Forum Uranium consolidates North Thelon properties
Forum Uranium Corp. (FDC.V; FDCFF) has consolidated its North Thelon property interests by entering into a purchase and sales agreement with Agnico Eagle Mines Ltd. (AEM.T; AEM) to acquire a 100% interest in Agnico Eagle's Judge Sissons and Schultz Lake claims.
Sufficient work has been done by Forum to keep these claims in good standing with minimal expenditures for three years.
According to the Forum Uranium press release, Agnico Eagle's claims are strategically located immediately adjacent to AREVA Resources Canada Inc.'s 133 million pound Kiggavik uranium deposit in Nunavut, which averages 0.54% U3O8, and is being permitted for an open pit and underground uranium mine that is projected to produce eight million pounds per year over a mine life of approximately 17 years.
Under the terms of the agreement, which replaces the previous option agreement completed with Agnico Eagle in 2008, Forum will acquire a 100% interest in the Judge Sissons and Schultz Lake claims for $250,000 cash, 675,000 common shares and a 2.0% net smelter royalty.
On completion of the transaction, which is subject to approval of the TSX Venture Exchange, Agnico Eagle will own 4.0% of Forum's outstanding common shares.
Forum Uranium is an energy company with a focus on the acquisition, exploration and development of Canadian uranium projects.
On Thursday, Forum Uranium was up 5.5% and was trading at $0.385 a share. The company had a market cap of $11.2 million, based on 29.1 million shares outstanding.
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