GR312 Karns Project Combined Annual technical report for period 5 January 2013 to 4 January 2014

Abstract

A downturn in the uranium market forced Toro into immediately putting on hold any of the planned exploration for 2013 on the Karns Project and re-assessing its company operating strategy and commodity focus. In 2013 Toro undertook a detailed prospectivity analysis to identify targets, both uranium and non-uranium. Non-uranium targets were then used to interest potential JV partners, however no JV interest was generated. Uranium targets were then assessed and prioritised relative to all other uranium targets on Toro held ground within the Northern Territory and Western Australia. Using this assessment, Toro then identified exploration ground with no to only low ranked priority uranium targets to be surrendered. By late 2013 these decisions had been made and 66 percent of (99 blocks) of the total area of EL 27429 was relinquished. This represented most of the north and south of the tenement, leaving only the large radiometric and geochemical anomaly in the middle of the tenement. As of January 2014, the rest of the ground has been maintained.