Forte Energy NL
LSE : FTE

January 29, 2015 03:00 ET

Corporate and Strategic Update

                                                                                           FORTE ENERGY NL
                                                                                           ACN 009 087 852
                                                                                                          
                                                                                       ASX and AIM Release
                                                                                           29 January 2015

Corporate and Strategic Update

Forte  Energy  NL  ("Forte  Energy" or "the Company") (ASX/AIM: FTE), the  emerging  international  uranium
company focused on the exploration and development of uranium assets, is please to present an update on its
corporate and strategic initiatives.


    -       Change of UK/AIM broker
    -       Delisting from Australian Stock Exchange ("ASX")
    -       Open offer to all shareholders
    -       Acquisition opportunities

Forte  advises  that  further  to  recent announcements, the board has been  reviewing  the  Corporate  and
Strategic plan for the Company going forward in conjunction with the review of resources that was announced
yesterday and is pleased to advise the following:

    *   The Company has appointed RFC Ambrian Limited ("RFC Ambrian") to fill the role of UK broker in
        addition to its present role as NOMAD for AIM purposes. RFC Ambrian have recently underwritten a AUD$60m
        equity raising for ASX Uranium developer Peninsula Energy Limited to begin construction of its mine in
        Wyoming. As part of its role, RFC Ambrian will be providing regular research coverage of Forte, and in due
        course, an initiating coverage research note. The directors are pleased to have RFC Ambrian fulfilling the
        role of broker in addition to the NOMAD role that they have been performing since 2006.

    *   After a review by the board of the trading on both the ASX and AIM markets, the board has come to
        the conclusion that the Company is getting little benefit from its ASX listing and the Company and its
        shareholders' interests would be best served by delisting on the ASX and continuing with its AIM listing
        only. The Company has written to the ASX asking for clarification on the ASX's requirements for delisting
        and will revert to shareholders as soon as it has received this clarification.

    *   As  a  consequence of delisting from the ASX, the Company believes it will in future be  in  a
        position to make an open offer to ALL shareholders to subscribe for shares in the Company. This has not
        previously been possible due to the non-alignment of the ASX/AIM quotes and certain restrictions imposed by
        the ASX, which would obviously be removed if the Company was no longer listed there.

    *   For some time now the Company has had a strategy of growth through acquisition, whilst the Uranium
        sector has been in the "doldrums".  This was firstly evidenced by the Company's recent transaction with
        European Uranium Resources ("European Uranium") for a 50% stake in the Company's Slovakian assets.

The  Company  has been actively looking at other opportunities for acquisition in the Uranium  sector  that
will provide synergies with its existing assets. The Company has identified certain assets that it believes
would  fit those criteria and is pursuing talks and negotiations with the relevant parties and will  advise
shareholders of progress.

Shareholders should be aware that there is no certainty of such discussions and negotiations leading  to  a
transaction being concluded.


CONCLUSION

Notwithstanding the current slump in commodities, and general macroeconomic uncertainty, the board believes
that  the above strategy, if carried out in a sensible and measured way, will go a long way towards setting
the  Company and its shareholders up to be extremely well placed in the Uranium space for when the expected
rebound  in  the  sector  takes  place.  The board looks forward to  updating  shareholders  on  the  above
developments.



For further information contact:

Mark Reilly, Managing Director
Forte Energy NL                          Tel: +61 (0) 8 9322 4071

Oliver Morse / Trinity McIntyre
RFC Ambrian Ltd                          Tel: +61 (0) 8 9480 2500
(AIM Nominated Adviser to the Company)


Forte Energy NL

Suite 3, Level 3
1292 Hay Street
West Perth WA 6005
Ph: +61 (0)8 9322 4071
Fax: +61 (0)8 9322 4073
Email: info@forteenergy.com.au
Web: www.forteenergy.com.au

About Forte Energy

Forte  Energy is an Australian-based minerals company focused on the exploration and development of uranium
and  associated  bi-products in Mauritania and Guinea in West Africa and uranium  projects  in  the  Slovak
Republic under a 50% Joint Venture with European Uranium Resources ("European Uranium").

Its  flagship  assets are the A238 prospect (23.4Mlbs U3O8) and the Bir En Nar project (2.06Mlbs  U3O8)  in
Mauritania,  and  the  Firawa Project in Guinea (19.5Mlb U3O8). It also holds a 50%  interest,  subject  to
meeting  expenditure commitments, in the Kuriskova (42.2Mlb U3O8) and Novoveska Huta (21.1Mlb U3O8) uranium
projects in the Slovak Republic.

