Forte Energy NL

October 01, 2014 02:00 ET

Update on Joint Venture with European Uranium on Slovak Uranium Properties

                                                                                           Forte Energy NL
                                                                                           ACN 009 087 852
                                                                                       ASX and AIM Release
                                                                                            1 October 2014

Update on Joint Venture with European Uranium on Slovak Uranium Properties

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 provide the  following
update  on  the  definitive joint venture agreement (the "Agreement") with European Uranium Resources  Ltd.
("EUU") (TSXV: EUU) announced on 31 July 2014.

Forte  Energy  has now completed payment of the entire amount of cash consideration of CAD$500,000  to  EUU
pursuant  to  the  Agreement,  to  earn a 50% interest in EUU's Slovak subsidiaries,  Ludovika  Energy  and
Ludovika  Mining,  which  hold the mineral licenses comprising the Kuriskova  and  Novoveska  Huta  uranium
projects.  Forte  Energy must sole fund a minimum of CAD$350,000 a year on the Ludovika entities  over  the
next  ten  years  to  retain  its  interest, with the first year's  expenditure  of  CAD$350,000  being  an

Commenting,  Mark Reilly, MD said: "We look forward to working closely with European Uranium on  developing
the Slovak uranium properties in this next exciting phase for the Company."

For further information contact:

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

Geoff Nash/Ben Thompson                  Tel: +44 (0) 207 220 0500
Elizabeth Johnson (broking)

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