Toro Energy Limited (ASX:TOE) Announce Additional Positive Intersections at Theseus Uranium Project

Perth, Australia (ABN Newswire) - Drilling by Toro Energy Limited (ASX:TOE) at its 100%-owned Theseus uranium prospect in Western Australia is continuing to report anomalous uranium intersections over a wide area.

Three mineralised trends are emerging from drilling to date; the first trend between holes LP00191 and LP00200, the second trend around holes LP00177 and LP00184 and the third trend around holes LP00187 and LM 0015. The new gamma result from drillhole LM00015 significantly opens up the eastern edge of this prospect.

Recent gamma results from mud rotary holes include:

- 1.06m @ 603 ppm eU3O8 [639GT] from 99.92m in LM00015, including 0.6m @ 885 ppm eU3O8 from 100.18m

- 1.62m @ 370 ppm eU3O8 [600GT] from 100.26m in LM00018 including 0.36m @ 1071 ppm eU3O8 from 101. 4m and 2.02m @ 456 ppm eU3O8 [921GT] from 108.24m, including 0.52m @ 1141 ppm eU3O8 from 108.48m (using a 100ppm eU3O8 cut off)

Since the previous Theseus ASX release (29 August, 2011), a mud rotary drill rig has been sourced and is now operational on site. Borehole Geophysical Services has also been contracted to provide down-hole geophysical probing to supplement geological logging and assist with correlations between mineralised zones.

Holes completed since the last ASX release include two aircore holes LP00204 - LP00205 and 11 mud rotary holes, LM00008 - LM00018. The Wallis aircore rig is predicted to return to site around 24 September to complete the drilling program for the southern half of the prospect, after requiring mechanical repair earlier this month.

Chemical assays for the first six aircore holes, LP00173 to LP00178, have been received. Samples are routinely assayed at ALS Brisbane, initially by ICP methods, with any result above 75ppm U being reassayed using an XRF pressed powder method#. Care has to be taken with these results when comparing with the gamma results due to the poor quality of sample from aircore drilling. Drillhole LP000177 reports:

- 6m @ 625ppm cU3O8 (3751GT) compared to 4.84m @ 829ppm eU3O8 (4012GT)

- 2m @ 1406ppm cU3O8 (2812GT) compared to 1.56m @ 2010ppm eU3O8 (3135GT)

using a 100ppm cU3O8 and 100ppm eU3O8,, and a 500 cU3O8 and 500 eU3O8,cut off respectively

#the pressed powder XRF results show a 10% increase over the original ICP results when values are >1000ppm.

The similarity between the chemical (c) and equivalent (e) results in LP00177 suggests that uranium disequilibrium will not be a major factor.

Aircore drillhole samples will be despatched shortly for XRD mineral identification along with bulk samples to determine basic leach mechanics later this year. This preliminary test-work will attempt to identify the uranium mineral species and the basic leach tests will give some indication of the potential extractability of uranium.

Over the next three weeks, aircore drilling will continue to test the southern section of the prospect at 500m to 1km spacing designed to cover the original grid drill plan area of 5km x 8km by mid October. The mud rotary rig will shortly commence a detailed 200m spaced grid covering the 1km2 area between high grade drillholes LP00191 and LP00194.

Toro Managing Director, Mr Greg Hall:

'The addition of the mud rotary drill rig continues to increase Toro's confidence in the Theseus project. It is hoped that drilling proposed for the southern half of the project will confirm the potential size of this prospect. Combining the results from the detailed mud rotary program and aircore drilling in the southern half of the project area will allow Toro to develop an exploration target range by around mid October'

For the complete Toro Energy Limited announcement including figures and tables, please view the following link:
http://media.abnnewswire.net/media/en/docs/ASX-TOE-184538.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 technical work leading to a definitive feasibility study underway. Toro has commenced the Approvals process targeting the Company's first uranium production late 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.

Source:

Toro Energy Limited

Contact:

Greg Hall 
Toro Energy Limited
Tel:  61-8-8132-5600
Email: info@toroenergy.com.au
http://www.toroenergy.com.au