Forum Development Corp.

COMPANY DATA | INTRODUCTION |  PROJECTS IN HAND |  MANAGEMENT
NEWS UPDATE | CHINESE

COMPANY DATA

INTRODUCTION

Forum Development Corp. is a diversified energy company with a focus on the acquisition, exploration and development of energy projects. The Company has a 100% interest in over 145,000 hectares of uranium exploration properties located in the prolific Athabasca Basin, Saskatchewan. Forum has a 100% interest in the Merritt Coalbed methane project located in southern British Columbia.

PROJECTS IN HAND

(1) Maurice Point Project, Athabasca Basin, Saskatchewan

The 100% owned Maurice Point project consists of nine staked mineral claims and an exploration permit, totalling 51,799 hectares, located immediately adjacent to Cameco Corporation's Maurice Bay uranium deposit (is reported to host 1.3 million pounds of U3O8 at a grade of 0.6%) on the northwest margin of the Athabasca Basin.

The Forum claims and exploration permit cover extensions of basement structures containing the Maurice Bay mineralization and the favourable Athabasca unconformity.

Forum engaged Fugro Airborne Surveys to conduct an airborne geophysical survey (GEOTEM) covering approximately 1,300 line kilometres of the property. The GEOTEM survey was completed in May 2005. The data from this survey was compiled and has been combined with past geological and geophysical records to form the basis for 2005 field programs designed to identify drill targets.

(2) Key Lake Road Project, Athabasca Basin, Saskatchewan

The 100% owned Key Lake Road project located in the Athabasca Basin region of northern Saskatchewan, consists of 107,988 hectares and is located 20 km southwest of Cameco's Key Lake Mine/Mill Complex, the principal processing facility for the nearby high grade McArthur River uranium mine and site of the formerly productive Key Lake Deposit (195 million pounds of uranium mined at an average grade of 2.45% U).

Forum's permits cover favourable basement rocks within the Mudjatik-Wollaston Tectonic Zone, a northeast trending structural zone on the eastern rim of the Basin along which the district's most productive uranium mines occur. Over 95% of known Canadian uranium deposits and all current uranium producing mines in Canada are located on this trend.

Past exploration work in the Key Lake Road project area has been limited to surface trenching and shallow drilling of outcropping uranium showings and geophysical anomalies. Grab samples in outcrop located on newly staked claims graded from 0.032% to 7.65% U3O8. Past surveys have identified a number of untested electromagnetic conductors suggestive of graphitic zones in Wollaston basement rocks within which enriched uranium mineralization frequently occurs.

Deeper exploration, for simple-type structurally controlled uranium deposits within basement rocks, has not been undertaken in the permit area but is included in Forum's 2005/2006 exploration plans.

In summer 2005, Forum's exploration team conducted an extensive regional reconnaissance and ground exploration program on the Key Lake Road project. 

(3) Merritt Coalbed Methane (CBM) Project, Vancouver, British Columbia

The Merritt coalfield is located 250 km east of Vancouver in southern British Columbia. Unlike many of the province's remote interior coal fields, Merritt is characterized by excellent infrastructure. Coalbed methane (CBM) development at Merritt offers potential for direct sales into local domestic and industrial markets or to Terasen whose pipeline servicing the Vancouver metropolitan area and U.S. export markets passes just west of the project area.

The Merritt project is comprised of two packages (996 hectares) of contiguous coal properties covering most of the known Merritt coal field. Forum has private title to the mineral and petroleum rights over a 505 hectare parcel of freehold land.

The Merritt coal field has had a long history of mining. Approximately 2.6 million tons of thermal coal was produced from shallow underground mines between 1906 and 1944 from at least seven known seams with an aggregate thickness of +25 metres. The British Columbia Ministry of Energy and Mines estimates a resource of 300 million tonnes of high volatile bituminous C to A rank coal.

