Forum Uranium Corp.
TSX VENTURE : FDC

Forum Uranium Corp.

October 31, 2006 09:00 ET

Forum Uranium Provides Drilling Update on Key Lake Road Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 31, 2006) - Forum Uranium Corp. (TSX VENTURE:FDC) is pleased to provide an update on the drilling program at the Company's Key Lake Road project located 40 kilometres south of Cameco Corporation's Key Lake mine/mill complex in the Athabasca region of Saskatchewan.

The Key Lake Road drilling program consists of 7,000 metres (m) of diamond drilling, comprising approximately 40 target holes in the Key Lake project area. Ten holes consisting of 1,720 m of drilling have been completed to date in the DD Zone target area. Intervals of anomalous radioactivity of five to ten times background have been identified by downhole radiometric logs, and sheared graphitic pelite with strong alteration has been encountered from drilling of conductive segments within the 2 to 5 km wide Key Lake Road Shear Zone. Forum is highly encouraged by the mineralization and alteration encountered which demonstrates that unconformity-style uranium mineralizing processes have been active in the area.

Following completion of drilling in the DD Zone, the rig has been moved to the Rainbow Zone where an additional four shallow holes, totaling approximately 600 m will test mineralization and conductive segments found in this area. Assay results from the DD and Rainbow Zones are expected by late November/early December.

Forum's exploration model is focused on shallow depth mineralization targets. At Key Lake, Forum is targeting shallow bodies of high grade, basement hosted uranium mineralization, using the basement mineralization found at Cameco's Millennium and McArthur River deposits as a model.

Future Drilling Plans

Once the drilling at Rainbow is completed, the drill will be demobilized for the freeze-up months of November and December. During this period, ground electromagnetic surveys will be conducted to establish additional targets for the resumption of approximately 5,000 m of drilling in January.

The winter program will include several targets in the Millison Lake area located 10 km north of the DD Zone to test conductive segments and surface uranium mineralization in a quartz mylonite zone discovered during the summer's prospecting and mapping program. This type of silicified rock has been observed in the footwall of many unconformity uranium deposits in the Athabasca Basin such as the Key Lake, Sue and Eagle Point deposits.

A further drill program on the Orchid Lake property will be funded by Global Uranium Corp. Global is earning a 60% interest by funding $2.25 million in exploration over the next three years.

Dr. Boen Tan, P.Geo. (Saskatchewan), Forum's Chief Geologist, is the Qualified Person that has reviewed 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 uranium projects. The Company has a 100% interest in over 165,000 hectares of uranium exploration properties and a 65% interest in the Costigan Lake Joint Venture located in the prolific Athabasca Basin, Saskatchewan. Forum also has a 50% interest and is operator in the exploration of over 100,000 hectares of prospective ground nearby AREVA's Kiggavik uranium deposit in the Thelon Basin, Nunavut Territory.

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.

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