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|   | |  Introduction The 60%-owned Henday Project consists of 3 claims covering 7,204 ha of the north-eastern margin of the Athabasca Basin, Saskatchewan. The property is strategically located along the north-east trend which hosts the Midwest Lake mine project (41.0M lbs. U3O8 at an average grade of 5.5%) and the Midwest A Zone, where Denison Mines recently reported results of 10.5 meters grading 12.4% U3O8 to 22.6 meters grading 26.7% U3O8, and Hathor's Roughrider Zone. In 2009 Forum entered into an Option Agreement on the Henday project in the Athabasca Basin, Saskatchewan with Hathor Exploration Limited ("Hathor"). Hathor can earn up to a 60% interest in stages by spending $3.5 million in exploration over three years and making a payment of 150,000 shares upon TSX approval. Hathor's first year commitment included ground electromagnetic and gravity survey program. The second year commitment funded a drill program in 2010 (see below). The third year commitment will fund another drill program that will start in early January, 2011. This will bring Hathor to its 60% interest in the project. A further 10% interest in the property can be earned by completing a feasibility study. Forum will be the operator up until Hathor completes its 60% interest. For the complete terms of the agreement please see news release dated February 27th/2009. Geology The Henday Project covers favourable basement rocks within the Mudjatik-Wollaston Tectonic Zone, a northeast trending structural zone on the eastern margin of the Basin along which the district's most productive uranium mines occur. Over 95% of known Canadian uranium deposits and all current uranium producing mines in Canada are located on this trend. The Mudjatik-Wollaston Tectonic Zone is the NE trending high strain tectonic zone marking the boundary between the Archean gneisses and granitoids of the Mudjatik Domain to the west and Archean gneisses, metasediments, and pegmatite intrusions of the Wollaston domain to the east. Uranium mineralization on the Henday Project generally occurs within a Proterozoic, graphite-bearing suite of metapelite, pelite, calc-silicate and arkosic metasediments found within this high strain zone. The Henday Project is targeting both unconformity and basement hosted, structural and stratigraphic controlled uranium deposits such as the Areva/Denison Midwest deposit to the SSW, the Sue deposits to the SE, or the Rabbit Lake/Eagle Point deposits to the east. The unconformity on the Henday Property is shallow, averaging between 110m to 220m, all within open pit mining methods. Historical Work Historical work on the Henday Project including mapping, trenching, sampling, drilling, and geophysics has outlined several mineralized zones including one drill intercept of 0.21% U3O8 over 4 m in the Athabasca sandstone at the unconformity, and 10 other holes have intersected anomalous uranium mineralization associated with electromagnetic conductive trends, strong clay alteration and anomalous geochemistry. Previous ground electromagnetic surveys have outlined 8 conductive trends totalling 45 line kilometres on the property that identify prospective graphitic lithologies in basement rocks. Areva's Mallen lake showing lies to the south of the property where drill intercepts of 5.9% U3O8 over 0.3 m and 2.5% U3O8 over 0.3 m in basement rocks were encountered. Forum gained the project in 2007 and conducted a drill program in 2008 that identified an alteration zone in the Mallen Lake area at the intersection of several structures. The 2010 drill program followed up on this alteration. 2010 Exploration Program 2010 drilling intersected a strong alteration halo in both the sandstone and well down into the basement with elevated geochemical indicators and weak uranium mineralization. The size and strength of the alteration encountered was positive, and extends over 200m in width and at least 200m in strike, being intersected by several graphitic conductors. The alteration halo was encountered in 12 of the 18 holes drilled. A graphitic package within the alteration halo hosts the mineralization intersected to date. The uranium mineralization was very clean with almost no associated elements except for boron in one hole (1 metre of 0.162%), which is typical of basement-hosted uranium deposits in the Athabasca Basin. Geochemistry returned from core samples processed at the Saskatchewan Research Council show anomalous values of uranium in the basement lithologies. Highlights of the geochemistry include:
A resistivity survey was completed over the area of alteration in April. The survey shows a resistive low under Mallen Lake in the area of the alteration intersected by the winter drilling. This low is 200m by 200m at the level of the unconformity (110 metres). The resistivity survey showed that the main target area lies under the lake with approximately 700 metres of graphitic conductors within the resistivity low to be tested. A drill program proposed for the summer has been deferred to the winter drill season to adequately test the uranium mineralization and geophysical targets. A soil sampling survey has been completed on the Henday project. A total of 270 samples were collected. Weakly anomalous uranium values were noted around Crimson Lake and Hollow Lakes to the north. 2011 Exploration Plans The proposed 2011 drill program will continue at the very promising Mallen Lake zone and test at least two more target areas along the interpreted northern extension of the Midwest Fault where it intersects N070 trending structures in combination with EM conductors. A total of 4,000 to 4,500m of drilling is planned. No further geophysical surveys are deemed necessary at this time. Drilling should commence around the 10th of January, and continue for about 7 weeks. The drill program is slated to start as early as possible (depending on ice conditions) to allow for a possible extension of the program if positive results are returned from the drilling. Maps & Photos
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