The Company proposes a bore hole designed to recover samples for coal quality and gas desorption testing. The borehole will penetrate the full stratigraphic interval of coal measures, and provide a basis for assessing the full CBM potential of the Merritt Coalfield.

There is no quantitative CBM data at Merritt, but the Ministry of Energy and Mines has estimated a potential resource of 52 BCF.

CBM is the natural gas found in all coal deposits.

CBM frequently occurs as pure methane gas and is a clean burning fuel considered more environmentally friendly than oil, coal or even conventional natural gas.

MANAGEMENT

Forum Development Corp. has a well management team with experience in different areas.

Richard J. Mazur, President, CEO & Director
Mr. Mazur, P.Geo., MBA is a geoscientist who, over 30 years has held positions in the international mineral exploration and mining industry as a project geologist, financial analyst and senior executive on uranium, gold, base metals, coal and industrial minerals projects in North and South America. Most recently, Mr. Mazur served as a Director and senior manager for Southwestern Resources Corp. and affiliated companies and is currently the President & CEO of Alto Ventures Ltd. Mr. Mazur worked over a ten year period as an uranium exploration geologist in Saskatchewan, Nunavut, Ontario, and the Maritime provinces.

John Prochnau, Director
Mr. Prochnau is a mining engineer and geologist with degrees from the University of Washington, Seattle, USA, and McGill University, Montreal, Canada. Early in his career, Mr. Prochnau held management positions with Selection Trust Group, where he was in charge of American operations and the discovery and development of the Alligator Ridge Gold Mine in Nevada, and Billiton International Metals B.V. of the Netherlands. He formed his consulting company in 1984 and has subsequently managed several private exploration syndicates and publicly listed mineral companies responsible for a number of gold and base metal discoveries and mine developments in the United States, South America and Australia.

Mr. Prochnau was founder of Brancote Holdings plc of which he was managing director until 1999. Brancote Holding plc's Argentinean subsidiary, Mineral El Desquite S.A., discovered the high-grade Esquel Gold Deposit which was acquired by Meridian Gold Corp. for USD$368 million.

Mr. Prochnau is one of eleven distinguished members of the Kitco/Casey Explorer's League, and is a member of a three man panel of advisors to Anglo Pacific Group plc, an AIM listed company primarily involved in strategic acquisitions in the mining sector.

Kenneth Judge, B.Juris, LL.B, B.Com, Director
Mr. Judge completed degrees in Commerce, Jurisprudence and Law at the University of Western Australia before qualifying as a Barrister and Solicitor specializing in international mergers and acquisitions. Mr. Judge has extensive private investment and business management experience, having held a number of public company directorships and more recently having been engaged in the establishment of corporate restructuring of technology, mining, oil and gas companies in Australia, the UK, the United States, Canada, Brazil, Argentina and the Philippines. Mr. Judge is a resident of Monaco.

Anthony Balme, Director
Mr. Balme is the Managing Director of Carter Capital Ltd. and A.M.C. Limited, two private UK investment funds. He identifies early stage opportunities in the resource sector and arranges financings to advance projects to the public market. Mr. Balme is the Chairman of India Minerals plc, soon to be listed on the London AIM Exchange.

George W. Heard, Director
Mr. Heard, B.Sc., MBA, P.Eng. has 20 years experience in mineral exploration and mine feasibility, development and operation. Mr. Heard is currently President of Consolidated Global Minerals. He has several years experience in coal mine development, start-up and management for companies such as Arch Mineral Corporation and Carbon Coal Company in the United States, and Kaltim Prima Coal in Indonesia. Mr. Heard's expertise in coal exploration and mine development will be of particular benefit to the Company as it moves towards developing its British Columbia coal and coalbed methane projects.

