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Cours Or & Argent

Forte Energy

Publié le 06 janvier 2014

Corporate Update

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Mots clés associés :   Johnson | K Street | Uranium |

Corporate Update


6 January 2014

Corporate Update

Forte Energy NL ("Forte Energy" or "the Company") (ASX/AIM: FTE) is an emerging international uranium company focused on the exploration and development of a portfolio of uranium assets in the Republics of Mauritania and Guinea, West Africa.


As previously announced, Forte Energy has initiated a strategic review and strict cost control programme in order to best manage the business in the current challenging environment. The Company wishes to provide an update on the following measures and progress made:

Review of cost base completed leading to a reduction in overheads, including restructuring of corporate head office and relocation of Management

40% reduction in Chairman and 50% reduction in Managing Director fees

Review and streamlining of Management team

Focus on identifying and reviewing value-accretive transactions c.$750,000 cost saving per annum successfully implemented

In keeping with Forte Energy's previously announced strict cost control programme and optimisation of working capital, the Company has instigated a number of recent measures. These include the significant reduction in overheads by rationalising Forte Energy's London presence, which has involved the closure of the corporate head office in the UK and the relocation of Management to Australia. In line with the Company's aggressive cost reduction efforts, Forte Energy's Chairman and Managing Director have both agreed to substantial reductions in their fees: 40% reduction for the Chairman and 50% reduction for the Managing Director, with effect from 1st July 2013.
Forte Energy has conducted a review of its Management team in order to ensure that its expertise is best suited to the Company's current requirements. As a result, Scott Yelland, Forte Energy's Chief Operating Officer, has left to pursue other opportunities. Mr Yelland is a mining engineer, and whilst his considerable experience has proved invaluable to date, the Company's temporary focus on external opportunities, rather than developing Forte Energy's resource in the current depressed uranium market, has meant that it has had to streamline its team.
The expected annualised savings from all these cost reduction initiatives is approximately
$750,000.
As previously announced the Board continues to explore a number of strategic opportunities that have become available in the current depressed uranium environment, in consultation with the Company's largest shareholders and recognised industry leaders, and an update on these will be made as and when appropriate. Forte Energy has been

concentrating on the assessment of external strategic opportunities in the market, with a view to building on the significant organic growth already achieved by the Company to date and diversifying its asset base. The Board believes that this provisional strategic shift from further exploration to corporate activity is in the best interests of all stakeholders, given the current market conditions, and it is pleased to have the full support of the Company's largest shareholders.
The Company experienced delays in obtaining assay results from the 2,190m NQ Aircore drilling programme carried out during 2013 on its 100% owned Hassi Baida licence in Mauritania. These have now been received and are being processed, with results expected to be announced later this quarter. Forte Energy will continue to undertake low cost exploration and scoping related activities in relation to its Mauritanian and Guinean projects, including consolidation of the exploration results to date and high level consideration of priority areas to target for increasing its resource bases in what have been demonstrated to be well mineralised prospects.
The Company is pleased to advise that it has received $100,000 in settlement for the sale of its Millenium mining leases in Queensland to Element Minerals Australia Pty Ltd, a subsidiary of Elementos Limited (ASX: ELT). Assessable transfer applications have been lodged with the Queensland Department of Natural Resources and Mines.
Capital raising of approximately $1.5m was completed following shareholder approval at the EGM held on 31 October 2013. A Share Purchase Plan ("SPP") was also approved at the EGM. Documentation for the SPP is being finalised and is expected to be dispatched to shareholders this month.
The Company has £9.4 million ($17 million) available under its £10 million Equity Financing Facility ("EFF") with Darwin Strategic Limited, a majority owned subsidiary of Henderson Global Investors' Volantis Capital. The two year convertible loan facility for up to US$1,000,000 with Dutchess Opportunity Cayman Fund, Ltd ("Dutchess") has been settled and terminated.
Despite the continued pressures evident in the worldwide uranium market, Forte Energy retains its confidence in the compelling medium to long term supply/demand fundamentals, which indicate a sizeable supply shortfall in coming years. We believe that Forte Energy's robust organic growth and its potential to take advantage of external opportunities will position the Company well to capitalise on the strong long term fundamentals of the uranium market.
Forte Energy will announce further updates on progress and developments in due course. Commenting on developments, Mark Reilly, Managing Director of Forte Energy, said:

