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Forum Uranium secures option over Transition Metals' Janice Lake copper project

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Forum Uranium secures option over Transition Metals' Janice Lake copper project

Transition Metals Corp. entered into a definitive agreement giving Forum Uranium Corp. an option to acquire the Janice Lake sedimentary copper property in north-central Saskatchewan.

Forum will earn a 100% interest by making staged cash payments of C$250,000 and issuing 8 million shares over four years. The company will also spend C$250,000 on the property within six months of signing the agreement.

Under the terms, Forum will issue 2 million shares directly to Transition, while the remaining 6 million shares will be placed in escrow and released in tranches of 1 million every six months.

Forum will have a one-time opportunity to return the property within the first six months of the option deal and demand the return of the escrowed shares.

Transition will retain a 2% net smelter return royalty. Forum can repurchase 0.75% of the royalty for C$1.5 million at any time prior to commercial production.

In addition, Forum will make staged payments of C$1 million on the completion of a feasibility study on the property and C$5 million within 12 months of the property achieving commercial production.

The property is 55 kilometers southeast of the Key Lake uranium processing facility near several of Forum's core uranium exploration projects.