Quarterly Activities/Cashflow Report
Adelaide, April 30, 2013 AEST (ABN Newswire) - Toro Energy Limited (
ASX:TOE) anounces the quarterly activities report to March 2013 with the following highlights:
CORPORATE
- Immediately post quarter close (on 2 April) Toro received the approval of the Federal Environment Minister for the Wiluna Project, completing all government assessment and approval processes.
- Encouraging engagement from potential financing and offtake partners has been received subsequent to the Federal Government approval.
- Dr Vanessa Guthrie took over as MD of Toro Energy on 9 February. Previous MD Mr Greg Hall remains on the Board.
- In March, Toro drew down the first tranche of A$8 million from the A$12 million convertible debt finance facility from Macquarie Bank Limited.
- Cash at end of the quarter was $10.1 million.
GLOBAL URANIUM MARKET
- The spot price for uranium at the end of the March quarter was US$42.00/lb U3O8 and at the time of writing US$40.63 on small volumes with the long term price remaining steady at between US$56 to US$59/lb.
- Japanese government announced the nuclear safety regulations will be introduced on July 18 and has indicated that reactor re-starts may occur during the second half of 2013 as a result.
WILUNA PROJECT DEVELOPMENT
- Federal Government approval was granted on 2 April from Minister Burke, subject to 37 strict environmental conditions. Toro is confident it can comply with all conditions at a State and Federal level.
- With the Government approvals now complete the Company is focussing on activities that enhance project value. This includes completion of the DFS and improvements in resource confidence.
- Short listing of engineering consultants to complete the DFS has been finalised and drilling at Lake Way has commenced and will continue at Dawson Hinkler and Millipede over the next four months.
EXPLORATION
- Further analysis of images and data from the airborne EM survey over Wiso and Reynolds Range support large palaeochannel systems similar to Lake Mackay/Theseus.
- Northern Minerals airborne radiometrics defined various anomalies for follow-up on Browns Range JV project.
To view the full quarterly report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-TOE-732866.pdf
Contact
Toro Energy Limited
T: +61-8-8132-5600
F: +61-8-8362-6655
WWW: www.toroenergy.com.au
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