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Additional Information
Market: ASX / AIM
Sector: General Mining
EPIC: FTE
Latest Price: 0.06  (5.00% Ascending)
52-week High: 0.15
52-week Low: 0.02
Market Cap: 43.82M
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Forte Energy
www.forteenergy.com.au

Forte Energy NL is an Australian-based minerals company focused on the exploration, evaluation and development of uranium and energy-related projects worldwide.

The Company changed its name from Murchison United NL on 25 November 2008.

Forte Energy has secured an extensive portfolio of uranium projects in the Republics of Guinea and Mauritania in West Africa, where it is pursuing intensive exploration programs. The Company also holds copper and cobalt interests in Queensland and Western Australia, Australia.

Full Forte Energy profile here
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Forte Energy H1 saw busy exploration programme, cash up year-on-year

17th Mar 2010, 3:27 pm

Forte Energy (AIM, ASX: FTE) has had a busy first half in which it undertook extensive exploration. During the period to end-December 2009, the company completed the second tranche of a US$12 million capital raising to help fund its accelerated exploration activities in West Africa. The company had cash of US$5.9 million at the end of the period compared to US$4.2 million a year earlier and US$6.6 million at 30 June 2009.

Pretax loss widened to US$1.7 million from US$984,516 in equivalent period of the previous year, mainly on significantly higher administration expenses, while revenues were down from US$199,079 in the previous first half at US$163,384.

Forte Energy is currently focused on its uranium exploration licences in West Africa in the Republic of Guinea and the Islamic Republic of Mauritania. In June 2008 the company entered into an extensive cooperation agreement with Areva NC to expedite exploration and development of its Mauritanian assets.

The exploration programme undertaken during the period included diamond core resource drilling at the Bir En Nar uranium project, with estimation of a maiden JORC code compliant resource expected in Q1 2010. Results from geophysical ground surveys have been used to help guide a reverse circulation (RC) core drilling program of up to 6,000m covering 11 of these anomalies that is currently underway.

The company announced a JORC code compliant initial inferred resource of 17.7Mt (million tonnes) grading 296 ppm (parts per million) of U3O8 (uranium) for 11.6 Mlbs (million pounds) of contained U3O8 at its Firawa Prospect in Guinea, while also reporting the potential for economic recovery from leaching indicated by initial metallurgical testing with further optimisation studies currently underway at the project.

In Australia, the company entered into an option agreement with Element Minerals Australia Pty Ltd, a wholly owned subsidiary of Orocobre Ltd (ASX: ORE) in August to sell its Millenium leases. In December the company entered into an agreement to sell its interest in the Maroochydore JV project to the JV exploration manager and JV partner Birla Maroochydore Pty Ltd a wholly owned subsidiary of Aditya Birla Minerals Ltd (ASX: ABY) for US$2 million, which was received in February.

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