Annual technical report for period period 18 September 2011 to 17 September 2012 EL 27138 Cooloola

Abstract

During the reporting period, no on ground exploration work has been carried out, as Toro is still engaged in negotiations with the CLC regarding access along the Hanson River. The heritage clearance in 2011 generated abundant complex restricted zones, which made it impractical to undertake drilling. Toro sought to have this resolved with the CLC and a solution is still not at hand. Notwithstanding this, in a climate of shrinking budgets, Toro have had to direct priorities to more advanced projects elsewhere in the tenement portfolio. Toro field staff did manage to visit the tenement several times during the reporting year to further determine access options and liaise with pastoralists and traditional owners. Further analysis and planning in regards to the AEM took place, and a detailed Mine Management Plan is in readiness for submission to the Department. Unfortunately, in light of ballooning rentals and compensation costs, Toro have been forced to relinquish half of the tenement without having drill tested any of it. Although this is an undesirable outcome, we are confident that heritage issues and budgetary constraints will be resolved to allow drilling in 2013.