Toro Energy's three new uranium tenements could add 4m pounds to resource base

Toro Energy (ASX: TOE) has finalize legal documentation with MPI Nickel Pty Ltd that formalises conditions for the purchase of three key mining tenements contiguous to the Centipede deposit at Toro’s advanced Wiluna Uranium Project in Western Australia the "Millipede" uranium tenements could add 4 million pounds uranium to the company's reserve base.

Toro is currently working on a JORC Resource update for the Wiluna Project and the company expects the three new tenements will comprise a portion of the revised consolidated resource when it is on the rampage at the end of this month.

On 17 February 2011 Toro announced it was acquire a project called Millipede from MPI. deliberation for the tenements includes a A$4.5 million cash payment to MPI and 2% Net Smelter Return (NSR) style royalty in favour of MPI on construction in excess of 4.5 million pounds (Mlb) uranium (U3O8) from the tenements.