We are very pleased by two significant achievements this year. The first of these is the long awaited commencement of exploration on our Mt Hillalong tenement. Those of you that have been following the progress of our Exploration and Joint Venture Agreement with Rio Tinto Exploration will no doubt be aware that August 23rd this year marked the start date of the two year commitment period for Rio. Over the two years Rio are committed to spend a minimum of $700,000 on exploration of the tenement. We are pleased with the results of the early stage exploration and look forward to further progress. This project is expected to realise significant value for our shareholders within the next two years.
The second significant event is the securing of a Mineral Development Licence over our Cooroorah project. We have been able to complete the required exploration phases and define a significant resource estimate. Earlier today we released the latest resource upgrade announcement for the tenement which incorporates the results of our exploration program to date. The next stage for this project is to secure a development partner and the necessary funding. To that end we have commissioned a pre-feasibility study to support the project. This is a project that has multiple pathways to development and as such is attracting attention from several interested parties. We are working to convert that interest into a tangible benefit for shareholders.
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