Forte Energy NL ACN 009 087 852 6th July 2012 ASX, AIM and Media Release 68% INCREASE IN URANIUM RESOURCES AT THE FIRAWA PROJECT IN GUINEA International uranium company Forte Energy NL (ASX/AIM: FTE; "Forte Energy" or "the Company") announces that following completion of the 63 hole Reverse Circulation (RC) drilling campaign at the Firawa Project in Guinea and receipt of all of the chemical assay results and additional bulk density information, CSA Global (UK) Ltd has finished the JORC Compliant Mineral Resource update. In comparison to the maiden resource compiled in July 2009, the total uranium resource at Firawa has increased by 68% to 19.5Mlbs U3O8 at a 100ppm U3O8 cut-off grade. Highlights * 68% increase of the Firawa Project Inferred Resource to 19.5Mlbs of contained U3O8 from 11.6Mlbs at an average grade of 295ppm U308 (100ppm U3O8 cut-off) * 71% increase in the Firawa Project resource tonnage from 17.7Mt to 30.3Mt * Mineralisation occurs along an undulating east-west orientated ridge, of up to 60m in height from the surrounding plain and extends over 3km. The majority of the mineralised zones dip moderately to steeply towards the north and remain open at depth * Forte Energy's total resource inventory increased 21% to 44.9Mlbs U3O8 from 37Mlbs U308 * Forte Energy's JORC compliant Resource Statement for Firawa as at July 2012 (100ppm U3O8 cut-off) is: Area Resource Tonnage Grade Contained U3O8 Category (Mt) (ppm U3O8) (Mlbs) Firawa Project Inferred 30.3 295 19.5 Firawa Total Inferred 30.3 295 19.5 The Firawa Project consists of two 100% owned licences totalling over 509km2 which are located approximately 25km to the east of Kissidougou. To view Figure 1: Guinea Licences, please open the following link in a new window: [ http://media3.marketwire.com/docs/FORTEFIG1.pdf ] Mineralisation occurs along an undulating east-west orientated ridge, of up to 60m in height from the surrounding plain and is concentrated in Fe-rich parts of the laterite/saprolite, which covers a hard rock of granite, gneiss, mafic intrusive and carbonatite. The majority of the mineralised zones dip moderately to steeply towards the north. Previous Drilling and the 2009 Resource Estimate The maiden resource estimate for the Firawa Project of 17.7Mt grading 296ppm U3O8 for 11.6Mlbs of contained U3O8 was estimated by Coffey Mining Pty Ltd in July 2009 and was based on the results from 29 RC holes totalling 1,809m undertaken in May 2007 and 56 diamond drill holes, totalling 5,859m, completed in January 2009. The July 2009 Resource statement was based on chemical uranium assays prepared by ALS Chemex - Mali. The RC chip samples were analysed at ALS Chemex - Vancouver and the diamond drill core was analysed at ALS Chemex - Johannesburg. The method used to obtain the U3O8 grade estimates was Ordinary Kriging using top cut 3m composite data. Parent cell dimensions of 50m EW by 10m NS by 25m RL were used with sub-celling to 5m EW by 5m NS by 5m RL to enable adequate volume resolution. At the time of the report the density database only comprised of 5 grab samples with an additional 96 samples awaiting bulk density determination by both Pycnometer and Archimedean methods. A more conservative bulk density value of 2.2t/m3 was applied to the rock-types hosting the mineralised zones. The recommendations in the resource report by Coffey included that the drilling should be stepped out 50 to 100m to the north to test the down dip continuation of mineralisation into fresh rock, drilling in the central area should be completed where access was not possible and drilling should be carried out to the east and west along strike to understand the limits of the mineralisation. The 2012 Drilling Programme A second RC drilling programme at the Firawa Project was completed in February 2012 by AMCO Drilling Ltd and consisted of 63 holes drilled, totalling 4,712m, including: * 14 RC holes in the central section, which had not been accessible previously, to test potential down dip extensions to the north. * 24 RC holes drilled 1.5km to the east along the east - west ridge. * 25 RC holes drilled 1km to the west of the initial resource outline. In the central area 14 holes were drilled in areas that were not previously accessible to test the down dip continuation of the mineralisation. 