Forum Uranium Corp.

Forum Uranium Corp.

November 20, 2007 09:00 ET

Forum Discovers Up to 1% Uranium on Tanqueray Option, Nunavut

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 20, 2007) - Forum Uranium Corp. (TSX VENTURE:FDC) ("Forum"), operator of the North Thelon Joint Venture ("NTJV") with 50% partner Superior Diamonds Inc. (TSX VENTURE:SUP) ("Superior") is pleased to announce preliminary results from its summer exploration program on the property optioned from Tanqueray Resources Ltd. (TSX VENTURE:TQY) ("Tanqueray") nearby the AREVA Resources Canada Inc. Kiggavik-Sissons uranium development project in the Thelon Basin, Nunavut. The 118,000 hectare Tanqueray property is located 40 kilometres west of the Hamlet of Baker Lake in Nunavut and approximately 40 km east of the Kiggavik-Sissons Project. Together, the Kiggavik, End and Andrew Lake deposits comprise the largest undeveloped uranium resource in Canada outside of the Athabasca Basin, Saskatchewan, with resources of 130 million pounds U308 grading from 0.28% to 0.44% U (0.33% to 0.52% U308) with 4.1 tonnes byproduct gold and 3.3 tonnes byproduct platinum (as reported by AREVA(i)).

Forum's geological and prospecting team conducted its exploration program from July through to September, 2007 on its 100% owned joint venture ground and on the adjoining ground optioned from Tanqueray Resources Ltd. Forum's field crew examined four previously reported uranium showings on the Tanqueray property and, through further investigation of other areas of favourable geology and structure, discovered three more showings of particular interest. Initial results of the Uranium ICP Package have been received from the Saskatchewan Research Council ("SRC") ISO/IEC 17025:2005 (CAN-P-4E) certified laboratory. Of a total of 210 samples submitted to SRC, Forum has received 40 grab sample results from the following historical showings:

- Graphite - up to 9050 ppm U (1.07% U308)

- LA-4 - up to 2840 ppm U (0.34% U308)

- RD-7- up to 2320 ppm U (0.27% U308)

- RD-3- no assays received

and the following new showing areas;

- Graphite North - up to 1310 ppm U (0.16% U308)

- Island Lake - up to 795 ppm U (0.09% U308)

- SCH - up to 575 ppm U (0.07% U308)

Rick Mazur, President & CEO of Forum Uranium Corp., stated, "Forum is very confident about the future potential of the Thelon Basin, especially in the area of the development by AREVA of the Kiggavik-Sissons Project. Kiggavik could develop into the first new Canadian uranium mine and mill facility outside of Saskatchewan in decades. Forum and Superior have exceptional exploration prospects in close proximity to this future infrastructure in Nunavut. Results from uranium showings investigated on the NTJV 100% owned ground during the past summer program will be released when received. We are well positioned in this exciting new frontier for uranium development."

Rock types hosting uranium mineralization in the Tanqueray option are composed almost entirely of interbedded quartzite, metawacke, and schistose units that have undergone structural deformation, similar to the host rock types of the Kiggavik, End and Andrew Lake deposits that occur along a 24 km section of a regional east-northeast- trending structural zone. Uranium mineralization typically occurs in fractures, breccia zones, and faults. These occurrences will be further evaluated by an airborne apparent resistivity survey planned for the spring of 2008, followed by ground gravity surveys. Depending on the results of these surveys, drilling could be conducted in the summer of 2008.

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.

Forum and Superior, as partners on the NTJV have an option to earn a 60% interest in uranium and diamonds on the property by issuing 300,000 shares of Forum, 300,000 shares of Superior and conducting $4 million in exploration over 5 years. The North Thelon Joint Venture also has the option to earn a further 10% interest in the property by committing to the completion of a bankable feasibility study.

(i)The resource estimate for the Kiggavik-Sissons Project is historic and Forum has not verified whether it is a National Instrument 43-101 defined resource. Forum and Superior believe that the historic resource estimate is relevant because of the proximity of the Kiggavik-Sissons Project to the North Thelon Joint Venture area. AREVA is currently evaluating the future development of the deposit.

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. 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

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

Contact Information