I found this from London last week.Highgrade.netResults buoy...

I found this from London last week.

Highgrade.net
Results buoy Forte holders
13 July 2009
URANIUM companies have enjoyed solid support in recent months and the AIM and ASX-listed Forte
Energy has been no exception with a $A10 million capital raising put away in June for its emerging
uranium projects in Guinea and Mauritania. Importantly, a maiden resource with grade potential is now in
place to build upon.
Earlier this month Forte reported a maiden resource for the Firawa project in the Republic of Guinea of
17.7 million tonnes grading 296 U3O8 for a contained 11.6Mlbs.
However, the company also indicated it saw significant scope for increases both from drilling and from
using a more accurate density – results from testing on five samples returned an average of 3.5g/cc – to
the more conservative 2.2g/cc that was used in the resource estimate.
HighGrade was unable to reach Forte’s managing director Mark Reilly, who earlier this week was in
Paris.
Still, rough calculations using other densities highlight some of the potential. For example, if 2.5g/cc is
used then the resource could be increased to 13Mlbs, or, up to 15.8mlbs if 3g/cc is used.
With regards drill extensions, depth potential is seen given work to date has only been to 80m, while
laterally, only the middle 1.5km of a total 2.5km of strike has been tested due to land access – there is a
rice field at one end so the company to wait until after harvest to get in, and at the other end a few roads
need to be bull dozed.
Expansion drilling is anticipated in September after the wet season, and informed sources have estimated a
doubling of the resource is possible by the end of the year.
“This is easily plus-40 million pounds,” HighGrade was told.
Meanwhile, with the successful placement completed, Forte is about to start drilling in Mauritania, where
a lack of cash and the cost of exploration (due to remoteness and cost of water) stymied the company’s
efforts following very promising (high grade) maiden drill results in 2007-08.
The deal signed with Areva in mid-2008 sees Forte needing to delineate 60Mlbs (inferred) within two
years to trigger formation of a joint venture, with French-based nuclear heavyweight having the right to
buy in based on commercial terms.
While it is very early days at both Firawa and in Mauritania, there does appear the possibility that if all the
planets aligned for Forte, significant funds could be generated from a deal with Areva such that funding
for a development at Firawa, if warranted, would be in the bag.
Forte was this week capitalised at $A64 million (at a share price of 12.5c), with the recent placement
priced at 10c.