Forum Uranium Corp.

Forum Uranium Corp.

November 21, 2006 09:00 ET

Forum Finds 1% Uranium and Priority Drill Target at Newly Discovered Hobo Zone

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 21, 2006) - Forum Uranium Corp. (TSX VENTURE:FDC) is pleased to announce results from its summer exploration program on the southern half of its Key Lake Road property. This property is located 70 kilometres (km) south of Cameco Corporation's Key Lake mine/mill complex in the Athabasca region, Saskatchewan. Surface uranium mineralization was discovered within two km of the Key Lake mine road at the newly discovered Hobo Zone, grading up to 1.82% U3O8. Eight drill holes, comprising 1,000 metres (m) are planned on the Hobo Zone as part of this winter's 3,500 m drill campaign on the Key Lake Road project.

Hobo Zone

During the summer of 2006, lake sediment sampling in the Hobo Lake area outlined anomalous uranium (up to 58 ppm), nickel (up to 25 ppm), cobalt (up to 59 ppm) and arsenic (up to 8 ppm) 4 km northeast of the Hobo Zone area. Follow-up prospecting of conductive horizons in the vicinity of the lake sediment anomalies led to the discovery of the Hobo Zone. The northeast trending graphitic EM conductor occurs within 50 to 100 m from the main mineralized zone. Geological mapping suggests that the mineralized zone is situated in the hanging wall of this graphitic EM conductor.

The main mineralized zone occurs in a structurally complex area of Wollaston Transition rocks associated with the Key Lake Road Shear Zone. Strong chloritization and hematization were observed in most of the uranium occurrences over a 200 m by 200 m area. A strongly silicified and hematized graphitic metapelite outcrop assayed 1.07% U3O8 over a 20 m strike length. Further grab samples of calc-silicate and metapelite assayed 0.15%, 0.21%, 0.29%, 0.58%, and 1.82% U3O8. Isolated uranium mineralization is found up to one km south of the main zone that is separated by overburden and swamp cover.

Aeroquest Ltd. of Milton, Ontario is currently flying an AEROTEM magnetic and electromagnetic survey in the area. Ground electromagnetic surveys will be conducted over the coming months as the Hobo Zone has become an additional priority drill target in the Key Lake project area.

Molly Zone

In 2005, discontinuous uranium occurrences were discovered in the Molly Zone along an 8 km long zone with values of a few hundreds ppm U to 5.3% U3O8 in grab samples along the Key Lake Road Shear Zone. An airborne VTEM electomagnetic survey conducted in 2005 outlined a continuous conductor of several kilometres in length approximately 500 m west of the Molly Zone. Geological mapping and prospecting carried out in 2006 discovered uranium occurrences within graphitic metapelite in a 100 m long by 10 m wide zone with samples ranging from 185 ppm U to 0.23% U3O8. The discovery of uranium mineralization in association with graphitic rocks is a significant development in the exploration of the Molly area.

Dr. Boen Tan, P.Geo. (Saskatchewan), Forum's Chief Geologist, is the Qualified Person that has 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 170,000 hectares of uranium exploration properties, a 65% interest in the Costigan Lake Joint Venture and a 50% interest in the Haultain River Joint Venture located in the prolific Athabasca Basin, Saskatchewan. Forum also has a 50% joint venture interest in over 100,000 hectares of prospective ground nearby AREVA's Kiggavik uranium deposit in the Thelon Basin, Nunavut Territory. Forum is the Operator of all its exploration projects.


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

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

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