Toro Energy Limited (ASX:TOE) Announces Peak Result at Theseus Project of Nearly 1% eU3O8

Perth, Oct 20, 2011 AEST (ABN Newswire) - Toro Energy Limited (ASX:TOE) is very pleased to announce that drilling at the Theseus Project in WA, near the NT border, has continued to record strong uranium discovery results. In particular drill hole LM0052 recorded a peak result of nearly 9,000ppm (0.9% eU3O8) within an interval of 3.44m @ 1,137ppm eU3O8.

The tenor of the mineralisation in this hole provides further evidence of the encouraging potential, with significant areas yet to be tested. The data for this and other recent holes is undergoing detailed review, and will be reported in a market summary shortly.

A Prompt Fission Neutron (PFN) probe was trialled in two holes this year. In drill hole LM0055, the peak result of 6,575ppm pU3O8 as against a peak gamma result of 4,330ppm eU3O8 demonstrates significant positive disequilibrium. This indicates that grades calculated by gamma readings may be understating the true grade.

The main mineralised zone is associated with an interval of reduced sediments which occupy the base of the palaeochannel sequence. This interval is up to 18m thick, some 500m wide, and extends for more than 10km along the palaeochannel axis, providing significant targets for future programs.

Initial Geological Evaluation

An initial interpretation of drilling results has been undertaken at the Theseus Project, with a typical geological cross section shown in the diagram below. The main mineralised zone is associated with the transition between oxidized and reduced (i.e. organic-rich and pyritic) sediments. The reduced interval is up to 18 m thick and forms the lower part of the palaeochannel fill. Drilling to date indicates that the reduced interval is locally over 500 m wide and extends for more than 10 km along the palaeochannel axis.

Sands that host the mineralization are bounded by clay and overlain by up to 100 m of clay-dominant sediments.

Toro has completed its drilling program at Theseus for this season, and anticipates releasing final drilling results and an exploration target range within a few weeks.

For the complete Toro Energy announcement including figures and tables, please view the following link:
http://media.abnnewswire.net/media/en/docs/ASX-TOE-185046.pdf

Contact

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