Forte Energy

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

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.

Mauritania Project

Forte Energy currently holds seven Group 4 uranium exploration licences in the Republic of Mauritania, in West Africa. The licences cover 8,103 square kilometres, with more permits awaiting approval. The company is well placed to secure additional exploration licences.

Mauritania represents an attractive opportunity for Forte Energy, with large tracts of prospective exploration ground including historical uranium prospects located within Reguibat Massive, a part of the West African Shield. Exploration is further enhanced by the availability of modern airborne geophysical data and modern geological maps from the PRISM 1 project conducted by the World Bank.

Digital airborne data and processing of radiometric line data has identified several strong uranium anomalies, many of which have been followed up with field surveys. Initial assays from reconnaissance sampling at some of these anomalies returned grades of up to 9,500ppm U3O8 (0.95%).

In December 2007, the Company completed its first drilling program in Mauritania – at its Bir En Nar prospect in the Zednes region – following up on high sample results previously obtained. The 4,006 metre Reverse Circulation (RC) drilling program consisted of 41 holes of between 50m and 150m. Downhole radiometric logging results indicated numerous high-grade uranium intersections, including 1.55m at 18,280ppm U3O8 (1.83%). A follow-up diamond core drilling program of more than 5,500 metres was completed in February 2010 enabling the announcement in July 2010 of an initial JORC code compliant U3O8 resource.

For more information about Forte Energy's Mauritania project please click here.

Guinea Project

Forte Energy holds four Uranium Prospecting Permits in the Republic of Guinea, West Africa. The permits for Uranium and Rare Earth Elements cover 847 square kilometres over two separate concession areas – Firawa and Bohoduo.

Firawa

Previous partial exploration in the 1980s by Davy McKee identified a five-kilometre anomaly lying in an east-west direction at the Firawa prospect. An initial drilling program was successfully completed during May 2007. This program comprised 29 Reverse Circulation (RC) drill holes over 1,809 metres, targeting a highly prospective two-kilometre section within Forte Energy’s licences.

Final assay results included intersections of:

12m @ 771ppm U3O8 (including 1m @ 995ppm U3O8)

10m @ 652ppm U3O8 (including 1m @ 1,325ppm U3O8), and

5m @ 749ppm U3O8 (including 1m @ 1,020ppm U3O8).

A follow-up diamond drilling program commenced in December 2008, targeting a JORC-compliant resource estimate for Firawa. The initial 4,000 metre program was increased to 5,859 metres based on encouraging initial results.

Firawa Resource *:

Using a cut-off grade of 100ppm U3O8, the initial uranium Inferred Resource estimate is 17.7Mt grading 296ppm U3O8 for 11.6 million pounds of contained U3O8. 

Further drilling is planned to test for extensions to the deposit - which remains open along strike and down dip. Drilling is expected to commence early 2011, with a brief RC phase to prove strike and depth extensions, followed up by a major diamond drilling programme over the remainder of the field season with the objective of calculating an updated resource during 2011.

Encouraging metallurgical test results have been received from Firawa Project samples and indicate potential for economic recovery from leaching. studies continue to provide greater guidance on the likely processing route, which when complete should allow us to commence preliminary scoping studies in early 2011. 

Rare Earth Elements:

Metallurgical testing of several drilling samples from Firawa Project has also indicated the presence of Rare Earth Elements (REE), with a programme currently underway to re-assay previous drilling samples with the objective of obtaining a JORC Code compliant REE resource at Firawa during H2 2011 in addition to the existing uranium resource. Preliminary results from the REE re-assay project suggest that the REE may prove to be a valuable complement to our substantial uranium resources at Firawa.

Bohoduo:

Previous ground work and uncompleted diamond drilling by Davy McKee targeted a 700-metre long, irregular uranium anomaly at Bohoduo. Forte Energy has confirmed the presence of uranium mineralisation, and airborne geophysical data indicates a 12-kilometre long extension of the anomaly to the east.

An initial drilling program was carried out during May 2008. While the results were promising, Forte is currently focusing on its more advanced projects at Firawa and also in Mauritania.

For more info regarding Forte Energy's Guinea project please click here.

For more information about Forte Energy's current operations, please click here.

Glenn Robert Featherby - B.Com, ACA - Non-Executive Chairman

Glenn Featherby joined the Board on 2 August 2004. He has over 20 years experience in corporate advisory work and has worked extensively in the resources sector. Glenn worked with KPMG in Perth and London before establishing his own accounting practice in Perth in 1997. He has previously been finance director of AIM-listed Regal Petroleum Plc and non-executive director of Canadian and AIM-listed European Goldfields Limited.

Lady Barbara Thomas Judge - B.A, J.D - Non-Executive Deputy Chairman

Lady Judge joined the Board on 18 July 2008. A US-trained lawyer now based in London, she has an exceptionally broad and successful international career as a senior executive, chairman and non-executive director in both the private and public sectors. Lady Judge has been a regulator in both the US and UK financial services industries, with particular expertise in energy and corporate governance. She is currently chairman of the UK Atomic Energy Authority and director of Massey Energy Company and Magna International Inc.

Mark David Reilly - B.Bus, ACA - Managing Director and Chief Executive Officer

Mark Reilly joined the Board on 2 August 2004. He has over 15 years experience in advisory work with extensive experience in the mining, banking and finance industries. Mark worked with Coopers & Lybrand in Perth before establishing an accounting practice with Glenn Featherby. He is the former administrator of the Company’s previous subsidiary, Renison Bell Limited.

Bosse Gustafsson - M.Sc (Geology & Mineralogy), EurGeol - Technical Director

Bosse Gustafsson joined the Board on 3 October 2006. He has over 35 years geological experience, including more than 15 years in uranium exploration, and is a lifetime member of the Geological Society of Sweden and a member of the European Federation of Geologists. Bosse manages and conducts the company’s exploration programs in Africa, having formerly been Senior Geologist in the Mineral Resources Information Office of the Geological Survey of Sweden. He has previously managed a number of exploration programs both in that role and on secondment to private companies in various locations throughout Europe, Africa and Latin America.

Christopher David Grannell - Non-Executive Director

David Grannell joined the Board on 4 April 2005. He has significant London capital markets experience focused in the natural resources sector and was an executive director and chief financial officer of Canadian and AIM-listed European Goldfields Limited. David is a fellow of the Chartered Association of Certified Accountants based in London.

Scott Yelland - Chief Operating Officer

Scott Yelland is a mining engineer with over 28 years experience in the mining industry. Scott has a Masters degree in Mining Engineering from the Camborne School of Mines, is a Chartered Engineer and a Fellow of the Institute of Mining, Mineral and Materials.  Scott joins Forte Energy from Berkeley Resources Ltd, an ASX and AIM listed resources company with advanced uranium exploration and development projects in Spain.  Prior to joining Berkeley in April 2007, Scott held Senior management roles with Kinross in Russia and with Rio Tinto in Brazil and Australia.

Capital Structure

As at 4 May 2011, the capital structure of the Company is comprised of:

As at 4 May 2011:

• Top 20 shareholders hold 32.21%
• Shares not held by the public 3.77%
• List of Top 20 shareholders

Significant shareholders (>3% of issued capital):

Updated from company website 25.10.11