Uranium developer Toro Energy has completed the contract with Minerals and Metals Group (MMG) to acquire Wiluna tenements, pastoral and other assets in Australia.
The agreement is in line for the transfer of certain tenements and the sale of the Lake Way and Millbillillie pastoral leases and two house leases adjacent to Wiluna with Minerals and Metals Group (MMG).
On 21 April 2010, Toro Energy had signed an agreement in principle with MMG for the transfer of these assets.
Toro Energy has paid a cash consideration ofAUD2.5m to MMG for the acquisition.
The acquisition allows the uranium developer to access the pastoral leases covering the Wiluna uranium project that confirms a secure base of operations for future Toro mine development and exploration activities.
As per the arrangements, MMG will retain rights to minerals other than uranium on the relevant tenements.
Toro continues to advance its 100% owned Wiluna uranium project, comprising the Lake Way and Centipede uranium deposits, through government assessment and approval processes.