ASX, AIM and Media Release
1 June 2009
FORTE ANNOUNCES A$10M CAPITAL RAISING
MAJOR FUNDING INJECTION
TO PROGRESS WEST AFRICAN URANIUM PORTFOLIO
HIGHLIGHTS
?
Forte to
raise A$10M through the issue of 100 million ordinary shares at 10 cents per
share to sophisticated institutional clients.
?
Funds
raised to be used to progress highly prospective West African uranium projects
and ongoing project generation activities.
?
Preparation
of initial JORC Code-compliant resource for the Firawa Uranium Project in
Guinea now underway ~ expected to be finalised within 3-4 weeks.
In a separate announcement released today, the
Company advised that it has engaged leading mining consultants Coffey Mining to
prepare an initial JORC Code-compliant resource estimate for the Firawa Uranium
Project. The maiden Resource is expected to be announced within four weeks.
Please call Mark Reilly with any queries.
Mark
Reilly
Managing Director
About Forte Energy
Forte Energy is an emerging international uranium
company focused on the exploration and development of a high-quality portfolio
of uranium assets in the Republics of Mauritania and Guinea,
West Africa. These assets have the potential
to develop as long-life uranium production projects, representing a significant
new strategic source of uranium supply for world markets.
Forte is progressing its Mauritanian assets through
a Strategic Alliance and Cooperation Agreement with the French-based
multinational industrial and nuclear energy giant, Areva NC, a global expert in
nuclear energy. Areva also holds a strategic 15% equity interest in Forte
Energy.
Under this agreement, Forte Energy has access to
Areva?s extensive uranium exploration database in Mauritania as well as
technical cooperation and on-ground support from Areva in advancing the
exploration and evaluation, in particular of the rapidly emerging Bir En Nar
Uranium Project, located in the Zednes region of northern Mauritania.
Forte Energy and Areva have agreed to establish a
joint venture to develop the Company?s Mauritanian assets if a minimum 60-80
million pounds of JORC Code compliant inferred uranium resources are
established within the next two years.
Forte Energy?s growth strategy in the international
uranium industry is being driven by an accomplished Board and management team
focused on maximising sharehold
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