Forum Uranium Corp.
TSX VENTURE : FDC

Forum Uranium Corp.

February 01, 2010 13:32 ET

Forum Begins Drilling on the Costco Zone, Key Lake Road Project, Athabasca Basin

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 1, 2010) - Forum Uranium Corp. (TSX VENTURE:FDC) is pleased to announce a $1 million drill program on the Company's 100% owned Key Lake Road project in northern Saskatchewan has commenced. This location, the eastern margin of the Athabasca basin, is home to the most productive uranium mines in the world with roughly 25% of the world's uranium production coming from this area.

  • 2,500 meter drill program; up to 15 holes planned
  • Located south of the Cameco/Areva Key Lake Mine
  • Shallow, near surface drill targets; No sandstone cover

Rick Mazur, President & CEO of Forum said: "We gained a better understanding of the Costco area with our exploration work over the last year, and have identified high priority drill targets that meet our criteria for the discovery of a sizeable open pit deposit." Forum is in search for a basement deposit modeled after the Roughrider discovery by Hathor as well as Cameco's 56.5 million pound Millennium uranium deposit (Source; Indicated and Inferred Resource- Cameco 2008 Annual Financial Review). All of the Key Lake Road targets have potential for this style of basement-hosted uranium mineralization at or near surface.

Figure 1:

The Forum Projects in the Key Lake Road Area.

The green ellipse shows the location of the upcoming drill program in the Costco area. This figure shows the 98,000 ha Key Lake Road project covering the eastern Athabasca mine trend. The red line running through Forum's property is Highway 914 to the Key Lake mill.

http://www.forumuranium.com/i/nr/2010-02-01-map-key-lake.jpg

The Costco drill area lies parallel to the Key Lake fault system to the north where the Cameco/Areva Key Lake mine produced 195 million pounds uranium from 1983-1998 (Figure 1). Plans are to conduct a minimum 2,500m drill program on the Costco grids for 12 to 15 drill holes in the targeted areas and will be the first time that most of these areas will have been drilled.

Ken Wheatley, P.Geo. (Saskatchewan, Nunavut), Vice President, Exploration is the Qualified Person that has reviewed the contents of 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 Canadian uranium and rare earth projects in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut. Forum has assembled a highly experienced team of 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.

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