February 06, 2012 02:00 ET
Forte Energy NL
ACN 009 087 852
ASX, AIM and Media Release
6th February 2012
Two new Uranium Exploration Permits granted in Mauritania
International uranium company Forte Energy NL (ASX/AIM: FTE; "Forte Energy" or "the Company") is pleased
to announce that it has been granted two new uranium exploration permits in Mauritania, West Africa:
Licences 1588 - Nord Tmeimichat Rhall Amane and 1173 - Bir Ould Ben Nasser. The licences cover an area
of 1,325km2 and are located near the Company's existing licences in the north of the country.
The Company announced in September 2011 that it has applied for these permits, at the same time as the
Hasi Baida permit.
The Company now holds ten uranium exploration permits within Mauritania for a combined area of over
9,925km2, in addition to its Firawa and Bohoduo uranium prospects in Guinea, which total 847km2.
To view Figure 1: Forte Energy uranium exploration permits, Mauritania, please open the following link in a new window:
Bir Ould Ben Nasser (375km2) is located to the east of the Gleibat Ten Edbar licence and to the north of
the Rhall Amane licence. During 2011 a combination of radiometric surveys and ground works have identified
surface uranium mineralisation similar to that in areas to the west and to the south.
To view Figure 2: Forte Energy new uranium exploration permits, Mauritania, please open the following link in a new window:
Nord Tmeimichat Rhall Amane (1,000km2) situated approximately 40km to the east of the existing Forte Energy
licence Rhall Amane, has been identified as a prospective calcrete prospect similar to Hasi Baida. The area
was identified by a combination of the interpretation of the airborne survey data at the Department of
Mines and Geology (DMG) in Nouakchott and field studies.
Following the completion of the Reverse Circulation (RC) drilling programmes by the end of Q1 2012 at Hasi
Baida and Tisram, a preliminary RC programme will start in Q2 at the two new licences.
As announced on the 27th September 2011, Forte Energy has agreed to grant up to 5 million options to its
long-time Mauritanian business partners, Mauritanian Mining Services (MMS), in recognition of their
considerable efforts in managing the Company's local affairs in Mauritania, including these licence
The options are to be granted to MMS with an exercise price of A12.5 cents per share. The options are
exercisable within three years of being granted, and will be granted if and when the following milestones
* 2 million options to be granted upon the issue of the three new permits (948, 949 and 1173),
* 2 million options upon the commencement of exploration drilling on the new permits, and
* 1 million options upon the release of an initial JORC code compliant mineral resource within the
The granting of Licence 1173 represents attainment of the first milestone. Accordingly the first 2 million
options will now be granted to MMS.
Mark Reilly, Managing Director of Forte Energy commented: "The Company is pleased to add these licences to
its highly prospective portfolio of exploration holdings within Mauritania and is grateful for the
assistance of Mauritanian Mining Services in successfully managing the application process to achieve this
result. Forte is today one of the largest exploration companies operating in Mauritania, and has committed
to an intensive drilling programme to further increase its current JORC resource of 28.5Mlbs of U3O8. We
look forward to undertaking further field activities to explore the potential of these licences.
For further information contact:
Mark Reilly, Managing Director
Forte Energy NL Tel: +44 (0) 203 3849555
Rob Collins/Tarica Mpinga
Canaccord Genuity Limited Tel: +44 (0) 207 050 6500
Bobby Morse/Louise Hadcocks
Buchanan Tel: +44 (0) 207 466 5000
RFC Corporate Finance Ltd Tel: +61 (0) 8 9480 2506
(AIM Nominated Adviser to the Company)
Forte Energy NL
Australia United Kingdom
Suite 3, Level 3 3C Princes House
1292 Hay Street 38 Jermyn Street
West Perth WA 6005 London SW1Y6DN
Ph: +61 (0)8 9322 4071 Ph: +44 (0)203 3847474
Fax: +61 (0)8 9322 4073 Fax: +44 (0)207 2878387
Email: email@example.com Email: firstname.lastname@example.org
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. The Company has an extensive pipeline
of assets and total JORC resources of 45.5Mt @ 284ppm U3O8for 28.5Mlbs contained U3O8 (100ppm cut-off).
Its flagship assets are the A238 prospect (14.9Mlbs U3O8) and the Bir En Nar project (2.06Mlbs U3O8) in
Mauritania, and the Firawa project in Guinea (11.6Mlb U3O8).
Forte Energy U3O8 JORC resources (all at a 100ppm cut-off):
Project Resource M tonnes ppm U3O8 Contained
Category U3O8 Mlbs
A238 Inferred 26.5 256 14.9
(Mauritania) Total 26.5 256 14.9
Bir En Nar Indicated 0.55 886 1.0
(Mauritania) Inferred 0.78 575 1.0
Total 1.33 704 2.0
Firawa Inferred 17.7 296 11.6
(Guinea) Total 17.7 296 11.6
Total Indicated 0.5 886 1.0
Inferred 45 277 27.5
Total 45.5 284 28.5
Forte Energy's strategy is to target high grade uranium ore bodies and build a low cost West African-
focused uranium producer. The Company is quoted on the Australian Stock Exchange (ASX: FTE) and AIM market
of the London Stock Exchange (AIM: FTE). For more information, visit www.forteenergy.com.au
The information in this report that relates to Exploration Results is based on information compiled by Mr.
Bosse Gustafsson, who is a Member of the European Federation of Geologists, a 'Recognised Overseas
Professional Organisation' ('ROPO') included in a list promulgated by the ASX from time to time. Mr
Gustafsson is a full time Technical Director of Forte Energy NL and is responsible for exploration
activities in Mauritania and Guinea. Mr. Gustafsson 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. Gustafsson 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 Mineral Resource at the A238 prospect in Mauritania is
based on information compiled by Mr. Bosse Gustafsson or Forte Energy NL and Mr Galen White BSc (hons) FGS,
MAUSIMM, Principal Geologist of CSA Global Inc (UK). The information in this report that relates to the
Mineral Resource at Bir En Nar in Mauritania is based on information compiled by Mr. Bosse Gustafsson of
Forte Energy NL and Mr. Neil Inwood of Coffey Mining Ltd. The information in this report that relates to
the Mineral Resource at Firawa in Guinea is based on information compiled by Mr. Bosse Gustafsson of Forte
Energy NL and Mr. Doug Corley of Coffey Mining Ltd.
Mr. Gustafsson, Mr. Corley, Mr. Inwood and Mr White have sufficient experience which is relevant to the
style of mineralisation and type of deposit under consideration and to the activity which they have
undertaken 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. Gustafsson, Mr. Corley, Mr.
Inwood and Mr White consent to the inclusion in this report of the matters based on their information in
the form and context in which it appears.
Forte Energy NL
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