TORO ENERGY LIMITED Audio Webcast

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TORO ENERGY LIMITED (TOE)

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TORO ENERGY LIMITED (TOE) Events

Company (Stock Code)	Date/Time	Event	Timezone: Australia/Sydney
TORO ENERGY LIMITED (TOE)	Wed, 15 Oct 2008 10:15am	Toro talks Uranium Mining
TORO ENERGY LIMITED (TOE)	Thu, 17 Jul 2008 1:30pm	TOE - Presentation at Mining Aust-Asia 2008 Conference - Mr Greg Hall, Managing Director
TORO ENERGY LIMITED (TOE) NT Napperby Uranium Project Update	Tue, 27 May 2008 10:00am	2008 AMEC National Mining Congress - Mr Greg Hall, Managing Director, Toro Energy Limited
TORO ENERGY LIMITED (TOE)	Fri, 4 Apr 2008 10:00am	TOE - 121st Sydney Mining Club Luncheon - Mr Greg Hall, Managing Director
TORO ENERGY LIMITED (TOE)	Thu, 20 Mar 2008 11:00am	TOE - Paydirt's 2008 Uranium Conference - Mr Greg Hall, Managing Director
TORO ENERGY LIMITED (TOE)	Thu, 20 Apr 2006 3:30pm	TOE - Market Briefing - Mr Greg Hall, Managing Director
TORO ENERGY LIMITED (TOE)	Mon, 9 Nov 2009 11:00am	Annual General Meeting Sebel Playford Hotel, 120 North Terrace, Adelaide, SA
TORO ENERGY LIMITED (TOE)	Sun, 1 Mar 2009 11:00pm	Interim Results
TORO ENERGY LIMITED (TOE)	Wed, 26 Nov 2008 10:30am 10:00am Australia/Adelaide	Annual General Meeting Ballroom 1, Sebel Playford Hotel, 120 North Terrace, Adelaide, SA
TORO ENERGY LIMITED (TOE)	Tue, 20 Nov 2007 10:00am	Annual General Meeting Crystal Room, Level 2, Stamford Plaza Hotel, 150 North Terrace Adelaide SA
TORO ENERGY LIMITED (TOE)	Tue, 13 Mar 2007 11:00pm	Interim Results
TORO ENERGY LIMITED (TOE)	Thu, 23 Nov 2006 10:00am	Annual General Meeting Level 2, STamford Plaza Hotel, 150 North Terrace Adelaide SA
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TORO ENERGY LIMITED (TOE)

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PRESENTATION BY GREG HALL, MANAGING DIRECTOR OF TORO ENERGY LIMITED (TOE)

“Toro talks Uranium Mining”

http://www.brr.com.au/event/52306

 

WEDNESDAY, OCTOBER 15, 2008, 11:15 AM.

 

            BRR    Hello and welcome to Boardroom Radio’s Uranium eConference. Joining us today is Mr. Greg Hall, the Managing Director at Toro Energy. Now, today

10                    Greg will be presenting on uranium mining activities and future prospects at Toro. Greg, thanks for joining our eConference today.

 

            TOE    Thank you very much, James.

 

15                    Okay, Toro Energy has been introduced to your listeners before in a number of formats, but recently there are some significant changes both within the Australia and the international scene which make it even more important to update people.

 

20                    Toro has remained to become a sustainable producer of uranium oxide to the growing nuclear market internationally. Our growth to date has been based on resource acquisition of two primary resources as well as exploration. We are now advancing two key projects in two politically favourable regions within Australia with our exploration work as well. Along with this, we have recently

25                    announced a rights issue to the market which are fully supported by OZ Minerals, a 46% shareholder of Toro Energy.

 

                        We have extensive tenement holdings with three states within Australia as well as two countries in Africa. The 27 million pounds of current Inferred

30                    resources within two projects are the bases for our project development work and we have both optimization studies and scoping studies underway on these two projects.

 

                        The nuclear power market internationally is still growing stronger. Despite the

35                    current market jitters around the world, energy demand is still strong. There are 36 reactors under construction now that’s to increase in the last few months and a significant increase in the number planned or proposed. Along with this, a number of European nations which previously had anti-nuclear power policies are reversing those policies, and countries like Italy, The

40                    Netherlands, and Germany are now revisiting the expansion of nuclear power. This is going to have a significant impact in the next 10 to 15 years in the nuclear power scene.

 

                        The spot price of uranium has diminished markedly at the moment, but

45                    largely that’s due to forced sales by hedge funds in various commodity goods which have held uranium in stock. The good thing about that is this material is now off the market, has been purchased by utility for future use, and is now no longer being held under hedge. The long term uranium market of $75 to $80 a pound price is still very firm.

 

                        Talking about our two key projects. The Wiluna Uranium Project has recently changed the format somewhat and we have announced a prefeasibility and the results of that. We have indicated two paths forward for the project. We

5                      are now doing optimization study on those two paths. Now these of course have received a boost because of the recent election and results in WA whereby the uranium policy has changed allowing new uranium mines to start up. So we’re doing a significant amount of work on this project. The existing resources on this project to 24 million pounds are some 10,800 tonnes.

