Vancouver, B.C. July 9, 2009. Forum Uranium Corp.
(FDC: TSX-V) is pleased to announce that the summer exploration program has
commenced on its North Thelon project in Nunavut, including its 100% owned
claims and property optioned from Agnico-Eagle Mines Ltd., Tanqueray
Resources Limited and Nunavut Tunngavik Inc. Forum has assembled a
strategic land position surrounding the Kiggavik mine development project
which is currently under feasibility, permitting and environmental
assessment by Areva Resources Canada Inc.
Areva currently has three drills on site
completing geotechnical work as part of the feasibility study. The Kiggavik
deposits host 134 million lbs of uranium at an average grade of 0.27% U3O8
and is one of the largest undeveloped uranium deposits in the world. It is
Forum's goal to discover adjacent deposits that can feed the proposed mill
that is slated to produce 7.8 million pounds of uranium per year over a 17
year mine life. (Source: Areva Resources Canada Inc., The Kiggavik Project,
Project Proposal submission to the Nunavut Impact Review Board, November
2008).
Mapping, prospecting, till and outcrop sampling
will be performed on high-priority areas identified by Forum's 2007 and
2008 geological, geophysical and diamond drilling programs. Work will be
conducted where diamond drilling intersected 79.5 metres of anomalous
uranium and strong illite alteration on the Tarzan showing along the
structural trend hosting the Kiggavik deposits. This summer's work program
will also focus on Inuit-owned land package BL-21 located near Kiggavik
where Forum finalized an exploration agreement with Nunavut Tunngavik Inc.
in March, 2009. Uranium occurrences found in the late 70's and early 80's
on this Inuit-owned land package will be further investigated by utilizing
knowledge gained from the adjacent Kiggavik deposits and applying the
latest exploration technologies.
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 Location Map. Forum ground is in white and
yellow, Areva in red and Cameco in blue.
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.