Forte Energy signs $2 million Maroochydore JV Copper Project Sale Agreement

International dual-listed uranium company Forte Energy (ASX/AIM: FTE) has sealed a deal for the sale of its 50% interest in the Maroochydore Copper Project in Western Australia for $2 million.
The deal, held via the Forte’s subsidiary Renison Bell, has been made with the joint venture exploration manager and joint venture partner Birla Maroochydore, a wholly owned subsidiary of Aditya Birla Minerals (ASX: ABY).
Under the terms of the agreement announced on 11 December 2009, Forte Energy will receive a cash payment of $2 million and be released from any current or future obligations under the joint venture agreement.
The agreement remains subject to obtaining Ministerial consent under the mining act and Foreign Investment Review Board (FIRB) approval, with settlement expected around the end of February 2010.
With sale agreements in place for both its Australian copper/cobalt projects, Forte Energy is now completely focussed on the development of its uranium prospects in Guinea and Mauritania, West Africa.
This month, the Company’s key focus has been on the resource core drilling program of up to 6,000m at the Bir En Nar prospect in Mauritania, where it completed more than 4,000m of Reverse Circulation drill testing during 2007.
Results included intercepts in excess of 5,000ppm eU3O8 with a maximum intersection of 1.55m at 18,280ppm eU3O8.  http://www.proactiveinvestors.com/companies/news/3681/forte-energy-signs-2-million-maroochydore-jv-copper-project-sale-agreement-3681.html