Proactiveinvestors Australia

Toro Energy excites with uranium drill results at Theseus

Wed, 16 May 2012 11:09:00 +1000

Todays exploration results at Theseus included high grades and consistent widths. Toro's exploration project looks capable of delivering on its exploration target of 22-44 million pounds of uranium. This is in addition to the company's flagship Wiluna development project.

Toro Energy to commence much anticipated drill campaign

Tue, 01 May 2012 11:10:00 +1000

Toro Energy (ASX: TOE) has begun the eagerly awaited 2012 drilling program at its Theseus Uranium Project targeting a conversion of a sizeable amount of its exploration target to an Inferred Resource.

Indicating the size potential of the project, Toro has defined an exploration target of 20 to 40 million tonnes at 400 to 500 parts per million for 22 to 44 million pounds of uranium.

A mud rotary rig will begin the initial program of about 20,000 metres.

The main zone of mineralisation covers an area about 6 kilometres long by up to 1.5 kilometres wide.

This zone is open to the northwest and southeast and a second zone, about 2 kilometres long by 0.5 kilometres wide, is open to the east.

Greg Hall, managing director said: “It is very good news for Toro to be able to start this drilling program early in the season.

“Toro believes there is an excellent chance to convert the exploration target range estimate to an Inferred Resource over the next few months.

“We are looking forward to further positive news from Theseus, especially after the highly successful extraction tests improve the probability of an ISR project.”

Toro has achieved high rates of extraction of greater than 96% in the first uranium extraction tests for the Theseus Project.

The extraction process was quick, with the majority of leaching occurring within the first 12 hours.

The results demonstrate good metallurgical characteristics for the Theseus Project at this early stage of the project.

Theseus potential

Theseus was discovered by Toro during a grassroots regional aircore drilling program in 2009.

Initial results highlighted the potential for sandstone hosted uranium mineralisation at the project.

A total of 130 vertical mud rotary and aircore holes have been drilled and downhole gamma logged, with almost 50% of the holes reporting a gamma, assay or PFN result greater than 0.5 metres at 100 parts per million uranium.

Given the high quality and speed of uranium extraction, it is likely that the mineralisation at Theseus consists primarily of uraninite and coffinite, which is easily extractable.

Importantly, this is comparable to the preliminary recoveries from other Australian in-situ recovery type deposits.

Post-Fukushima turnaround

Toro is one of a handful of miners, including BHP Billiton (ASX: BHP), that wasted no time in exploiting Western Australia’s uranium potential following the lifting of the State Government’s ban on uranium mining in 2008.

The company is buoyed by a potential turnaround in the post-Fukushima uranium market with European and US utilities eyeing long-term uranium supply contracts as well as continued Japanese demand.

Toro is well placed to become the first post-ban uranium miner in Western Australia if its Wiluna project progresses quickly through the final phase of government approvals.

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Toro Energy cements Browns Range JV with Northern Minerals

Mon, 23 Apr 2012 14:50:00 +1000

Toro Energy (ASX: TOE) plans to farm-out up to 80% of all the mineral rights, except uranium, within its Browns Range tenements in the Northern Territory under a joint venture agreement with Northern Minerals (ASX: NTU).

The two companies have completed due diligence and as a result have now formalised the joint venture partnership.

The agreement allows for Northern to explore for non-uranium minerals on seven of Toro’s wholly owned tenements in the Tanami region of the Northern Territory.

Northern intends to focus on heavy rare earth elements as part of its Browns Range project while Toro retains 100% of all uranium rights throughout the joint venture.

JV Terms

- The agreement allows Northern to earn up to an 80% interest in non-uranium minerals in the tenements over a five year period in various stages;
- In the first stage, Northern has agreed to spend $4 million on exploration over the first three years to earn a 51% interest;
- In the second stage, Northern has the option to increase its interest to 70% by spending an additional $2 million over the following two years; and
- Finally, Northern has the option to complete a Bankable or Definitive Feasibility Study and lift its equity position in non-uranium minerals to 80% if Toro chooses not to contribute.

Browns Range

Toro’s tenements lie around the southern margin of the Browns Range Dome and, in particular, have substantial potential for unconformity style uranium.

Highlighting the prospectivity of the area, the single previous explorer, Japanese company PNC, identified a 20 kilometre long belt of geology that is directly analogous with that of the Alligator River Uranium Field, which hosts the Ranger and Jabiluka uranium deposits.

