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Forum Discovers Up
To 1% Uranium On Tanqueray Option, Nunavut
Vancouver, B.C. November 20, 2007. 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") are pleased to announce preliminary results
from its summer exploration program on the property optioned from Tanqueray
Resources Ltd. (TQY: TSX.V) ("Tanqueray") nearby the AREVA
Resources Canada Inc. Kiggavik -- Sissons uranium development project in the
Thelon Basin, Nunavut. The 118,000 hectare Tanqueray property is located 40
kilometres west of the Hamlet of Baker Lake in Nunavut and approximately 40 km
east of the Kiggavik-Sissons project. Together, the Kiggavik, End and Andrew Lake deposits
comprise the largest undeveloped uranium resource in Canada outside of the
Athabasca Basin, Saskatchewan, with resources of 130 million pounds U308
grading from 0.28% to 0.44% U (0.33% to 0.52% U308 ) with 4.1 tonnes
byproduct gold and 3.3 tonnes byproduct platinum (as reported by AREVA*).
Forum's geological and prospecting team conducted its 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. Forum's
field crew examined four previously reported uranium showings on the
Tanqueray property and, through further investigation of other areas of
favourable geology and structure, discovered three more showings of
particular interest. Initial results of the Uranium ICP Package have been
received from the Saskatchewan Research Council ("SRC") ISO/IEC
17025:2005 (CAN-P- 4E) certified laboratory. Of a total of 210 samples
submitted to SRC, Forum has received 40 grab sample results from the
following historical showings:
- Graphite -- up to 9050 ppm U
( 1.07% U308 )
- LA-4 -- up to 2840 ppm U (
0.34% U308 )
- RD-7- up to 2320 ppm U (
0.27% U308 )
- RD-3- no assays received
and the following new showing areas;
- Graphite North -- up to 1310
ppm U ( 0.16% U308 )
- Island Lake -- up to 795 ppm
U ( 0.09% U308 )
- SCH -- up to 575 ppm U (
0.07% U308 )
Rick Mazur, President & CEO of Forum Uranium Corp. stated, "Forum is
very confident about the future potential of the Thelon Basin, especially in
the area of the development by AREVA of the Kiggavik-Sissons project.
Kiggavik could develop into the first new Canadian uranium mine and mill
facility outside of Saskatchewan in decades. Forum and Superior have
exceptional exploration prospects in close proximity to this future
infrastructure in Nunavut. Results from uranium showings investigated on the
NTJV 100% owned ground during the past summer program will be released when
received. We are well positioned in this exciting new frontier for uranium
development."
Rock types hosting uranium mineralization in the Tanqueray option are
composed almost entirely of interbedded quartzite, metawacke, and schistose
units that have undergone structural deformation, similar to the host rock
types of the Kiggavik, End and Andrew Lake deposits that occur along a 24 km
section of a regional east-northeasttrending structural zone. Uranium
mineralization typically occurs in fractures, breccia zones, and faults.
These occurrences will be further evaluated by an airborne apparent
resistivity survey planned for the spring of 2008, followed by ground gravity
surveys. Depending on the results of these surveys, drilling could be
conducted in the summer of 2008.
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.
Forum and Superior, as partners on the NTJV have an option to earn a 60%
interest in uranium and diamonds on the property by issuing 300,000 shares of
Forum, 300,000 shares of 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.
*The resource estimate for the Kiggavik-Sissons Project is historic and Forum
has not verified whether it is a National Instrument 43-101 defined resource.
Forum and Superior believe that the historic resource estimate is relevant
because of the proximity of the Kiggavik-Sissons Project to the North Thelon
Joint Venture area. AREVA is currently evaluating the future development of
the deposit.
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 190,000 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 ("NTJV") 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. The
NTJV has an option on 118,000 hectares of uranium potential in the Kiggavik
area from Tanqueray Resources Ltd.
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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