Tue Jul 10, 2007
Forum Uranium And Superior Diamonds Commence Exploration Nearby Areva's Kiggavik Uranium Deposit
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Vancouver, B.C. July 10, 2007. Forum Uranium Corp. (FDC: TSX-V) ("Forum") and 50% partner Superior Diamonds Inc. ("Superior") are pleased to announce the commencement of a $1.5 million exploration program at the North Thelon Joint Venture ("NTJV"). The Thelon Basin is regarded as one of the most prospective regions in the world for uranium exploration. The 101,175 hectare NTJV property is strategically located adjacent to the Kiggavik-Sissons Project, held by AREVA Resources Canada Inc., 80 kilometres west of the Hamlet of Baker Lake in Nunavut. Together, the Kiggavik, End and Andrew Lake deposits comprise the largest uranium resource in Canada outside of the Athabasca Basin in Saskatchewan, with resources of 131 million pounds U308 grading from 0.28% to 0.44% U and byproduct gold and platinum (as reported by AREVA*). AREVA is currently conducting a study for the development of the Kiggavik-Sissons project for production.
Rick Mazur, President & CEO stated, "Forum is pleased with the progress of uranium exploration and development in Nunavut. The Government of Nunavut has signaled its support of uranium mining and AREVA is advancing the Kiggavik-Sissons project towards a production decision. 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. We are well positioned in this exciting new frontier for uranium development."
The Kiggavik, End and Andrew Lake uranium deposits ("Kiggavik deposits") occur mainly in meta-arkoses and mafic volcanics along a 24 kilometre (km) section of a regional northeast-southwest trending structural zone. The North Thelon Joint Venture claims are located southwest, north and northeast of the Kiggavik deposits along the "Kiggavik Trend". Evaluation of historical data in government assessment files list several areas of significant uranium occurrences within the NTJV claims that were left untested in the early 1980's. On the NTJV property, several historic occurrences within hematized and brecciated dirty quartzites, fault breccias and granites (same units hosting the Kiggavik deposits) are grading from 0.06% to 0.31% U308 .
In addition, the NTJV plans to conduct $200,000 of exploration on property optioned from Tanqueray Resources Ltd., located to the east of the Kiggavik deposits. Through its evaluation of historical data in the government assessment files, the NTJV identified a number of significant uranium occurrences on the Tanqueray property as well in meta-arkoses and mafic volcanics similar to those hosting the Kiggavik deposits.
A 16 man crew has been mobilized to the property and will continue work through to September. Forum and Superior plan an aggressive exploration program, integrating airborne geophysics, ground geophysics, prospecting, geological mapping and alteration studies to delineate drill targets.
To view a location map of the Joint Venture claim blocks please visit our website at http://www.forumuranium.com/s/North_Thelon.asp Ken Wheatley, P.Geo. (Saskatchewan and Nunavut) Forum's Vice President, Exploration and Dr. Boen Tan, P. Geo. (Saskatchewan), Forum's Chief Geologist are the Qualified Persons supervising the exploration program and have reviewed the contents of this news release.
*This resource estimate is historic and Forum and Superior have not verified whether it is a National Instrument 43-101 defined resource. Superior and Forum believe that the historic estimate is relevant because of the proximity of the Kiggavik-Sissons Project to the North Thelon Joint Venture area and the presence within the Joint Venture area of uranium occurrences in the same host rocks.
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