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Minotaur Shareholders Support Sale of Uranium Rights to Toro Energy
Adelaide, Mar 14, 2006 (ABN Newswire) - Shareholders in Minotaur Exploration Limited (ASX code "MEP") today voted to approve the sale of their company's uranium rights in South Australia to the new pure uranium explorer, Toro Energy Limited.
The move - at a general meeting held in Adelaide this morning - paves the way for Toro to list on the ASX on or about the 24th of this month - after one of the year's most successful Initial Public Offers.
Toro last Monday closed its $18 million IPO four days early after receiving more than $52 million worth of applications for the 72 million, $0.25 shares on offer.
The new explorer's assets, as described in its prospectus, are a combined spin-off of the uranium acreage and joint ventures projects held by both Minotaur and Oxiana Limited (ASX: OXR).
Minotaur rights vended to the new company pursuant to today's shareholder approvals, include 20 exploration blocks located throughout much of South Australia's Gawler and Curnamona Cratons.
Under the Toro IPO and planned ASX listing structure, Minotaur and Oxiana will each retain a direct 24.7% interest in Toro, with Minotaur and Oxiana shareholders considered priority applicants for the new uranium stock.
Toro will hold more than 26,000 square kilometres of uranium exploration rights in South Australia when it lists, and be capitalised at listing at A$36 million.
About MINOTAUR EXPLORATION LTD
Minotaur Exploration Limited is an Australia-based mineral exploration company. During the fiscal year ended June 30, 2005 (fiscal 2005), the Company continued to seek extensions of areas held and to also sought out new areas with potential areas of mineralization, and evaluated results achieved through surface sampling, drilling and geophysical surveys carried out during fiscal 2005. Its subsidiaries include Minotaur Operations Pty Ltd., Minotaur Ventures Pty. Ltd. and Minotaur Resources Investments Pty. Ltd.
About OXIANA LIMITED
Oxiana produces gold and copper from two mines in Laos and studies are also underway to expand both these operations. The Golden Grove zinc/copper mine in West Australia was purchased in mid 2005 while the Prominent Hill copper/gold project in South Australia is targeting a 2008 start-up. An aggressive exploration program is underway at all the above as well as in China and Thailand.
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