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FORUM URANIUM NEWS RELEASE
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NEWS RELEASE
FORUM COMPLETES AIRBORNE SURVEY OVER TANQUERAY
OPTION PROPERTY NEARBY AREVA'S KIGGAVIK URANIUM DEPOSIT, NUNAVUT
Vancouver, B.C. May 28, 2008.
Forum Uranium Corp. (FDC: TSX.V) ("Forum"),
operator of the North Thelon Joint Venture ("NTJV") with 50%
partner Northern Superior Resources, Inc. (SUP: TSX.V) is pleased to announce
the completion of a 1,280 line kilometers (km) RESOLVE airborne survey over
the Tanqueray Option property. The property is located along prospective
ground for similar style uranium deposits as AREVA's 148 million pound
Kiggavik uranium deposit which is undergoing a full feasibility study. Forum
is also conducting this survey over the NTJV's 100% owned ground and on
property optioned from Agnico-Eagle Mines Ltd (AEM-T).
This FUGRO-operated airborne system is being flown
on 150 metre line spacings. The importance of this survey is that it can be
modified to show an apparent resistivity, and therefore delineate faults and
areas of alteration (low resistivity). During the 2007 field season,
structurally-controlled uranium mineralization grading up to 1.07% was
identified during a prospecting and mapping program on the property. Early
interpretations of the survey show east-northeast and north-northeast
trending lineaments, the two main directions controlling AREVA's Kiggavik
deposits.
Follow-up ground gravity surveys will be completed
on selected targets from the resistivity survey to identify areas of low
density (alteration) that may be associated with a uranium deposit. This
method has been proven successful on the Kiggavik deposits, and is being
applied to all of the NTJV holdings in the Kiggavik area. A 3,000 metre drilling
campaign is set to commence in July to test the most promising targets.
The Kiggavik Uranium
Deposit
Exploration for uranium
in the northern Thelon Basin was conducted primarily from the mid-1970's to
the mid-1980's culminating in the discovery of the Kiggavik deposits located
80 km west of Baker Lake, Nunavut by Urangesellschaft Canada Ltd. AREVA acquired
the project in 1993. Forum and Northern Superior staked ground adjacent to
AREVA's Kiggavik property in 2006 and optioned the Tanqueray property and the
Agnico-Eagle property in 2007 and 2008 respectively. A uranium development policy for the Territory of Nunavut was adopted
in September, 2007 and shortly thereafter, AREVA, JCU (Canada) Exploration
Company Limited of Japan and DAEWOO International Corporation of Korea
announced the commencement of a two year feasibility study and the regulatory
process to obtain the necessary approvals for a uranium mine and mill complex
on the Kiggavik deposits (See AREVA News Release dated December 3, 2007).
AREVA reports a resource estimate of 148 million pounds of uranium at an
average grade of 0.24% U (0.28% U308). The
Kiggavik deposits (Kiggavik, End, Andrew Lake and Jane) also contain
significant quantities of gold and platinum.
Tanqueray Option Agreement
Forum and Northern Superior have signed an option agreement on behalf
of the North Thelon Joint Venture to earn a 60% interest in uranium and
diamonds on the property by issuing 300,000 shares of Forum, 300,000 shares
of Northern Superior and conducting $4 million in exploration over 5 years.
The North Thelon Joint Venture also has the option to earn a further 10% interest
in the property by committing to the completion of a bankable feasibility
study.
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.
For further information contact:
Timea Carlsen
Director of Corporate Relations
FORUM URANIUM CORP.
910-475 Howe Street
Vancouver, BC V6C 2B3
Tel: 604-638-3949
Fax: 604-689-3609
Email: info@forumuranium.com
Website: www.forumuranium.com
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