Perth, Sep 23, 2011 (ABN Newswire) - Toro Energy Limited (ASX:TOE) are pleased to announce the execution of comprehensive legal documentation with MPI which sets out the commercial and legal framework for the purchase of certain mining tenements adjacent to the Centipede deposit at Toro's Wiluna Uranium Project in Western Australia. Details of this transaction were announced in ASX release dated 17 February 2011.
Toro has purchased the mining tenements and associated database from MPI, while MPI has retained the rights to all non-uranium minerals (other than as a by-product of uranium mining of co-mingled ores).
One of the tenements (M53/336) is held in Joint Venture between MPI and Barrack Mines Pty Ltd ("Barrack" a wholly owned subsidiary of Grange Resources Ltd (ASX:GRR)) with Barrack holding 10% equity. Toro has concluded the acquisition of this 10% interest in M53/336 on the same terms on a pro-rata basis.
Toro is currently working on a JORC Resource update for the Wiluna Project and it is expected that Millipede will constitute a portion of the revised consolidated resource when it is released at the end of this month.
Toro Energy is a modern Australian uranium company with progressive project development, acquisition and growth. The company is based in Adelaide, South Australia with a project office in Perth, Western Australia.
Toro’s flagship and wholly-owned Wiluna uranium project (includes existing mining lease) is 30 kilometres southeast of Wiluna in Central Western Australia.
Wiluna contains two shallow calcrete deposits, Lake Way and Centipede, with prefeasibility and optimisation studies completed and a definitive feasibility study underway. Toro has advanced the Approvals process with an anticipated date of mid-2012, construction through 2013 and first uranium sales in 2014.
Toro has a new uranium project at Theseus in Western Australia, and owns uranium assets in Northern Territory, South Australia and in Namibia, Africa.
ASX:TOE) are pleased to announce the execution of comprehensive legal documentation with MPI which sets out the commercial and legal framework for the purchase of certain mining tenements adjacent to the Centipede deposit at Toro's Wiluna Uranium Project in Western Australia. Details of this transaction were announced in ASX release dated 17 February 2011.
Grange Resources Limited
Toro Energy Limited
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