Forum Uranium Corp.

Forum Uranium Corp.

January 15, 2008 09:00 ET

Forum Mobilizes Three Drills for 13,000 Metres Drilling on Three Athabasca Basin Uranium Projects, Saskatchewan

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 15, 2008) - Forum Uranium Corp. (TSX VENTURE:FDC) 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.


Richard J. Mazur, P.Geo., President & CEO

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