Toro Energy Limited - Completes Acquisition Of Wiluna Tenements
23.12.2010 | ABN Newswire
16:53 AEST Dec 23, 2010 ABN Newswire (C) 2004-2010 Asia Business News PL. All Rights Reserved.Perth, Australia (ABN Newswire) - Toro Energy Limited (ASX: TOE) wishes to advise the completion of the Contract for the transfer to Toro Energy of:
- Full ownership of certain Wiluna (WA) tenements; and
- Lake Way and Millbillillie pastoral leases and two house leases adjacent to the Wiluna township.
Further to the announcement of 21 April 2010 regarding Toro Energy Limited\'s (\'Toro\') agreement in principle with Minerals and Metals Group (\'MMG\') (via their respective wholly-owned subsidiaries) for the transfer of certain tenements and the sale of the Lake Way and Millbillillie pastoral leases and two house leases adjacent to Wiluna, Toro advises that all conditions precedent have been satisfied and that contract completion has occurred.
Cash consideration of A$2.5 million has been paid by Toro to MMG for the acquisition.
Completion of the agreement resolves tenement ownership complexities in the region, allows Toro certainty of access on pastoral leases that cover the Wiluna Uranium Project and confirms a secure base of operations for future Toro mine development and exploration activities.
As part of the arrangements, MMG will retain rights to minerals other than uranium on the relevant tenements.
Toro continues to advance its 100% owned Wiluna Uranium Project, comprising the Lake Way and Centipede uranium deposits, through government assessment and approval processes.
For the complete Toro Energy announcement including map, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/64897-ASX-TOE-181244.pdf
About Toro Energy Limited:
Toro Energy Limited (ASX:TOE) (PINK:TOEYF) is a modern Australian uranium company with progressive project development, acquisition and growth. The company is based in Adelaide, South Australia with a project office in Perth, Western Australia.
Toro's flagship and wholly-owned Wiluna uranium project (includes existing mining lease) is 30 kilometres southeast of Wiluna in Central Western Australia.
Wiluna contains two shallow calcrete deposits, Lake Way and Centipede, with prefeasibility and optimisation studies completed and a definitive feasibility study underway. Toro has commenced the Approvals process targeting the Company's first uranium production by late 2012/early 2013.
Toro has three other exploration and development projects in Western Australia, and owns uranium assets in Northern Territory, South Australia and in Namibia, Africa. Toro is well funded with a supportive major shareholder in OZ Minerals.
Contact:
Greg Hall
Toro Energy Limited
Tel: +61-8-8132-5600
http://www.toroenergy.com.au