Quarterly Activities Report
Adelaide, Oct 30, 2012 AEST (ABN Newswire) - Toro Energy Limited (
ASX:TOE) Quarterly Activities Report with the following principal highlights.
CORPORATE
- Toro received the WA Government environmental approval for the Wiluna Uranium Project from the WA Minister for Environment, completing the State Ministerial approval process.
- The Company anticipates a Federal Government environmental decision on the Project prior to calendar year end.
- Toro continues to receive interest from potential financing and offtake partners for the Wiluna Project, with one major group undertaking a site visit for technical review of the Project.
- Cash at end of the quarter was $7.5 million. With major technical work complete on Projects, December quarter expenditure is forecast at $2.8m.
GLOBAL URANIUM MARKET
- The spot price for uranium at the end of the September quarter was US$46.50/lb U3O8 with the long term price remaining at US$60 to $61/lb U3O8.
- While short term market softness continues, longer term interest is increasing, with China planning the re-start of nuclear approvals, Japan refusing to rule out nuclear for future power generation, Queensland Government changing its uranium mining policy, and the Indian - Australian Government bi-lateral talks on a safeguards agreement commencing.
WILUNA PROJECT DEVELOPMENT
- The West Australian Environment Minister has approved the Project subject to conditions which were determined following the appeals process. Toro has determined it can effectively work within these conditions.
- A geotechnical drilling program was completed to support the development of the tailings facility design.
- Phase 1 of the Definitive Feasibility Study for the Wiluna Uranium Project was completed during the quarter.
- Capital and operating cost updates are underway and will be announced to the market when complete.
- Traditional Owners have participated in archaeological surveys to enable clearance of heritage issues on key tenements. Negotiation of the mining agreement continues.
EXPLORATION
- Core assays confirm significant positive disequilibrium at Theseus.
- Analysis and interpretation of contractor gamma and PFN results continues with the Company targeting an initial resource statement in the December quarter.
- Airborne EM survey being undertaken over the recently granted Wiso and Reynolds Range tenements in the Northern Territory (NT). The survey is being co-funded by the NT Government.
To View the full Quarterly Report, please visit;
http://media.abnnewswire.net/media/en/docs/ASX-TOE-703491.pdf
Contact
Toro Energy Limited
T: +61-8-8132-5600
F: +61-8-8362-6655
WWW: www.toroenergy.com.au
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