PNC created a sizable dataset that will enable Toro to fast-track its own uranium exploration in the area, which will also assist in the exploration for other commodities by the joint venture partners.

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Toro Energy cashed up to advance Wiluna Uranium project to production in 2013

Fri, 16 Mar 2012 11:37:00 +1100

The completion of a $5.3 million capital raising in addition to existing cash reserves of about $11 million places Toro Energy in a strong financial position to meet its target of first production in 2013 from the Wiluna uranium project.

Toro Energy achieves greater than 96% uranium recovery rates from Theseus

Wed, 29 Feb 2012 09:30:00 +1100

Toro Energy (ASX: TOE) has achieved high rates of extraction in the first uranium extraction tests for the Theseus Project as the company works towards an initial resource statement.

Theseus is Toro Energy’s principal exploration asset, with an exploration target range of between 22 million pounds and 44 million pound uranium, with significant upside.

Results from the initial extraction tests showed extractions of 95.5% and 96.4% with very low acid consumption.

The extraction process was quick, with the majority of leaching occurring within the first 12 hours.

Managing director Greg Hall said the result boded well for Theseus, where Toro is targeting a JORC Resource in the September quarter.

“These initial uranium extraction tests are extremely encouraging and demonstrate good metallurgical characteristics for the Theseus Project at this early stage of the project,” Hall said.

“The Theseus Project continues to achieve milestones on a path towards an initial resource statement in the third quarter of 2012.”

Given the high quality and speed of uranium extraction, it is likely that the mineralisation at Theseus consists primarily of uraninite and coffinite, which is easily extractable.

Importantly, this is comparable to the preliminary recoveries from other Australian in-situ recovery type deposits.

Toro intends to carry out further studies to examine the nature of the uranium mineral speciation.

Well funded

At the end of the December quarter 2011, Toro had $10.5 million in cash reserves.

The company also has a share purchase plan underway with the aim of raising a further $10.5 million.

Toro is offering shareholders the opportunity to purchase up to A$15,000 worth of shares at an issue price of A$0.08 per share, a hefty discount to the company’s last closing price prior to announcing the deal of A$0.10.

In addition, the company is waiting on a $3.75 million payment from OZ Minerals (ASX: OZL).

The payment is consideration for the termination of an agreement between the two companies as previously applied to the Mt Woods uranium project.

Earlier this month, Toro shareholders voted to accept the terms of a termination agreement for the company’s involvement in the Mount Woods uranium project in South Australia.

Toro Energy upgrades Wiluna Uranium Resource, on track for production in 2013

Mon, 27 Feb 2012 11:19:00 +1100

A uranium Resource upgrade at the key Centipede deposit will increase the amount of higher grade material available in the early stages of mining, with potential to operate it as a stand-alone project, Toro’s Simon Mitchell told Proactive Investors today.

Toro Energy’s Namibian interests progress with renewal of exploration licences

Tue, 21 Feb 2012 14:00:00 +1100

Toro Energy (ASX: TOE) holds a 25% interest in Deep Yellow’s (ASX: DYL) 65% owned Namibian subsidiary Nova Energy, which has had three of its Exclusive Prospecting Licences renewed for a further two years.

The highly prospective ground is flanked by Namibia’s largest currently known uranium deposit and the world’s third largest uranium-only deposit, the Husab Uranium Project owned by Extract Resources’ (ASX: EXT) wholly owned Namibian subsidiary Swakop Uranium.

Husab hosts a Measured uranium Resource of 84 million pounds, an Indicated Resource of 274 million pounds and an Inferred Resource of 130 million pounds.

Other major uranium projects located nearby include Paladin Energy’s (ASX: PDN) Langer Heinrich Mine, Bannerman Resources’ (ASX: BMN) Etango deposit and the Rio Tinto (ASX: RIO) -Pitchstone Exploration Dome Project.

This is the second time the three licences have been renewed in full and with no further conditions.

Meanwhile, Toro is working towards advancing its Western Australian projects through a share purchase plan.

Toro is offering shareholders the opportunity to purchase up to A$15,000 worth of shares at an issue price of A$0.08 per share.

Money raised through the placement will be used for further drilling and project advancement work at Thesus, for Resource and brownfields development at Wiluna, and ongoing working capital requirements.

