Forum Uranium - News Release

 

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Salman Partners Reports on Hathor and Forum's Henday Project

The following is an excerpt from the "Company News" section of Salman Partners' Metals Morning Note, published on April 2nd, 2009.

Hathor Exploration Ltd. (HAT – TSX-V - Cdn$1.87; Target Cdn$6.50; SPECULATIVE BUY)
85.3 M Shares Outstanding

Hathor's Partner Commences Geophysics at the Highly Prospective Henday Property

Recall that Hathor announced on March 3, 2008, that it had intersected 11.9 m of 5.29% U3O8 (uranium) in drill hole MWNE-08-12 within its newly named "Roughrider Zone" on its 90%-owned Midwest NorthEast uranium property (see the February 28, 2008 and March 4, 2008 Metals Morning Note) in the Athabasca Basin of Saskatchewan. Subsequently, Hathor announced other highly encouraging drill results from its 2008 winter and summer drilling programs at the Roughrider Zone. In mid-September, Hathor completed its 5,296 m summer drill program in which 11 out of 13 holes hit uranium mineralization. In January 2009, Hathor commenced its 22,000 m winter drilling program at the Roughrider zone.

On March 2, 2009, Hathor announced that it had entered into an option agreement with Forum Uranium Corp. (FDC – TSX-v) for Forum's Henday uranium property (see figure on the following page) which is located approximately 8 km north of Hathor's Midwest NorthEast property, and is only 2 km from AREVA's Mallen Lake showing, where drill intercepts of 5.9% over 0.3 m have been reported in basement rocks1 from previous drilling. Hathor must spend Cdn$3.5 million over three years to earn a 60 percent interest in the Henday project.

Yesterday, Hathor announced that its partner, Forum Uranium, has commenced a geophysical survey program at the Henday project. The geophysics program is to consist of ground electromagnetic and gravity surveys, which are among the best tools, given that there is virtually no bedrock exposure, to use in looking for unconformity-type uranium deposits in the Athabasca Basin. Forum is to be looking for geological structures that strike (or trend) from AREVA and Denison Mines Corp.'s (DML – TSX; Cdn$0.83; SPECULATIVE BUY) Midwest and Midwest A deposits, through Hathor's Roughrider Zone and through the Henday property (see map on the following page). The geophysics program should help Forum establish some initial drilling targets.

We note that electromagnetic and gravity geophysics played a key role in the discovery of the Roughrider Zone and that the Chief Geophysicist for Forum, Mr. Phil Robertshaw, happens also to be the Chief Geophysicist for Hathor. We believe that Mr. Robertshaw is one of the most adept geophysicists working in the Athabasca Basin.

We continue to believe, despite recent weakness in its share price, that Hathor has discovered the next major uranium deposit to be found in the Athabasca Basin. While the uranium assay results for first 16 holes from the current drilling program at the Roughrider Zone were not as good as the market had expected, we note that the company has, up to yesterday, drilled approximately 119 holes. We also note that given that uranium deposits within the Athabasca Basin tend to be irregular and discrete. We consider that the market has put too much weight on the results so far of the current drilling program. We believe that way more than 16 holes are needed to properly ascertain whether the Roughrider Zone is the "real deal". We believe that investors should wait for the drilling results for the 100 or so remaining drill holes to appreciate Hathor's true potential.

1 Uranium deposits in the Athabasca Basin occur either in leaky, fractured and waterlogged sandstones or in the basement rocks beneath. Basement rocks generally provide fewer mining problems than do the sandstones.


Click to view map

For the complete report visit the link below:
http://www.forumuranium.com/i/pdf/article_salman_2009-04-02.pdf (480kb)

 

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.

For further information contact:

Rick J. Mazur
President & CEO
Tel: 604 630-1585

or

Mark Prosser
Corporate Communications
FORUM URANIUM CORP.
910-475 Howe Street
Vancouver, BC, V6C 2B3

Tel: 604-638-3947
Fax: 604-662-8429
info@forumuranium.com
www.forumuranium.com

 

 

 

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