| ||Thu Jul 14, 2011|
Forum Options Rare Earth Property From Aurizon Mines on Trend From Matamec's Kipawa Rare Earth Deposit, Quebec
- Directly adjoining the Matamec Kipawa Rare Earth Deposit.
- TREO values ranging from 1.3% to 16.7% in boulders and outcrop.
- HREO to TREO ratios ranging from 0.8% to 57%.
Vancouver BC, July 14, 2011 - Forum Uranium Corp. (FDC: TSX-V) and Aurizon Mines Ltd. (ARZ: TSX) are pleased to announce that they have entered into an option agreement for Forum to earn up to a 65% interest in Aurizon's Rare Earth property in southwestern Quebec, located 95 km northeast of North Bay, Ontario. The property adjoins Matamec Exploration's Zeus project in association with the Kipawa Alkaline Complex. Aurizon's prospecting activities along the Kipawa Alkaline Complex have identified areas of rare earth mineralization similar to Matamec's Kipawa deposit (Figure 1).
"Forum's Rare Earth team has been evaluating a number of opportunities for the past two years throughout North America." stated Rick Mazur, President & CEO of Forum, "Aurizon's property is of significant regional importance given the positive developments at the adjoining Matamec Kipawa deposit."
"We look forward to having Forum's technical team aggressively advance rare earth exploration on our property." stated Martin Demers, Director of Exploration for Aurizon.
The property is underlain by part of the Kipawa Alkaline Complex, a sheet of peralkaline syenite and granite and comprises three blocks of claims that have been optioned from Aurizon. The West, Central and East Blocks cover 120 claims for 6,960 hectares.
In its exploration work last summer along the south part of the West Block, Aurizon discovered many boulders containing anomalous rare earth elements ranging from 1.34% to 16.77% Total Rare Earth Oxides (TREO) as shown in Table 1. Heavy Rare Earth Oxide (HREO) to TREO ratio ranges from 0.8% to 57% in an area covered by thin glacial till. To the north of this boulder field, a grab sample from an outcrop reported 3.12% TREO and a 34% HREO to TREO ratio. Other areas evaluated by Aurizon have identified rare earth targets for further follow-up. Forum plans a summer program of prospecting, mapping and trenching to identify the source of these boulders, followed by a drill program.
Daniel Beauchamp, P.Geol. is the qualified person that has reviewed and approved the contents of this news release.
Option Agreement with Aurizon Mines Ltd.
Forum can earn a 50% interest by completing $200,000 in exploration as a firm commitment within 12 months and a further $150,000 in exploration, including a minimum of 1,000 metres of drilling, within 24 months of the date of the agreement. Forum has the option to earn a further 15% interest, totaling a 65% interest in the project by establishing an NI 43-101 resource estimate on the property within four years of the agreement date. Forum is Operator during the earn-in period. Upon completion of its earn-in, Forum and Aurizon will form a Joint Venture with Forum as Operator. Forum has engaged Alex Knox, P.Geol. and Daniel Beauchamp, P.Geol., members of its Rare Earth Advisory Team to manage the upcoming field program.
About Matamec's Kipawa Rare Earth Deposit
Matamec (Source: Matamec website) reports an NI 43-101 compliant resource of 8,249,000 indicated tonnes grading 0.596% TREO and 2,011,000 inferred tonnes grading 0.572% TREO at a cutoff of 0.04% TREO. The Kipawa deposit is a good source of heavy rare earth oxide and the HREO to TREO ratio is very high at 36%. Rare earth minerals in this deposit include eudialyte, mosandrite, britholite and vlasovite. Matamec believes that the magnitude and quality of the new resource estimate in TREO combined with the optimization of the metallurgical process flow sheet in progress shows that the Kipawa deposit's scoping study is promising.
Figure 1 - Property Location
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. Forum has assembled a highly experienced team of exploration professionals with a track record of mine discoveries and proactive community consultation. The Company has a strategy to discover near surface mineral 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:
Director, Corporate Affairs
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