Full entitlement exercised by OZ Minerals Ltd. Approximately $12 million in funds received.

On Wednesday 1 October 2008, Toro Energy Ltd (“Toro”) announced the launch of a renounceable rights issue to raise $26 million. The pro rata entitlement is 1 share for every 3.8 shares held prior to the 3rd October 2008 priced at a 20 cents per share, a 19% discount to the 30 day volume weighted average share price at the time of the announcement.

Subsequent to the announcement significant share market volatility has occurred as a consequence of the global financial crisis. Toro has not been immune from these market effects and is trading below the rights issue price. Notwithstanding this, Oz Minerals Ltd (“OZL”) has fulfilled their undertaking to subscribe for their full entitlement, adding approximately $12 million to Toro’s cash balance.

Toro now holds $21 million in cash, and after remaining stamp duty provisions has A$14 million to Advance its Wiluna and Napperby Uranium Projects towards feasibility and approvals. To this end, the Company has commenced briefings and discussions with the WA Government regarding the approval process for the Wiluna project, which has defined resources, prepared in accordance with the JORC code, of 24m lbs U3O8.

The rights issue closing date is Friday 7 November 2008. Further details, including the Offer Memorandum are available on the Toro website:

Coober Pedy Regional Times