Toro Energy Limited (ASX:TOE) WA Opposition Leader Allows Approved Mines to Proceed

Perth, Jan 24, 2012 AEST (ABN Newswire) - Toro Energy (ASX:TOE) welcomes the announcement from Western Australia Opposition Leader Mark McGowan regarding the revised policy on uranium mines, which would allow those mines already approved to proceed if a Labor Government was formed in WA.

Toro currently anticipates government decisions on the Project by mid 2012, well before the next WA election, with its environmental impact documentation now in the final stages of assessment by the Western Australian and Federal governments.

Subject to the uranium market and suitable project finance, Toro anticipates a development decision by the end 2012, with construction and commissioning through 2013 and first sales in 2014.

Toro last year completed and announced significant technical and economic improvements to its Wiluna Project, with increased resources, pilot processing completed, and improved economic outcomes.

The final detailed engineering study is commencing on 1 February 2012, with completion of the DFS planned to coincide with anticipated approval decisions.

Toro Managing Director Greg Hall stated that while the policy shift is welcome, and supports the current status of the Wiluna Uranium project, it still does not create full certainty for future uranium projects in WA.

Contact

Greg Hall Toro Energy Limited Tel: +61-8-8132-5600 Email: info@toroenergy.com.au http://www.toroenergy.com.au