• Forte Energy NL
• Website: www.forteenergy.com.au/

Industry:

Metals & Mining

Fiscal Year-End:

Jun 09

FTE is exploring for U3O8 in Guinea and Mauritania, West Africa. FTE has entered into a Cooperation Agreement with Areva for Mauritania, where it holds nine Group-4 (U) exploration permits, covering around 11,900sqkm. FTE holds four U prospecting permits in Guinea, covering two areas. Firawa prospect has a large 5km-long radiometric anomaly. FTE announced an initial JORC-compliant U resource at Firawa of 17.7Mt with grading at 296ppm U3O8 for 11.6Mlb of contained uranium oxide.

Downhole radiometric logging results from drilling at Bir En Nar indicate high grades. Entering Cooperation Agreement with Areva has potential for JV in Mauritania. Drilling at Firawa has confirmed U mineralisation. The best results, from six holes, were over good widths. Grade was mostly above what might generally be considered minimum economic (0.05% U3O8). FTE announced an initial JORC resource estimate in July 2009 of 17,7Mt @ 296ppm U3O8. The deposit remains open along strike and down dip.

FTE operates in the Materials sector, exploring for a wide range of minerals. Exploration companies aim to discover and delineate occurrences of metals and minerals that can be economically mined and extracted. The resources industry is closely linked to world economic movements and the supply and demand for raw materials.

Forte is listed on the ASX (FTE) and AIM (FTE). The company has entered into a wide-ranging cooperation agreement with Areva for the exploration and development of its uranium prospects in Mauritania, where it currently holds nine uranium exploration licences. The company also holds four Prospecting Permits for exploration in the Republic of Guinea, covering two areas of historical uranium anomalies.

As an explorer, FTE has no customers at present. FTE competes with other companies involved in uranium exploration such as DYL, GBE and AGS. Following consolidation of the industry during the 1990's, only seven uranium companies account for 85% of global mine output and the top 12 mines account for 70% of total output.