Forum Uranium Corp.
TSX VENTURE : FDC

Forum Uranium Corp.

June 23, 2011 06:00 ET

Forum to Explore Nutaaq Rare Earth Property in Nunavut

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 23, 2011) - Forum Uranium Corp. (TSX VENTURE:FDC) -

Highlights

  • A systematic sampling program and small diameter drill campaign is planned on the Nutaaq REE target.
  • Grades of up to 7.4% TREO
  • Up to 50% heavy rare earth to total rare earth ratio

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 (TREO) have been discovered in the Nutaaq area in 2009 and 2010, over an area of 10 x 8 km within an alkali syenite intrusive complex. Grades of up to 7.4% TREO have been discovered within two broad areas associated with a major structure that transects the intrusive complex. Since all the mineralization to date has been discovered on surface, these areas would be amenable to low cost, bulk mineable extraction methods.

A statistical study of the samples collected to date show that there is no correlation between REE grades and radiometrics which was initially used as the main prospecting tool. This means that the best grades are likely yet to be identified. Analyses of 348 grab samples have yielded a ratio of up to 50% Heavy Rare Earth Oxides (HREO) to TREO with an average of 22% HREO to TREO ratio. The rare earth minerals in Nutaaq East (Figure 1) identified by electron microprobe work are associated with goyazite and with trace inclusions of monazite. Cumulative frequency plots of the sample data suggest that there could be enrichment in the grades of light rare earth mineralization due to paleoweathering of the syenite. Even higher grades have been found in Nutaaq West from fresh syenite samples.

Forum plans a systematic grid sampling program over these two broad areas of mineralization. Samples will be analyzed using a portable XRF machine in the field to give immediate analysis results, so further sampling can focus on areas of the highest grades. This will be followed by a small diameter drill campaign to obtain fresh samples for analysis, and to test the mineralization 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 are being utilized as standards for use with the XRF.

To view Figure 1, please visit the link: http://media3.marketwire.com/docs/fdc_Fig1.pdf

Ken Wheatley, P.Geo. (Saskatchewan and Nunavut), Forum's Vice President of Exploration, 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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