Forum Begins Costco Zone Drilling

Forum Uranium Corp. (FDC: TSX-V) has announced a $1 million drill program on the Company’s 100% owned Key Lake Road project in northern Saskatchewan has commenced.

This location, the eastern margin of the Athabasca basin, is home to the most productive uranium mines in the world with roughly 25% of the world’s uranium production coming from this area.

  • 2,500 meter drill program; up to 15 holes planned
  • Located south of the Cameco/Areva Key Lake Mine
  • Shallow, near surface drill targets; No sandstone cover

Rick Mazur, President & CEO of Forum said: “We gained a better understanding of the Costco area with our exploration work over the last year, and have identified high priority drill targets that meet our criteria for the discovery of a sizeable open pit deposit.” Forum is in search for a basement deposit modeled after the Roughrider discovery by Hathor as well as Cameco’s 56.5 million pound Millennium uranium deposit (Source; Indicated and Inferred Resource- Cameco 2008 Annual Financial Review). All of the Key Lake Road targets have potential for this style of basement-hosted uranium mineralization at or near surface.

The Costco drill area lies parallel to the Key Lake fault system to the north where the Cameco/Areva Key Lake mine produced 195 million pounds uranium from 1983-1998 (Figure 1). Plans are to conduct a minimum 2,500m drill program on the Costco grids for 12 to 15 drill holes in the targeted areas and will be the first time that most of these areas will have been drilled.

About Forum Uranium

Forum Uranium Corp. is a Canadian-based energy company with a focus on the acquisition, exploration and development of Canadian uranium and rare earth projects in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut. Forum has assembled a highly experienced team of 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.

Posted Feb. 02.10

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