Uranium explorer Toro Energy Ltd. (TOE.AU) will abandon its Mt Woods uranium exploration prospect after no worthwhile ore was discovered during a drilling campaign by OZ Minerals Ltd. (OZL.AU), Toro said Friday.

In February, Toro had described the tenements as "one of the most prospective areas for iron ore-copper-gold mineralization in the world".

That type of rock is also found at major uranium deposits elsewhere in South Australia state, including BHP Billiton Ltd.'s (BHP) Olympic Dam, the world's largest uranium deposit.

Toro took a A$10.9 million writedown on the value of its rights over the prospect in its annual report last month, and said Friday it would accept A$3.75 million in cash from OZ to terminate an access agreement on the site, which is on leases owned by OZ.

-By David Fickling, Dow Jones Newswires; +61 2 8272 4689; david.fickling@dowjones.com

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