Toro Energy Releases Quarterly Activities Report

Toro Energy Limited (ASX:TOE) announced a Quarterly Activities Report highlighting their Wiluna Uranium Project located in Australia.
As quoted in the press release:

HIGHLIGHTS

• 20% upgrade to the Centipede/Millipede resource which now includes 15.3 Mlbs U3O8 at an average grade of 1021ppm (500ppm cut-off). Total resources at Wiluna stand at 80.5 Mlbs. Resource revision for Lake Maitland and Nowthanna deposits imminent1.
• Promising results from metallurgical testwork studies including testing a beneficiation process that produced a de-slimed product effectively rejecting up to 15% of mass with minimal loss of uranium.
• Release of Public Environmental Review (PER) for mining at Millipede and Lake Maitland for 12-week public
• Traditional owner agreement negotiations continued including the completion of a heritage survey in
• Heads of Agreement signed with Oz Minerals for exploration joint venture on highly prospective nickel tenements at Lake
• Mr Tim Netscher appointed as Non-Executive Director and Chairman on 1 November
• Uranium spot price remained steady at US$34.20/lb and long term prices remained steady at US$44.00/lb at end of December
• Japanese reactor restart program well underway with two reactors operating and a further three reactors likely to restart in Q1
• China committed to 40 new reactors by 2020 for domestic power, and extended nuclear technology interests internationally with Britain, Iran, Argentina and
• $6M interest free loan refinancing completed with The Sentient Group, remaining $6M balance of Macquarie Bank loan repaid in
• Cash balance at end of the quarter was $13.4M.

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