Forum Uranium Signs Option Agreement With Cash Minerals

Forum Uranium Corp. and Cash Minerals report an option agreement is signed between the two companies whereby Cash Minerals can acquire an option to earn a 60% interest in Forum’s North Thelon Property, centered approximately 50 km west of Baker Lake, Nunavut Territory, Canada.

The HOA signed between Cash Minerals Ltd. and Forum provides for Cash to acquire 60% of Forum’s interest in the North Thelon Property through the expenditure of a total of $6.0M in exploration over a three year period – $1.5M in 2010, $2.0M in 2011 and $2.5M in 2012, and the issuance of 250,000 common shares in the Company to Forum on each of the first, second and third anniversary of execution of the Definitive Agreement. To earn an additional 10% interest in the Property, Cash Minerals must complete a Feasibility Study. Forum will manage the 2010 exploration program.

Forum Uranium’s President & CEO, Rick Mazur says:

“We are pleased to have Cash Minerals as a funding partner to take this project to the next stage of exploration. Prior work by Forum has identified highly prospective targets for deposits similar in style to the Kiggavik uranium deposits currently under feasibility, environmental impact assessment and permitting by Areva Resources Canada.”

For complete news release, click here.