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Forum Uranium Completes Orchid Lake Drilling; Moves To Hobo
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Vancouver, BC. February 20, 2007. Forum Uranium Corp. (FDC: TSX-V) is
pleased to announce that nine holes comprising 1,140 metres of drilling
have been completed on the Orchid Lake project. Samples have been sent
to Loring Laboratories Ltd., Calgary, Alberta and assays are
anticipated in March. Follow-up drilling is planned at Orchid Lake
later this year. A further 20 drill holes are planned this winter drill
season on Forum's 100% owned Key Lake Road property. The drill is
currently being mobilized to the Hobo zone.
The targets on the Orchid Lake property are shallow, basement-hosted,
unconformity-type uranium deposits. The project is located 20
kilometres west of the Cameco/AREVA Key Lake Uranium Mill in the
prolific Athabasca Basin of northern Saskatchewan. The Orchid Lake
property is interpreted to lie on an ENE structure that hosts the Key
Lake uranium deposit that had an average grade of 2.45% U3O8. The Key
Lake mine produced over 195 million pounds of uranium from 1983 to
1997.
A Geotech Ltd. VTEM airborne magnetic/electromagnetic survey in 2005
identified two conductors- the P and Q conductors. Both conductive
targets are interpreted as graphitic sediments of the Wollaston group,
host to many uranium deposits and prospects in the eastern Athabasca
Basin where one-third of the world's uranium is produced. Anomalous
uranium in lake sediments and uraniferous boulders of pegmatite with
lenses of graphitic gneiss grading up to 0.1% U3O8 occur in the area.
Six holes were completed on the P conductor and three holes were
completed on the Q conductor.
Global can earn a 60% interest in the Orchid Lake property by making
cash payments of $190,000, issuing 700,000 common shares of Global to
Forum and incurring a $2.25 million exploration commitment over a three
year period. Forum also retains a 3% Net Smelter Return Royalty and is
the operator of the project. Dr. Boen Tan, P. Geo. (Saskatchewan),
Forum's Chief Geologist and Qualified Person is supervising the
exploration program on the Orchid Lake Project.
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 160,000 hectares of uranium
exploration properties, a 65% operating interest in the Costigan Lake
Joint Venture with partner NVI Mining (Breakwater Resources) and a 50%
operating interest in the Haultain River Joint Venture with partner
Hathor Exploration in the prolific Athabasca Basin, Saskatchewan. Forum
also has a 50% operating interest in the North Thelon Joint Venture
with partner Superior Diamonds in over 100,000 hectares of prospective
ground nearby AREVA's 130 million pound U3O8 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.
For further information contact:
Timea Carlsen
Manager of Corporate Communications
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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Copyright (c) 2007 FORUM URANIUM CORP. (FDC) All rights reserved. For
more information visit our website at http://www.forumuranium.com/ or
send mailto:info@forumuranium.com
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