The share placement will boost Toro’s cash reserves of $10.5 million at the end of the Decmeber quarter.

Toro is continuing to advance its Wiluna Uranium Project through WA and Federal Government approvals, and anticipates Government decisions by approximately mid-2012.

Importantly for Toro, uranium development has support from the Western Australian Government, and Opposition Leader Mark McGowan has said if elected, previously approved uranium mines will be allowed to continue development.

Toro Energy: shareholders accept termination terms for Mt Woods uranium project

Tue, 14 Feb 2012 08:40:00 +1100

Toro Energy (ASX: TOE) has updated the market on the Mt Woods uranium project.

Toro said that shareholders have voted to accept the terms of a termination agreement for the company’s involvement in the Mount Woods uranium project in South Australia.

At yesterdays general meeting, shareholders supported the proposal that Toro be paid $3.75 million by OZ Minerals (ASX: OZL) as consideration for the termination of an agreement between the two companies as previously applied to the project.

Both companies signed a Letter of Intent in November last year for the termination of the Tenements Access Agreement between them over Mount Woods – a project comprising tenements EL4025, EL4132, EL4283 and EL4390.

Toro required shareholder approval for the transaction as it was disposing of a substantial asset to a substantial shareholder, OZ Minerals, which holds 42.06% of Toro’s issued share capital.

The Tenement Access Agreement granted Toro the right to explore for and, under certain conditions, mine economic uranium discoveries. It also entitled Toro access to all Mt Woods exploration data and information collected by OZ Minerals on the tenements.

OZ Minerals has conducted major exploration programs at Mt Woods and, despite extensive drilling campaigns, no potentially economic uranium results have been reported from the project.

Toro announced at the time that a review by it of the project’s exploration data, provided no indication or encouragement.

Toro Energy launches SPP to boost $10.5m pot for advanced uranium projects

Mon, 06 Feb 2012 11:00:00 +1100

Toro Energy (ASX: TOE) has launched a Share Purchase Plan to raise funds for progressing the company’s advanced stage uranium projects, Theseus and Wiluna, in Western Australia.

Uranium explorer and developer Toro finished the December quarter with A$10.5 million cash. The company now has the chance to increase this by launching the share purchase plan.

Toro is offering shareholders the opportunity to purchase up to A$15,000 worth of shares at an issue price of A$0.08 per share, a hefty discount to the company’s Friday closing price of A$0.10.

Money raised through the placement will be applied to further drilling and project advancement work at Thesus, Resource and brownfields development at Wiluna and ongoing working capital requirements.

Toro managing director Greg Hall said the company was making good progress at both projects.

“Toro is continuing to advance its Wiluna Uranium Project through WA and Federal Government approvals, and anticipates Government decisions by approximately mid-2012,” Hall said.

“This will make Toro‟s Wiluna Project one of the only independently-owned uranium projects around the world to advance to this stage.”

“The continued drilling and project advancement of the exciting new Theseus Project is expected to allow the definition of a JORC compliant resource during the year, and will potentially provide Toro with a further pipeline uranium project.”

Importantly for Toro, uranium development has support from the state government, and the opposition leader has said that if elected, previously approved uranium mines would be allowed to continue development.

The share purchase plan will open on February 15 and is scheduled to close on March 6.

Toro Energy buoyed by WA Opposition Leader’s revised uranium mine policy

Tue, 24 Jan 2012 12:10:00 +1100

Toro Energy (ASX: TOE) is encouraged by Western Australian Opposition Leader Mark McGowan’s announcement this week that he will allow uranium mines already approved by the current Liberal Government to proceed if Labor gains power in the next election.

A Government decision is expected for Toro’s Wiluna Project by mid-2012, well before Western Australia’s next election, with environmental impact documentation now in the final stages of assessment by the Western Australian and Federal Governments.

Subject to the uranium market and suitable project finance, Toro anticipates a development decision by the end 2012, with construction and commissioning through 2013 and first sales in 2014.

Last year Toro completed and announced technical and economic improvements to its Wiluna Project, with increased resources, pilot processing completed, and improved economic outcomes.

A major review of the economic model for Wiluna has yielded a C1 cash operating cost of US$33 per pound of uranium and recoveries of 85% after a two year ramp up.

