Forum Uranium Corp.: Drill Program Commences on Northwest Athabasca Project

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/23/12 -- Forum Uranium (TSX VENTURE: FDC) -

Key Point Summary

--  4,000 metre drill program to test fifteen discrete targets defined by
    gravity and electromagnetic surveys, gravity survey to continue.
--  Drill targets include unconformity type and basement hosted
    mineralization, both which currently exist on the project
--  Property hosts the 1.5 million pound Maurice Bay uranium deposit

Forum Uranium Corp. (TSX VENTURE: FDC) and Mega Uranium Ltd. (TSX: MGA) announce commencement of a 4,000 metre, 16 hole drill program on the Northwest Athabasca property. Eight high priority targets were defined from a gravity survey completed by Forum and Mega in 2011, and are augmented by an additional seven untested targets from electromagnetic surveys completed by Cameco in the period 2005 to 2007. The first drill targets to be tested will be in the area of the Maurice Bay deposit (historical resource(i) of 1.5 million pounds uranium grading 0.6% U3O8). Of particular interest is Zone 2A, which previously returned grades of up to 5.68% U3O8 over 8.5 metres, indicative of high grade Athabasca unconformity-style mineralization. Another attractive aspect of this property is that the target depths of the unconformity are shallow, ranging from 0 to 200 metres.

The project is located in the western Athabasca Basin where significant deposits are located, such as UEX's Shea Creek deposit hosting 88 million pounds uranium grading 1.4% U3O8 (Indicated and Inferred Resource, UEX website) and Areva's decommissioned Cluff Lake mine which produced 62.5 million lbs of uranium (Cameco website).

Prior work on the Northwest Athabasca project was completed in the late-1970s and early-1980s and concentrated on areas with surface expressions of radioactivity. Recent advances in geophysical techniques and modern theories of unconformity-style uranium deposition are only now being applied to this property.

Forum and Mega Uranium have entered into a 50/50 Joint Venture Agreement to manage the exploration program during the earn-in period with Forum as initial Operator. Forum and Mega can earn a 60% interest from Cameco Corporation on the NW Athabasca project by completing $4 million in exploration over four years and making cash payments of $400,000 over three years of which $60,000 has been paid. This property is surrounded by Forum's 100% owned Maurice Point project which has identified drill targets adjacent to the NW Athabasca property.

Ken Wheatley, P.Geo. (Saskatchewan, Alberta, Nunavut), Vice President, Exploration is the Qualified Person who has reviewed the contents of this news release.

(i)Historical resource for the Maurice Bay deposit, as reported by Saskatchewan Industry and Resources, Miscellaneous Report 2003-7, has not been calculated or classified under the specifications of National Instrument 43-101 and should not be relied upon.

To view Figure 1 please visit the following link: http://media3.marketwire.com/docs/ForumMap120.pdf

About Forum Uranium

Forum Uranium Corp. is a Canadian-based energy company with a focus on the acquisition, exploration and development of Canadian uranium and rare earth projects. Forum has assembled a highly experienced team of exploration professionals with a track record of mine discoveries for unconformity-style uranium deposits in Canada. The Company has a strategy to discover near surface uranium deposits in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut by exploring on its 100% owned properties and through strategic partnerships and joint ventures. The Company is also evaluating North American rare earth prospects.

ON BEHALF OF THE BOARD

Richard J. Mazur, P.Geo., President & CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:

Forum Uranium Corp.

Matt Terriss

Director, Corporate Affairs

604-630-1585

604-689-3609 (FAX)
info@forumuranium.com
www.forumuranium.com