The rest of the management team include:

Mr. Kerry Beamish, Chief Financial Officer

Mr. Gary F. Zak, Vice President, Corporate Development

Dr. Boen Tan, Technical Advisor/Chief Geologist, Athabasca Uranium Projects

Dr. Marc Bustin, Technical Advisor, Merritt Coalbed Methane Project

NEWS UPDATE

On March 7, 2007, Forum Uranium Corp. announced that it has granted to certain of its directors, officers and consultants incentive stock options to purchase up to a total of 800,000 common shares exercisable on or before March 7, 2012, at a price of 78 cents per share.

On February 27, 2007 Forum Uranium Corp. has entered into a letter of intent to acquire a 100% interest in the Henday project for a consideration of three million common shares of the company and a 2% net smelter return royalty. The 7,204 hectare Henday property, strategically located 10 kilometres northeast of the Midwest Lake mine project currently under development by AREVA/Denison, is along the trend hosting the Midwest Lake (41 million pound of U3O8 at an average grade of 5.5%) and the Dawn Lake( 13 million pounds of U3O8 at an average grade of 1.7%) uranium deposits.

On February 21, 2007 Forum Uranium Corp. and Global Uranium Corp. have completed nine holes comprising 1,140 metres of drilling on the Orchid Lake project. The targets on the Orchid Lake property are shallow, basement-hosted, unconformity-type uranium deposits.

On February 20, 2007 Forum Uranium Corp. has completed nine holes comprising 1,140 metres of drilling on the Orchid Lake project. Samples have been sent to Loring Laboratories Ltd., Calgary, Alta., and assays are anticipated in March. Follow-up drilling is planned at Orchid Lake later this year. A further 20 drill holes are planned this winter drill season on Forum's 100% owned Key Lake Road property. The drill is currently being mobilized to the Hobo zone.

On February 09, 2007 Forum Uranium Corp. has delineated 28 line kilometers of electromagnetic conductors by an airborne survey on the 111,564 hectare Key Lake Road uranium property in the Athabasca basin, Northern Saskatchewan. During the 2006 summer exploration program, Forum discovered uranium mineralization on surface grading up to 1.82 per cent U3O8 in grab samples at the Hobo zone in graphitic rocks. The Hobo zone is exceptionally well located, two kilometers west of Provincial Highway 914 which services the Cameco/AREVA Key Lake uranium mill located 85 kilometres north.

On January 22, 2007 Forum Uranium Corp. and joint venture partner Hathor Exploration Ltd. have delineated more than 45 line kilometres of electromagnetic (EM) conductors on their 10,418 hectare (25,076 acre) Haultain River uranium property in Northern Saskatachewan. The Haultain River claims cover the same basement geological setting as the high-grade, eastern Athabasca area ore bodies that are responsible for approximately one-third of the world's annual mine production of uranium.

On January 18, 2007 Forum Uranium Corp. has commenced a 1,500 metre drill program on its 100% owned Orchid Lake uranium property, located 20 kilometres west of the Key Lake mine/mill complex in the prolific Athabasca basin of Northern Saskatchewan. A total of eight to 10 holes are planned for drilling. As the targets for basement hosted, unconformity-style uranium deposits in this area are shallow, each hole is anticipated to be approximately 150m deep.

On January 11, 2007, Forum Uranium Corp. announced that Global Uranium Corp. and Forum Uranium Corp.'s winter fieldwork has begun at Orchid Lake. The Orchid Lake uranium property is located 20 km west of the Key Lake mine/mill complex in the prolific Athabasca basin of Northern Saskatchewan. It is anticipated that the current fieldwork will be completed by mid-January. Drilling will commence on the target zones toward the latter half of January, 2007.

On January 9, 2007, Forum Uranium Corp. released the further results from Forum's 7,000-metre drill program for the 2006/2007 drill season from holes DD-06 to DD-10 on its 100% owned Key Lake Road property. Further uranium mineralization intersected from shallow drilling. These intercepts are significant as they indicated that uranium mineralizing processes have been active in the area. Hole DD-08 returns 1 m of 0.03% U3O8. Many geological similarities to Cameco's Millennium deposit are exhibited in the area.

