www.toroenergy.com.au
Toro Energy (ASX: TOE) is well placed to operate one of the first new Western Australian uranium mines. The company is also an explorer in Western Australia, the Northern Territory, South Australia and in the African country of Namibia.
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 Uranium (U3O8) in the current project approved.
Toro Energy managing director Greg Hall increases stake in company
Toro Energy (ASX: TOE) managing director Greg Hall acquired 48,000 shares at $0.10 per share on 13 May in on market purchases.
Hall purchased the shares for a consideration of $4,800 and now holds a direct stake of 176,333 shares.
He also holds an indirect stake of one million unlisted options at $0.45 (exercisable 1 April 2007 to 31 March 2012), and one million unlisted options at $0.25 (exercisable 20 March 2010 to 19 March 2014). These shares are held through Sharon Lee Hall.
On March 3 Toro submitted documentation to the Federal and Western Australian Governments on which final decisions will be made about the company’s 100% owned Wiluna Uranium Project in Central Western Australia.
Toro is planning to have the Wiluna Project in production in 2013, subject to Government and Toro board approvals.
The company envisages a 10-year mine life at the rate of around 700 tonnes of uranium oxide per annum for Wiluna although nearby regional exploration and asset acquisition could extend this.
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 (ASX: OZL).
On May 10 Nova Energy Namibia Pty Ltd (owned by Deep Yellow (ASX: DYL), Toro Energy and Sixzone Investments) announced that it will commence a 10,000 metre reverse circulation drilling program at its tenements in Namibia.
The drilling will evaluate the western strike extension of uranium mineralisation recently reported by Extract Resources (ASX: EXT) at the Pizarro prospect (8 metres at 638 parts per million (ppm) uranium (U3O8), along with other targets related to low magnetic responses contained within a stratigraphic and structural corridor.
Deep Yellow completed its earn-in commitment of $3.5m expenditure in early 2011 and hold 65% ownership of Nova, Toro Energy has retained 25% equity and has committed to participate in this drill program. Sixzone Investments have a 10% equity share in Nova.
