Comment: Santoy is busy...remember, Nuke Plants have been cut back in the US, most of the uranium that will be mined will go overseas!!
5/12/2009 (BAYSTREET NEWSWIRE)
Vancouver, B.C. May 12, 2009. Forum Uranium Corp. (FDC: TSX-V) is pleased to announce that it has entered into a 50/50 Joint Venture Agreement with Santoy Resources Ltd. (SAN: TSX-V) on 8,151 hectares of land approximately 30 kilometres southwest of the Key Lake minesite. Forum, as Operator of the joint venture and Santoy recently staked part of Santoy’s former Karpinka project, located at the northwest end of Forum’s Key Lake Road project.
Several radioactive boulder occurrences and outcrops occur on the property, with grades of up to 3,525 ppm uranium (0.42% U3O8) encountered. Santoy conducted an airborne electromagnetic survey in 2007, and this survey confirmed that the main Key Lake Road conductive shear zone that Forum is actively exploring to the south continues onto the Karpinka property. Sections that have been cross-cut by N70 structures have already been identified as the highest priority targets (Figure 1). Plans are to conduct ground surveys in 2009, aimed at defining targets for later drilling.
The Karpinka project is an exciting new addition to Forum’s portfolio of projects in the Key Lake mine area. Recently completed ground electromagnetic and gravity surveys on Forum’s Costco area to the east of the Karpinka project have yielded positive results. Forum’s Key Lake Road exploration model targets near surface uranium deposits with no sandstone cover that could be amenable to open pit mining methods in an area that is serviced by the existing Key Lake mine road and Cameco’s Key Lake processing facility. The Karpinka property has potential for basement-hosted uranium mineralization similar to Hathor’s Roughrider discovery and Cameco’s 56.5 million pound Millennium uranium deposit (Source; Indicated and Inferred Resource- Cameco 2008 Annual Financial Review).
VIEW MAP: http://www.forumuranium.com/i/maps/map_newsrelease_2009-05-12.gif
Figure 1: EM Coverage on the Karpinka Project showing the main conductive trend and a cross-cutting structure. The main area of interest lies at the intersection.
Ken Wheatley, P.Geo. (Saskatchewan, Alberta, NWT/Nunavut), Forum’s 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 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.
http://www.baystreet.ca/users/newswire/viewarticle.aspx?id=26285
Wednesday, May 13, 2009
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