Forum Uranium Corp.

Forum Uranium Corp.

March 15, 2007 09:00 ET

Forum Uranium Acquires Option to Explore for Uranium on Tanqueray's Baker Lake Project, Thelon Basin, Nunavut

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 15, 2007) - Forum Uranium Corp. (TSX VENTURE:FDC) is pleased to announce that the North Thelon Joint Venture, a 50/50 partnership with Superior Diamonds Inc. has entered into a letter of intent to acquire an option to earn a 60% interest in the Baker Lake project held by Tanqueray Resources Ltd. The property is highly prospective for uranium and is nearby AREVA's Kiggavik-Sissons unconformity-style uranium deposit which is currently being evaluated for future development. The Tanqueray property has historical uranium showings of up to 2.25% U3O8 in a similar geological setting as the Kiggavik deposits. Tanqueray's 65,000 hectare property is contiguous to the North Thelon Joint Venture's 100% owned claims, comprising over 100,000 hectares in the Kiggavik area.

The Baker Lake project has several uranium showings associated with meta-sedimentary and meta-volcanic rocks that are the host rocks for the Kiggavik, End and Andrew Lake deposits which together host 131 million pounds of open-pittable uranium deposits with grades ranging from 0.28% to 0.44% U3O8 as reported by AREVA Resources Canada(i). Uranium occurrences from assessment records on Tanqueray's property report uranium values of 0.09% to 2.25% U3O8 in quartzite, quartzite breccia and graphitic schists, all of which are considered favourable host rocks for economic uranium deposits in the area. The Baker Lake project is located at the unconformity with the Thelon sandstone in a favourable structural setting.

Rick Mazur, President & CEO stated, "The Tanqueray acquisition complements our exploration efforts in the area, as the North Thelon Joint Venture is planning a $1 million exploration program this summer on its 100% owned ground in the Kiggavik area. We will integrate the evaluation of the Tanqueray property into our existing program. The North Thelon Joint Venture ground and the Tanqueray property have excellent exploration potential for an unconformity-style deposit, nearby a world class uranium deposit like AREVA's Kiggavik- Sissons project."

The North Thelon Joint Venture is a 50/50 strategic alliance between Forum Uranium Corp. and Superior Diamonds Inc., with Forum as operator, formed to explore for uranium in the prolific Thelon Basin, perhaps the most prospective Proterozoic Basin in the world outside of the Athabasca Basin in Saskatchewan and the Kombolgie Basin in Australia.

Forum and Superior have signed a letter of intent on behalf of the North Thelon Joint Venture to earn a 60% interest in uranium and diamonds on the property by issuing 300,000 shares of Forum, 300,000 shares of Superior and conducting $4 million in exploration over 5 years. 50,000 shares each of Forum and Superior will be issued upon signing of a formal option agreement and the North Thelon Joint Venture will commit to a $200,000 exploration program this year. The remaining share issuances and exploration expenditures are at the option of the North Thelon Joint Venture. The North Thelon Joint Venture also has the option to earn a further 10% interest in the property by committing to the completion of a bankable feasibility study. The agreement is subject to the parties executing a formal option agreement and acceptance of the TSX Venture Exchange.

Richard Mazur, P.Geo., President & CEO is the Qualified Person under National Instrument 43-101 that has reviewed the contents of this news release.

(i)This resource estimate is historic and Forum has not verified whether it is a National Instrument 43-101 defined resource. Forum believes that the historic estimate is relevant because of the proximity of the Kiggavik-Sissons Project to the Baker Lake Project area and the presence within the area of uranium occurrences in similar host rocks. AREVA is currently evaluating the future development of the Kiggavik-Sissons Project.

About Forum Uranium

Forum Uranium Corp. is a Canadian-based energy company with a focus on the acquisition, exploration and development of uranium projects. The Company has a 100% interest in over 160,000 hectares of uranium exploration properties, a 65% operating interest in the Costigan Lake Joint Venture with partner NVI Mining (Breakwater Resources) and a 50% operating interest in the Haultain River Joint Venture with partner Hathor Exploration in the prolific Athabasca Basin, Saskatchewan. Forum also has a 50% operating interest in the North Thelon Joint Venture with partner Superior Diamonds in over 100,000 hectares of prospective ground nearby AREVA's 130 million pound U3O8 Kiggavik uranium deposit in the Thelon Basin, Nunavut Territory.


Richard J. Mazur, P.Geo., President & CEO

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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