Forum Uranium Corp. (FDC: TSX-V) announced that the Company has entered into an option agreement with Cameco Corporation whereby Forum and Mega Uranium Ltd. may jointly earn a 60% interest in the 98 square kilometer North West Athabasca project, including the historical 1.5 million pound Maurice Bay uranium deposit in the Western Athabasca Basin. 

Maurice Bay Project Highlights 

• The Maurice Bay deposit contains a historical resource of 1.5 million pounds uranium grading 0.6% U3O8 to a depth of 50 metres*. (Saskatchewan Industry and Resources, Miscellaneous Report 2003-7)
• Limited drilling at Zone 2A, with grades of up to 5.68% over 8.5 metres, demonstrates the potential for further high grade deposits.
• Numerous targets for basement and sandstone-hosted unconformity style mineralization are under-explored or untested.
• Geophysics and drilling are planned this year.
• Shallow (0 -- 200m) open pit mining potential. 

Forum/Mega plan to test and expand the potential of the known mineralization and to locate new deposits using the latest in exploration techniques on a project that has seen most of its work in the late 70's and early 80's. Initially, five areas have been selected to be covered by a ground gravity survey starting in mid-March. Gravity surveys of this type are designed to identify zones of lower density hydrothermal alteration, which are typically in spatial association with uranium deposits in the Athabasca Basin. Drilling is scheduled for later this year on Zone 2A, plus other targets, including those generated from the gravity survey.

"Maurice Bay is a known deposit of uranium with untested high grade drill intercepts. The property has tremendous exploration potential and enhances our efforts in the Western Athabasca Basin, where Forum has been exploring since 2005," said President & CEO of Forum, Richard Mazur.

More information, click here

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