VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 15, 2012) - Forum Uranium Corp. (TSX VENTURE:FDC) is pleased to announce commencement of a field exploration program on its Kipawa West heavy rare earth project in Quebec adjacent to Matamec's Kipawa rare earth development project with joint venture partner Toyota Tsusho Corp.
Aurizon Mines Ltd. identified three areas of rare earth mineralization on the Kipawa West property in the Kipawa Alkalic Complex - the Snake, the Eagle in the Centre Block and the West Block boulder occurrences. Forum will focus its exploration on the West Block boulder occurrences where good grades of heavy rare earth mineralization have been encountered and eudialyte, the main heavy rare earth bearing mineral has been identified. In addition, exploration will focus on areas of the Centre Block which have not been thoroughly mapped and prospected where the Eagle showing occurs.
The Eagle Showing is located on the Central Block, about 10.7 km northeast of Matamec's Kipawa Deposit. The best grab sample reported 6.05% rare earth elements + Yttrium. A ground magnetic and radiometric survey was carried out over the Eagle Showing in 2008 but no work has been performed in the area since then.
Daniel Beauchamp, P.Geol. (Alberta), géo (Quebec) is the Qualified Person who has reviewed and approved this news release.
Forum's 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 NI43-101 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.
Stock Option Grant
The Company also announces that, in accordance with the Company's stock option plan, it has granted to certain of its directors, officers and consultants incentive stock options to purchase up to an aggregate of 2,230,000 common shares exercisable on or before August 15, 2017 at a price of $0.10 per share.
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 for unconformity-style uranium deposits in Canada. The Company has a strategy to discover near surface uranium deposits in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut by exploring on its 100% owned properties and through strategic partnerships and joint ventures. The Company is also evaluating North American rare earth prospects.
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.