Forum encounters up to 2.2% U3O8
Tue, Nov 3, 2009
Forum Uranium Corp. reports that it has identified uranium values grading from 1544ppm U3O8 to 2.21% U3O8 on its Ukaliq project, Nunavut.
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% 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% participating interest or receive a further net profits royalty of 7.5% in addition to the 12% net profits royalty payable to NTI as a consequence of the Nunavut Land Claims settlement agreement with the Government of Canada.
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Tags: Forum, Forum Uranium Corp., Nunavut Land Claims, price of uranium, Ukaliq project, Uranium, uranium assays, uranium industry, uranium price, uranium sector
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