10                    However, Toro has not done any expansion work on this resource to date just because of the political unfavourability. This work is now being planned and will be underway through 2009.

 

                        The prefeasibility result was very important because it’s a realistic result on a

15                    current calcrete resource in Australia and no one else has the current prefeasibility at that stage. The project is economic under a few different scenarios. We’re focusing on two preferred scenarios. We have certainly tried to make sure that this is a realistic economic proposition and not one which is going to just go up in price and cost later. We actually see some significant

20                    improvement potential here which is being verified by consultants and now we’re doing optimization work to work on that going forward.

 

                        There has been a significant amount of pre-work on the Wiluna project including equipment trials to help focus on the style of operation in this area

25                    and a lot of lithological knowledge which is being gathered now.

 

                        The second project under Toro’s stable is the Napperby Uranium Project in the Northern Territory, 150 km from Alice Springs. This is a significant project because it is close to infrastructure, very close to surface, has relatively ease

30                    of access in terms of mining and processing. The project was discovered some 30 years ago, the same as the Wiluna project, and is now being enhanced by Toro’s work.

 

                        Toro Energy has expanded the previous resource established by (inaudible)

35                    (0:04:29) so there is now around 3 million pounds of uranium in this project. However, our 2008 drilling program has been the largest yet. It has only just finished. We are still awaiting assay results to come in, but the plan here shows the expanded uranium area around the existing resource. So we’ll be working on both the assays and the resource evaluation of this over the next

40                    few months to publish a new and expanded resource towards the end of the year.

 

                        The Napperby project has been under advancement by Toro for some time. We have undertaken preliminary baseline, environmental, and social work.

45                    We have had a lot of communication with the local aboriginal people and the local community councils and are planning to do a further drilling program and the scoping study on this project during 2009.

 

                        Along with its existing resource projects, Toro Energy has an extensive exploration portfolio covering three states and two countries in Africa. We’re expanding our work in the Northern Territory significantly. We have been drilling over the last two years our ground in South Australia and now we’re

5                      having a much more critical look at our potential project in Western Australia with the government policy change there. Shortly we’ll be announcing some restructure deals in our Namibia and New Guinea projects to enhance the value and fast track some of the exploration works in this area.

 

10                    The Northern Territory is particularly attractive for Toro Energy and for other uranium explorers because of its history and its knowledge base in terms of uranium project. In particular, there is extensive ground which has had less exploration than other parts of the country, and so Toro Energy has been picking up a lot of ground for future uranium exploration work. Some of these

15                    are in and around our existing project in Napperby, some of these are further up at Tanami highway and over the border in Western Australia. A lot of prospective areas here have never drilled for uranium.

 

                        Along with our advancement of our projects and our exploration work, Toro

20                    continues to look an investment opportunity and project opportunities within other companies and other groups. We are, first of all, continuing the work on our existing projects and seeing where we can add value in and around those projects. This is of prime importance to us because it offers some of the best shareholder value increase we can get.

25

                        The second key thing is to look at Greenfield and Brownfield exploration opportunities around ours and other projects and we’re certainly doing that work and have expanded our exploration team recently to undertake that. Along with this, Toro is continuously looking at other project opportunities or

30                    corporate opportunities which will enhance the value of Toro Energy and its shareholders. These could include looking at specific projects within existing companies or looking at corporate opportunities with other companies. In particular, as Toro has significant support from its major shareholder, OZ Minerals, we can offer shareholders this opportunity which some other

35                    uranium companies can’t offer. So we are certainly in this depressed market cycle looking at those project opportunities which could be attractive to Toro and our shareholders.

 

                        The combination of the ongoing work that we’re doing on our projects and our

40                    exploration will result in some key activity and news flow through to 2009 within Toro Energy. We’ll have an update on our African project shortly coming out in 2008. Along with this, a lot work is being done on the 2008 drilling work from Napperby to really expand the knowledge base of that project and to enhance the resource there. Also we will have a significant

45                    amount of uranium exploration work going on in the NT and WA and South Australia in the quarter four, so we’re initiating that work prior to the summer heat that’s coming on.

 

                        Next year, we’ll have a scoping study for Napperby underway. Well have the optimization study for the Wiluna project happening and we’ll have results from that expected in mid 2009. From this, Toro expects to be able to make statements regarding the advancement of one or two of its key projects in

5                      Napperby and Wiluna going forward.

 

                        So we have a lot of work underway, we have support from our major shareholder, we’re looking for additional support from the market, and we think that as the capital market starts to improve there will really be a market

10                    for those companies with uranium resources and advanced timelines going forward such as Toro Energy. So we hope to advance these projects towards production by 2012 or 2013, as well as retaining our opportunities and look for other projects and opportunities that we can pull in.

 

15                    Thank you very much.

 

            BRR    Greg, thank you for sharing those insights about Toro Energy.

 

                        Listeners, that was Mr. Greg Hall, the Managing Director at Toro Energy

20                    presenting as part of Boardroom Radio’s Uranium eConference.

 

                        Thanks for your time.

 

PRESENTATION CONCLUDED

 

 

 

 

Contact brr@brr.com.au for more information

 

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