25 May 2012

More rare earths for Forte

11/01/2011 Robert Tyerman

Forte Energy has found more samples of rare earths at its Firawa uranium project in Guinea, West Africa. Based in Western Australia and quoted Down Under and on AIM, the company says latest assay results include more than 10,000 parts of cerium, used in catalysts, fuel emission reductions and colouring for glass and enamels, per million parts of rock, 5,800 parts per million of neodymium, used in magnets, and 82.2 parts per million of terbium oxide, whose applications include colour TV tubes.

Steered by managing director Mark Reilly, Forte argues these assays provide fresh encouragement to hope that 'a substantial body of rare earth element mineralisation' may exist within its wholly-owned Firawa property, where it has already established a resource estimate of 11.6 million lbs of uranium oxide U3O8. French nuclear giant Areva owns around 15 per cent of Forte, whose shares had fallen from 2000's 30p AIM float price to only 4.3p within the past year before rallying.

Highlighted by Growth Company Investor at 5.75p in 2009, Forte shares now change hands at 9p, valuing the company at £52.4 million. Hold on.

Tags: AIM market, Cerium, Rare earths

Sector: Mining

Companies: Forte Energy

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