Toro Energy Limited: Media Release - Wiluna Uranium Project Approval

09:41 AEST Oct 11, 2012 ABN Newswire (C) 2004-2012 Asia Business News PL. All Rights Reserved.

Adelaide, Australia (ABN Newswire) - Please find attached a media release from our public relations firm, Field Public Relations, highlighting our earlier announcement regarding the WA Minister for Environment's decisions to approve Toro Energy's (ASX:TOE) Wiluna Uranium Project.


WA Minister for Environment approves Toro Energy's Wiluna Uranium Project

Toro Energy (ASX:TOE) welcomes the Western Australian Minister for Environment's decision to approve the Company's 100%-owned Wiluna Uranium Project.

This is a very significant milestone in the government assessment process for the Project, and follows more than three years of extensive community consultation, the most thorough environmental and technical studies, and rigorous assessment by government agencies.

Toro's Wiluna Uranium Project comprises two uranium resource deposits near Wiluna in WA, and is the most advanced uranium project in that State. The Project has a production target processing 1.3 million tonnes per annum for approximately 820 tonnes of uranium oxide concentrate, based on the first 10 years of mine life.

The environmental impacts of the Wiluna Uranium Project have been rigorously assessed by both Western Australian and the Commonwealth Government agencies and the public has been provided with four opportunities for input to this process since it began in 2009.

'Toro welcomes Minister Marmion's decision to approve the first uranium mine since the change in uranium policy by the Western Australian Government in 2008. This represents a true achievement by many people who have worked diligently to deliver a project that will provide benefits to the local community, as well as to Western Australia, in an environmentally sustainable manner,' Toro's Managing Director, Greg Hall, said today.

In May 2012, the Environmental Protection Authority (EPA) recommended approval of the Wiluna Project to the WA Minister for Environment, stating that the Wiluna Project met environmental approval requirements and should be allowed to proceed, subject to stated conditions within its report. Following a statutory appeal period, nine appeals were lodged against the EPA's report and recommendations. As a result of his consideration of those appeals, the WA Minister for Environment has added to the conditions of approval for the Project.

'Toro Energy has welcomed the rigorous assessment process which has been undertaken on its detailed technical and environmental studies, and will work within the conditions set for the Project by the Minister,' Mr Hall said.

'Toro now awaits the completion of the Federal Government's assessment of the Project, which has been occurring in parallel with the State process under a bi-lateral agreement.

'Subject to the Federal Government decision, Toro will advance its proposed financing of the Project, with potential JV partners having been engaged for some time in detailed technical review work.

'Toro will also continue to consult the relevant WA Government agencies, local and regional communities and Traditional Owners on the final stages of the Wiluna pre-development work program.

'Most market analysts are predicting a stronger medium to long term uranium market, with predictions of uranium shortfalls from 2015 onwards. The re-start of additional Japanese reactors predicted from mid next year, the cessation of the HEU agreement between the USA and Russia next year reducing secondary uranium supply, and other new nuclear market entrants such as UAE and India, are all adding to the continued market growth for uranium being reported.

'While the Federal Government's proposed opening of the Indian market adds another potential future customer base, it also adds an additional country which could invest in uranium projects in Australia through JV opportunity or financing.

'Toro's Wiluna Project would be one of the few uranium projects approved on a global basis capable of producing into this medium-term horizon. Confidence in the market is demonstrated by the major uranium producing companies and nuclear utilities (eg Cameco, Rio Tinto, ARMZ, and Guangdong Nuclear) which have been buying existing uranium resource projects and vying for future positioning of production.

'The investment market is now seeing this as an opportunity for future value, and Toro's solid and consistent work in the area of technical development, government assessment and approval and project advancement is starting to be recognised.'


About Toro Energy Limited:

Toro Energy 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 advanced the Approvals process with an anticipated date of mid-2012, construction through 2013 and first uranium sales in 2014.

Toro has a new uranium project at Theseus in Western Australia, and owns uranium assets in Northern Territory, South Australia and in Namibia, Africa.



Contact:

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