Adelaide, Mar 14, 2006 AEST (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 Ltd (ASX:MEP) is a public company listed on the Australian Securities Exchange (ASX) under the market code MEP. MEP commenced trading on ASX on 25 February 2005. Minotaur has extensive minerals exploration tenements in South Australia, New South Wales, Victoria, Queensland and Western Australia.
The Company is governed by a Board of Directors according to Australian Corporate law and the Listing Rules of the ASX. Minotaur specialises in application of innovative geophysical techniques to locate virgin mineralisation deep below the surface. Often, economic mineral deposits are contained within basement rocks, buried below several hundred metres of transported cover (overburden) and cannot be located through conventional surface exploration methods such as soil sampling, geochemical assays and drilling. Minotaur's remote sensing and interpretative approach has proven very successful, time and time again.
The directors and management of Minotaur each have over 30 years of exploration, mining and mineral resource experience and are eminently qualified in their respective fields of expertise. Under their direction, Minotaur has earned a strong reputation for technical excellence and a high profile within the Australian resources sector. Minotaur's share register comprises 3500 shareholders.
Minotaur is actively exploring IOCG style targets in Australia, where geophysics have identified numerous sub-surface anomalies prospective for copper-gold mineralisation and other targets prospective for base metals such as zinc, lead, copper.
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