10 of these holes intersected mineralisation confirming the extension of the mineralisation down-dip to the north at depth. A total of 24 RC holes were drilled to the east based on radiometric anomalies identified from information from a combination of ground radiometric surveys and an airborne survey conducted in the late 1970's. Encouraging results were obtained from hole FRW 213 approximately 500m to the east of the original inferred resource, which intersected mineralisation from 5m below surface to 13m, for 8m at an average grade of 347ppm U3O8. A series of shallow holes were drilled over a distance of 1.4km testing the other radiometric anomalies, with poor results. To view Figure 2: Firawa Drilling - 2012, please open the following link in a new window: [ http://media3.marketwire.com/docs/FORTEFIG2.pdf ] A further 25 RC holes were drilled to the west of the initial inferred resource, with 6 holes identifying intermittent mineralisation between surface and 50m over a strike length of 0.5km. The best of these was FRW 232, intersecting 19m of mineralisation from 31m below surface down to 50m at an average grade of 433ppm U3O8. Further holes were drilled to the west at 200m centres on radiometric anomalies but did not intersect any mineralisation. Figure 3 shows a cross section looking east with the RC holes FRW 202 AND 216 both intersecting mineralisation dipping to the north down to approximately 80m below surface. FRW202 intersected intermittent mineralisation from 10m below the surface down to 92m down hole, including 9m from 26m at a grade of 539ppm U3O8. FRW216 collared further to the north intersected intermittent mineralisation from 31m down to 83m, including a particularly encouraging intersection of 21m from 62m in the hole grading 528ppm U3O8, confirming mineralisation dipping and open down-dip to the north. To Figure 3: Firawa Central Section 411600E, looking east, please open the following link in a new window: [ http://media3.marketwire.com/docs/FORTEFIG3.pdf ] Following the completion of the RC drilling programme at the Firawa Project, the sample preparation was completed in Kissadougou by ALS Stewart Group - Monrovia. The samples were dried, split and then transported to the laboratory facilities in Monrovia, Liberia where multi element ICP assays were conducted. From the 63 holes, representative samples were selected from a total of 38 holes of which 17 were mineralised. A summary of the assay results from the recent drilling campaign is included in Appendix 1 and is based on a cut-off grade of 200ppm U3O8 and 2m maximum dilution interval. Notable intersections from the recent RC drilling include: * FRW 200: 14m @ 447ppm U3O8 and 47m @ 348ppm U3O8 * FRW 201: 24m @ 311ppm U3O8 * FRW 202: 9m @ 539ppm U3O8 and 4m @ 445ppm U3O8 * FRW 203: 12m @ 351ppm U3O8 * FRW 216: 6m @ 324ppm U3O8 and 21m @ 528ppm U3O8 * FRW 217: 21m @ 326ppm U3O8 * FRW 232: 21m @ 414ppm U3O8 Updated Resource Estimate CSA Global (UK) Ltd then compiled a Mineral Resource update incorporating the results from the historical drilling completed in 2007 and 2009 as well as results from the recent drilling campaign. Thirteen mineralised envelopes were created above 100ppm U3O8 and were used to constrain a block model whose block dimensions were 50m EW x 10m NS x 25m RL, sub-celled down to 5m EW x 2m NS x 5m RL to ensure adequate volume resolution. The directions and ranges of grade continuity were estimated via geostatistical analysis and subsequent grade interpolation was completed using Ordinary Kriging, using 3m top-cut composite samples. Using the results for the bulk density determination from the Pycnometer and Archimedean methods, a weighted average of 97 measurements was used to assign an average bulk density of 3.0t/m3 to the Mineral Resource update to estimate inferred resource tonnage. The updated resource model incorporating the historical drilling, the recent RC drilling programme and the revised bulk density of 3.0t/m3 has resulted in an Inferred resource of 30.3Mt at an average grade of 295ppm U3O8 containing 19.5Mlbs U3O8 at a cut-off grade of 100ppm U3O8. To view Figure 4: Firawa Resource - 2012, please open the following link in a new window: [ http://media3.marketwire.com/docs/FORTEFIG4.pdf ] Table 1: Firawa JORC Compliant Resource Statement (July 2012) Area Resource Tonnage Grade Contained U3O8 Category (Mt) (ppm U3O8) (Mlbs) Firawa Project Inferred 30.3 295 19.5 Firawa Project Total Inferred 