EDITOR: | September 17th, 2013

Forte Energy NL: Variation to Millenium Option to Purchase Agreement

| September 17, 2013 | No Comments
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September 17, 2013 (Source: Forte Energy NL) — Forte Energy NL (“Forte Energy” or “the Company”) (ASX/AIM: FTE) announces that it has agreed with Elementos Ltd (ASX: ELT) to vary the terms of an Option To Purchase agreement in relation to its Millenium mining leases in Queensland.

Under the revised agreement, Forte Energy will receive $100,000 cash instead of the previous consideration of $160,000 in cash or scrip. The terms were renegotiated in an effort to achieve settlement and facilitate inclusion of the Millenium mining leases in a proposed joint venture agreement for the Millenium Project announced today by Elementos Ltd.

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 U₃O₈for 44.9Mlbs contained U₃O₈ (100ppm cut-off).

Its  flagship assets are  the  A238 prospect (23.4Mlbs U₃O₈) and  the  Bir  En  Nar  project (2.06Mlbs U₃O₈) in Mauritania, and the Firawa Project in Guinea (19.5Mlb U₃O₈).

Forte Energy U₃O₈ 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

Inferred

0.8

575

1.0

Firawa Inferred 30.3

295

19.5

Total Indicated

0.5

886

1.0

Inferred 76.3

262

43.9

Total

76.8

266

44.9

* A238NW Anomaly included in the A238 Inferred Resources

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’. 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.


Raj Shah

Editor:

Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>


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