Forum Uranium Corp.
TSX VENTURE : FDC

Forum Uranium Corp.

August 26, 2010 09:30 ET

Forum Uranium & Rare Earth Exploration Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 26, 2010) - Forum Uranium Corp. (TSX VENTURE:FDC) is pleased to announce an update from exploration programs on its projects in Nunavut and Saskatchewan. An extensive mapping and sampling campaign on uranium and rare earth targets followed by a large gravity survey has been completed on the North Thelon project in Nunavut. Forum's property surrounds Areva's Kiggavik mine development project (134 million lbs U3O8) currently in the feasibility and permitting stage. A soil sampling survey has also been completed on the Henday project under option with Hathor Exploration and soil sampling is currently underway on its 100% owned Highrock project in northern Saskatchewan. Results are pending for geochemistry, but some preliminary results have been returned from the labs.

North Thelon Project (Forum 100% and Optioned ground)

Uranium - Mapping was conducted to complete the geology map in priority areas of uranium potential and a soil sampling survey was completed along a two kilometre long showing (the Graphite zone, with grades of up to 1.07% U3O8) to give a layer of geochemical information which will aid in developing targets for a drill program. The samples are currently being processed at Loring Labs in Calgary.

Ground gravity has been completed on 6 high priority grids for a total of about 3,000 stations. A number of gravity anomalies (gravity lows) have been identified and are considered excellent uranium targets for a future drill program. A gravity low usually indicates low density rocks, which may have been created by alteration. Areva's Kiggavik uranium deposits are all marked by gravity lows, and Forum has used this technique as part of a multi-year target definition process, in combination with resistivity, geochemistry and geology.

Most of the preliminary work has now been completed on this large project generating multiple promising targets and it is now in a drill ready state. Percussion and diamond drilling of these priority targets in 2011 is proposed to take this project to its next level.

Rare Earth - Sampling and mapping were also completed in the Nutaaq area, a 10km by 8km granite/syenite intrusive complex along a major structure which returned strongly anomalous rare earth element (REE) values up to 3.8% total rare earth oxides (TREO) in previous years. Sampling in 2010 has returned further encouraging values, with a peak value of 7.6% TREO, which are presented below in Table 1. Work is ongoing utilizing this new data to determine the nature and control of the REE occurrences such that this mineralization can be properly tested by drilling. The significance of the REE mineralization in the Nutaaq area is apparent due to its large extent and significant grades of REE mineralization.

Table 1: Preliminary rare earth oxide values (wt %) from selected 2010 Nutaaq area prospecting samples. All values are derived from ICP-OES total digestion analysis.

Sample ID 036410 036310 036405 036319 036208
           
Light Rare Earth Oxides          
La2O3 2.088 1.173 0.986 0.625 0.256
Ce2O3 3.384 2.201 1.370 0.845 0.512
Pr2O3 0.305 0.183 0.149 0.129 0.056
Nd2O3 1.123 0.560 0.442 0.483 0.197
Pm2O3 + + + + +
Sm2O3 0.164 0.064 0.050 0.067 0.028
           
Heavy Rare Earth Oxides          
Eu2O3 0.041 0.015 0.012 0.016 0.007
Gd2O3 0.103 0.035 0.028 0.037 0.016
Tb2O3 0.013 0.005 0.003 0.005 -
Dy2O3 0.049 0.016 0.014 0.013 0.006
Ho2O3 0.007 - - - -
Er2O3 0.027 0.011 0.009 0.007 0.005
Tm2O3 0.003 - - - -
Yb2O3 0.011 0.005 0.003 0.002 -
Lu2O3 - - - - -
Y2O3 0.265 0.061 0.058 0.053 0.033
TREO 7.583% 4.328% 3.124% 2.282% 1.115%
 
"+" Not analyzed. Promethium (Pm) is not a naturally occurring element and so is
not included in exploration assay suites. 
"-" Values below detection limits of the Saskatchewan Research Council's
"Rare Earth Element Analysis - Package REE1" (<0.002%) 

Henday Project (Hathor earning a 60% interest by completing $3.5 million in exploration)

A soil sampling survey has been completed on the Henday project with a total of 270 samples collected. The sampling grids were centered over several high priority areas, identified by triple-point intersections of major NE striking structures, cross-cutting N070 structures and graphitic conductors. The samples have been sent to the SRC geochemistry lab for analysis. Any anomalous results will help in targeting the diamond drill program planned to start in January of 2011. Planned drilling in 2011 will continue at the very promising Mallen Lake zone (see Forum news release dated May 20th, 2010) as well as at these other previously mentioned high priority targets (see Forum website).

Highrock Project (100% Forum)

A soil sampling survey is underway on Forum's 100% owned Highrock project located about 10km south of the Key Lake minesite. Just over 400 samples are being collected along a 5km north-south grid which overlies an extremely strong graphitic conductor system. This project also hosts strongly anomalous lake sediment geochemistry, several gravity lows and prospective cross-cutting structures. A reverse circulation overburden drill program completed in 1978 returned values as high as 75ppm U from overburden, as well as up to 2770ppb gold in heavy mineral concentrates.

Final results from the soil samples and gravity surveys from the three projects will be reported when all geochemistry results have been returned from the labs and the gravity results have been processed. Drilling is planned for the Henday project this coming winter to follow-up on a large uranium mineralized alteration zone discovered during the past winter drill season, with work being funded by Hathor Exploration. Both the North Thelon and Highrock projects have been advanced to a drill ready state and Forum is planning to drill these projects in 2011.

Quality Assurance and Quality Control

Samples were collected and shipped in sealed containers to the Saskatchewan Research Council, an ISO/IEC 17025:2005 (CAN-P-4E) certified laboratory for geochemical analysis using the Uranium ICP Package and the Rare Earth Element Analysis – Package REE1. Ken Wheatley, P.Geo. (Saskatchewan, NWT/Nunavut), Forum's 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. 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.

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