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31/01 - Cortona Reaches Agreement with Objectors to Dargues Reef Mine Development

Australian gold company Cortona Resources Limited (ASX: CRC) is
pleased to advise that it has reached agreement with The
Coastwatchers Association Inc and South East Region
Conservation Alliance Inc. These groups formed the  second and
final group of objectors to the development approval granted in
September last year for Cortona’s 100%-owned  Dargues Reef
Gold Mine (Mine) in NSW.

This follows the decision by the Eurobodalla Shire  Council (ESC),
announced in December last year, to withdraw from the appeals
process after Cortona was able to satisfy the ESC about its
concerns regarding the Shire’s water supply. 

The objectors were originally seeking an order from the Land and
Environment Court (LEC) that approval for the Mine be refused. The
litigation was due to commence hearing on 1 February 2012 and
was listed for eight hearing days.

At a pre-hearing mention yesterday, the legal representatives for the
NSW Minister for Planning, Cortona and the objector litigants
informed the Court of the agreement and requested that the LEC
grant a project approval for the mine by amending the Minister's
approval in accordance with the agreement reached between the
parties.

In accordance with the LEC's usual practice, the Court determined
that persons who had earlier informed the Department that they
wanted to give evidence at the hearing, should have an opportunity
to give their comments (if any) on the parties' proposed consent
orders. The LEC has provided for their written submissions to be
received by Friday this week to be heard and concluded on
7 February 2012.

Managing Director Peter van der Borgh said “We are very pleased
to have reached agreement with The Coastwatchers Association Inc
and the South East Region Conservation Alliance Inc, marking the
resolution of the second group of outstanding appeals against the
development approval.

“Under this agreement, the Court will be invited to approve the Mine
subject to amendments to the Minister's project approval. This
agreement also captures the earlier agreement which Cortona 2
reached with Eurobodalla Shire Council which saw it withdraw its appeal in the LEC in
December 2011.

“While the Court always has discretion to either refuse or grant approval, having regard to
the agreement that has been reached between the parties, we look forward to the Court's
final determination of the proceedings at the hearing next week.

The end of legal action will remove a lengthy period of uncertainty allowing Cortona to
finalise its remaining permitting requirements to develop the project, and proceed with the
development of Dargues Reef for the benefit of shareholders and local communities.

Yours faithfully
Peter van der Borgh
Managing Director

For further information, please contact:

Peter van der Borgh
Managing Director
+618 9485 0577
or
Nicholas Read
Read Corporate

+618 9388 1474

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