Tue Dec 1, 2009 Forum And Hathor Prepare For $1.65 Million Drill Program On The Henday Project, Athabasca Basin
Vancouver, B.C. December 1st, 2009. Forum Uranium Corp. (FDC: TSX-V) and Hathor Exploration Limited (HAT: TSX-V) have preparations well underway for the January drill program and geophysical survey on the Henday Lake project in northern Saskatchewan.
4,500 meter drill program, 18 holes planned
$1.65 million budget approved
On trend with Areva's Midwest Lake deposit and Hathor's Roughrider zone.
Shallow drill targets, average depth of 160 meters
Amenable to open pit mining
The 7,204 hectare Henday project is located 10 km northeast of Hathor's Roughrider zone where recent drill results have reported 28 m of 12.71 % U3O8 with assays up to 82 % U3O8 (see Hathor News Release dated Sept. 12th, 2009), and the Midwest Lake mine development project owned by AREVA/Denison, (41 million lbs. U3O8 at an average grade of 5.5%). It is Forum's objective to locate similar deposits on this strategically located property.
Figure 1: Location Map of the Henday Project.
The ellipse shows the planned drill area (Mallen Lake). The drill program will be concentrated along a N70 structure that shows promising gravity lows (see Figure 2) which have been used successfully in identifying the Roughrider Zone.
Permit applications have been submitted and a contract signed with TEAM Drilling for approximately 4,500 metres slated to start in January of 2010. In addition to drilling, a geophysical survey consisting of IP Resistivity and gravity along another high priority structure, is planned in preparation for possible drilling in 2011.
Figure 2: Contoured gravity and EM, Henday Lake Project.
The reds are gravity highs, the blues are gravity lows, and the white lines are graphitic conductors. Drill targets are outlined by the red ellipses. The existing illite anomaly, discovered by drilling at Mallen Lake in 2008, is located in the northeast corner of the survey.
The 2010 exploration program is being funded 100% by Hathor Exploration as part of their earn-in process. The 2010 exploration program, upon completion, will bring Hathor's ownership of the project to 40%. Under terms of the option, Hathor must spend $3.5 million in exploration over three years to earn a 60% interest in the project.
Ken Wheatley, P.Geo. (Saskatchewan, Nunavut), Vice President, Exploration is the Qualified Person that has reviewed the contents of this news release.
About Forum Uranium
Forum Uranium Corp. is a Canadian-based energy company with a focus on the acquisition, exploration and development of Canadian uranium projects in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut. Forum has assembled a highly experienced team of exploration 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.
ON BEHALF OF THE BOARD
Richard J. Mazur, P.Geo.
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
Rick Mazur
President & CEO
Tel: 604-630-1585
Or
Mark Prosser
Corporate Communications
FORUM URANIUM CORP.
910-475 Howe Street
Vancouver, BC V6C 2B3
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