This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Forum Uranium samples up to 2.21% U3O8 at Ukaliq 2009-11-03 08:52 ET - News Release Mr. Richard Mazur reports FORUM ENCOUNTERS UP TO 2.2% U3O8 AND RARE EARTH ELEMENTS AT UKALIQ PROJECT, NUNAVUT Forum Uranium Corp.'s summer exploration activities have identified uranium values grading from 1,544 parts per million (ppm) U3O8 to 2.21 per cent U3O8 on its Ukaliq project (formerly Inuit-owned land parcel BL-21) in Nunavut. Some of the samples from the Ukaliq area also returned anomalous rare earth element values. One sample in particular in an outcrop of metasediment returned 1.80 per cent U3O8 with 672 ppm cerium, 676 ppm neodymium and 113 ppm lanthanum. The Ukaliq project is centrally located nearby the 134-million-pound Kiggavik uranium mine development project which is currently under feasibility, permitting and environmental assessment by Areva Resources Canada Inc.
Forum entered into an exploration agreement with Nunavut Tunngavik Inc. (NTI) on the 27,344-hectare Ukaliq project in March, 2009, whereby Forum can earn a 100-per-cent interest in the Ukaliq project by incurring minimum annual rental payments, minimum annual exploration expenditures and completing 2,500 metres of diamond drilling within five years. Upon completion of a bankable feasibility study, NTI has the right to elect either to form a joint venture with a 20-per-cent participating interest or receive a further net profits royalty of 7.5 per cent in addition to the 12-per-cent net profits royalty payable to NTI as a consequence of the Nunavut land claims settlement agreement with the government of Canada. The remainder is available to Stockwatch subscribers.
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