matrix coments on latest assays

chaps
the following update from matrix with TP 17p unchanged. I have also posted the link to the original valuation.

Without a doubt these numbers were worth waiting for. FTE have uncovered the tip of a very high grade U resource. There is still a lot of work to be done and it will take time to chase this ore body down. But grades and widths like they are seeing are the best coming out of all African juniors.

With Cameco, Kepco, Chinese and Japanese names all sniffing around African juniors now, these grades should attract some interest.

Forte Energy (FTE LN) Corporate

TP: 17p, SP:6.5p, Mkt Cap: ?40m
? Last of the Bin En Nar results finally arrive
? Very high grade but also much thicker than previous intersections
? Resource to follow in days with regional drill results also expected.

After months delay at laboratories, the company has at last received the final assays from its Bin En Nar prospect in Mauritania. These holes were completed in February and the unreasonable delay in results has damaged the share price to a significant extent ? we would hope these delays will not be repeated.

The results demonstrate the very high grade intersections that we had been expecting, and we see two fundamental positives from these results:

1. The thickness of intersections is much greater than previously seen. To date we have regarded Bin EN Nar as a high grade but narrow vein system (1-3m) ? attractive but clearly with concerns for mining. These results however are demonstrating much wider mineralised intersections, up to 24m, increasing the likely resource lbs and offering a substantially more attractive mining proposition.

2. The JORC compliant resource can now be calculated. The assays have been provided to the company?s independent consultants Coffeys, and given the preparatory work undertaken to date, we would think that no more than two to three days would be required for a JORC compliant resource to be calculated. Having said that, we would expect to see another few days of discussion before this is disclosed to the market ? given the variability of grades and thicknesses, consultants would probably take a very conservative approach to a resource and apply a severe top cut to both parameters, therefore probably requiring several resource numbers to be calculated to provide for different top and bottom cuts.

News flow should now accelerate ? we see the final Bin En Nar numbers today, if this indicates resolution of the lab issue, we would then expect to see the first results from the regional Mauritania drilling later in the week and then the resource number by the end of the week or early next.

http://web.matrixgroup.eu/FS/1312/Documents/Forte%20Energy%2004.02.10.pdf