
with geochemical/ geophysical evaluation of this large, well located property
with easy access from the Key Lake Road. Forum completed 47 drill-holes in
three drill campaigns over 2006/2007 on a number of shallow (less than 200
metre) targets. The upcoming drill program will follow-up on some of these
drill holes and test other drill targets. The first drill-hole has been
collared on the DD zone where widespread, low grade uranium mineralization
has been encountered over widths of up to 140m.
Henday Project (100% owned)
The Henday project is located 15 km northeast of the Midwest Lake mine
project under development by AREVA and Denison. Previous operators drilled
thirty-two widely-spaced drill-holes, comprising 7,576m from 2000 to 2005 in
a first phase drill campaign on the property. Significant hydrothermal
alteration and low grade uranium mineralization were encountered in sandstone
and basement rocks in several drill-holes. One intercept of 0.21% U3O8 over 4
m in Athabasca sandstone at the unconformity and 10 other holes with
anomalous uranium have been intersected in association with electromagnetic
conductive trends, strong clay alteration and anomalous uranium and boron
geochemistry.
Forum re-interpreted the structural setting, re-logged the core during the
past summer and sampled the clay altered sections of the drill core for
spectral analysis. These activities clearly indicate that the uranium
mineralizing processes similar to several uranium deposits in the region were
also active within the Henday claims. A winter drill road is being
constructed to the property and the drill should be on the first drill site
in the coming weeks.
Maurice Point Project (Mega Uranium Option To Earn 55%)
Strategically located along the structural trend that hosts Cameco's 1.3
million pound Maurice Bay uranium deposit grading 0.6% U3O8, a recently
completed Goldak high resolution magnetometer survey has identified a number
of structural targets for drilling. Geophysical crews are mobilizing to the
field to conduct resistivity and gravity surveys. Resistivity identifies alteration
of the sandstone and basement rocks and gravity identifies zones of
silicification/desilicification. An ice road will be constructed to the
property and the drill is expected to be mobilized sometime in February for a
3,500m drill program. Forum is the operator of the project that is being
funded by Mega Uranium, who can earn a 55% interest in the project by
spending $8 million over three years.
Ken Wheatley, P.Geo. (Saskatchewan), Forum's Vice President, Exploration and
Dr. Boen Tan, P.Geo. (Saskatchewan), Forum's Chief Geologist, are the
Qualified Persons that have reviewed this news release.
About Forum Uranium
Forum Uranium Corp. is a Canadian-based energy company with a focus on the
acquisition, exploration and development of uranium projects. The Company has
a 100% interest in over 190,000 hectares of uranium exploration properties, a
65% operating interest in the Costigan Lake Joint Venture with partner NVI
Mining (Breakwater Resources) and a 50% operating interest in the Haultain
River Joint Venture with partner Hathor Exploration in the prolific Athabasca
Basin, Saskatchewan. Mega Uranium Ltd. has an option to earn a 55% interest
in Forum's Maurice Point project by completing $8 million in exploration over
three years. Forum also has a 50% operating interest in the North Thelon
Joint Venture ("NTJV") with partner Superior Diamonds in over
100,000 hectares of prospective ground nearby AREVA's 130 million pound U3O8
Kiggavik uranium deposit in the Thelon Basin, Nunavut Territory. The NTJV has
an option on 118,000 hectares of uranium potential in the Kiggavik area from
Tanqueray Resources Ltd.
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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