Toro Energy Limited (ASX:TOE) Chairmans Address to Shareholders at 2011 Annual General Meeting

Sydney, Australia (ABN Newswire) - Toro Energy Limited (ASX:TOE) is pleased to release the following Chairman's address to shareholders.

I am pleased to offer the report on the 2010 /2011 year which has previously been circulated to you in the annual report. I would like to highlight a few points from this report, as well as the continuing significant progress which has been made by your Company since the end of the financial year.

The devastating earthquake and tsunami in Japan in March this year resulted in the Fukushima Daichii nuclear plant accident. From our shock at the loss of life and property from the earthquake and tsunami, we watched while TEPCO and the Japanese authorities brought the damaged power stations under control. There is no doubt that this accident has impacted on public perception of nuclear power.

However due to the immediate precautionary 20km evacuation zone, the International Atomic Energy Agency preliminary summary is that 'to date no health effects have been reported in any person as a result of radiation exposure from the nuclear accident'. It is now believed that no member of the public was exposed to any harmful levels of radiation.

The Managing Director will discuss this subject further during his presentation, including the impact on uranium supply and demand, and I refer shareholders to the letter published in June by Toro regarding the earthquake and tsunami, copies of which are available at the meeting entrance.

Toro Energy is confident that lessons learnt from Fukushima will be effectively applied, that the long term impact on nuclear energy expansion will be minimal, and that your Company is part of an expanding industry globally which can continue to grow safely.

Toro has continued to advance its flagship Wiluna Uranium Project. During and subsequent to the year-end we have also substantially increased the contained resource base of the Wiluna Regional Resources from 24 million lbs uranium oxide at 30 June 2010, to just over 50 million lbs uranium oxide by 10 October 2011. This was achieved through the acquisition of the Dawson-Hinkler and Millipede uranium deposits, and the purchase of a significant portion of the Nowthanna uranium deposit, along with the resource remodeling of these. These acquisitions took substantial time and effort to achieve and at very value-additive prices, and will take some years of additional work to determine their economic feasibility. The Business Development and Finance teams are to be commended for their professional perseverance.

The Wiluna Project team achieved a first in Western Australia with the completion of the Environmental Review and Management Plan, or 'ERMP', which was released for public review on 25 July 2011. The closing period for submissions was 31 October 2011, with 48 submissions received of which 15 were a standard form letter from the WA Conservation Council website.

The Wiluna team is now working on the responses and any additional information required for the final ERMP submission which we anticipate will be in early to mid December. Subject to WA and Federal Government process, Toro Energy anticipates final government approval for the Project around mid-2012.

A pilot process plant, utilising a bulk ore sample from the 2010 resource test pit operations, was very successfully trialed for the Wiluna Project during August and September this year. As well as proving the overall uranium extraction process, this plant also provided significant technical and economic data for ongoing project evaluation and detailed feasibility and engineering design.

Further groundwater barrier trials, along with geological and hydrogeological drilling, were carried out at the Wiluna site post year end, providing significant additional information for approval assessment, and for completion of detailed feasibility. The Wiluna Project team is to be commended for their safe and effective site operations during the year, with no serious accidents or incidents occurring.

Last, but not least, the Toro Exploration team has received an excellent reward for their persistent efforts, with the Theseus Project discovery announced last year now developing into a major regional uranium province. Some very high uranium grades have been intersected, and a very significant exploration target range of 22 to 44 million lbs contained uranium oxide has been announced.

Toro continues to actively assess business development opportunities for its future growth and to provide a pipeline of production opportunities. These include resource extensions, project or corporate acquisitions, and other significant potential M&A growth opportunities. Toro's aim is to be a sustainable and significant uranium producer into the long term global nuclear market, and while discoveries like Theseus help to achieve this, we will need to continue to pursue other growth opportunities.

Shareholders will note that Toro Energy is currently in a Trading Halt pending an announcement regarding a proposed capital raising. It would be inappropriate for me to make comment about this at this time, however shareholders will be informed via an announcement when we re-commence trading.

I take this opportunity to thank the whole Toro Energy team. We have had a very difficult and very busy year and I think you will agree with me that much has been achieved. On behalf of the Board of Directors, I thank Greg Hall and all of the staff, contractors and consultants who have actively contributed over the past year.

Thank you.

Erica Smyth
Chairman of the Toro Energy Board

About Toro Energy Limited:

Toro Energy Limited (ASX:TOE) 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 commenced the Approvals process targeting the Company's first uranium production by late 2013.

Toro has three other exploration and development projects in Western Australia, and owns uranium assets in the Northern Territory, South Australia and in Namibia, Africa.

Source:

Toro Energy Limited

Contact:

Erica Smyth
Chairman
Toro Energy Limited
Tel:  61-8-8132-5600
Email: info@toroenergy.com.au
http://www.toroenergy.com.au