VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 23, 2013) - Forum Uranium Corp. (TSX VENTURE:FDC) ("Forum" or the "Company") announces that, further to its news release dated January 14, 2013 announcing a non-brokered private placement of $2,000,000 through the issuance of a combination of units and flow through common shares, it has re-priced the flow through shares to a price of $0.40 per share. The unit price of $0.35 per unit and the unit terms as set out in the January 14th news release will remain the same.

The private placement is subject to TSX Venture Exchange approval and all securities are subject to a four-month hold period. Finder's fees will be payable in connection with the private placement, in accordance with the policies of the TSX Venture Exchange.

Proceeds from this financing will be used for drilling on the NW Athabasca project, exploration on the newly acquired Clearwater claims adjacent to the Fission/Alpha PLS discovery in the Athabasca Basin, exploration on the Agnico Option in the Thelon Basin and for general working capital.

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 in Quebec and Nunavut.

ON BEHALF OF THE BOARD

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