your number 1 stock pick for 2011, page-47

UTO

Plenty of Cash and not a lot of shares on offer

%202010/December/101210%20UTO's%20Sale%20Dawson%20Hinkler%20Uranium%20Proj%20Finalised.pdf

U3O8 Limited?s Sale of Dawson Hinkler
Uranium Project Finalised
U3O8 Limited (ASX-UTO) and Toro Energy Limited (ASX-TOE) have executed the Definitive Agreement and Royalty Deed to complete the sale of the Dawson Hinkler Uranium Project.
The consideration for the sale included the payment to UTO of A$6.2 million and the retention by UTO of a Net Smelter Return royalty on all uranium production from the tenements in excess of 6.2 million pounds of U3O8.
Dawson Hinkler has a JORC compliant inferred uranium mineral resource of 9.5 million tonnes of ore at 293ppm U3O8 for 6.2 million pounds of U3O8 (at a 200ppm U3O8 cut off grade). UTO has also completed a scoping study on the project.
TOE owns the nearby Lake Way and Centipede uranium deposits which contain a combined resource of 20.2 million tonnes of 548ppm U3O8 for approximately 24.4 million pounds of U3O8 (200ppm U3O8 cut off grade).

UTO will use the funds from the sale of its Dawson Hinkler project to continue an aggressive exploration programme on its quality portfolio of tenements, including uranium and rare earths on its Ashburton project in Western Australia, and uranium on the Ardmore and Westmoreland projects in Queensland, in addition to pursuing other opportunities in Australia and offshore.
U3O8

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