Forte Energy
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 during 2007. The Company also holds copper and cobalt interests in Queensland and Western Australia, Australia.
Murchison United seals uranium alliance with Areva in Mauritania
Murchison United, the Sydney and London listed uranium exploration company focused on West Africa, announced that it had entered into a cooperation agreement with French Nuclear giant Areva. The agreement covers Murchison’s interests in Mauritania, which coincidently were previously explored by Areva before it pulled out of the region when uranium prices were much lower.
Areva’s stance on uranium exploration and development has changed dramatically in the past few years, in parallel with the surge in uranium prices and forecasts of a new generation of nuclear power plants earmarked for development across the globe.
For the first time, Areva will also take an equity stake in an AIM listed junior mineral exploration company. Areva has agreed to take a 5% stake in Murchison at A$0.135 cents per share. Murchison will also issue a further 10% of the company in shares to Areva in return for access to its “extensive” database on Mauritania, including data on the Bir En Nar prospect, which Murchison has focused most of its attention on. Areva will also supply personnel, equipment and technical services.
Not surprisingly, the agreement will see exploration at Bir En Nar fast tracked. In 2007 and 2008 Murchison’s own exploration at Bir En Nar highlighted the potential for uranium, after a reverse circulation drill program returned high grade uranium, with 26 of a 38 hole campaign returning radiometric logging in excess of 1000 parts per million equivalent U308.
As part of the agreement, the two companies will form a joint venture if a inferred JORC resource of 60 million pounds of uranium can de delineated within two years.
Shares in Muchison United slipped 20% on profit taking, after the shares ran higher in recent weeks.
Other Forte Energy articles
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01/07/08 Murchison United moves into the big league with AREVA deal
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17/01/08 Murchison United: Looking to score with uranium
Other Forte Energy news
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19/12/08 Forte Energy Completes 2nd Share Issue to Areva
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11/12/08 Forte Energy MD’s spouse buys 200,000 shares in company
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05/12/08 Chairman Featherby raises indirect stake in Forte Energy
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28/11/08 Forte Energy Managing Director buys further 200,000 shares in company
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10/11/08 Murchison United director acquires 750,000 shares
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03/11/08 Murchison United Managing Director scoops up shares
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28/10/08 Murchison United commences resource definition drilling at Firawa Uranium Project
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13/08/08 Murchison United receives scoping study for Maroochydore Copper Project
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11/08/08 Murchison United director buys shares
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29/07/08 Murchison United receives cash placement from Areva
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