Friday, 16 February, 2007

ABC NT Local News

A South Australian based uranium company has acquired an exploration project in central Australia.

Toro Energy Limited will spend about $3 million over the next three years to explore uranium opportunities at the Napperby site, 150 kilometres north-west of Alice Springs.

The public company says it will give about $2 million of its shares to the site's owner, Deep Yellow, to explore the land.

Toro Energy's Greg Hall says the company will look at development opportunities at the site.

"Deep Yellow are a major and experienced exploration company, so they've found a potential resource," he said.

"Their preference now is to go look for other potential resources elsewhere while our preference is to be a developer of resources and so we want, Toro Energy wants to see whether this project is one that can be taken forward to developing a mine."