niz,Here is an article I found from last November which outlines...

niz,
Here is an article I found from last November which outlines where forte sits and it is not hard to draw a line through to compare with PEN.

FTE has a jorc on one of their projects with another maiden jorc due on another project at the end of the month. They are hopeful of a JV agreement with AREVA should its defined resource reach 60Mlbs U3O2 by June 2010.

PEN has a JORC due June 30 (or earlier) and is confident of producing by 2012. Final plans are currently due for a 3m lb per annum ISR (In Situ recovery = low cost per lb) extraction plant.

FTE has a market cap of ~ $103 mil with ~ 580 mil shares outstanding.
PEN has a market cap of ~ 63 mil with ~ 1,400 mil shares outstanding.
FTE last traded at .18 in Australia and 11.00P in London.

Pen has a broker target of .10 and valuation of .15 and last traded at the bargain price of 4.6

Go to penninsula minerals.com.au to view the brokers report

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HansonWesthouse said Australian-based uranium focused company Forte Energys (ASX, AIM: FTE) Mauritanian uranium projects had a significant upside following Fridays report on essay results, which caused the broker to up its target price for the company to 11.5 pence and retain a buy recommendation for the stock.


The report from the Bir En Nar and Bir Moghrein projects in Mauritania included results from trenching and grab samples at five uranium anomalies, including 9,300 parts per million (ppm) triuranium octoxide from a trench and two grab samples with 4,850 ppm and 4,500 ppm U308. The sampling identified four priority targets which the company intends to test with a 2,000 metre reverse circulation (RC) drilling programme at Bir Moghrein, slated for completion by the end of the current year.


These four targets are in addition to the Bir En Nar project in Mauritania, where results form the current drilling programme are expected within two week with a maiden resource anticipated by early 2010. The company currently has a technical agreement with its largest shareholder Areva and could possibly reach a joint venture (JV) agreement should its defined resource reach 60Mlbs U3O2 by June 2010.


HansonWesthouse said the exploration results pointed to a significant uranium province in Mauritania, while noting that the company was fully funded until next year. Other bull points for Forte included its 11.5 Mlbs (million pounds) U3O2 JORC compliant resource at the Firawa project in Guinea.


Despite cutting its valuation metric from US$5.9 to US$4 per lb of U3O2 and stating that the companys market capitalisation was at a premium to current resource with much of the short term value of Bir En Nar already included, HansonWesthouse raised its target price for the shares to 11.5 pence from 9.5 pence in anticipation from the imminent steady stream of drill results.


Matrix Corporate Capital also issued a note on Forte Energy immediately following Fridays announcement, saying it expected the Firawa resource to be increased in the short term and viewing it as a 20 million lbs project with upside next year, setting a short term price target of 12.7 pence per share based on a $5/lb valuation.


Shares in Forte Energy last traded at 9.75 pence.