Nov. 3, 2009 (TheNewswire.ca) --
Vancouver, B.C. November 3, 2009. Forum Uranium Corp. (OOTC:FDCFF) (TSXV:FDC) (FDC: TSX-V) is pleased to announce that summer exploration activities have identified uranium values grading from 1544ppm U3O8 to 2.21% U3O8 on its Ukaliq Project (formerly Inuit-owned land parcel BL-21) in Nunavut. Some of the samples from the Ukaliq area also returned anomalous rare earth element values. One sample in particular in an outcrop of meta-sediment returned 1.80% U3O8 with 672ppm Cerium, 676ppm Neodymium and 113ppm Lanthanum. The Ukaliq project is centrally located nearby the 134 million pound Kiggavik uranium mine development project which is currently under feasibility, permitting and environmental assessment by Areva Resources Canada Inc.
Forum entered into an Exploration Agreement with Nunavut Tunngavik Inc. (NTI) on the 27,344 hectare Ukaliq Project in March, 2009, whereby Forum can earn a 100% interest in the Ukaliq Project by incurring minimum annual rental payments, minimum annual exploration expenditures and completing 2,500 metres of diamond drilling within five years. Upon completion of a bankable feasibility study, NTI has the right to elect either to form a joint venture with a 20% participating interest or receive a further net profits royalty of 7.5% in addition to the 12% net profits royalty payable to NTI as a consequence of the Nunavut Land Claims settlement agreement with the Government of Canada.
Uranium occurrences were found in the late 70's and early 80's in the Ukaliq area, with grades of up to 8.75% U3O8 reported, located in favourable geological and structural regimes. Mapping, prospecting and outcrop sampling were completed on several high-priority areas during the 2009 summer exploration program. Anomalous uranium values from the Ukaliq area are present in several new showings as well as from re-assessment of historical occurrences.
Another area investigated during the 2009 field season is the nearby Nutaaq Project area immediately west of Ukaliq. Samples taken by Forum in 2007 within this area revealed values of up to 3.8% total rare earth oxides. The area was re-sampled in 2009 for rare earth elements and results are pending.
Forum is pleased with the 2009 results and plans to conduct ground gravity surveys in the most prospective areas to develop further diamond drill targets. Forum has assembled a strategic land position on its North Thelon Project through claim staking and options with NTI, Agnico-Eagle Mines Ltd. (TSX:AEM''U) (NYSE:AEM) (TSX:AEM) and Tanqueray Resources (TSXV:TQY) Ltd. which immediately surrounds the Kiggavik deposits, operated by the nuclear giant Areva Resources Canada Inc. The North Thelon Project area covers a large area of promising but underexplored ground with numerous drill targets already developed during the extensive 2008 field program.
