Toro Energy Limited (ASX:TOE) Announces Executive Management Transition

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Adelaide, Australia, Dec 4, 2012 - (ABN Newswire) - Toro Energy Limited (ASX:TOE.AX - News) wishes to announce that, as part of a planned succession, Managing Director, Mr Greg Hall will resign from his position as at 8 February 2013, and Dr Vanessa Guthrie (currently Executive General Manager - Wiluna Project) will assume the role of Managing Director of Toro Energy limited. The Board and Mr Hall agreed some time ago that, after nearly seven years steering the Company, when the opportunity arose for him to expand his experience base the Company would accommodate this in a managed transition process. Mr Hall will remain on the Toro Energy Board as a Non-Executive Director.

Ms Erica Smyth, Chairman of Toro Energy, in making the announcement commented; "Greg has been the Managing Director of Toro since its inception in March 2006, and has taken the company from a start-up junior uranium explorer, to the leading new uranium development company in Australia. He has led our project development and exploration teams to the point where government assessment of our Wiluna Project is almost complete and our work on the Theseus prospect continues to give very encouraging indications.

"Greg has also gained high respect for his collaborative work within the uranium industry to advocate its benefits and to secure strong community support through information and education initiatives on important issues including environmental management, radiation protection and product transport.

"I am pleased that his expertise, knowledge base and nuclear industry contacts will continue to be available to Toro through his on-going Board position as we continue to grow the company. Greg will be taking up the position of CEO and Managing Director of copper producer, Hillgrove Resources Limited (ASX Code 'HGO') from February 2013. We wish him well in his future work and endeavours".

Dr Vanessa Guthrie joined Toro in July 2011, and has been Executive General Manager of the Wiluna Project through the significant final pre-development stages of environmental studies and technical evaluation, along with WA and Federal Government assessment of the Project.

Vanessa brings extensive executive management and resource sector experience to her new role, with previous positions as CEO of the Wellard Group, VP Sustainable Development for Woodside Energy Limited, Sustainability Manager for Alcoa World Alumina Australia, and Mine Manager at Alcoa's Huntley Mine, amongst others. She has also previously held environmental management roles with WMC in the northern goldfields region, and has a wealth of experience in community and traditional owner engagement, and experience within the nuclear and radiation fields.

"We look forward to Vanessa and the Toro team continuing to advance the company as a future sustainable uranium producer. The Federal Government environmental decision on the Wiluna Project is anticipated by the end of the year, and project financing and secondary permitting are underway. Subject to these, Toro hopes to be able to make a final investment decision on the Wiluna Project in the second half of 2013."

About Toro Energy Limited:

Toro Energy is a modern Australian uranium company with progressive project development, acquisition and growth. The company is based in Adelaide, South Australia with a project office in Perth, Western Australia.

Toro's flagship and wholly-owned Wiluna uranium project (includes existing mining lease) is 30 kilometres southeast of Wiluna in Central Western Australia.

Wiluna contains two shallow calcrete deposits, Lake Way and Centipede, with prefeasibility and optimisation studies completed and a definitive feasibility study underway. Toro has advanced the Approvals process with an anticipated date of mid-2012, construction through 2013 and first uranium sales in 2014.

Toro has a new uranium project at Theseus in Western Australia, and owns uranium assets in Northern Territory, South Australia and in Namibia, Africa.

Contact:

 
Toro Energy Limited
T: +61-8-8132-5600
F: +61-8-8362-6655
WWW: www.toroenergy.com.au
 

Source:

Toro Energy Limited

Copyright (C) 2012 ABN Newswire. All rights reserved.

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