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GARIMPEIRO / BARRY FITZGERALD
June 29, 2009

Forte Energy estimate
THIS week should also see the release of a maiden resource estimate from Forte Energy for its Firawa uranium project in Guinea, West Africa.

The market was getting excited ahead of the release, pushing the ASX and London-listed Forte 2.5¢ or 18 per cent higher on Friday to 16¢, with London investors said to be particularly keen on Firawa's potential.

No one will be surprised if the maiden resource estimate comes in at about 10 million pounds of uranium. That would be a good start given uranium continues to look rock solid at $US54 ($A67) a pound in the spot market and higher in the more important contract market.

The interest will be in what Forte and its consultants see as the upside from here. Again, it is on that point that London punters are said to be keen. Along with North American punters, they recently backed Forte's big-time ambitions in African uranium by taking up stock in the group's $10 million placement at 10¢ a share.

The world's biggest nuclear power group, Areva, is already on board. It holds 12.6 per cent of Forte and has struck a strategic exploration alliance with the Perth-based junior in Mauritania.

Under that agreement, Forte has access to Areva's exploration database in Mauritania, notably the Bir En Nar project in the north of the country. A development joint venture will be formed between the pair should 60-80 million pounds of uranium resources be outlined within the next two years.