Toro Energy: No Potential Economic Uranium Found At Mt Woods
18 Novembre 2011 - 8:30AM
Dow Jones News
Uranium explorer Toro Energy Ltd. (TOE.AU) will abandon its Mt
Woods uranium exploration prospect after no worthwhile ore was
discovered during a drilling campaign by OZ Minerals Ltd. (OZL.AU),
Toro said Friday.
In February, Toro had described the tenements as "one of the
most prospective areas for iron ore-copper-gold mineralization in
the world".
That type of rock is also found at major uranium deposits
elsewhere in South Australia state, including BHP Billiton Ltd.'s
(BHP) Olympic Dam, the world's largest uranium deposit.
Toro took a A$10.9 million writedown on the value of its rights
over the prospect in its annual report last month, and said Friday
it would accept A$3.75 million in cash from OZ to terminate an
access agreement on the site, which is on leases owned by OZ.
-By David Fickling, Dow Jones Newswires; +61 2 8272 4689;
david.fickling@dowjones.com
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