On December 13, 2006 Forum Uranium Corp. provided initial results from its 7,000 metre 2006/2007 drill program on its 100% owned Key Lake Road property. The first five holes (858 metres) out of a total of 14 holes drilled on the DD zone and Rainbow Zone intersected multiple zones of uranium mineralization. Intercepts of 1.5 metres grading 0.05% U3O8 in DD-03(including 0.18% U3O8 over 0.25 metre) and 0.50 metre grading 0.08% U3O8 in DD-01 (including 0.15% U3O8 over 0.25 metre) were intersected at the DD zone. 

These intercepts and a number of uranium intercepts ranging from 0.02% to 0.05% U3O8, with a trace of sooty pitchblende, occur in association with sheared, altered graphitic rocks and hematitic breccia. The company is currently awaiting further results from the remaining five holes drilled in the DD area and four holes drilled on the Rainbow zone, located approximately four kilometers south of DD along the C1 conductor.

On December 08, 2006 The TSX Venture Exchange has accepted for filing a property option agreement, dated May 31, 2006, between Forum Uranium Corp. and Global Uranium Corp, pursuant to which Global Uranium may acquire up to a 60% interst in the Orchid Lake uranium property, located in the Key Lake area of the Athabasca basin of Northern Saskatchewan.

On November 21, 2006 Forum Uranium Corp. released the results from its summer exploration program on the southern half of its Key Lake Road property, This property is located 70 kilometres south of Cameco Corp.'s Key Lake mine/mill complex in the Athabasca region, Saskatchewan. Surface uranium mineralization was discovered within two kilometers of the Key Lake mine road at the newly discovered Hobo zone, grading up to 1.82 per cent U3O8. Eight drill holes, comprising 1,000 metres, are planned on the Hobo zone as part of a 3,500-metre drill compaign on the Key Lake Road project this winter.

On November 02, 2006 Forum Uranium Corp. and Hathor Exploration Ltd. have entered into a joint venture in the Key Lake region of Northern Saskatchewan. Hathor and Forum will each have a 50% interest in the Haultain River joint venture and Forum will be the operator.

This joint venture will complement both companies' current exploration initiatives in this area as the joint venture property is located between Hathor's 100% owned Vedette Lake permit and Forum's 100% owned Key Lake Road project.

On October 31, 2006, Forum Uranium Corp. provided drilling update at Key Lake Road project located in Saskatchewan. The Key Lake Road drilling program consists of 7,000 metres of diamond drilling, comprising approximately 40 target holes in the Key Lake project area. Ten holes consisting of 1,720 m of drilling have been completed to date in the DD zone target area. Forum is highly encouraged by the mineralization and alteration encountered which demonstrates that unconformity-style uranium mineralizing processes have been active in the area.

On October 26, 2006, Forum Uranium Corp. announced that it has commenced an aerial VTEM time-domain electromagnetic and magnetic geophysical survey over the Beach and West Beach zones on the Maurice Point project located in Saskatchewan. The survey comprising approximately 500 line kilometers with line spacing of 200 metres will be conducted by Geotech Ltd. of Aurora, Ont.

On September 27, 2006, Forum Uranium Corp. announced that it has appointed John Paterson to the board of directors of the Company. Mr. Paterson's appointment adds to the depth of expertise on the technical, strategic and financing aspects of the Company's growth as a uranium exploration company. Mr. Paterson, BSc (honours), geology, is a founding principal and president of Southwestern Resources Corp., and president of Superior Diamonds Inc. He has over 32 years of experience in mineral exploration for various commodities.

The Company, in accordance to its stock option plan, is granting to certain officers, directors and consultants incentive stock options to purchase 250,000 common shares of the Company, excisable on or before Sept. 27, 2011, at a price of 35 cents per share.

