North Thelon Uranium Project

On July 8th, 2008, Northern Superior Resources opted out of the North Thelon uranium project (“North Thelon”) by selling its 50% interest to its’ joint venture partner and operator, Forum Uranium Corp. (“Forum”; see press release July 8th, 2008). The transaction reflected Northern Superior’s strategy to focus on its gold assets on the Canadian Shield, most specifically the Ti-pa-haa-kaa-ning gold project in Northwestern Ontario. In exchange for Northern Superior’s 50% interest in the properties associated with North Thelon, the Company received 2.7 million Forum common shares at a deemed price of $0.50. The shares will be pooled for release over a two year period with 25% of the shares available after four months, 25% after 12 months, 25% after 18 months and the final 25% after 24 months. Northern Superior will have the right to sell the shares upon notifying Forum of its intention to sell shares that are released from the pool and Forum will have 15 business days to place the shares. In addition, Northern Superior will be granted a 5% Net Profits Royalty (“NPR”) on the 100% owned joint venture claims. This NPR does not apply to the Tanqueray Option or the Agnico-Eagle Participation agreement. Northern Superior was cleared immediately of its obligations for the approved and contingency budgets for the 2008 exploration programs.

Northern Superior concluded that this was in the best interest of both our shareholders and the North Thelon project.  Northern Superior could then focus its financial and human resources on its gold projects and that North Thelon move forward as a project that is 100% owned by Forum. Northern Superior retains an opportunity to benefit from continued progress by Forum at North Thelon, and its other uranium projects in Saskatchewan, through our 2.7 million Forum shares, as well as through our 5% NPR on Forums 100% owned North Thelon claims.”