Uranium developer, Toro Energy Limited is pleased to announce the signing of a binding terms sheet with major company shareholder, The Sentient Group that will enable Toro to repay in full its current A$12 million debt facility provided by Macquarie Bank.

The program comprises up to 130 planned shallow drill holes (10-15m deep) for up to 1,600 metres of sonic core drilling across four deposits, Lake Maitland, Centipede, Millipede and Nowthanna.

One of Australia’s leading uranium development proponents says the country’s natural advantage in delivering clean energy to meet growing global demand, is being eroded by the current policy differences between the states towards uranium exploration and mining.

PDAC delegates in Toronto told overnight that emerging powerhouse economies would drive the future global demand for uranium, nowhere more so than that from China and India.

Leading global resource investor The Sentient Group is to inject up to A$10 million cash into Australia’s Toro Energy Limited (ASX: “TOE”) with a further $10 million funding into its advanced Wiluna uranium project in Western Australia under final stages of negotiation, as part of a broader funding and asset package announced today.