SOURCE: Forum Uranium Corp.

Forum Uranium Corp.

November 03, 2015 09:00 ET

Forum and Rio Tinto Canada Uranium Corporation Amend Henday Option Agreement; Rio Tinto to Earn a Further 10% Interest for $20 Million in Exploration

VANCOUVER, BC--(Marketwired - November 03, 2015) - Forum Uranium Corp. (TSX VENTURE: FDC) ("Forum" or the "Company") and Rio Tinto Canada Uranium Corporation ("RTCUC") have agreed to amend the Property Option Agreement (the "Option") with Hathor Exploration Limited ("Hathor") on the Henday property ("Henday") in the Athabasca Basin, northern Saskatchewan. RTCUC acquired Hathor's interest in the Option with the acquisition of Hathor in 2012. RTCUC has earned a 60% interest in Henday and has given notice to Forum of its election to earn an additional 10% interest in the Henday property.

The amendment to the Option gives RTCUC the right to acquire the additional 10% interest in and to Henday by sole funding $20 million in exploration or delivering a Feasiblility Study on the Henday property, whichever occurs first. Forum will hold a 30% interest if RTCUC exercises its right to the additional 10% interest.

About the Henday Property

The Henday Project consists of 3 claims covering 7,204 ha at the north-eastern margin of the Athabasca Basin, Saskatchewan. The Henday Project is strategically located north-east of the Denison/Areva Midwest Lake project and RTCUC's Roughrider project, north of Cameco/Areva's Dawn Lake project and borders Areva/Denison's McClean Lake uranium mine and mill. A total of 32 drill holes were drilled by previous operators from 2000 to 2005. Weak mineralization was intersected in one hole (0.18% U over 4m in sandstone just above the unconformity), and anomalous U was noted in several other holes.

Forum Uranium acquired the project in 2007 and completed a series of ground gravity surveys, airborne EM surveys, a resistivity survey and diamond drill programs in 2008, 2010 and 2011 for a total of 56 holes and 12,754 metres. Several large alteration zones were delineated with associated elevated geochemistry and up to 0.18% U over 0.5m was intersected. Numerous targets still exist on the project and RTCUC, as operator is currently making plans for further exploration programs.

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 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

  • For further information contact:
    Rick Mazur
    President & CEO
    Tel: 604-630-1585

    Matt Terriss
    Director, Corporate Affairs
    Tel: 604-689-2599