News: Forte Energy expects increase in Kuriskova’s uranium resources

Forte Energy (ASX:FTE, LON:FTE) expects to reveal a significant increase in uranium resources in its Slovakian joint venture.

A review of European Uranium’s Kuriskova project has incorporated additional drill hole data and it will enable the release of a new JORC compliant resource estimate, Forte said.

The final calculations for this new resource statement are currently being finalised, nevertheless the company anticipates a significant increase from prior assessments.

Forte anticipates the report will be available in early January.

In October Forte completed a deal to acquire 50% of European Uranium’s two projects in Slovakia.

Kuriskova is the more advanced of the two projects. It spans some 32 square kilometres.

A pre-feasibility study in 2012, based on the previous resource estimate, indicated a project with a US$276mln net present value and a 30% internal rate of return.

Based on a uranium price of US$68 per pound, it was estimated that US$225mln of capex would be paid-back in just shy of 2 years. Operating costs for the first four years was estimated at US$16.68 per lb, while the life of mine figure was US$22.98 per lb.

Currently the uranium price stands at around US$37 per lb.