Toro Energy Limited (ASX:TOE) Completes Acquisition Of Wiluna Tenements

Perth, Dec 23, 2010 AEST (ABN Newswire) - Toro Energy Limited (ASX:TOE) wishes to advise the completion of the Contract for the transfer to Toro Energy of:

- Full ownership of certain Wiluna (WA) tenements; and

- Lake Way and Millbillillie pastoral leases and two house leases adjacent to the Wiluna township.

Further to the announcement of 21 April 2010 regarding Toro Energy Limited's ("Toro") agreement in principle with Minerals and Metals Group ("MMG") (via their respective wholly-owned subsidiaries) for the transfer of certain tenements and the sale of the Lake Way and Millbillillie pastoral leases and two house leases adjacent to Wiluna, Toro advises that all conditions precedent have been satisfied and that contract completion has occurred.

Cash consideration of A$2.5 million has been paid by Toro to MMG for the acquisition.

Completion of the agreement resolves tenement ownership complexities in the region, allows Toro certainty of access on pastoral leases that cover the Wiluna Uranium Project and confirms a secure base of operations for future Toro mine development and exploration activities.

As part of the arrangements, MMG will retain rights to minerals other than uranium on the relevant tenements.

Toro continues to advance its 100% owned Wiluna Uranium Project, comprising the Lake Way and Centipede uranium deposits, through government assessment and approval processes.

For the complete Toro Energy announcement including map, please refer to the following link:

http://www.abnnewswire.net/media/en/docs/64897-ASX-TOE-181244.pdf

Contact

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