Forum Uranium and Global Uranium commence drilling at Orchid Lake
Forum Uranium and Global Uranium Commence Drilling at Orchid Lake Vancouver, British Columbia – Forum Uranium Corp. (FDC: TSX-V) is pleased to announce the commencement of a 1,500 metre (m) drill program on Forum’s 100% owned Orchid Lake Uranium property, located 20 kilometres (km) west of the Key Lake Mine/Mill Complex in the prolific Athabasca Basin of northern Saskatchewan. A total of 8-10 holes are planned for drilling. As the targets for basement-hosted, unconformity-style uranium deposits in this area are shallow, each hole is anticipated to be approximately 150 m deep.
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 was discovered by Uranerz Exploration and Mining Ltd. (”UEM”) in 1976 and produced over 195 million pounds of uranium from 1983 to 1997. The Key Lake Mine/Mill complex is jointly owned by Cameco Corporation and AREVA Resources Canada Inc.
Patterson Geophysics Ltd. has completed a ground MaxMin Horizontal Loop Electromagnetic (HLEM) survey to further define two airborne geophysical targets of 2 km and 10 km in length. 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 grading up to 0.1% U3O8 occur in the area.
Global Uranium Corp. (GU: TSX-V) is funding this program under an option agreement whereby 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 drill program. 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% interest in the Costigan Lake Joint Venture and a 50% interest in the Haultain River Joint Venture located in the prolific Athabasca Basin, Saskatchewan. Forum also has a 50% joint venture interest in over 100,000 hectares of prospective ground nearby AREVA’s Kiggavik uranium deposit in the Thelon Basin, Nunavut Territory. Forum is the Operator of all its exploration projects.
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
Richard Cohen Investor Relations CLARK AVENUE COMPANY INC. 103 Clark Avenue East Thornhill, ON L3T 1T1 Tel.: 905-882-4422 Fax: 905-882-4435 Email: forumuranium@clarkavenue.com
Website: www.clarkavenue.com