Wiluna is the most advanced project in government assessment in Australia, and one of a few uranium projects globally, able to be developed in the short term.

Managing director Greg Hall said while the policy shift is welcome, and supports the current status of the Wiluna Uranium Project, it still does not create full certainty for future uranium projects in Western Australia.

The final detailed engineering study will begin at the start of February, with completion of the Definitive Feasibility Study planned to coincide with anticipated approval decisions.

Toro Energy shares soar 48%, ASX issues speeding ticket

Fri, 09 Dec 2011 11:10:00 +1100

Toro Energy (ASX: TOE) has caught the attention of investors this week with shares in the company leaping 48% to $0.12 in intra-day trade yesterday, up from $0.081 a week earlier.

The ASX therefore issued Toro with a price query speeding ticket, with the company replying that it is not aware of any material information that has not been disclosed to the market, which may explain the sudden investor interest.

Toro has been very busy recently, and earlier in this week delivered some very interesting news to the market - with the company potentially positioned to benefit from any heavy rare earth discoveries on its tenements.

In a very strategic move, Toro executed an agreement with Northern Minerals (ASX: NTU) to initiate a new joint venture.

The agreement allows for Northern to explore for non-uranium minerals on seven of Toro’s wholly owned tenements in the Tanami region of the Northern Territory.

Northern intends to focus on heavy rare earth elements as part of its Browns Range project while Toro retains 100% of all uranium rights throughout the joint venture.

Terms of the joint venture

- The agreement allows Northern to earn up to 80% interest in non-uranium minerals in the tenements over a five year period in various stages;
- In the first stage, Northern has agreed to spend $4 million on exploration over the first three years to earn a 51% interest;
- In the second stage, Northern has the option to increase its interest to 70% by spending an additional $2 million over the following two years; and
- Finally, Northern has the option to complete a Bankable or Definitive Feasibility Study and lift its equity position in non-uranium minerals to 80% if Toro chooses not to contribute.

The tenements lie around the southern margin of the Browns Range Dome and, in particular, have substantial potential for unconformity style uranium.

Highlighting the prospectivity of the area, the single previous explorer, Japanese company, PNC Ltd, had identified a 20 kilometre long belt of geology that is directly analogous with that of the Alligator River Uranium Field, which hosts the Ranger and Jabiluka uranium deposits.

PNC created a sizable dataset that will enable Toro to fast-track its own uranium exploration in the area, which will also assist in the exploration for other commodities by the joint venture partners.

Toro remains very well-funded

Toro had $18.5 million in cash at the end of the September 2011 quarter.

Toro Energy: JV partner set to explore for heavy rare earth elements at Browns Range

Tue, 06 Dec 2011 10:42:00 +1100

Toro Energy (ASX: TOE) in a very strategic move has executed an agreement with Northern Minerals (ASX: NTU) to initiate a new joint venture.

The agreement allows for Northern to explore for non-uranium minerals on seven of Toro’s wholly owned tenements in the Tanami region of the Northern Territory.

Northern intends to focus on heavy rare earth elements as part of its Browns Range project while Toro retains 100% of all uranium rights throughout the joint venture.

Greg Hall, managing director of Toro, commented on the opportunity:

“We are very pleased to have Northern Minerals as a joint venture partner in the Tanami region and look forward to working together to progress this underexplored region.

"Toro believes there is great opportunity not only for rare earths but also gold and uranium and we hope this joint venture will help drive additional fresh exploration in the region.”

Terms of the joint venture

- The agreement allows Northern to earn up to 80% interest in non-uranium minerals in the tenements over a five year period in various stages;
- In the first stage, Northern has agreed to spend $4 million on exploration over the first three years to earn a 51% interest;
- In the second stage, Northern has the option to increase its interest to 70% by spending an additional $2 million over the following two years; and
- Finally, Northern has the option to complete a Bankable or Definitive Feasibility Study and lift its equity position in non-uranium minerals to 80% if Toro chooses not to contribute.

The tenements lie around the southern margin of the Browns Range Dome and, in particular, have substantial potential for unconformity style uranium.

Highlighting the prospectivity of the area, the single previous explorer, Japanese company, PNC Ltd, had identified a 20 kilometre long belt of geology that is directly analogous with that of the Alligator River Uranium Field, which hosts the Ranger and Jabiluka uranium deposits.

