FORUM PURCHASES 100% INTEREST IN TANQUERAY
CLAIMS AT THE NORTH THELON PROJECT, NUNAVUT
Vancouver BC, October 21, 2010. Forum Uranium Corp. (FDC: TSX-V) and Tanqueray
Resources Ltd. (TQY:
TSX-V) are pleased to announce that Forum will acquire a 100% interest to
certain of Tanqueray�s mineral claims that are prospective for uranium
and Tanqueray will retain certain claims that are prospective for gold in
the Baker Lake area of Nunavut. Tanqueray has been exploring for gold in
the region since 2004 and has drilled several prospective targets.
Forum entered into an option agreement with Tanqueray in 2007, whereby
Forum could earn a 60% interest in uranium and diamonds on all of
Tanqueray�s property by completing $4 million in exploration over five
years. Forum has spent $2 million in uranium exploration on Tanqueray�s
property over the past four years and has identified several prospective
uranium targets. Two examples of surface showings are the Graphite Zone with numerous
uranium exposures along a 2 kilometre strike length with grades of up to
1.07% U, and RD-7
with grades of up to 0.23% U over an area several hundred metres square. Much
of the prospective ground has been prospected, mapped and covered by
ground gravity surveys. Both targets are ready for drilling.
As an alternative to completing the remaining terms under the existing
option agreement, Tanqueray will sell to Forum a 100% interest in claims
selected as having uranium exploration potential, which shall supercede
and replace the existing option agreement, for the following
consideration:
1. Forum will make a $20,000 cash
payment to Tanqueray;
2. Forum will issue 750,000 common
shares of Forum to Tanqueray;
3. Forum will forgive Tanqueray�s
indebtedness to Forum of $52,658.07;
4. Forum will acquire Tanqueray�s
camp to conduct its exploration activities, and;
5. Forum will offer Tanqueray the
right and option to acquire a 50% interest in any exploration program on
the acquired claims for the purpose of assessing gold as a primary
deposit. Tanqueray must elect to exercise their option by paying 50% of
the cost of the proposed exploration program and a joint venture will be
formed with Forum as Operator.
Rick Mazur, President & CEO of Forum stated,� This transaction
consolidates Forum�s interest in its highly prospective North Thelon
project. Forum�s strategic land position is adjacent to the
Areva/JCU/Daewoo joint venture that is permitting the Kiggavik uranium
mine development in Nunavut, the largest uranium deposit in Canada
outside the Athabasca Basin.�
About Forum Uranium
Forum Uranium Corp. is a Canadian-based energy company with
a focus on the acquisition, exploration and development of Canadian
uranium and rare earth projects. 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 the 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 Mazur
President
& CEO
Tel:
604-630-1585
Email:
info@forumuranium.com
Website:
www.forumuranium.com
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