Forum Uranium Corp.
TSX VENTURE : FDC

Forum Uranium Corp.

April 22, 2008 09:00 ET

Forum Uranium Drills Into a Major Basement-Hosted Hydrothermal Alteration Zone at Maurice Point, Athabasca Basin, Saskatchewan

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 22, 2008) - Forum Uranium Corp. (TSX VENTURE:FDC) and option earn-in partner Mega Uranium Ltd. (TSX VENTURE:MGA) are pleased to announce that its winter drill program has been completed on the Maurice Point property, located nearby Cameco Corporation's 1.3 million pound Maurice Bay uranium deposit in the Athabasca Basin of northern Saskatchewan. A total of 10 holes for 2,321 metres were completed in two target areas on the project, ground gravity surveys were completed on three grids and an ongoing resistivity survey has covered parts of two grids (See http://forumuranium.com/i/maps/Maurice-Point-Web2.jpg).

The highlight of the program was the drill intersection of a very large and re-activated basement fault system with associated strong hydrothermal alteration. Alteration and brecciation extend down to a depth of more than 250m, similar in size and style to that seen at several basement-hosted deposits in the Athabasca Basin (AREVA's and UEX's Shea Creek mineralization with alteration extending up to 200m into the basement, and Cameco's Millennium deposit with an indicated resource of 45.8 million pounds U3O8, source: Cameco 2005 Annual Report, with mineralization extending 150m into the basement). The fault system was identified by the ground gravity survey and subsequently drilled.

Ken Wheatley, Vice President, Exploration stated, "I have seen very few structures of this magnitude and with this amount of alteration within the basement lithologies underlying the Athabasca Basin. It appears that a large volume of fluid has been pumped along this fault system and our future exploration programs will be concentrated along this highly prospective target. We are also very pleased that the gravity survey worked so well in identifying this target; this geophysical tool will now be used throughout the property to search for other zones of alteration." This large fault system (the McKenzie Fault) is approximately 30 kilometres long and only 200 metres of strike length has been drilled by Forum.

Colin River Grid - Five holes were drilled on the Colin River grid, about 18 kilometres northeast of Cameco's Maurice Bay deposit. These tested the McKenzie Fault which was identified in the airborne magnetometer survey completed in 2007, and by the ground gravity survey in 2008. This large and reactivated fault system was intersected in three of the holes, with bleaching and hematization extending from surface to more than 250 metres in depth. The fault in this locality shows no uranium mineralization, but its strike extends for more than 30km and gives Forum a large number of targets to investigate in future exploration programs.

Beach Zone Grid - Five more drill holes were completed in the vicinity of the Beach Zone where uranium mineralization was identified both in boulders and in regolithic basement outcrop, with grades in grab samples of up to 6.3% U3O8. Weak gravity anomalies were tested on land around the mineralized outcrop areas. Variably hematized and mylonitic basement lithologies were present, but little in the way of reactivated structures or radiometric anomalies was intersected. Several gravity targets under the lake and nearby the contact with the Athabasca sandstones were not tested due to technical problems with the drill. These will be tested in future drill programs.

Spring Point Grid - Drill holes planned for the Spring Point area were also not completed as the drill had to be demobilized before spring break-up. However, a gravity survey was completed over this grid.

A resistivity survey has been partially completed on the Colin River and Beach Zone grids, and is designed to delineate any parallel zones of alteration along the McKenzie Fault. Further prospecting and geophysical surveys are recommended for the upcoming summer and a 2009 drill program is being considered by Forum and Mega. Mega can earn a 55% interest in the Forum-operated Maurice Point project by spending $8 million over 3 years.

Quality Control/Quality Assurance

Core samples were collected from the 10 drill-holes and shipped in sealed containers to the Saskatchewan Research Council, an ISO/IEC 17025:2005 (CAN-P-4E) certified laboratory for geochemical analysis using the Uranium ICP Package. This package is the preferred analytical technique for detecting uranium and pathfinder elements in the alteration halos of unconformity-type uranium deposits in the Athabasca Basin. Results are expected in 3 to 4 months. Ken Wheatley, P.Geo. (Saskatchewan, NWT/Nunavut), Forum's Vice President, Exploration is the Qualified Person that 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 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

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

Contact Information