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Forte Energy www.forteenergy.com.au

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

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Forte Energy continues bid to double resources in Mauritania

Thursday, August 01, 2013

 A highlight of the quarter was the announcement of the planned acquisition of Leo Mining & Exploration (Leominex), which has interests in a portfolio of uranium and rare earth elements assets in Africa

A highlight of the quarter was the announcement of the planned acquisition of Leo Mining & Exploration (Leominex), which has interests in a portfolio of uranium and rare earth elements assets in Africa

A highlight of the quarter was the announcement of the planned acquisition of Leo Mining & Exploration (Leominex), which has interests in a portfolio of uranium and rare earth elements assets in Africa.

 

 

Forte Energy (LON:FTE, ASX:FTE) continues to progress its strategy to double resources near to the A238 uranium prospect in Mauritania, it said, reporting second quarter results.

The board revealed it is also reviewing overheads to reduce expenditure.

More than 170 square kilometres (km) of radiometric surveys were completed at potential targets adjacent to A238.

Assays from air-core drilling, which was completed at the end of June, at Hassi Baida, which lies 50km north east of the firm's existing licences, are expected in the third quarter this year.

Last month, a short scout drill programme was finished, testing potential extensions of the Zednes shear zone to the south of A238.

A highlight of the quarter was the announcement of the planned acquisition of Leo Mining & Exploration (Leominex), which has interests in a portfolio of uranium and rare earth elements assets in Africa.

It is a vehicle that owns a 48% stake in Toronto-listed Mkango Resources (CVE:MKA).

Forte managing director Mark Reilly said: "The company continues to make progress with its stated strategy of doubling resources in proximity to the A238 prospect in Mauritania and looks forward to receiving and analysing results from the  drilling and exploration carried out in Mauritania during the quarter.

"Alongside the considerable organic growth we have achieved to date, we consider that the proposed transaction to acquire Leominex  represents a significant opportunity for Forte Energy to create an African focused uranium and rare  earth explorer and  developer with the technical expertise and financial strength to advance its assets towards production.

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