30.3 295 19.5 Note: Figures have been rounded and are stated at a 100ppm U3O8 cut off. The inferred resource outline now extends over a strike length of 3km and lies between the surface and down to depths of 100m in the Fe-rich laterite/saprolite, but remains open at depth. It is believed that the underlying hard rock is a granite, gneiss mafic intrusive and carbonatite, which could be the primary source of mineralisation. Several longer diamond drill holes are planned later this year to test the basement rocks. Commenting on the updated resource at Firawa, Mark Reilly, Managing Director of Forte Energy said: "The latest upgrade at Firawa takes Forte Energy's total JORC compliant resources to almost 45Mlbs U3O8, an increase of around 60% in the year to date. With the success of the last drilling season, we look forward to building on this base and taking our projects onto the next stage of their development." Mark Reilly Managing Director For further information contact: Mark Reilly, Managing Director Forte Energy NL Tel: +44 (0) 203 3849555 Rob Collins/Tarica Mpinga Canaccord Genuity Limited Tel: +44 (0) 207 050 6500 Geoff Nash/Ben Thompson Tel: +44 (0)207 220 0550 Elizabeth Johnson (broking) finnCap Bobby Morse/Louise Hadcocks/Cornelia Browne Buchanan Tel: +44 (0) 207 466 5000 Stuart Laing RFC Ambrian Ltd Tel: +61 (0) 8 9480 2506 (AIM Nominated Adviser to the Company) Forte Energy NL Australia United Kingdom Suite 3, Level 3 3C Princes House 1292 Hay Street 38 Jermyn Street West Perth WA 6005 London SW1Y6DN Ph: +61 (0)8 9322 4071 Ph: +44 (0)203 3847474 Fax: +61 (0)8 9322 4073 Fax: +44 (0)207 2878387 Email: [ info@forteenergy.com.au ] Email: [ info@forteenergy.co.uk ] Web: [ www.forteenergy.com.au ] Appendix 1 Table 2: Summary of Firawa Assay Results ------------------------------------------------------------------------------------------------------- Hole Id East North Inclination From To Interval Average Grade WGS84 WGS84 (Degrees) (m) (m) (m) U308 (ppm) ------------------------------------------------------------------------------------------------------- FRW200 411450 1017880 50 14 28 14 447 30 31 1 248 36 83 47 348 88 89 1 262 88 89 1 262 ------------------------------------------------------------------------------------------------------- FRW201 411550 1017910 50 10 34 24 311 76 78 2 265 80 81 1 254 ------------------------------------------------------------------------------------------------------- FRW202 411600 1017950 50 10 14 4 234 26 35 9 539 48 50 2 332 60 62 2 413 71 75 4 445 83 84 1 265 89 92 3 419 ------------------------------------------------------------------------------------------------------- FRW203 411700 1017975 50 26 38 12 351 58 63 5 300 ------------------------------------------------------------------------------------------------------- FRW204 411800 1018025 50 48 54 6 292 56 57 1 322 ------------------------------------------------------------------------------------------------------- FRW205 411900 1018025 7 8 1 205 121 127 6 480 ------------------------------------------------------------------------------------------------------- FRW207 412310 1018000 50 35 36 1 461 59 60 1 206 ------------------------------------------------------------------------------------------------------- FRW209 412200 1018060 50 26 27 1 213 51 52 1 250 54 55 1 203 58 59 1 236 ------------------------------------------------------------------------------------------------------- FRW213 413700 1018150 50 5 13 8 347 ------------------------------------------------------------------------------------------------------- FRW216 411600 1017955 80 31 37 6 324 41 46 5 403 47 49 2 322 51 52 1 221 62 83 21 528 ------------------------------------------------------------------------------------------------------- FRW217 411550 1017930 50 25 46 21 326 ------------------------------------------------------------------------------------------------------- FRW232 410700 1017975 50 11 14 3 240 29 50 21 415 ------------------------------------------------------------------------------------------------------- FRW233 410700 1017950 50 0 2 2 277 20 21 1 283 ------------------------------------------------------------------------------------------------------- FRW234 410600 1017975 50 13 16 3 345 28 39 11 254 ------------------------------------------------------------------------------------------------------- FRW236 