Toro Energy Limited High Grade Uranium at Theseus Project, WA

09:23 AEST June 21, 2012 ABN Newswire (C) 2004-2012 Asia Business News PL. All Rights Reserved.

Sydney, Australia (ABN Newswire) - Toro Energy Limited (ASX:TOE) is very pleased to announce the first intercept greater than 1% pU3O8 from drillhole LM175, located in the southern zone of its 100% owned Theseus Uranium Project in WA.

Follow-up drilling at Theseus continues to define new mineralised zones to the south-east (Zone 1), to the north (Zone 4) and north west (Zone 3) of the main Theseus area including:

- A very high-grade intersection in drillhole LM175 reporting:
0.82m @ 1.14% pU3O8 from 124.3m (Using a 200ppm pU3O8 cut-off)
This result is similar in tenor to higher grade intersections at producing ISR mines in Australia or Kazakhstan, and demonstrates the high potential for the Theseus area to contain high-grade uranium mineralisation within a very large >200ppm U3O8 mineralised halo. It also provides Toro with confidence that further close infill drilling will define other areas of high grade uranium mineralisation that will significantly enhance the potential of the Theseus Project. Refer Figure 1 'Zone 1' in link below.

- A probable roll-front position at least 100m wide that can be traced along strike for at least 500m. This zone is open to the NNE and probably to the SSW (Figure 1, new 'Zone 4'). This is the first clear evidence of a 'roll front' situation and drilling can now be realigned to target the high-grade nose. While still awaiting all results from this new zone, drillhole LM 157 reports:
2.01m @ 1,158ppm pU3O8 from 104.42m (Using a 200ppm pU3O8 cut-off)

- A new mineralised area that is at least 200m wide, that can be traced for at least 1km lying to the north-west of the Theseus prospect (Figure 1, new 'Zone 3'). Although this zone is not yet fully defined, drillhole LM143 reports a very wide intersection of:
10.64m @ 220ppm eU3O8 from 109.01m (Using a 100ppm pU3O8 cut-off)

An initial coring program is now underway designed to obtain lithological, density, and grade and porosity information to assist in preparing a resource estimation in the near future. This includes a twin hole to LM175 to provide the full combination of PFN, gamma and XRF data for the area.

A summary of drill locations and results is given in Appendix 1 and drillhole locations are shown on Figure 1 in the linked document below.


Comment

The follow-up drilling campaign of 2012 has now defined a series of roll fronts from wide spaced drilling. The mineralised halo at Theseus as defined by 100ppm U3O8 continues to expand. To date the southern zone shows the best continuity of grade extending over 2km roughly North-South and up to 1km wide East-West. Drillhole intersections like LM175 confirm the potential within these mineralised zones for high-grade uranium mineralisation.

A small program of five core holes is now underway. Results from this work will confirm many of the technical aspects of Theses that can then be applied to resource work in the near future.

Toro Managing Director, Mr Greg Hall said: 'The Theseus deposit continues to produce surprises including the very high grade intersection in LM175 located at the south eastern most point of known mineralisation to date. Toro are looking forward to the maiden resource estimation currently scheduled for August'.

For the full announcement including tables and charts, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-TOE-188365.pdf


About Toro Energy Limited:

Toro Energy 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 advanced the Approvals process with an anticipated date of mid-2012, construction through 2013 and first uranium sales in 2014.

Toro has a new uranium project at Theseus in Western Australia, and owns uranium assets in Northern Territory, South Australia and in Namibia, Africa.



Contact:

Toro Energy Limited
T: +61-8-8132-5600
F: +61-8-8362-6655
WWW: www.toroenergy.com.au