Forum Acquires 100% of the Karpinka Property South of the Key Lake Mine, Athabasca Basin, Saskatchewan
August 19, 2014 (Source: Marketwired) — Forum Uranium Corp. (“Forum” or the “Company”) (TSX VENTURE:FDC) is pleased to announce that it has entered into a Purchase and Sale Agreement (“the Agreement”) with Anthem Resources Ltd. (“Anthem”) to acquire Anthem’s 50% joint venture interest in the Karpinka project along the Key Lake Road Shear Zone, 30 kilometres south of the Cameco/AREVA Key Lake Mine. Forum is a 50% partner and Operator of the Karpinka Joint Venture and acquisition of Anthem’s interest will give Forum 100% of the project. Under terms of the Agreement, Forum will acquire Anthem’s 50% interest for 10,000 common shares and a 1% Net Smelter Royalty to Anthem with a 0.5% buyback provision by Forum for $1 million.
Several radioactive boulders grading up to 0.42% U3O8 were discovered in the early 1970’s and drilling did not locate their source. Anthem’s predecessor company completed a TEMPEST airborne magnetic/electromagnetic survey in 2007 which identified a sequence of strongly conductive horizons associated with the Key Lake Road Shear Zone (KLRSZ). Forum has been exploring along the KLRSZ since 2004 and entered into a 50/50 joint venture on the Karpinka property with a predecessor company of Anthem in 2009.
Since formation of the joint venture, two gravity surveys and a soil gas hydrocarbon survey were completed from 2009 to 2012. Coincident soil gas hydrocarbon, gravity and electromagnetic targets have been identified for drilling.
Richard Mazur, P.Geo., Forum’s President and CEO 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 and the Thelon Basin, Nunavut by exploring on its 100% owned properties and through strategic partnerships and joint ventures.
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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.