410600 1017975 50 34 39 5 279 42 43 1 274 ------------------------------------------------------------------------------------------------------- FRW237 410400 1018003 50 15 16 1 243 25 26 1 313 ------------------------------------------------------------------------------------------------------- FRW238 410800 1017975 50 25 31 6 278 ------------------------------------------------------------------------------------------------------- Average U308 grades based on a cut-off grade of 200ppm U308 and a maximum dilution interval of 2m. About Forte Energy Forte Energy is an Australian-based minerals company focused on the exploration and development of uranium and associated bi-products in Mauritania and Guinea in West Africa. The Company has an extensive pipeline of assets and total JORC resources of 76.8Mt @ 266ppm U3O8for 44.9Mlbs contained U3O8 (100ppm cut-off). Its flagship assets are the A238 prospect (23.4Mlbs U3O8) and the Bir En Nar project (2.06Mlbs U3O8) in Mauritania, and the Firawa project in Guinea (19.5Mlb U3O8). Forte Energy U3O8 JORC resources (all at a 100ppm cut-off): -------------------------------------------------------------------------------------------------- Project Resource Category M tonnes ppm U3O8 Contained U3O8 Mlbs -------------------------------------------------------------------------------------------------- A238* Inferred 45.2 235 23.4 -------------------------------------------------------------------------------------------------- Bir En Nar Indicated 0.5 886 1.0 ----------------------------------------------------------------------- Inferred 0.8 575 1.0 -------------------------------------------------------------------------------------------------- Firawa Inferred 30.3 295 19.5 -------------------------------------------------------------------------------------------------- Total Indicated 0.5 886 1.0 ----------------------------------------------------------------------- Inferred 76.3 262 43.9 ----------------------------------------------------------------------- Total 76.8 266 44.9 -------------------------------------------------------------------------------------------------- * A238NW Anomaly included in the A238 Inferred Resources Forte Energy's strategy is to target high grade uranium ore bodies and build a low cost West African- focused uranium producer. The Company is quoted on the Australian Stock Exchange (ASX: FTE) and AIM market of the London Stock Exchange (AIM: FTE). For more information, visit [ www.forteenergy.com.au ] Note: The information in this report that relates to Exploration Results is based on information compiled by Mr. Bosse Gustafsson, who is a Member of the European Federation of Geologists, a 'Recognised Overseas Professional Organisation' ('ROPO') included in a list promulgated by the ASX from time to time. Mr Gustafsson is a full time Technical Director of Forte Energy NL and is responsible for exploration activities in Mauritania and Guinea. Mr. Gustafsson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Gustafsson consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. The information in this report that relates to the Mineral Resources at the A238 prospect in Mauritania and at Firawa in Guinea is based on information compiled by Mr. Bosse Gustafsson of Forte Energy NL and Mr Galen White BSc (Hons) FGS, FAUSIMM, Managing Director and Principal Geologist of CSA Global (UK) ltd. The information in this report that relates to the Mineral Resource at Bir En Nar in Mauritania is based on information compiled by Mr. Bosse Gustafsson of Forte Energy NL and Mr. Neil Inwood of Coffey Mining Ltd. Neil Inwood is the Competent Person responsible for the resource estimation and classification. Mr Inwood is a Fellow of the AusIMM. As Mr Inwood is now no longer employed by Coffey Mining, Coffey Mining has reviewed this information release and consent to the inclusion, form and context of the relevant information herein as derived from the original resource reports for which Mr Inwood's consent has previously been given. Mr. Gustafsson, Mr. Inwood and Mr. White have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they have undertaken to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Gustafsson, Mr. Corley and Mr. White consent to the inclusion in this report of the matters based on their information in the form and context in which it appears.