FORUM URANIUM NEWS RELEASE
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FORUM
DEFINES SEVEN PRIORITY URANIUM EXPLORATION TARGETS, NORTH THELON PROJECT,
NUNAVUT
Vancouver, B.C. February 6, 2008. Forum
Uranium Corp. (FDC: TSX.V) ("Forum"),, operator of the North
Thelon Joint Venture ("NTJV") with 50% partner Superior Diamonds
Inc. (SUP: TSX.V) ("Superior") is pleased to announce results from
its 2007 regional exploration program at its strategically located property
nearby the AREVA Resources Canada Inc.("AREVA") Kiggavik
feasibility stage uranium project in the Thelon Basin, Nunavut. The program
has identified seven significant uranium occurrences with grab samples
grading from 0.08% U308 to 1.3% U308 AREVA
recently announced the commencement of a feasibility study and permitting of
the 148 million pound, unconformity-style Kiggavik uranium deposit grading
0.28% U308. Forum and Superior have committed to a $4.5
million exploration program for the 2008 field season, including a minimum of
3,000 metres of drilling.
Rick Mazur, President & CEO of Forum
Uranium Corp. stated, "AREVA's announcement has important implications
that have yet to be recognized by Canada's financial and resource sectors. Forum
will maintain its exploration focus in the area of the potential Kiggavik
mine in Nunavut as well as on its Saskatchewan uranium exploration
properties."
Forum and its geological contractor, Taiga
Consultants Ltd. conducted an exploration program from July through to
September, 2007 on its 100% owned joint venture ground and on the adjoining
ground optioned from Tanqueray Resources Ltd. where three uranium showings
grading up to 1.07% were reported (See Forum News Release dated November 20,
2007) Field crews examined numerous historical uranium showings on the NTJV
property and, through further investigation of other areas of favourable
geology and structure, discovered previously unreported uranium
mineralization of particular interest as follows (see location map at
http://www.forumuranium.com/i/maps/NTJV.jpg );
� FOR-62
- A newly discovered occurrence in a thrust faulted package of
quartzite and metawacke with uranium values up to 1.3% U308
at the intersection of NW and ENE trending faults.
� Tarzan
- This well located prospect covered by overburden lies along a northeast
structure (identified by existing airborne magnetic and electromagnetic
surveys) which hosts AREVA's End deposit, Andrew Lake deposit and Jane
showing that lie 3 km to the northeast of Forum's property.
� Nutaaq
(Inuktitut for "Something New") - A newly discovered occurrence over
a 4km by 2km area in regolithic quartzite and metawacke intruded by
fluorite-bearing granite with results up to 0.18% U308. A
gravity survey has identified gravity lows which may indicate zones of
alteration.
� Pyro
Lake - An historical occurrence in regolithic metawacke and metavolcanic
rocks at the unconformity with overlying Thelon conglomerate. Grades of
0.13% U308 occur in an area of the intersection of
three faults.
� Ivitaaq
(Inuktitut for "Red Rocks") - An historical occurrence in
regolithic metawacke and quartzite at the unconformity with Thelon
conglomerate. Grades of up to 0.19% U308 occur at the
intersection of two fault systems.
� Boundary - Thrust faulted quartzite and metawacke
cut by a WNW to NW fault system. Grades of up to 0.08% U308 occur
at the intersection of these two fault systems
� Red
Hearts - A complex network of predominantly ENE and NNW trending faults
within quartzite and metawacke, which are strongly radioactive. Assays have
not yet been received.
These occurrences will be further evaluated by
an airborne apparent resistivity survey planned for the spring of 2008,
followed by ground gravity surveys and detailed structural mapping and
prospecting. Forum has engaged Bradley Brothers Limited for a 3,000 metre
drill program to commence in July, 2008.
Samples were analyzed using the Uranium ICP
Package at the Saskatchewan Research Council, an ISO/IEC 17025:2005
(CAN-P-4E) certified laboratory. 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.
History of Uranium Exploration in the Kiggavik Area
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. The 101,000 hectare NTJV property was staked adjacent to
AREVA's Kiggavik property in 2006. A uranium development policy
for the Territory of Nunavut was adopted in September 2007 and shortly
thereafter, AREVA and joint venture partners JCU (Canada) Exploration Company
Limited and DAEWOO International Corporation 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.
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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