"The Company has made rapid progress in its comprehensive cost reduction programme, which was instigated as a result of the continued poor sentiment in the uranium market and the mining sector as a whole. Forte Energy is undertaking every measure to ensure that it is properly positioned to endure the current environment and to capitalise on suitable external opportunities as they become available, to the best advantage of shareholders.

Scott Yelland has played a vital role in the growth and development of Forte Energy's assets and the Board would like to thank him for his considerable contribution over the past two years and wish him the very best for the future."

Mark Reilly
Managing Director

For further information contact:

Mark Reilly, Managing Director

Forte Energy NL Tel: +61 (0) 8 9322 4071

Geoff Nash/Ben Thompson Tel: +44 (0) 207 220 0500

Elizabeth Johnson (broking)

finnCap

Bobby Morse/ Cornelia Browne

Buchanan Tel: +44 (0) 207 466 5000

Stuart Laing

RFC Ambrian Ltd Tel: +61 (0) 8 9480 2506 (AIM Nominated Adviser to the Company)

Forte Energy NL

Suite 3, Level 3

1292 Hay Street

West Perth WA 6005

Ph: +61 (0)8 9322 4071

Fax: +61 (0)8 9322 4073

Email: [email protected]

Web: www.forteenergy.com.au

About Forte Energy

Forte Energy is an Australian-based minerals company focused on the exploration and development of uranium and associated bi-products in Mauritania and Guinea in West Africa. The Company has an extensive pipeline of assets and total JORC resources of 76.8Mt @ 266ppm

UOfor 44.9Mlbs contained UO (100ppm cut-off).

Its flagship assets are the A238 prospect (23.4Mlbs UO) and the Bir En Nar project (2.06Mlbs

UO) in Mauritania, and the Firawa Project in Guinea (19.5Mlb UO).

Forte Energy UO JORC resources (all at a 100ppm cut-off):

Project

Resource

Category

M tonnes

ppm U3O8

Contained U3O8 Mlbs

A238*

Inferred

45.2

235

23.4

Bir En Nar

Indicated

0.5

886

1.0

Bir En Nar

Inferred

0.8

575

1.0

Firawa

Inferred

30.3

295

19.5

Total

Indicated

0.5

886

1.0

Total

Inferred

76.3

262

43.9

Total

Total

76.8

266

44.9

* A238NW Anomaly included in the A238 Inferred Resources

Forte Energy's strategy is to target high grade uranium ore bodies and build a low cost West African-focused uranium producer. The Company is quoted on the Australian Stock Exchange (ASX: FTE) and AIM market of the London Stock Exchange (AIM: FTE). For more information, visit www.forteenergy.com.au

Note:

The information in this report that relates to the reporting of Mineral Resources is based on information compiled by Mr. Galen White, who is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr White is the Principal Geologist of CSA Global (UK) Ltd. CSA Global have an on-going role as geological consultants to Forte Energy NL. Mr. White has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration

Results, Mineral Resources and Ore Reserves'. The total JORC resources tabulated here are as at 6th of July

2012. There has been no change, material or otherwise to the resource figures quoted here, since this date, and as such the resources remain reportable to JORC 2004 under which they were estimated. Any

subsequent reporting of Exploration Results, Mineral Resources and Mineral Reserves to the market that represent a material change will be reported under JORC 2012, currently in force. Mr. White consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

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Forte Energy

EXPLORATEUR
CODE : FTE.AX
ISIN : AU000000MUR0
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Forte Energy est une société d’exploration minière de cuivre et d'uranium basée en Australie.

