VANCOUVER, Sept. 6 /CNW/ - Global Uranium Corporation ("Global")
(GU: TSX-V) (Frankfurt: B1H) and Forum Uranium Corp. ("Forum") (FDC: TSX-V)
are pleased to announce the acquisition of a further 1,944 hectares of ground
to the west of the Orchid Lake property. The recent staking venture was
initiated to cover the westward extension of an electromagnetic conductor that
intersected uranium mineralization grading up to 0.19% U(3)O(8) in basement
structures from drilling this past winter. The Orchid Lake property is located
20 kilometres west of the Cameco/AREVA Key Lake Mine/Mill Complex in the
Athabasca Basin of northern Saskatchewan. The Orchid Lake property is
interpreted to host the western extension of the ENE structure that controls
the Key Lake uranium deposits which had an average grade of 2.45% U(3)O(8).
The Key Lake mine was discovered by Uranerz Exploration and Mining Ltd.
("UEM") in 1976 and produced over 195 million pounds of uranium from 1983 to
Aeroquest Limited has been contracted to fly 164 line kilometres of the
property with the helicopter-borne AeroTEM magnetic/electromagnetic survey at
200 metre line spacings. Results from this survey will be integrated with a
prior airborne survey conducted on the 5,285 hectare Orchid Lake property. A
1,500 metre drill program is planned for later this fall. Global can earn a
60% interest in the Orchid Lake property by making cash payments of $190,000,
issuing 700,000 common shares of Global to Forum and incurring $2.25 million
in exploration expenditures over a three year period. Forum is Operator of the
Orchid Lake Project.
Ken Wheatley, P.Geo. ( Saskatchewan), Forum's Vice President of
Exploration and Dr. Boen Tan, P. Geo. (Saskatchewan), Forum's Chief Geologist
have reviewed the information in this release and are the Qualified Persons
supervising the exploration program on the Orchid Lake Project on behalf of
Global. Phil Robertshaw, P.Geo. (Saskatchewan), Forum's Geophysical
Consultant, is supervising the Orchid Lake geophysical program.
ON BEHALF OF THE BOARD
George W. Heard
President & CEO
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: George Heard, President at: Suite 308-837 West
Hastings Street, British Columbia, Canada, V6C 3N6, Tel. (604) 632-0085, Fax
(604) 605-0009, email@example.com, www.globaluranium.net