On September 25, 2006, Forum Uranium Corp. provided the initial results from its 2006 mapping and prospecting program on the northern half of the Key Lake Road project, and has commenced a 4,000-metre drill program. Several new uranium showings grading up to 0.7% U3O8 have been discovered.

On September 7, 2006, Forum Uranium Corp. announced that it has discovered further surface uranium mineralization at the Maurice Point project in the Athabasca Basin of Northern Saskatchewan. New zones of uranium mineralization grading up to 6.3% have expanded the Beach zone to an area of 400 metres by 200 metres along a northeast-trending, regional structure. In addition, uranium mineralization grading up to 1.44% U3O8 has been discovered over six kilometres along this major uranium mineralizing structure.

On September 7, 2006, Forum Uranium Corp. announced the discovery of further surface uranium mineralization at the Maurice Point project, located in the Athabasca Basin of northern Saskatchewan. New zones of uranium mineralization grading up to 6.3% has expanded the Beach Zone to an area of 400 m by 200 m along a northeast trending regional structure. In addition, uranium mineralization grading up to 1.44% U3O8 has been discovered over 6 km along this major uranium mineralizing structure that encompasses the Uranium Ridge and Beach zones.

On July 14, 2006, Forum Uranium Corp. announced that, in accordance with the Company's stock option plan, it has granted to certain of its directors, officers and consultants incentive stock options to purchase up to an aggregate of 1,345,000 common shares exercisable on or before July 14, 2011 at a price of $0.38 per share.

On July 13, 2006, Forum Uranium Corp. and Superior Diamonds Inc. have entered into an agreement to explore for uranium in the Thelon basin over a large area west of Baker Lake, Nunavut. Forum and Superior have entered into a letter of intent to form 50/50 joint venture, with Forum as the operator, in an area of interest that encompasses approximately 39,850 square kilometers of the northeastern margin of the Thelon basin. The Thelon basin is largely regarded today as being one of the most prospective regions in the world for uranium exploration, second only to the Athabasca basin in Saskatchewan.

On June 28, 2006, Forum Uranium Corp. announced that it has mobilized an eight man field crew for the summer exploration program at its Maurice Point Project. Surface unconformity-type uranium mineralization had been found at the Maurice Point project, located in the prolific Athabasca Basin where one-third of the world's uranium is produced as fuel for the world's clean energy alternative-nuclear power.

The Maurice Point project is strategically located, surrounding Cameco's undeveloped Maurice Bay uranium deposit, which hosts 1.6 million pounds of contained uranium with grades approximately 0.6%U3O8 from surface to a depth of 150 metres.

On June 27, 2006, Shareholders of Forum Development Corp. approved a name change to Forum Uranium Corp. at the Company's AGM on June 07, 2006. Subsequently, the TSX Venture Exchange approved the change of name on June 26, 2006. The company begins as Forum Uranium Corp. (Cusip#349852103) and will keep its symbol of FDC-TSX.V. Forum's website can now be accessed at www.forumuranium.com. The name change is in line with Forum's corporate strategy to focus on its uranium projects.

On June 20, 2006, Forum Development Corp. announced that it has mobilized a 12 man filed crew and commenced exploration at the Key Lake Road project. Surface unconformity-type uranium mineralization has been found on the project, located in the prolific Athabasca Basin. The Key Lake Road project lies on the Wollaston Trend where one-third of the world's uranium is produced as fuel for the world's clean energy alternative-nuclear power.

On June 07, 2006, Forum Development Corp. has appointed Boen Tan, PGeo, as its full-time chief geologist. Well known in the uranium sector as a leading expert in unconformity-type uranium deposits, Mr. Tan has an impressive record of exploration and discovery in the Athabasca basin of Northern Saskatchewan. Mr. Tan is a member of the Association of Professional Engineers and Geoscientists of Saskatchewan, and for the past year has been on Form's discovery board as a technical consultant, where his advice and guidance have contributed significantly to Forum's early exploration success.