PNC created a sizable dataset that will enable Toro to fast-track its own uranium exploration in the area, which will also assist in the exploration for other commodities by the joint venture partners.

Toro remains very well-funded

Toro had $18.5 million in cash at the end of the September 2011 quarter.

Toro Energy exits trading halt, talks with cornerstone investors continue

Thu, 01 Dec 2011 10:30:00 +1100

Toro Energy (ASX: TOE) is no longer in the trading halt granted by the ASX on 29 November 2011, pending an announcement of a capital raising initiative.

Toro has been in talks with a number of Asian based investor groups interested in entering into strategic partnership with the company through a cornerstone equity investment.

Negotiations are continuing and the market will be updated again in due course.

Toro is fully funded for its near term activities at the Wiluna and Theseus projects in Western Australia.

Wiluna contains two shallow calcrete deposits, Lake Way and Centipede, with prefeasibility and optimisation studies completed and technical work underway that will lead to a Definitive Feasibility Study.

Just last week the company delivered results from a major review of the financial outcomes of the Wiluna Project. Highlights included that over the first 10 years operating life of the project the new economic model has indicated that a "C1" cash operating cost of US$33 per pound uranium.

C1 cash operating costs encompass all fixed and variable site based costs such as mining, milling, processing, admin and general expenses. It excludes royalties and capital allowances.

Toro has commenced the approvals process targeting the company’s first uranium production late 2013 and Wiluna remains on track to emerge as Australia’s fifth operating uranium mine.

The company has a very healthy cash balance of about $15 million, and in addition recently announced the $3.75 million consideration for the retirement of the Mt Woods uranium rights in South Australia.

Toro Energy granted halt pending capital raising announcement

Tue, 29 Nov 2011 10:25:00 +1100

Toro Energy (ASX: TOE) has been granted a trading halt by the ASX pending the release of a capital raising initiative, with the company's shares placed in pre-open.

Toro has not yet indicated where the potential capital injection will be allocated, but the company is currently in a very interesting position and just last week delivered results from a major review of the financial outcomes of the Wiluna Uranium Project in Western Australia.

Highlights included that over the first 10 years operating life of the project the new economic model has indicated that a "C1" cash operating cost of US$33 per pound uranium.

C1 cash operating costs encompass all fixed and variable site based costs such as mining, milling, processing, admin and general expenses. It excludes royalties and capital allowances.

The halt will last until the earlier of the announcement being made to the market, or the open of trade on Thursday 1 December.

Toro Energy to benefit from improved economic returns for Wiluna Uranium Project, WA

Tue, 22 Nov 2011 11:16:00 +1100

A major review of the economic model for Wiluna has yielded a C1 cash operating cost of US$33/lb uranium and uranium recoveries of 85% after a two year ramp up. Wiluna is the most advanced project in government assessment in Australia, and one of a few uranium projects globally - able to be developed in the short term.

Toro Energy signs LOI with OZ Minerals to terminate Mt Woods access agreement

Fri, 18 Nov 2011 15:48:00 +1100

Toro Energy (ASX: TOE) has executed of a letter of intent with OZ Minerals (ASX: OZL) for the termination of Toro’s tenements access agreement over the Mt Woods Project located in South Australia.

In consideration for the termination of the agreement and related novation deed, Toro will receive a $3.75 million cash offer from OZ Minerals.

The agreement granted Toro the right to explore and, under certain conditions, mine economic uranium discoveries over EL4025, EL4132, EL4283 and EL4390. In addition, it entitled Toro access to all exploration data and information collected by OZ Minerals on the tenements.

No potentially economic uranium results have been reported by OZ Minerals from the Mt Woods Project, despite conducting extensive drilling campaigns. Toro has also conducted a review of the exploration data and found no indication that further exploration would improve the uranium prospects at Mt Woods.

Toro recently wrapped up the exploration program at the Theseus project in Western Australia for this season, releasing some very promising results pointing to a large uranium mineralised system with the right ingredients for in-situ recovery.The potential size of the system is also very encouraging for Toro.

The company has now outlined an exploration target for Theseus of 20 to 40 million tonnes at 400 to 500ppm uranium, for 10,000 to 20,000 tonnes of uranium, (or 22 to 44 million pounds).

Toro is already putting in place a plan to test the target, which will be evaluated by mud rotary drilling during 2012, following the results of studies of disequilibrium and bottle roll leach testing.

