Forum Uranium Corp.
TSX VENTURE : FDC

Forum Uranium Corp.

January 13, 2015 07:00 ET

Forum Reviews 2014 Highlights and 2015 Drill Plans at Patterson Lake and Black Lake Regions, Athabasca Basin

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 13, 2015) - Forum Uranium Corp. ("Forum" or the "Company") (TSX VENTURE:FDC) is pleased to update shareholders with a year-end review of the Company's activities for 2014 and exploration plans for 2015. Forum is currently preparing for an initial drill campaign on its 100% owned Fir Island project on the Centennial- Black Lake Structural Corridor and is evaluating data from the recent drilling at its 100% owned Clearwater project (under option to Uracan Resources Ltd.) on trend of Fission Uranium's Patterson Lake South (PLS) discovery. The Company is well financed with $2.3 million in working capital.

Forum holds an extensive portfolio of near surface uranium exploration projects in Canada's Athabasca and Thelon Basins. The Company is well positioned to benefit from improved uranium markets with seven drill-ready projects that are 100% owned or are partnered with major uranium companies.

Highlights for 2014

  • Forum raised $3 million from a common and flow-through share financing in March with $2.3 million remaining in treasury.
  • Successfully advanced its 100% owned Clearwater project, adjacent to Fission Uranium's PLS discovery through two drill campaigns and arranged an option for further exploration of the property by Uracan.
  • Drilled economic grades of uranium mineralization at its Northwest Athabasca Joint Venture (Forum, NexGen, Cameco, AREVA), including a 5.5 metre intercept grading 1.61% U3O8 at a shallow depth in the Maurice Bay deposit. Completed a gravity survey on its adjacent 100% owned Maurice Point project which is now drill ready.
  • Acquired the remaining 50% interest in the Karpinka Property in the Key Lake Road area to own 100% interest. Karpinka is a similar exploration play as Patterson Lake South in basement rocks at the margin of the Athabasca Sandstone on the prolific Wollaston trend in the eastern Athabasca with road access to the nearby Key Lake Mill.
  • Acquired a 100% interest in the 14,205 hectare Fir Island Property on the Centennial-Black Lake trend adjacent to the high grade, past producing Nisto Mine, with road access to the McClean Lake and Rabbit Lake Mills. Completed a gravity survey to complement the existing magnetic, EM and resistivity data.
  • Acquired exploration lands under option from Agnico-Eagle Mines Ltd. adjacent to AREVA's Kiggavik mine development project to gain 100% ownership interest. AREVA submitted its final Environmental Assessment Statement to the Nunavut regulators and if acceptable, a Production Certificate will be granted in 2015, paving the way for a production decision. Forum has assembled a strategic land position in the vicinity of the Kiggavik deposit and through drilling, has identified a number of priority targets in close proximity to the future mine and mill development.

Plans for 2015

  • Results from a drill campaign this past December on Forum's Clearwater project (under option to Uracan to earn a 51% interest) are expected within a month. Uracan plans to evaluate all the data with a view to recommending further drilling. Forum is Operator of the Clearwater Project.
  • Drill 3,000 metres at the 100% owned Fir Island project on the Centennial- Black Lake trend in February. A number of targets have been identified through methodical geophysical, geochemical, geological and prospecting programs conducted by Forum and the previous owner.
  • Forum will continue exploration and seek partnership interest on its portfolio of properties in the Athabasca and Thelon Basins - North Thelon (100%), Henday (40% Forum with 60% partner Rio Tinto), Key Lake Road (100%), Maurice Point (100%) and Northwest Athabasca Joint Venture (38.7% majority Forum interest with partners Cameco, AREVA and NexGen). In addition, Forum will continue to seek properties of merit through acquisition.

Forum Project Location Map: http://media3.marketwire.com/docs/FDC113.jpg

Richard Mazur, P.Geo., Forum's President and CEO is the Qualified Person that has reviewed and approved 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 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 in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut by exploring on its 100% owned properties and through strategic partnerships and joint ventures.

ON BEHALF OF THE BOARD OF DIRECTORS

Richard J. 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

    Forum Uranium Corp.
    Matt Terriss
    Director, Corporate Affairs
    604-638-3947

    CHF Investor Relations
    Robin Cook
    Senior Account Manager
    416-868-1079 x 228
    robin@chfir.com