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2010 Mining Explorers: Forum Uranium Corp.

 

Last updated 10/31/2010 at Noon



FDC/TSX-V

President and CEO: Richard J. Mazur, P. Geo, MBA

Vice President, Exploration: Ken Wheatley, P. Geo

Chief Geologist: Boen Tan, Ph.D.

- Forum Uranium Corp. is focused on exploration and development of its 69,316-hectare, or 171,210-acre, North Thelon Project in the Thelon Basin of Nunavut.

A number of historical and new showings with grades of up to 8.75 percent U3O8 have been discovered by Forum on the North Thelon project in past exploration programs.

During the 12 months that ended May 31, Forum spent nearly C$2.8 million on the North Thelon Project.

Goals of the junior's 2010 program included identifying additional gravity targets (zones of alteration); refining the geology and structural knowledge of the property and collecting soil samples for geochemistry from high priority areas.

In late August, the junior reported completion of extensive mapping and soil sampling campaign on uranium and rare earth targets followed by a large gravity survey on North Thelon.

Forum's property surrounds on three sides Areva's Kiggavik mine development project (134 million pounds U3O8) that currently is in the feasibility and permitting stage.

Most of the preliminary work has now been completed on this large project generating multiple promising targets, and it is now in a drill-ready state.

Forum has proposed percussion and diamond drilling of priority targets as part of a major drilling campaign in 2011 to take the project to its next level.

In the Nutaaq area of the North Thelon property, a 10-kilometer by 8-kilometer granite-syenite intrusive complex along a major structure which returned strongly anomalous rare earth element values up to 3.8 percent total rare earth oxides in previous years, Forum also completed its 2010 program of sampling and mapping. The sampling returned encouraging values, with a peak value of 7.6 percent TREO. Work is ongoing using this new data to determine the nature and control of the REE occurrences such that the mineralization can be properly tested by drilling.

Cash and short-term deposits:

C$1.44 million (at May 31, 2010)

Working capital:

Negative C$1.897 million (at May 31, 2010)

Market Capitalization:

C$10.26 million (Sept. 1, 2010)

475 Howe St., Suite 910 • Vancouver, BC Canada V6C 3B2

Tel: 604-689-2599 • Fax: 604-662-8429

http://www.forumuranium.com

 

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