Forum Uranium Corp.
TSX VENTURE : FDC

Forum Uranium Corp.

November 24, 2010 09:30 ET

Rare Earth Potential Confirmed on Forum's North Thelon Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 24, 2010) - Forum Uranium Corp. (TSX VENTURE:FDC) -

Highlights

  • Two prospective zones found within large 8x10 km intrusive complex
  • Wide – spaced sampling averages 0.42% to 0.56% TREO
  • Further surface work will focus on higher grade areas where grades of 1% to 7.4% TREO have been discovered
  • Plans for drilling next summer
  • All occurrences are on the surface and are amenable to open pit mining

Forum Uranium Corp. is pleased to announce that all analytical results have been returned and interpreted from the Nutaaq rare earth elements (REE) showing on its North Thelon project in Nunavut.

The work completed this summer has confirmed significant REE potential in a large 8 by 10 kilometre intrusive body. Overall grades have improved from 2009 and two distinct areas of potential have been identified within this complex.

"These results confirm our plans to undergo a summer program in 2011 which will include detailed prospecting, ground gravity, and channel sampling, followed by drilling in the more promising areas of this new rare earth discovery," states Forum President and CEO, Rick Mazur.

Property Location

The North Thelon uranium project is located beside Areva's 134 million lb Kiggavik project, which is currently under a feasibility study. The other major player in the area is Cameco, who are also actively exploring for uranium in the immediate area. The following is a breakdown of the property's samples by area:

Nutaaq East

Strongly hematized and altered syenite hosts the highest TREO (Total Rare Earth Oxides) grades in the East Nutaaq area, with 99 samples returning grades of TREO higher than 0.1%, 10 of them containing grades of 1.0% to 4.4% TREO. These were collected over an area of 2km by 0.5km. A mean average of 0.56% TREO and 0.049% HREO (Heavy Rare Earth Oxide) can be calculated from the East Nutaaq area using a 0.1% cutoff. These are grab samples from float and further work is required to find the highest grades in this area.

Both field work and petrographic work on the strongly hematized samples suggest that the REE's in East Nutaaq are associated with goyazite, an aluminum-strontium-phosphate clay mineral. It is Forum's opinion that the REE's in this area show secondary enrichment, caused by fluids circulating along fault structures from the overlying Thelon sandstones.

To view the map accompanying this press release please visit the following link: http://media3.marketwire.com/docs/Forummap1123.pdf

Nutaaq West

Samples were collected from West Nutaaq over an area of 2.5km by 4km. A total of 59 samples returned values of greater than 0.1% TREO, with three samples ranging from 1.1% to 7.4% TREO. These samples averaged 0.42% TREO and 0.034% HREO with a peak of 0.527% HREO, using a 0.1% cutoff.

These samples are much fresher than those collected on the east side, and show considerably less iron and phosphate. The REE mineralization on this side of the Nutaaq area may be primary mineralization, and has not been concentrated by secondary enrichment. Petrographic work is in progress to determine the minerals that host the REEs on the west side of Nutaaq.

Quality Assurance and Quality Control

Samples were collected 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 and the Rare Earth Element Analysis – Package REE1. 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 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

Rick Mazur, P.Geo., President & CEO

More information on the company and this project can be found on the company's website: www.forumuranium.com.

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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