Forte Looks to Acquire 75 Percent Interest in Olympic Domain Uranium Project in South Australia, Secures Funding

Forte Energy NL (ASX:FTE,LSE:FTE) announced it has entered in a share sale agreement with Antares Mining Ltd. (ASX:AWW) to acquire 75 percent interest in the Olympic Domain project in South Australia for a cash consideration of AU$300,000. Forte has also secured additional funding for acquisitions and working capital in the form of convertible loans for GBP1,000,000 from Darwin Strategic Ltd.

As quoted in the press release:

The Company has entered into a binding Share Sale Agreement with Antares Mining Limited (“Antares”) (ASX:AWW) to acquire a 75 percent interest in the Olympic Domain Project in South Australia for cash consideration of A$300,000. The Olympic Domain Project comprises 9 exploration licences covering 2,162 km2 located in South Australia in proximity to the Olympic Dam and Carrapateena IOCG (iron-oxide copper-gold) deposits. Olympic Dam is currently the second largest uranium producing mine in the world.

Under the agreement, Forte will acquire 75 percent of the share capital of Copper Range Pty Ltd (currently 100 percent owned by Antares), with Antares to retain a 25 percent interest. Forte will provide 100 percent of funding for the project until such time as a decision to mine is made. Previous exploration conducted on the licences identified several targets for further surveys and drilling. The Company intends to put together a small drilling programme to test these targets and looks forward to providing further information to shareholders in due course. In June 2012, Copper Range Limited announced an agreement to sell the tenements to BHP for A$3,000,000 however the deal did not complete.

Click here to read the full Forte Energy NL (ASX:FTE,LSE:FTE) press release.