Toro Energy Limited Stock Market Press Releases and Company Profile
Acquisition and HoA over Pokali Prospect Tenure, WA
Acquisition and HoA over Pokali Prospect Tenure, WA

Adelaide, Dec 6, 2012 AEST (ABN Newswire) - Toro Energy Limited (googlechartASX:TOE) is pleased to report the successful and exclusive application for exploration tenement E80/4747 in the Lake Mackay region of Western Australia, incorporating the Pokali Copper Prospect.

Until recently, this prospect was an advanced exploration project owned by Ashburton Minerals Limited (googlechartASX:ATN) and includes broad intersection of low-grade 'IOCG-style' mineralisation, such as 246 m at 0.22% Cu, including 12 m at 1.1% Cu. The former licence area became available recently due to the unanticipated expiry of its six-year term.

Toro is pleased to obtain uranium rights to this tenement, but does not consider the copper project a core asset and as such has undertaken negotiations with the former owner, ATN, to farm out the non-uranium rights for the tenement. In return, Toro will secure exploration access to an adjoining Ashburton tenement, E80/3920, which has significant uranium potential. The key terms of the farm out as set out in a formal Heads of Agreement ('HoA') are:

- Toro retains 100% uranium rights to E80/4747 and obtains 100% uranium rights to ATN's E80/3920.

- Toro retains free carried 10% equity in E80/4747 for two years following grant of access.

- Toro provided with Ashburton's regional database.

In addition to the HoA outlined above, Toro believes there is potential for a broader-commodity exploration program over Toro's Lake Mackay tenements, in light of exciting discoveries in the greenfields Fraser Ranges to the south. Toro has previously highlighted the intrusive-related nickel potential of the Pokali area.


Contact

Toro Energy Limited
T: +61-8-8132-5600
F: +61-8-8362-6655
WWW: www.toroenergy.com.au



ABN Newswire
ABN Newswire This Page Viewed:  (Last 7 Days: 7) (Last 30 Days: 40) (Since Published: 6591)