Forum Uranium Corp.

Forum Uranium Corp.

February 21, 2008 09:00 ET

Forum and Mega Commence Drilling at Maurice Point Uranium Project, Athabasca Basin, Saskatchewan

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 21, 2008) - Forum Uranium Corp. (TSX VENTURE:FDC) is pleased to announce the commencement of drilling on its Maurice Point property in the western Athabasca Basin. Mega Uranium Ltd. (TSX VENTURE:MGA) is funding a first phase 3,600 metre (m) drill campaign as part of Mega's option to earn a 55% interest in the project by spending $8 million over three years. Forum is operator of the project.

The Maurice Point project is strategically located along a 30 km northeast structural trend (the "McKenzie Mylonite Zone") which hosts Cameco's 1.3 million pound Maurice Bay uranium deposit grading 0.6% U3O8 (Source; Saskatchewan Industry and Resources, Miscellaneous Report 2003-7). Prospecting, geological mapping and geophysical surveys have been conducted over the past three years, resulting in the identification of the following five drill targets, three of which will be tested in the current drill campaign:

- McKenzie Point (Beach Zone, West Beach and Uranium Ridge) - Surface mineralization occurs along the shore of Lake Athabasca averaging 1.6% U3O8 in grab samples taken over 100m within a 400m by 200m area in regolithic basement rocks along the McKenzie Mylonite Zone. Elevated boron geochemistry in the mineralized occurrences may indicate a major mineralizing event within a short distance of the unconformity contact.

- Colin River - A major northwest trending graben structure intersects the northeast trending McKenzie Mylonite Zone and is covered by Athabasca sandstone.

- Spring Point - The intersection of major structures 3km to the northeast of an area of uraniferous boulders found on Cameco's property (as reported in assessment files). Ongoing gravity and resistivity surveys will be conducted to identify additional targets.

- Spring Point Ice - The east-northeast trending Spring Point structure intersects a NE trending structure approximately 500m east of Cameco's Spring Point showing.

- Maurice Point - Northwest trending structures intersecting the Maurice Bay deposit trend on to Forum's property where previous drilling by Eldorado Nuclear in the late 70's intersected 0.064% U (0.076% U3O8) over 3m at a depth of 368 to 371m.

Resistivity surveys to identify zones of clay alteration and gravity surveys to identify zones of silicification/desilicification are underway on the McKenzie Point, Colin River and Spring Point grids. A total of 92 line km of resistivity surveys and 316 line km of gravity surveys are planned this winter.

A 3,600m drill program is planned in the following areas:

- Beach Zone at McKenzie Point - Seven holes totalling 1,500m.

- Colin River - Seven holes totaling 1,500m.

- Spring Point Ice - Two holes totaling 600m.

The drill program is anticipated to continue until April. Ken Wheatley, P.Geo. (Saskatchewan), Forum's Vice President, Exploration 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 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.


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