Forum Uranium Optionee Rio Tinto to Earn Further 10% of Henday

Forum Uranium Corp. (TSXV:FDC) and Rio Tinto Canada Uranium Corp. (RTCUC) announced they have agreed to amend the property option agreement with Hathor Exploration Ltd. on the Henday property in the Athabasca basin, Northern Saskatchewan.
As quoted in the press release:

RTCUC acquired Hathor’s interest in the option with the acquisition of Hathor in 2012. RTCUC has earned a 60-per-cent interest in Henday and has given notice to Forum of its election to earn an additional 10-per-cent interest in the Henday property.
The amendment to the option gives RTCUC the right to acquire the additional 10-per-cent interest in and to Henday by sole financing $20-million in exploration or delivering a feasiblility study on the Henday property, whichever occurs first. Forum will hold a 30-per-cent interest if RTCUC exercises its right to the additional 10-per-cent interest.
About the Henday property
The Henday project consists of three claims covering 7,204 hectares at the northeastern margin of the Athabasca basin, Saskatchewan. The Henday project is strategically located northeast of the Denison/Areva Midwest Lake project and RTCUC’s Roughrider project, north of Cameco/Areva’s Dawn Lake project and borders Areva/Denison’s McClean Lake uranium mine and mill. A total of 32 drill holes were drilled by previous operators from 2000 to 2005. Weak mineralization was intersected in one hole (0.18 per cent uranium (U) over four metres in sandstone just above the unconformity), and anomalous U was noted in several other holes.
Forum Uranium acquired the project in 2007 and completed a series of ground gravity surveys, airborne EM surveys, a resistivity survey as well as diamond drill programs in 2008, 2010 and 2011 for a total of 56 holes and 12,754 metres. Several large alteration zones were delineated with associated elevated geochemistry and up to 0.18 per cent U over 0.5 m was intersected. Numerous targets still exist on the project and RTCUC, as operator is currently making plans for further exploration programs.

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