Forte Energy détient divers projets d'exploration en Australie et en Guinee.

Ses principaux projets en exploration sont BOHODUO et FIRAWA en Guinee et MAROOCHYDORE et MT CUTHBERT en Australie.

Forte Energy est cotée au Royaume-Uni, en Australie et en Allemagne. Sa capitalisation boursière aujourd'hui est 5,0 millions AU$ (4,0 millions US$, 3,7 millions €).

La valeur de son action a atteint son plus haut niveau récent le 22 janvier 2010 à 0,22 AU$, et son plus bas niveau récent le 17 avril 2015 à 0,00 AU$.

Forte Energy possède 2 478 889 984 actions en circulation.

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Projets de Forte Energy
22/03/2010(Bir En Nar)Further High Grade Assay Results From Bir En Nar
04/02/2010(Bir En Nar)Bir En Nar Resource Drilling Update, Mauritania
01/09/2009(Bir En Nar)Resource Drilling Commences at Bir En Nar Uranium Project in...
01/07/2009(Firawa)Firawa Uranium Project: Maiden Resource Estimate
13/08/2008Maroochydore Copper Project Scoping Study Update
13/03/2008(Bir En Nar) Drilling Returns High Grade Uranium Intercepts in Mauritani...
Communiqués de Presse de Forte Energy
14/01/2016BGL Shareholders Accept Offer
02/01/2016AGM Completed
02/01/2016Exercise of Option Agreement
21/12/20152015 Annual Report
21/12/2015Share Issue for Darwin Conversion Notice
18/12/2015Share Issue for Darwin Conversion Notice
17/12/2015Share Issue for Darwin Conversion Notice
17/12/2015Transaction Funding Agreement
16/12/2015Share Issue for Darwin Conversion Notice
15/12/2015Share Issue for Darwin Conversion Notice
14/12/2015Adjournment of AGM
14/12/2015Share Issue for Darwin Conversion Notice
08/11/2015Notice of AGM
07/10/2015Operational Update
01/10/2015Share Issue for Darwin Conversion Notice
27/08/2015Director Resignation
06/08/2015Share Issue for Darwin Conversion Notice
06/08/2015Slovakian Update
03/11/2014Quarterly Activities & Cashflow Report Sept 14
21/10/2014Cleansing Notice for Share Issues
23/04/2014Share Subscription in European Uranium Resources Ltd
10/03/2014Share Exchange Agreement
03/02/2014Quarterly Activities & Cashflow Report December 2013
06/01/2014Corporate Update
01/11/2013Quarterly Activities & Cashflow Report September 2013
01/11/2013Results of Meeting
01/05/2013Quarterly Activities & Cashflow Report March 2013
10/04/2013Drilling to Commence in Mauritania
10/04/2013Clarification on Reporting Guidelines
27/07/2010New mineralisation and additional targets identified in init...
19/07/2010Maiden JORC Resource for Mauritanian Uranium Project
03/05/2010March 2010 Quarterly Report
05/03/2010Market Update
01/02/2010Quarterly Report December 2009
04/01/2010Maiden Resource Pending; Exploration Generating Highly Promi...
11/06/2009Assay Results Continue to Impress at Firawa Uranium Project ...
17/06/2009Firawa Uranium Project: Final Assays Received
01/06/2009Announces A$10M Capital Raising for West African Uranium
21/01/2009Uranium Resource Drilling Programme Completed at Firawa Proj...
07/08/2008Mauritanian Political Situation
31/07/2008June 2008 Quarterly Activities Report
25/06/2008Moves Into Uranium's Big League with Areva Strategic Allianc...
09/05/2008- Uranium Drilling to Commence in Guinea, West Africa
01/05/2008Quarterly Activities Report
26/03/2008Final Downhole Logging Results From Bir En Nar Uranium Prosp...
31/01/2008Quarterly Report for December 2007
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