Forum Uranium Corp.
TSX VENTURE : FDC

Forum Uranium Corp.

February 08, 2010 11:00 ET

Forum and Hathor Commence Drilling at the Henday Project, Athabasca Basin

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 8, 2010) - Forum Uranium Corp. (TSX VENTURE:FDC) and Hathor Exploration Limited (TSX VENTURE:HAT) have started their 18 hole drill program on the Henday project in northern Saskatchewan. This $1.65 million exploration program is operated by Forum and funded by Hathor, according to a Joint venture Option Agreement executed by the two companies. A ground gravity and electromagnetic geophysical survey has also begun that will be used to identify additional targets for future drilling.

  • 4,500 meter drill program
  • On trend with Areva's Midwest Lake deposit and Hathor's Roughrider zone
  • Shallow drill targets, average depth of 160 meters

The 7,204 hectare Henday project is located 10 km northeast of Hathor's Midwest NE property, where recent drill results have reported 28 m of 12.71% U3O8 with assays up to 82% U3O8 (see Hathor News Release dated Nov. 12th, 2009), and the Midwest Lake mine development project owned by AREVA/Denison (41 million lbs. U3O8 at an average grade of 5.5%), which is located just 3 km to the southwest, along strike.

The recent discovery by Fission Energy Corp. adjacent and to the west of the Roughrider zone reinforces the potential of this part of the Athabasca Basin. It is Forum's objective to locate similar deposits on this strategically located property.

Rick Mazur, President & CEO, Forum stated, "After the discovery of the Mallen Lake zone during Forum's 2008 drill program, further work funded by Hathor has identified compelling drill targets for follow-up drilling along this favorable trend."

To view Figure 1, Location Map of the Henday Project, please click on the following link: http://www.forumuranium.com/i/nr/2009-12-01-map-henday-location.jpg

The drill program will be concentrated along a N70 structure in the Mallen Lake area (ellipse in figure 1) of the property. This area shows several promising gravity lows. Similar targeting techniques have been used successfully in identifying the Roughrider Zone.

The 2010 exploration program, upon completion, will bring Hathor's ownership of the project to 40%. Under terms of the Agreement, Hathor must spend $3.5 million in exploration over three years to earn a 60% interest in the project.

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. 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

Rick 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.

Contact Information

  • Forum Uranium Corp.
    Rick Mazur
    President & CEO
    604-630-1585
    604-689-3609 (FAX)
    or
    Forum Uranium Corp.
    Mark Prosser
    Corporate Communications
    604-638-3947
    604-662-8429 (FAX)
    mark@forumuranium.com
    www.forumuranium.com