Uranium explorer Toro Energy Ltd
(ASX:TOE) has acquired two uranium prospective exploration tenements at Wiluna in Western Australia from Liberty Resources Ltd
(ASX:LBY).
The acquisition covers the Firestrike uranium discovery and associated drilling database which is within 2km of Toro’s 100 per cent owned Wiluna Uranium Project.
Toro will issue 5 million shares at 20 cents a share for a total consideration of $1 million.
The acquisition now gives Toro four uranium projects under its uranium growth strategy in Western Australia.
Toro says the acquisition is expected to be complete around November 18 2010, at which time the company will move rapidly to put in place a resource definition drilling program for the 2010 field season with an aim to define a resource and assess co-development options as part of the broader Wiluna Uranium Project.
Toro Energy has posted net losses in the last four years, with 2009 its biggest fall.