On May 25, 2006, Forum Development Corp. and Global Uranium Corp. have signed a letter of intent to enter into an exploration agreement on Forum's 100 per cent owned Orchid Lake uranium property, located 20 kilometres west of the Key Lake mine/mill complex in the prolific Athabasca basin of Northern Saskatchewan. The Orchid Lake property is interpreted to lie on an east-northeast structure that hosts the Key Lake uranium deposit that had an average grade of 2.45 per cent uranium. The Key Lake mine was discovered by Uranerz Exploration and Mining Ltd. in 1976 and produced over 195 million pounds of uranium from 1983 to 1997. The Key Lake mine/mill complex is jointly owned by Cameco Corporation and COGEMA Resources Inc.

On May 24, 2006, Forum Development Corp. has appointed Clark Avenue Company Inc. as its investor relations counsel. Clark Avenue was founded in 1989 and specialize in corporate communications, investor relations and developing investment community sponsorship for growth oriented public companies.

On February 09, 2006, Forum Development Corp. announced that, subject to regulatory approval, it has arranged a brokered private placement with a syndicate led by Dundee Securities Corporation and including Pacific International Securities Inc. The offering will be completed through the issuance of up to 5,000,000 flow-through common shares at a price of $0.50 per share and 3,500,000 units at a price of $0.45 per unit for aggregate gross proceeds of $4,075,000. The gross proceeds from the flow-through common shares sold under the offering will be used for further exploration of Forum's Canadian uranium exploration properties and for general working capital.

On February 06, 2006, Forum Development Corp. announced that it has entered into an agreement with Cameco Corporation to purchase Cameco's 65% interest in the Costigan Lake Uranium Joint Venture for a cash payment of $22,975. Closing of the transaction is scheduled for February 15, 2006. Forum will be the operator and NVI Mining Ltd., a wholly-owned subsidiary of Breakwater Resources Ltd., will maintain a 35% interest in the joint venture. The Costigan Lake property comprises a 743 hectare mineral lease strategically located in the primary producing trend of the Athabasca Basin, northern Saskatchewan and is in close proximity to the Company's existing Key Lake Road project.

On December 20, 2005, Forum Development Corp. announced the appointment of Mr. Kerry Beamish as CFO effective immediately. Mr. Beamish, BA, CGA, has acted as Forum's controller for the past year and his efforts have been recognized with this elevated appointment. Over the past 20 years Mr. Beamish has acted as Controller, Financial Analyst and Treasurer for a number of private and public companies.

On December 15, 2005, Forum Development Corp. announced that it has received preliminary results from a VTEM airborne geophysical survey recently completed by Geotech Ltd. of Aurora, Ontario. The survey was conducted on Forum's Key Lake Road property located in the Athabasca Basin region of northern Saskatchewan. The VTEM survey encompasses 1,817 line km of coverage using a 200 m line spacing.

The high-resolution helicopter-borne electromagnetic (EM) and aeromagnetic survey focused on 3 target areas within the Key Lake Road property. Multiple basement EM conductors were mapped within each survey block. Up to 6 sub-parallel conductive trends have been traced over a 40 km long by 5 km wide structural corridor identified by Forum as the Key Lake Road shear zone. This zone forms the boundary between the Mudjatik and Wollaston Domains. To the north, these terrains are host to numerous uranium deposits and mines including Cameco's Millennium deposit and the Key Lake and McArthur River mines.

The survey, in conjunction with data compiled from Forum's summer 2005 ground exploration and sampling programs, will form the basis for follow up work on the property in 2006. A final report on the VTEM survey is expected from Geotech in January at which time Forum will provide a more detailed analysis, including maps.

Forum's 2005 regional reconnaissance program at Key Lake Road was successful in identifying two distinct zones (DD and Molly) where grab samples in outcrop contained grades ranging from 0.1% to 5.31% U3O8.

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