Toro had a healthy A$18.5 millon cash balance at the end of the September quarter.

Toro Energy: exploration target set at 22 to 44mlbs contained U3O8 at Theseus

Tue, 15 Nov 2011 10:35:00 +1100

Toro Energy (ASX: TOE) has now outlined an exploration target for the wholly owned Theseus Uranium Project in Western Australia, where the company has recently returned grades of up to 9,000 parts per million (ppm) uranium.

The target is 20 to 40 million tonnes at 400 to 500ppm uranium, for 10,000 to 20,000 tonnes of uranium, (or 22 to 44 million pounds).

Toro is already putting in place a plan to test the target, which will be evaluated by mud rotary drilling during 2012, following the results of studies of disequilibrium and bottle roll leach testing.

Studies will focus on recovery characteristics and the potential to improve uranium grades from gamma data collected so far.

Greg Hall, managing director, commented on the good news, “Theseus has to date been a major success story for Toro and one that is yet to be fully recognised by equities markets as a major grass roots uranium discovery.

"It is becoming clear that Theseus may only be one prospect within this new uranium province and the region has the potential for further major discoveries. Toro believes that the exploration target range announced today is only a small indication of the significant potential of this region.”

Drilling success at Theseus from 2011 program

Toro delivered some exploration success at Theseus in the 2011 drilling program, with results such as 3.44 metres at 1,137ppm uranium, which includes the peak result of nearly 9,000ppm.

Drilling during the year confirmed the presence of significant uranium mineralisation, with a total of 130 vertical mud rotary and aircore having now been drilled and downhole gamma logged at the project.

Significantly, half of the holes report a gamma, assay or PFN result greater than 0.5 metres at 100ppm uranium.

Uranium mineralisation is hosted within the variably oxidised sand-clay sequence and its distribution is concentrated at boundaries between reduced and oxidised sediments.

The thickest and highest grade mineralised intercepts are hosted within sands ranging from 1 to 6 metres thick, while thinner intercepts are localised at the upper and lower boundaries of sand units.

Toro Energy director increases direct stake in the company

Wed, 09 Nov 2011 17:45:00 +1100

Toro Energy (ASX: TOE) non-executive director Peter Lester has acquired further shares in an on-market purchase, boosting his direct stake in the company.

Lester bought 60,000 shares on-market for a consideration of A$4,866, providing an average entry price of $0.08.

The purchase upped his stake to 60,000 ordinary shares and 1 million unlisted options.

Toro Energy is currently in a very interesting position, continuing to intersect high grade uranium mineralised zones at the wholly owned Theseus uranium project in Western Australia.

The mineralised zone at the Theseus Project palaeochannel system is now confirmed over a minimum strike length of 8 kilometres, and averages 500 metres wide, varying in thickness from 1 metre to 9 metres.

Recent results at the project point to a large uranium mineralised system.

Toro Energy intersects more high grade uranium at Theseus, points to large uranium system

Thu, 27 Oct 2011 10:39:00 +1100

Toro Energy (ASX: TOE) continues to intersect high grade uranium mineralised zones at the wholly owned Theseus uranium project in Western Australia.

For the last phase of the program, Toro focused on testing the extent of higher-grade zones within the 8 kilometres of palaeochannel previously defined.

Drilling at 100 metre spacing has intersected higher grade zones of mineralisation in three locations.

The mineralised zone at the Theseus Project palaeochannel system is now confirmed over a minimum strike length of 8 kilometres, and averages 500 metres wide, varying in thickness from 1 metre to 9 metres.

This palaeochannel system is considered open to the northwest and to the southeast with a secondary, mineralised, 2 kilometres long tributary that is also open to the east.

The latest results are pointing to a large uranium mineralised system.

Highlights from the final phase of the in-hole gamma results from the mud rotary program include:

- 1.52 metres at 0.15% uranium [0.22%GT] from 116.61 metres, including 0.46 metres at 0.44% uranium;

- 3.44 metres at 0.13% uranium [0.45%GT] from 111.4 metres, including 1.34 metre at 0.31% uranium; and

- 3.74 metres at 0.17% uranium [0.65%GT] from 100.2 metres, including 2.62 metres at 0.23% uranium.

Importantly, the tenor and grade of intersection results above at >0.1%GT would be considered ore-grade for a typical in-situ recovery operation.

