Forte Energy NL

April 16, 2015 05:41 ET

New Licence Application over Kuriskova Deposit Area

                                                                                           Forte Energy NL
                                                                                           ACN 009 087 852
                                                                                       ASX and AIM Release
                                                                                             16 April 2015

New Licence Application over Kuriskova Deposit Area

Forte  Energy  NL  ("Forte"  or "the Company") (ASX/AIM: FTE), the emerging international  uranium  company
focused  on  the  exploration  and development of uranium assets, provides  the  following  update  on  its
operations  in  the  Slovak Republic under a 50% Joint Venture with European Uranium  Resources  ("European

The  Slovak  operating  entity, Ludovika Energy, has filed for a new exploration licence  overprinting  the
Kuriskova deposit area in Slovakia.  The current exploration licence on the project has been valid  for  10
years  and  will  expire on 19 April 2015. The Slovak Ministry of the Environment (the  "Ministry"),  which
administers  exploration  licences,  issued  a statement on April  16  that  it  will  deny  the  Company's
application for a further extension. The Company expects to receive official notification of this  decision
in  due  course. The reasons given for the denial were that the Ministry was reluctant to grant  a  further
extension to the 10 years previously granted for uranium exploration, notwithstanding that the Geology  Act
would  allow  for a further extension in order to complete work and that legal advice to the Joint  Venture
was that there was no legal reason for the extension not to be granted. In addition, the Ministry concluded
that  the  Company's intention to explore for rare earth elements in the licence area qualifies  as  a  new
exploration project, not as work necessary for completing the exploration which has been ongoing.

Together  with joint venture partner European Uranium, Forte has been seeking to enhance the value  of  the
Kuriskova project by evaluating the possibility of adding to the byproduct credits of the Kuriskova uranium
resource, including the potential for rare earth element ("REE") credits. REEs are classed as critical  and
strategic  minerals  by  the  European  Union.  The presence  of  rare  earth  minerals  in  the  Kuriskova
mineralisation  has  been  documented by earlier exploration, but quantities and  grade  of  potential  REE
mineralisation have not been estimated. To do so would require re-assay of select drill core  and  possibly
additional drilling.

In  accordance with Ministry regulations and with Ministry statements, the Slovak operating entity has  now
applied for a new exploration licence covering 14.73 square kilometres, including the area of the currently
defined resource. It is expected that this licence will be granted in the normal course of business for  an
initial 4-year period with the right for two additional extensions of 4 years then 2 years, for a total  of
10 years. The grant of this new exploration licence will allow work to continue on the Kuriskova project.

The  Company  notes  that its Joint Venture partner has invested more than 25 million  Euros  in  Slovakia,
including completion of a prefeasibility study on the Kuriskova deposit. The Company and the Joint  Venture
will take all measures necessary to protect their interests in Slovakia.

Forte advises that it has met its obligation to fund the first year's expenditure of CAD$350,000 under  the
Joint  Venture arrangement with European Uranium. Following the decision by the Ministry not to  grant  the
extension to the Kuriskova uranium exploration licence, the Company will review the Joint Venture structure
with European Uranium.

Forte  also holds a portfolio of uranium assets in West Africa and, in March 2015, acquired a 75%  interest
in  the Olympic Domain Project in South Australia. The Company is currently reviewing its exploration plans
for  advancing  the development of these assets. Forte has sufficient funds to meet its planned  operations
for  the next 12 months. The Company's strategy of seeking opportunities to expand its project base remains
the same.

Commenting,  Mark  Reilly,  MD  said:  "While disappointed with the decision  not  to  extend  the  uranium
exploration  licence, Forte is keen to explore the rare earth elements potential of Kuriskova  through  the
new  licence application. The Company is also finalising plans for an initial exploration programme on  the
Olympic Domain Project. The Company looks forward to updating shareholders in the near term."

For further information contact:

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

Oliver Morse
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

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