Forum Uranium Corp.
TSX VENTURE : FDC

Forum Uranium Corp.

June 27, 2011 13:34 ET

Forum to Explore Nutaaq Rare Earth Property in Nunavut-Revised

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 27, 2011) - Forum Uranium Corp. (TSX VENTURE:FDC) -

As a result of a review by the British Columbia Securities Commission, we are issuing the following news release to clarify our previous disclosure. More information, details and relevant content are provided in this release to meet 43-101 standards.

Highlights

  • A systematic sampling program and small diameter drill campaign is planned on the Nutaaq REE target.
  • Exploration to focus on two broad areas of enriched rare earth mineralization where 158 of 348 grab samples have returned TREO values greater than 0.1% and 13 samples returned values greater than 1% (see table 1)
  • A field portable XRF (X Ray Fluorescence) unit will be utilized to determine areas with the highest grades.

Forum Uranium Corp. (TSX VENTURE:FDC) is pleased to announce that the Company is mobilizing a field crew to its 100% owned Nutaaq rare earth prospect in Nunavut. Elevated grades of Total Rare Earth Oxides (TREO1) have been discovered in grab samples in the Nutaaq area in 2009 and 2010, over an area of 10 x 8 km within an alkali syenite intrusive complex. The REE have been identified within two broad areas associated with a major structure that transects the intrusive complex. All samples to date have been taken from surface, no drilling or trenching has been completed. Analyses of 348 grab samples from both areas have yielded an average of 22% Heavy Rare Earth Oxides (HREO) to TREO ratio, not using any cut-off grade.

Strongly hematized and altered syenite was found to host the highest TREO grades in the eastern part of the Nutaaq area (Figure 1), with a total of 99 surface grab samples returning grades of TREO's higher than 0.1%, 10 of them containing 1.0 to 4.4% TREO's. These were collected over an area of 2km by 0.5km. The grab samples have a mean average of 0.56% TREO and 0.049% Heavy Rare Earth Oxide (HREO) in the Nutaaq East Zone using a 0.1% cutoff.

Grab samples were also collected from western Nutaaq over an area of 2.5km by 4km. A total of 59 samples returned values of greater than 0.1% TREO, with three samples ranging from 1.1% to 7.4% TREO. The 59 samples averaged 0.424% TREO and 0.034% HREO with a peak of 0.527% HREO. Geochemical analyses of samples from both areas with greater than 1% TREO are show in Table 1.

A statistical study of the samples collected to date showed that there was no correlation between TREO grades and radiometrics, which was initially used as the main prospecting tool. For 2011, Forum is planning a systematic grid sampling program over the two broad areas of mineralization. Samples will be analyzed using a portable XRF machine in the field to give immediate results so further sampling can focus on areas with the highest grades. This will be followed by a small diameter drill campaign to obtain fresh samples and to test the mineralization immediately below surface. Selective samples will be sent to the SRC geochemical laboratory for detailed analysis to confirm the findings by the XRF. Sample pulps already analyzed by the lab will be utilized as standards for use with the XRF.

1 Total Rare Earth Oxides (TREO) refers to the elements lanthanum to lutetium, plus yttrium, expressed as oxides. Heavy Rare Earth Oxides (HREO) refers to the elements europium to lutetium, plus yttrium, expressed as oxides. Light rare earths (LREO) refers to the elements lanthanum to samarium, expressed as oxides. HREO/TREO refers to the proportion of heavy rare earth oxides as a percentage of the total rare earth oxide content of the rock.

Note: To view Figure 1, please click the following link: http://media3.marketwire.com/docs/fdc0627a.pdf

Note: To view Table 1, please click the following link: http://media3.marketwire.com/docs/fdc0627b.pdf

Ken Wheatley, P.Geo. (Saskatchewan and Nunavut), Forum's Vice President of Exploration is the qualified person and has reviewed 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 and rare earth 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 nearby existing infrastructure by exploring on its 100% owned properties and through strategic partnerships and joint ventures.

ON BEHALF OF THE BOARD

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.

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