The facility increases Toro's available working capital to $16.2 million and maintains the company's strong funding position over the course of negotiations with potential partners for the Wiluna Uranium Project in Western Australia.
Tranche 1 of the facility, $8 million, is available to be drawn down before 31 March 2013, and tranche 2, $4 million, is available to be drawn down until 30 June 2013, subject to satisfactory completion of usual conditions for this type of facility.
In particular, the drawdown of tranche 2 requires Federal Government environmental approval to be in place.
Wiluna Uranium Project
The Wiluna Uranium Project comprises two shallow calcrete deposits, Lake Way and Centipede, near Wiluna in Western Australia, which currently has no operating uranium mines.
The Process Engineering phase of the Definitive Feasibility Study is complete, and development of project financing through potential joint venture partners is underway.
Subject to the successful completion of this and Toro's final decision, the company is targeting an investment decision in the second half of 2013, with first production and uranium sales during 2015.
The project would process 1.3 million tonnes per annum of ore to produce about 820 tonnes of uranium oxide concentrate.
Toro now awaits the completion of the Federal Government's assessment of the project.
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