Forum Uranium Corp.
TSX VENTURE : FDC

Forum Uranium Corp.

July 15, 2010 09:00 ET

Forum Uranium Corp.: Rare Earth and Uranium Exploration Commences on North Thelon Project, Nunavut

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 15, 2010) - Forum Uranium Corp. (TSX VENTURE:FDC) is pleased to announce that summer exploration activities have started on its North Thelon project, Nunavut. The North Thelon project is a large property that surrounds Areva's Kiggavik deposits (134 million lbs U3O8 @ 0.27%) on the north, east and south sides. The only other company actively exploring in the Kiggavik area is Cameco Corp. to the west of the Kiggavik deposits. Areva has submitted a project description to the Nunavut Impact Review Board for the development of a uranium mine with a plan to produce 8 million pounds of uranium per year over a 17 year mine life.

Rare Earth Exploration

Nutaaq, a newly discovered rare earth element (REE) showing was identified in 2009, with up to 3.8% total REE being returned from assays. The Nutaaq area hosts a 10km x 8km intrusive syenite complex that is enriched in REE. A detailed mapping, soil sampling and rock sampling campaign is planned for this area to determine the size, grade and geological controls of this new REE discovery.

Uranium Exploration

A number of historical and new showings with grades of up to 8.75% U3O8 have been discovered by Forum on the North Thelon project over the past years of exploration. Forum's geological crew and a ground gravity crew have commenced work on several high priority targets. The goals of the program are to identify further gravity targets (zones of alteration), to refine the geology and structural knowledge and to collect soil samples for geochemistry from high priority areas on the property. This information will position the property for a major drilling campaign in 2011.

This program will be another major step in the advancement of this project. The North Thelon Project area covers a large area of promising but underexplored ground with numerous drill targets already developed during the extensive 2007, 2008 and 2009 field programs. It is Forum's vision to make discoveries and develop new deposits on its property to add to the existing 134 million pounds of contained uranium in the Kiggavik Deposits and evaluate the potential for a rare earth deposit at Nutaaq.

Ken Wheatley, P.Geo. (Saskatchewan, Nunavut), Vice President, Exploration is the Qualified Person that has reviewed the contents of this news release.

Figure 1: North Thelon Map. Forum's 100% owned ground and optioned properties are in white, Forum's Ukaliq Project in yellow (NTI), Areva in red, and Cameco in blue. To view Figure 1, click on the following link: http://www.forumuranium.com/i/nr/2010-07-15-north-thelon-map.jpg

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 in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut. 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 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
    604-689-3609 (FAX)
    or
    Forum Uranium Corp.
    Mark Prosser
    Corporate Communications
    604-638-3947
    604-662-8429 (FAX)
    info@forumuranium.com
    www.forumuranium.com