Forum Uranium Corp.
TSX VENTURE : FDC

Forum Uranium Corp.

December 18, 2008 12:40 ET

Forum Announces $500,000 Non-Brokered Private Placement and Provides Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 18, 2008) - Forum Uranium Corp. (TSX VENTURE:FDC) (the "Company"), announces a non-brokered private placement for total gross proceeds of up to $500,000, subject to regulatory approval. The offering will consist of flow through common shares at a price of $0.05 per share and non-flow through units at a price of $0.05 per unit. Each unit consists of one common share and one-half share purchase warrant exercisable into a common share of the Company at a price of $0.10 per share for a period of two years. Finder's fees payable in cash and/or securities will be paid in conjunction with this placement in accordance with TSX Venture Exchange policies. The proceeds of the offering will be used for exploration and development of the Company's Thelon and Athabasca Basin uranium properties and for general working capital.

In 2008, Forum completed four diamond drill programs on all three of its uranium exploration projects in Saskatchewan and on its North Thelon project adjacent to Areva's Kiggavik mine development project in Nunavut. Each of these programs reached important milestones in their advancement towards the discovery of an economic uranium deposit.

During the quarter, Forum implemented cost cutting measures to reduce overhead costs, reduced staff and contract personnel and imposed restrictions on travel and non-essential expenses. Through this process, the Company will maintain its senior exploration team while it focuses on engaging option/joint venture partners on its exploration projects. The budgeted expenditures for 2009 ensure that exploration programs are carried out on key claims to keep the Company's properties in good standing for the ensuing year. This limited capital raising will go towards implementing this business plan.

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.

ON BEHALF OF THE BOARD

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

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

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