Toro Energy Limited is a significant ASX-listed Australian uranium company, and is well placed to be one of the first new Western Australian uranium mines.
The company is also a significant explorer in Western Australia, the Northern Territory, South Australia and in the African state of Namibia.
As a project developer and uranium explorer Toro highlights the following points:
• Recent acquisition of additional tenements and resources around its flagship Wiluna Project in Western Australia, consolidating a strong regional position in uranium and offering options for higher capacity mining over a longer period;
• Is well into the Western Australian Regulatory Approval process for the Wiluna Project with the Environmental Review and Management Programme (referred to outside Western Australia as an Environmental Impact Statement) on public exhibition until 31 October 2011 - the first Western Australian uranium project to reach this stage;
• Initiated sales discussions with potential customers, and is reviewing project finance options;
• Has a substantial exploration program underway (20,000 metres of drilling scheduled for Australia in Calendar 2011)
• Has sufficient cash contingency for its forward project approvals, feasibility and planning, and
The Wiluna Project is at an advanced stage in government assessment and approval, with Toro planning to commit to construction late next year for first production in 2013.
The Project hosts two shallow (generally less than 10m deep) calcrete deposits with a Measured, Indicated and Inferred resource of 24.4Mlbs of contained U3O8 in the current project approved. Since late 2010 Toro has completed further tenement acquisitions in the immediate vicinity of the Project known to have uranium bearing mineralisation, with the potential to add 10 to 12Mlbs to this resource base.
The Wiluna Project has a 10 -14 year mine life at the rate of around 1,000 tpa of uranium oxide. Resource definition drilling during 2011 on additional tenements will indicate whether the mine life and capacity could be extended.
The Board and Senior Management of Toro have extensive experience in major mining houses, successful exploration companies, large uranium mining operations, uranium marketing and government and community relations
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