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 exits trading halt, talks with cornerstone investors continue
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.
