Forte Energy
Full Forte Energy profile hereForte Energy NL is an Australian-based minerals company focused on the exploration, evaluation and development of uranium and energy-related projects worldwide.
The Company changed its name from Murchison United NL on 25 November 2008.
Forte Energy has secured an extensive portfolio of uranium projects in the Republics of Guinea and Mauritania in West Africa, where it is pursuing intensive exploration programs. The Company also holds copper and cobalt interests in Queensland and Western Australia, Australia.
Forte Energy takes first step in divestment of Millenium Copper Project
Uranium focused exploration and development junior, Forte Energy (ASX & AIM: FTE) took the first step in divesting of its Millenium Copper Project, Queensland, Australia.
Forte has stated repeatedly that it was looking at its options for the project, after the company’s focus shifted towards uranium exploration in West Africa – a strategy that has paid off, with an initial resource defined at the Firawa Project in Guinea last month, and a joint venture with Areva in Mauritania signed last year.
Element Minerals Australia will pay A$20,000 to Forte Energy for a six month option to acquire the project, with an option to extend the agreement by a further six months for an additional A$20,000. If Element Minerals decides to exercise the option, it will either issues shares (subject to ASX listing) to the value of A$160,000, or Element’s parent company, Orocobre Limited (ASX: ORE) will issue shares or make a cash payment.
Orocobre is focused on completing a Bankable Feasibility Study on the Olaroz Lithium-Potash project in Argentina. Orocobre recently raised approximately A$5 million. As part of the fund raising, the company said its intention was to spin out its copper and gold interests into a separate company (Element Minerals Australia) that would list on the ASX before the end of 2009.
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