SOURCE: Forum Uranium Corp.
July 05, 2016 09:00 ET
VANCOUVER, BC–(Marketwired – July 05, 2016) – Forum Uranium Corp. (“Forum”) (TSX VENTURE: FDC) is pleased to announce that Uracan Resources Ltd. (“Uracan”) has informed Forum that it has accepted Forum’s exploration proposal at the Clearwater project adjoining Fission’s claims along the southwest extension of the Patterson Lake Corridor, host to Fission Uranium Corp.’s Triple R deposit and NexGen Energy Ltd.’s Arrow deposit in the western Athabasca Basin.
Forum has commenced the permitting process and contracting of services for ground gravity and electromagnetic surveys and diamond drilling. Forum plans to extend existing geophysical surveys further to the southwest in August and commence diamond drilling of existing targets and newly identified targets in September.
Forum has also agreed to extend the terms of the Option Agreement with Uracan to complete cumulative expenditures of $1.5 million on or before December 31, 2016 to earn a 25% interest in the project. Uracan can earn a 51% interest in the Clearwater project by completing cumulative expenditures of $3 million by August 18, 2017. To date, Uracan has completed its commitment of $500,000 in exploration.
Ken Wheatley, P.Geo. , Forum’s Vice-President, Exploration is the Qualified Person that has reviewed and approved 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. 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 by exploring on its 100% owned properties and through strategic partnerships and joint ventures.
ON BEHALF OF THE BOARD OF DIRECTORS
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.