Minotaur Exploration Ltd Stock Market Press Releases and Company Profile  Toro Energy Limited Stock Market Press Releases and Company Profile

Sydney, Mar 22, 2006 AEST (ABN Newswire) - Shareholders with priority to Australia's newest uranium float, Toro Energy Limited (ASX: TOE), will dominate the Company's share register after the completion by Directors of the allocation of shares for the heavily backed capital raising and planned ASX listing.

Toro will join the Australian Stock Exchange lists on Friday this week with 5,607 shareholders.

The Company's listing follows the early closure of Toro's $18 million Initial Public Offer which attracted applications for $63.6 million worth of shares - over 3 times that of the Prospectus offering - as at the close of the offer on Monday, 6 March at 12.00 noon, ACDT. Oversubscriptions were not permitted to be accepted under the terms of the Toro Energy prospectus.

Directors said today that virtually all of the available shares had been allocated to those priority shareholders of the listed Minotaur Exploration Limited (ASX: MEP) and Oxiana Limited (ASX: OXR) who lodged their applications before the close of the Offer.

Minotaur and Oxiana's uranium assets in SA were vended into the new explorer.

Toro Chairman, Dr Ian Gould, said today that Directors were overwhelmed by the strength of support for the issue and had little choice but to take the responsible decision to close the Offer early.

"While there will be obvious disappointment among some applicants who were eligible priority shareholders and were scaled back, or who were not able to get their application in before the Offer closed, the prospectus clearly defines that while these shareholders have a priority, it does not automatically guarantee or entitle them to an allocation," Dr Gould said.

"The large number of Oxiana and Minotaur priority applicants, and the diverse size and structure of applications received, impacted on the allocation policy.

"This necessitated an across-the-board heavy scale-back in allocations but all applicants eligible for shares at the early close of the Offer, received at least the minimum allocation."

Toro's largest single shareholders at listing will be Minotaur and Oxiana, each with 24.74%, along with Newmont Capital (1.6 million shares, 1.1%); and BHP Billiton (ASX: BHP)(1.5 million shares, 1.03%).

Toro will have 145.5 million ordinary shares on issue at listing. The Company will list on ASX at 11.00am this Friday, 24 March 2006.

About Minotaur Exploration Ltd

Minotaur ExplorationMinotaur 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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Contact

Toro Energy: +61 (0) 8 8366 6000
Investor enquiries contact: Donald Stephens


Kevin Skinner
Field Public Relations
(08) 8234 9555 / 04141 822631


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