Monday, 20 February 2012

Toro Energy’s Namibian interests progress with renewal of exploration licences

Toro Energy (ASX: TOE) holds a 25% interest in Deep Yellow’s (ASX: DYL) 65% owned Namibian subsidiary Nova Energy, which has had three of its Exclusive Prospecting Licences renewed for a further two years.

The highly prospective ground is flanked by Namibia’s largest currently known uranium deposit and the world’s third largest uranium-only deposit, the Husab Uranium Project owned by Extract Resources’ (ASX: EXT) wholly owned Namibian subsidiary Swakop Uranium.

Husab hosts a Measured uranium Resource of 84 million pounds, an Indicated Resource of 274 million pounds and an Inferred Resource of 130 million pounds.

Other major uranium projects located nearby include Paladin Energy’s (ASX: PDN) Langer Heinrich Mine, Bannerman Resources’ (ASX: BMN) Etango deposit and the Rio Tinto (ASX: RIO) -Pitchstone Exploration Dome Project.

This is the second time the three licences have been renewed in full and with no further conditions.

Meanwhile, Toro is working towards advancing its Western Australian projects through a share purchase plan.

Toro is offering shareholders the opportunity to purchase up to A$15,000 worth of shares at an issue price of A$0.08 per share.

Money raised through the placement will be used for further drilling and project advancement work at Thesus, for Resource and brownfields development at Wiluna, and ongoing working capital requirements.

The share placement will boost Toro’s cash reserves of $10.5 million at the end of the Decmeber quarter.

Toro is continuing to advance its Wiluna Uranium Project through WA and Federal Government approvals, and anticipates Government decisions by approximately mid-2012.

Importantly for Toro, uranium development has support from the Western Australian Government, and Opposition Leader Mark McGowan has said if elected, previously approved uranium mines will be allowed to continue development.

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