Company Information for Toledo Mining Corp Plc

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Company Statement

Toledo Mining Corporation plc is a mining company focused on nickel exploration and development in the Philippines. It has significant interests in three nickel laterite projects (Berong, Celestial and Ulugan) on Palawan in the Philippines.

Toledo Mining is listed on the AIM market of the London Stock Exchange.

The company has a 56.1% interest in the Berong Deposit (comprising the Berong, Moorson, Long Point and Ulugan deposits) which has a combined pre-JORC resource of approximately 275 million tonnes of nickel ore.  The company also has interests in Celestial – a laterite property – which has a pre-JORC resource of approximately 75 million tonnes of nickel ore.

Current Operations

Berong Nickel
Toledo Mining is focused solely on nickel laterite deposits in the Philippines.

Initial activities are centred on developing a direct-shipping laterite operation at Berong, whereby the ore will be sold FOB Philippines to nickel smelters.

The company has an economic 56.1% interest in the Berong, Moorson, Long Point and Ulugan deposits (referred to collectively as the Berong Deposit), all on Palawan Island, which have a combined pre-JORC resource of approximately 275 million tonnes of nickel ore at around 1.3% nickel (ni). The company also has interests in an additional laterite property, Celestial which has pre-JORC resource of approximately 75 million tonnes at around 1.25% nickel.

Both Berong and Celestial deposits total a combined, pre-JORC resource of some 350mt@1.3%Ni.

Berong is the fourth largest Global Nickel-Laterite Resources company in the world. Together, Berong, Ipilan and Ulugan represent world class projects with a combined resource of some 345 million tonnes at 1.3% nickel and an estimated total nickel content of more than 4.6 million tonnes. The deposits offer the potential to recover both limonite and saprolite ore.

Celestial/Ipilan
The Company’s Celestial nickel laterite property, also on Palawan Island, covers an area of 2,835 hectares, and has substantial permitting already in place. The Company will earn a 52% economic interest in this project, with the right to increase this to 71.2% through future payments.

Acid leach metallurgical test work has been conducted on the property and a pre-feasibility study has demonstrated economic viability, subject to more detailed work being carried out for a bankable feasibility study. The property has been well explored, yielding a current resource estimate of 77 million tonnes of 1.25% nickel and 0.10% cobalt within an area of 800 hectares.

With respect to the Ipilan project, preliminary field operations are under way and progressing satisfactorily following the approval by the Philippines Mines & Geosciences Bureau of the third extension of the Exploration License covering the project area. The re-sampling and evaluation program will ensure that an accurate knowledge of grade, quality and value is obtained. The Company anticipates activity on this project will accelerate over the balance of the financial year.

The Company owns 52% (40% directly and 12% indirectly) of Ipilan Nickel Corporation, a company incorporated in the Philippines. Ipilan Nickel Corporation was incorporated and registered with the Securities and Exchange Commission on 22 July 2005 and its principal activity is the exploring, developing and mining of the Celestial/Ipilan mineral properties. 

Ulugan Nickel
The Company owns a 58% economic interest in the Ulugan Nickel project. This deposit is also located on the island of Palawan and consists of two Exploration Permit applications covering more than 16,000 hectares. Pending granting of the Exploration Permits little work has been undertaken on this property.

Together, Berong, Celestial/Ipilan and Ulugan represent world class projects with a combined pre-JORC1 resource of some 350 million tonnes at 1.3% Ni and an estimated total nickel content of more than 4.5 million tonnes. The deposits offer the potential to recover both limonite and saprolite ore. 

Geographical Spread

THE PHILIPPINES

Board of Directors and Key Management

Directors
George Bujtor	Chief Executive Officer
Reginald Eccles	Chairman
Felix Pole	Director
Simon Purkiss	Director

Company Address Ground Floor Finova House 11 Albemarle Street London, United Kingdom W1S 4HH Telephone: 020 7514 1480 Facsimile: 020 7514 1486 Email: info[at]toledomining.com Website: http://www.toledomining.com

Capital 29,013,333 shares in issue

Annual General Meeting October

Year End 31 March

Nominated Brokers W H Ireland Limited 24 Martin Lane London EC4R 0DR Tel: + 44 (0) 20 7220 1666

Nominated Advisors Nabarro Wells & Co Limited Saddlers House Gutter Lane London EC2V 6HS Tel: +44 (0)20 7710 7400 Fax +44 (0)20 7710 7401 Fax: + 44 (0) 20 7220 1667

Major Shareholders

European Nickel PLC	19.3%
RAB Energy Fund Limited	9.2%
AXA SA	9.1%
TPG-Axon Capital Management LP	6.5%
FMR LLC	5.2%
Baker Steel Capital Managers LLP	4.9%
Barclays PLC	4.9%
The Throgmorton Trust PLC	4.7%
Mr Alfredo Ramos	4.4%
MF Global UK Limited	3.9%
Man Financial Limited	3.9%

Related News

08/05/08 - Toledo Mining Starts To Get Serious About Downstream Nickel Production
24/05/07 - Toledo Mining Ships Nickel Ore Directly To China

Most Recent Statement

13/08/08 - Financial Statements for the year ended 31 March 2008
03/06/08 - Toledo Welcomes European Nickel
19/12/07 - Interim Results
22/10/07 - Letter of Intent to Enter into Nickel Pig Iron Production
18/10/07 - Operations Update
29/08/07 - MOU Signed on Proposed Joint Development of the Celestial Laterite Nickel Deposit