Greg Hall, managing director, commented on the positive results, “The most recent drilling results from the Theseus Project point to a large uranium mineralised system with the right ingredients for in-situ recovery.

"The potential size of the system is very encouraging for Toro.

"Further work already underway will provide more information on the uranium mineral species and the potential to extract uranium in a leach solution, but we have been especially encouraged by the tenor of intersections late in the program where ore-grades seen elsewhere are now being regularly intersected at Theseus.”

Extensive 2011 drilling program

The 2011 drilling program comprised in total 51 aircore holes for 6700 metres and 64 mud rotary holes for 8500 metres, which have now all been completed.

Providing another boost to the project, the addition of the extra geophysical information gained from the mud rotary drilling is enabling Toro to build a geological model to constrain higher-grade mineralisation and provide targets for drilling in 2012.

Once a full analysis of the geophysical data is completed early in November, an exploration target range for 2012 will be announced for the Theseus Project.

Toro Energy returns peak value of nearly 9,000ppm eU3O8 at Theseus

Thu, 20 Oct 2011 10:18:00 +1100

Anticipation is building for Toro's final results for the season from Theseus, along with the exploration target range, after drill hole LM0052 recorded a peak result of nearly 9,000ppm eU3O8 within an interval of 3.44m at 1,137ppm eU3O8.

Toro Energy delivers 32% boost to 50.1Mlbs uranium resource at Wiluna region

Mon, 10 Oct 2011 10:29:00 +1100

Toro has delivered a 32% increase in resource in the Wiluna region, signifying the benefit of its exploration programs and regional consolidation. Toro is aiming to be Australia’s next uranium producer.

Toro Energy finalises the acquisition of two key uranium tenements within the Wiluna region

Fri, 07 Oct 2011 11:59:00 +1100

Toro Energy (ASX:TOE) has finalised the acquisition of two key uranium tenements within the Wiluna region, 150 kilometres west of Toro's Wiluna Uranium Project in Western Australia.

The two exploration tenements cover approximately 70% of the Nowthanna uranium deposit near Meekatharra.

Meanwhile, Toro is aiming to deliver a revised JORC resource update for the Wiluna Region this month. Nowthanna will constitute a portion of the revised consolidated resource.

On a 100% basis, the Nowthanna deposit has an Inferred JORC Resource of 10.37 million tonnes at 446ppm uranium for 4,600 tonnes (10.1Mlb) of contained U3O8 at a 200ppm cut-off grade.

Full legal documentation, formalising the terms of the transaction outlined in the non binding term sheet, has now been executed with a group of vendors led by Impact Minerals (ASX:IPT).

The vendors included CITIC Nickel Pty Ltd, Talbot Group Investments Pty Ltd, Spar Resources Pty Ltd, John Rowntree and Teddy Tech Pty Ltd, for the purchase of two exploration tenements, E51/1072 and E51/1075.

The acquisition fits neatly with similar regional transactions by Toro in the past 12 months that secured uranium tenements in WA from U308 Limited (ASX: UTO), MPI Nickel Pty Ltd (a subsidiary of Norilsk Nickel Australia Pty Ltd, transaction in process) and the Minerals and Metals Group.

All host either uranium resources or defined uranium mineralisation, as part of the company's regional consolidation strategy.

Toro Energy achieves up to 86% recoveries from pilot plant for Wiluna uranium project

Mon, 26 Sep 2011 10:54:00 +1000

Toro continues to unlock the potential of the Wiluna Uranium Project. Pilot plant testwork demonstrates that the agitated alkaline leach circuit is viable for the Wiluna project. The results provide a solid basis for the Definitive Feasibility Study.

Toro Energy's three new uranium tenements could add 4m pounds to resource base

Fri, 23 Sep 2011 11:10:00 +1000

The acquisition of the "Millipede" uranium tenements adjacent to the Wiluna Project is now complete and Toro Energy expects them to constitute a portion of the revised consolidated JORC Resource due at the end of September.

Toro Energy moves closer to acquiring 40% stake in Nowthanna uranium deposit

Tue, 20 Sep 2011 16:08:00 +1000

Toro Energy (ASX: TOE) has reported Impact Minerals' (ASX: IPT) sale of its 40% beneficial interest in the Nowthanna uranium deposit in Western Australia to Toro is in progress, and is expected to be complete by the end of September.

