Forte Energy (LON:FTE, ASX:FTE) said it has been granted new uranium exploration permits in Mauritania near its existing licences in the north of the country.
Licences 948 and 949, known as Hasi Baida and Gin Ouissat, cover an area of 1,790 square kilometres. Forte now holds eight uranium exploration permits within Mauritania for a combined area of more than 8,600 square kilometres, in addition to its Firawa and Bohoduo uranium prospects in Guinea.
Hasi Baida is situated approximately 50 kilometres north-east of the existing Forte licences and covers 805 square kilometres. The company plans a 1,500 - 2,000 metres reverse circulation drilling programme early in 2012 targeting eight separate prospects.
Covering 985 square kilometres, Gin Ouissat is located to the south-west of the existing Forte Energy licences and to the west of the Bir En Nar prospects. Radiometric surveys and other ground works have identified uranium mineralisation occurring on surface along an 800 metre section.
Forte plans an RC drilling for later this year to test the potential mineralisation below the surface to the west of the existing Forte Energy licenses.
Permit 948 and 949 are two of three new licences in this area applied for, and Forte expects that the application for related permit 1173 will be decided shortly and remains confident it will be granted in favour of the company.
Forte also said in its statement that it acknowledges and appreciates the considerable efforts and success of its long-time Mauritanian business partners, Mauritanian Mining Services (MMS), in managing the company's local affairs including these licence applications.
In return Forte Energy has agreed to grant up to 5 million options to MMS with an exercise price of 12.5 Australian cents per share. The options are exercisable within three years of being granted, and will be granted if and when the following milestones are achieved:
MMS will receive 2 million options once all three new permits have been granted, 2 million options when exploration drilling on the new permits starts and onother million upon the release of an initial JORC code compliant mineral resource within the permits.
Forte managing director Mark Reilly said: "The company believes that these licences have great potential and complement our existing licences in Mauritania. The prospective nature of this area was identified by the company and confirmed from data obtained under the cooperation agreement with our major shareholder, Areva.
“Hasi Baida is located 120 kilometres from our A238 project and an aggressive exploration programme for this field season has already been planned for early next year."