Forte Energy NL

December 23, 2014 02:31 ET

Re Joint Venture

                                                                                           Forte Energy NL
                                                                                           ACN 009 087 852
                                                                                       ASX and AIM Release
                                                                                          23 December 2014

Kuriskova Joint Venture Resource 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 pleased to advise that:

Further  to  the  announcement on 19 November 2014, the Company has commenced the review of  the  Kuriskova
uranium resources, including incorporating drill hole data collected since the last resource estimate which
formed  the basis of the 2012 prefeasibility study prepared by Tetra Tech Inc. It is anticipated  that  the
review  will  enable  the  release of a JORC code compliant Mineral Resource estimate  for  Kuriskova,  and
potentially a resource upgrade.

The Company is pleased to advise that the final calculations for the resource update are being finalized by
our consultants. A significant increase in contained uranium is expected.

The  Company  believes it will be in a position to announce the final upgrade in early  January  2015.  The
Company looks forward to updating shareholders on this and other initiatives.

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
About European Uranium's assets

European Uranium has two project areas in Slovakia, namely Kuriskova and Novoveska Huta, of which Kuriskova
is  the most advanced. The projects are held in two wholly owned subsidiaries of European Uranium that  are
registered  in  the  Slovak  Republic. 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 summary results of a preliminary feasibility study prepared for Kuriskova released in January 2012 are
as follows:

        - IRR 30.8%
        - 1.9 year payback on CAPEX of $US 225m
        - NPV $US 276m at 8% discount
        - Base case price $US 68/lb U3O8
        - First 4 year operating costs $US 16.68/lb U3O8
        - Life of Mine operating costs $US 22.98/lb U3O8

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.

European Uranium Slovakian U3O8 NI 43-101 mineral resource estimates (100%) ***

Project              Resource Category         M tonnes         ppm U3O8           Contained U3O8 Mlbs
Kuriskova **                 Indicated              2.3            5,550                          28.5
                              Inferred              3.1            1,850                          12.7
Novoveska                     Measured              0.8            1,080                           2.0
Huta **                      Indicated              0.8              970                           1.7
                              Inferred              4.7            1,230                          12.7
Total                         Measured              0.8            1,080                           2.0
                             Indicated              3.1            4,352                          30.2
                              Inferred              7.8            1,477                          25.4
                                 Total             11.7            2,141                          57.6
        **    Kuriskova calculated at 500ppmU cut-off, Novoveska Huta at 600ppmU cut-off
        *** These  mineral resource estimates are reported in this announcement as "foreign estimates under
            ASX Listing Rule 5.10
            *       The foreign estimates are not reported in accordance with the JORC Code.
            *       A competent person has not yet undertaken sufficient work to classify the foreign estimates as
                 mineral resources or ore reserves in accordance with the JORC Code.
*       It is uncertain that, following evaluation and/or further exploration work, it will be possible to
report these estimates as mineral resources or ore reserves in accordance with the JORC Code.
            ASX  Listing Rule 5.12 specifies that additional information must be provided to the market  in
            any  announcement containing foreign estimates. Forte has previously provided that  information
            in the Accompanying Notes in its announcement of 4 April 2014.
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 76.8Mt @ 266ppm U3O8for 44.9Mlbs contained U3O8 (100ppm cut-off).

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).

Forte Energy U3O8 JORC resources (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

The  information in this report that relates to the reporting of Mineral Resources 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

The information in this announcement that relates to the reporting of foreign mineral resource estimates is
provided  under ASX listing rule 5.12 and is an accurate representation of the available data  and  studies
for  the  Kuriskova and Novoveska Huta uranium deposits and is based on information reviewed by  Mr  Dorian
(Dusty) Nicol. Mr Nicol is President and CEO of European Uranium Resources Ltd. Mr Nicol is a Fellow of the
AusIMM, a Registered Member of the SME, a Certified Professional Geologist, a Registered Geologist  in  the
state of Wyoming, USA and is a Qualified Person under NI 43-101.

Contact Information

  • Forte Energy NL