The sale comprises 100% of the Quinns Lake Project (E51/1075) and 20% of E51/1072, which is part of the Yarraburra Nickel Joint Venture. Toro has agreed to purchase the remaining 80% of E51/1072 from the other parties in the JV.

Impact will receive $713,000 cash and 5,485,000 Toro shares at completion. Half of the shares will be escrowed for 6 months and the remaining half will be escrowed for 12 months.

Through the direct shareholding in Toro, Impact will retain significant upside to the targeted first production from late 2013 from Toro's Wiluna uranium project, 150 kilometres east of Nowthanna, as well as its extensive portfolio of uranium prospective exploration assets in Australia and Namibia.

Impact has also announced the commencement of a major reverse circulation and diamond drill program at the Botswana Uranium Project.

Drilling is testing for large deposits of uranium hosted by Karoo sandstone and by Proterozoic sedimentary rocks and basement granite and granite‐gneiss.

The reverse circulation drill program started in the Moiyabana area and 19 holes for 1,420 m have been completed on widely spaced drill lines up to several kilometres apart.

At the Red Hills Prospect 17 holes for about 3,229 metres on three lines up to 1 kilometres apart have been completed.

The drill rig is currently at the Mogome Prospect where at least a further 1,200 metres of RC drilling is planned to test uranium‐anomalous leucogranite, gneiss and migmatite.

The first results are expected soon and these will determine the scope of the diamond drill program.

The company has also completed a major airborne magnetic gradiometer and radiometric survey over the northern part of the Xade Complex in central Botswana. The data has been received and a detailed interpretation is in progress.

Toro Energy discovers more uranium from drilling at Theseus project

Mon, 19 Sep 2011 11:33:00 +1000

Drilling results continue to grow potential at the Theseus Uranium project. Toro is looking to develop an exploration target range in mid October, based on the combined results from the detailed mud rotary program and aircore drilling in the southern half of the project area.

Toro Energy gamma probe results further extend Theseus Uranium Prospect

Mon, 29 Aug 2011 10:17:00 +1000

Toro Energy's Greg Hall said the high grade gamma results are highly encouraging with greater than 1500GT results providing an early indication of potential economic grades of mineralisation in an in-situ recovery scenario.

Toro Energy comes up trumps as Theseus turns into major uranium discovery

Thu, 18 Aug 2011 10:55:00 +1000

Toro has unleashed the potential of Theseus with the latest significant eU3O8 hits confirming the prospect as a major uranium discovery. With the company ramping up exploration at the site - the next round of results are highly anticipated.

Toro Energy in pre-open pending 'encouraging exploration results' announcement

Wed, 17 Aug 2011 10:15:00 +1000

Toro Energy (ASX: TOE) has been granted a trading halt by the ASX pending further details on encouraging exploration results, with the company's shares placed in pre-open.

Toro said the results relate to the Lake MacKay ‘Theseus’ project.

The Theseus prospect was a greenfields uranium discovery by Toro in Western Australia in 2009.

Toro Energy to commence regional public information days for Wiluna uranium project

Wed, 10 Aug 2011 10:44:00 +1000

Toro Energy (ASX: TOE) will begin the public information days on the Wiluna uranium project in regional Western Australia on August 15.

The information days are intended to provide regional communities the opportunity to talk directly to members of Toro's project team about any issues or concerns local residents may have.

Greg Hall, Toro Energy’s managing director, said “Toro considers that the information days in regional Western Australia are an important part of the public assessment of Wiluna’s Environmental Review and Management Program (ERMP). The ERMP documentation was presented earlier this year to the Western Australian and Federal Governments for their initial assessment.

"The information days are designed for local communities to access information first-hand about the Project, and facilitate their understanding of what it involves. This will enable best use of the current 14 week assessment period by the public to provide comment to government about the ERMP."

The public comment period closes on 31 October.

The four day program commences in the Goldfields from next Monday, 15 August. The venues and times for the information days are as follows:

- Monday 15 August Foyer, WMC Centre, Kalgoorlie 2pm to 8pm
- Tuesday 16 August Menzies Shire Office 2pm to 6pm
- Wednesday 17 August Leonora Recreation Centre 2pm to 6pm
- Thursday 18 August Wiluna Recreation Centre 2pm to 6pm