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Toro Energy Ltd Progresses Approvals To Extend The Wiluna Uranium Project

Toro Energy Ltd (ASX:TOE) is moving forward with its plan to extend existing environmental approvals for the Wiluna Uranium Project in central Western Australia to include the Lake Maitland and Millipede uranium deposits.

The project consists of six deposits, of which two have received government approval for mining, providing for an opportunity to become Western Australia's first uranium mine.

After a 12 week public review period, Toro prepared a 'Response to Submissions' document that has now been accepted by the governing body.

Toro understands the proposed extension will now be considered by the Board of the West Australian Environmental Protection Authority later in July.

In early July, Toro received native title consent from the Wiluna People through the signing of a traditional owner mining agreement.

Wiluna Uranium Project

Wiluna consists of six calcrete hosted uranium deposits located in central Western Australia.

Toro continues to focus on bringing Wiluna to market to coincide with forecast uranium pricing conditions that support development.

The Centipede and Lake Way deposits have received government approval for mining, providing the Wiluna Project with the opportunity to become Western Australia's first uranium mine.

Wiluna has a total resource of 84 million pounds at 200 ppm cut-off with 40 million pounds at 951 ppm U3O8 (500 ppm cut-off) across the Centipede, Millipede, Lake Maitland and Lake Way deposits.

Technical studies

At the same time as these additional environmental approvals have been underway, Toro has been exploring beneficiation as a way to optimise the processing facility.

Early results are positive, with an 80% rejection of the mass with just 10% loss of uranium, demonstrating the potential for beneficiation to transform the scale, design and cost of the processing circuit.

Toro's current focus is to replicate these results, allowing a redesign of the process flow sheet to be completed.

Based on this work, Toro are aiming to re-engineer the processing plant and mine plan to deliver significantly lower capital and operating costs for the project.

News is expected regarding updates on the beneficiation work, which aims to make the project more economically robust in the current uranium price environment.

Major shareholders

Toro has institutional grade major shareholders including:

21.1% - OZ Minerals Ltd (ASX:OZL)
20.7% - Mega Uranium Ltd (TSE:MGA)
18.2% - Sentient Group
4.4% - RealFin Capital

OZ Minerals and Mega Uranium are both listed companies with a history of mining experience.

The Sentient Group, is a Sydney based independent private equity investment firm specialising in the global resources industry.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.