Forte  Energy  U3O8  JORC resources in West Africa (all at a 100ppm cut-off) (Forte  holds  100%  of  these
projects):

Project              Resource Category        M tonnes         ppm U3O8         Contained U3O8 Mlbs

A238*                         Inferred             45.2              235                          23.4
Bir En Nar                   Indicated              0.5              886                           1.0
                              Inferred              0.8              575                           1.0
Firawa                        Inferred             30.3              295                          19.5
Total                        Indicated              0.5              886                           1.0
                              Inferred             76.3              262                          43.9
                                 Total             76.8              266                          44.9
        * A238NW Anomaly included in the A238 Inferred Resources
    
The  Company is quoted on the Australian Securities Exchange (ASX: FTE) and AIM market of the London  Stock
Exchange (AIM: FTE). For more information, visit www.forteenergy.com.au

Slovak Republic Joint Venture

Forte  Energy holds a 50% interest with European Uranium in two project areas in Slovakia, namely Kuriskova
and  Novoveska  Huta,  of  which Kuriskova is the most advanced. Forte Energy's interest  is  held  through
ownership  of  50%  of the shares in European Uranium's Slovak subsidiaries, Ludovika Energy  and  Ludovika
Mining, which hold the mineral licenses comprising the Kuriskova and Novoveska Huta uranium projects. Forte
must sole fund a minimum of CAD$350,000 a year on the Ludovika entities over the next ten years to maintain
its 50% interest with the first year's expenditure of CAD$350,000 being an obligation.

The  Kuriskova  project consists of 32 square kilometres of mineral licenses situated approximately  10  km
northwest of the city of Kosice, a regional industrial centre in East-Central Slovakia.

The  Novoveska Huta uranium deposit is located at the western end of the Carpathian uranium belt, about  50
kilometres northwest of Kuriskova and near the town of Spisska Nova Ves. The deposit consists of  a  mining
license over one square kilometre and a surrounding fifteen square kilometre exploration license.

                          KURISKOVA - 100% Gross JORC Compliant Mineral Resource

MINERAL RESOURCE SUMMARY AT @ 0.03 U% CUT OFF, KURISKOVA DEPOSIT
  U%      Tonnes       % U3O8       U3O8 lbs      Metal U     Metal U3O8     Mo Tonnes     % Mo      Mo lbs
                                                 (Tonnes)      (Tonnes)
                                                                                                        
                                                  Indicated
0.445    2,475,849      0.525      28,637,284     11,015        12,990       2,448,087    0.062     3,322,512
                                                                                                        
                                                  Inferred                                          
0.130    4,010,815      0.153      13,545,690      5,210        6,144        3,779,214    0.024     2,036,120
                                                                                                        
                                          Total Indicated + Inferred
0.250    6,486,664      0.295      42,182,974     16,226        19,134       6,227,301    0.039     5,358,632

* To convert %U to %U3O8, a conversion factor of 1.17924 was used.

As noted, Forte holds a 50% interest in this deposit, subject to meeting expenditure commitments.


                        NOVOVESKA HUTA - 100% Gross JORC Compliant Mineral Resource

MINERAL RESOURCE SUMMARY AT @ 0.03 U% CUT OFF, NOVOVESKA HUTA DEPOSIT
 U %       Tonnes        % U3O8     U3O8 lbs       Metal U      Metal U3O8      Mo Tonnes    % Mo    Mo lbs
                                                   (Tonnes)       (Tonnes)
                                                                                                             
                                                     Measured
0.055     2,973,287      0.065      4,254,594       1,637          1,930                                         
                                                                                                                  
                                                     Indicated
0.053     2,774,792      0.063      3,842,852       1,478          1,743                                         
                                                                                                                  
                                                     Inferred
0.102     4,902,082      0.121     13,043,317       5,017          5,916       10,423,317   0.016   3,770,800
                                                                                                             
                                       Total Measured + Indicated + Inferred
0.076    10,650,161      0.090     21,140,763       8,132          9,589       10,423,317   0.016   3,770,800

* To convert %U to %U3O8, a conversion factor of 1.17924 was used.

All at 0.03% U cut off; molybdenum included only when within blocks above U% cut off.

As noted, Forte holds a 50% interest in this deposit, subject to meeting expenditure commitments.

        
Note:
The  information in this report that relates to the reporting of Mineral Resources in Mauritania and Guinea
is  based  on  information  compiled or reviewed by Mr. Galen White, who is a Fellow  of  the  Australasian
Institute  of Mining and Metallurgy (FAusIMM). Mr White is the Principal Geologist of CSA Global (UK)  Ltd.
CSA  Global  have an on-going role as geological consultants to Forte Energy NL. Mr. White  has  sufficient
experience which is relevant to the style of mineralisation and type of deposit under consideration and  to
the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the
'Australasian  Code  for Reporting of Exploration Results, Mineral Resources and Ore Reserves'.  Mr.  White
consents to the inclusion in this report of the matters based on his information in the form and context in
which it appears.

The information in this report that relates to the reporting of Mineral Resources in the Slovak Republic is
based on information compiled or reviewed by Ing. Boris Bartalsky, PhD. who is a Member of the Australasian
Institute of Mining and Metallurgy (AusIMM) and the Society of Mining, Metallurgy and Exploration (SME). Mr
Bartalsky  is  the  Director of Ludovika Energy, and country manager for the Slovakian Joint  Venture.  Mr.
Bartalsky  has sufficient experience which is relevant to the style of mineralisation and type  of  deposit
under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined
in  the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources  and
Ore  Reserves'.  Mr.  Bartalsky  consents to the inclusion in this report  of  the  matters  based  on  his
information in the form and context in which it appears.

Contact Information

  • Forte Energy NL