Forte Energy NL
LSE : FTE

July 01, 2009 02:00 ET

Firawa Uranium Project - Maiden Resource Estimate

                                                                                                                    
                                                                                                     FORTE ENERGY NL
                                                                                                     ACN 009 087 852
                                                                                     ASX CODE:  FTE,  AIM CODE: FTE,
                                                                      Telephone: +618 9322 4071, Fax: +618 9322 4073
                                                                                                                    
                                                                                                                    
                                                                                          ASX, AIM and Media Release
                                                                                                         1 July 2009

                                                            
                                    FIRAWA URANIUM PROJECT: MAIDEN RESOURCE ESTIMATE
                                                            
                       Initial Inferred Resource - 11.6 million pounds of contained U3O8 at 296ppm
                                                            

                                                       Highlights
    
*       Maiden JORC resource estimate for Firawa Uranium Project, Republic of Guinea (West Africa)
    
*       Initial Inferred Resource of 17.7Mt @ 296ppm U3O8 for 11.6Mlbs of contained U3O8 (100ppm cut-off)
        
*       Additional density testing may underpin tonnage increase by using a higher density than the 2.2t/m3 figure
        used for the initial resource
        
*       Deposit open along strike and at depth - excellent potential for increases with ongoing drilling

                                                            

International uranium company Forte Energy NL (ASX: FTE, AIM: FTE; "Forte" or "the Company") is pleased to  announce
a maiden  JORC  Code  compliant resource estimate for its 100%-owned Firawa Uranium Project, located in  the
Republic  of Guinea, West Africa.

Using a cut-off grade of 100ppm U3O8, the initial Inferred Resource estimate is 17.7Mt grading 296ppm U3O8 for
11.6 million pounds of contained U3O8. The resource, which was independently estimated and verified by Coffey
Mining Pty Ltd, is summarised below using a range of different cut-off grades:

------------------------------------------------------
Cut off              Mt         Grade            U3O8
(U3O8 ppm)                  (U3O8 ppm)         (M lbs)
------------------------------------------------------
100                17.7           296            11.6
------------------------------------------------------
200                14.1           329            10.2
------------------------------------------------------
300                 7.7           396             6.7
------------------------------------------------------
400                 2.9           475             3.0
------------------------------------------------------

While the Company is delighted with this substantial maiden resource for the Firawa Project, it is also encouraged
by the significant scope for increases to this figure from bulk density testing currently underway and from further
drilling which has been recommended to test for extensions to the deposit - which remains open along strike and
down dip.

Results from bulk density testing carried out on five samples returned an average of 3.5t/m³. A more conservative
figure of 2.2t/m³ was used in the resource calculation pending results from the additional testwork currently
underway.

If these results support the use of a higher density figure, the estimated U3O8 resource would increase.

In addition to remaining open along strike, the mineralisation at Firawa dips steeply to the north and remains
open at depth - as shown in the cross-sectional diagram from the Coffey Mining report:

Figure 1: Mineralisation interpretation typical section view (413100mE, looking east)
(to view, please open the following link in a new window)

http://media3.marketwire.com/docs/Firawa-Resource-Figure1.pdf

The resource calculation was based on results from 29 holes totalling 1,809 metres of reverse circulation (RC)
drilling undertaken in May 2007 and 56 holes totalling 5,859 metres of diamond drilling completed in January 2009.
The  drilling was carried out predominantly at 50 metre intervals on an East-West trending zone of uranium
mineralisation  extending over a 2km strike length.

Commenting on the initial resource announcement, Forte Energy's Managing Director, Mark Reilly, said: "This is a
great result and a credit to our exploration team headed by Bosse Gustafsson, who has led our exploration
campaign in  Guinea and Mauritania with great energy and vision over the past two years.

"This is the Company's maiden JORC compliant uranium resource and represents an important first step towards
building a substantial inventory of U3O8 resources in West Africa.

"Firawa is now the most advanced of our uranium exploration projects in Guinea and this substantial maiden uranium
resource estimate represents a significant milestone towards the Company's ultimate development and production
goals," he continued.

"The Board will further consider the details of the Coffey Mining report, including recommendations for additional
drilling, to assess the most appropriate strategy going forward.

"Given the scope for increases in the Firawa resource, both from density testwork and further drilling, we are
very excited by the opportunities presented by this Project," he added.

"With drilling scheduled to commence in Mauritania this quarter with a view to delivering our  first JORC
compliant uranium resources later this year, the Company is very well placed to realise its objective of becoming
a significant player in the global uranium industry."

Mark Reilly
Managing Director

Alastair Stratton
Matrix Corporate Capital LLP              Tel: +44 20 3206 7000
(AIM Nominated Broker to the Company)

Stuart Laing
RFC Corporate Finance Ltd        Tel: +618 9480 2506
(AIM Nominated Adviser to the Company)


Note:

The information in this report that relates to exploration results in West Africa is based on information compiled
by Mr. Bosse Gustafsson of Forte Energy NL and Mr. Doug Corley of Coffey Mining Ltd. Mr. Gustafsson and Mr. Corley
have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration
and to the activity which they have undertaking to qualify as a Competent Person as defined in the 2004 Edition of
the "Australasian Code for Reporting of Mineral Resources and Reserves". Mr. Gustafsson is a member of the
European Federation of Geologists a Recognised Overseas Professional Organisation ("ROPO"). Mr Bosse Gustafsson is
a full time Technical Director of Forte Energy NL and is responsible for exploration activities in  Mauritania
and  Guinea. Mr. Gustafsson and Mr. Corley consent to the inclusion in this report of the matters based on their
information in the form and context in which it appears.

Appendix 1: - Resource report for Firawa Uranium Project from Coffey Mining Ltd
(to view, please open the following link in a new window)

http://media3.marketwire.com/docs/Firawa-Appendix1.pdf

Contact Information

  • Forte Energy NL