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 granted halt pending capital raising announcement
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.
