Toledo Mining

• 08/05/12

  Holding(s) in Company

• 08/05/12

  Holding(s) in Company

• 30/04/12

  Toledo Mining Corporation PLC:Operations Report fo

• 11/04/12

  Change of Name of Nominated Adviser

• 28/03/12

  Ipilan Offer Update

• 

  02/02/12

  Toledo Mining has new vision, strategy and potential

  Toledo Mining's chief executive Victor Kolesnikov set out his blueprint for the miner in a 20-page presentation delivered towards the end of last year. However, it was summed up at the bottom of the first page, which revealed this was a company with a “new vision, new strategy (and) new potential”.

• 

  27/05/11

  Toledo Mining worth more than market value - Ambrian

  The news that Toledo Mining’s Berong nickel mine is to be re-opened with ramp-up to full production in the middle of next month made the stock the top riser on the London Stock Exchange this morning. Ambrian Capital called Toledo one of the cheapest metals explorers on AIM, stating its is almost certainly worth more than the current share price suggests.

• 

  07/02/07

  Toledo Mining Corporation: A sleeping elephan

  Toledo has two other projects: the advanced Celestial project, with a 52% interest, and an exploration property at Ulugan in which it has a 58% interest. These are undergoing exploration and development as part of the conditions of the Toledo earn-ins, and represent future upside to a substantial degree. Celestial already has a defined resource, in spite of being under explored.
• 

  01/02/06

  Toledo Mining Corporation: where from here?

  But by the same token, the cash take is low as well. The project will receive just 23% of the LME nickel price for the 2.2% nickel contained within the saprolite ore contracted for supply to Nippon.

• 30/04/12

  Toledo Mining: Berong nickel mine produces 183,000 tonnes of ore in Q1

• 28/03/12

  Toledo Mining free to explore other options for Ipilan nickel operation

• 14/03/12

  Toledo Mining confirms latest nickel shipment has left Philippines -Update

• 14/03/12

  Toledo Mining confirms latest nickel shipment has left Philippines

• 13/02/12

  Toledo shares boosted as it reveals Ipilan transaction moves forward - UPDATE

The company has 49,845,333 ordinary shares on issue. No shares are held in treasury. There is no restriction on the transfer of these shares. Substantial shareholders are: Daintree Resources (22.01%) and Fevamotinico SARL (20.18%); The percentage of shares not in public hands is 20.8%. The company is not admitted to trading on any other exchanges or trading platforms.

Toledo was incorporated in England (Registration No: 5055833) in February 2004 and listed on London’s AIM market in April 2004. The Company interests are held in the Philippines.

Toledo is headquartered in London, with a second office in Manila from where the projects on the island of Palawan are run.

Berong Nickel

Toledo has an economic 56.1% interest in the Berong, Moorsom, Long Point and Ulugan deposits (referred to collectively as the Berong Deposit), all on Palawan Island.

Having finalised the mining plan for the Berong nickel mine with our joint venture partners,  Berong Nickel Corporation (“BNC”) successfully recommenced mining operations during May 2011.

BNC targeted production of 450,000 wet metric tonnes (“wmt”) of nickel ore by 31 December 2011 and aimed to ship 200,000-250,000 wmt by 31 September 2011 when the shipping window closed. Despite some shipping delays due to particularly bad weather conditions during the earlier part of the shipping window, total high grade shipments from Berong at the end of 2011 were 195,000 wmt with the final shipment being made well outside the normal shipping window, at the end of December. Total shipped tonnage at year end for both newly mined and stockpiled ore exceeded 315,000 wmt.

The remaining target of 200,000 wmt, planned for production in the last quarter of the calendar year, was targeted for shipping from 1 March 2012 when the shipping window reopened.  2012's first shipment of ore totalling approximately 48,700 wmt sailed in mid March with further operational updates being provided on a quarterly basis going forward.

Expected net revenue generated from new ore sales should be more than sufficient at current nickel prices for the joint owners of Berong to fund an exploration programme of the area around Berong and also to undertake engineering studies aimed at improving ship loading capabilities and also to determine the most viable and sustainable technology for local processing of ore.

In March 2010, drilling commenced at the Moorsom prospect which lies within a 14 kilometre radius of the Berong mine. The aim was to prove up sufficient ore capable of supporting a processing operation producing 20,000 tonnes per annum of contained nickel.  Initial results were encouraging, but the program was curtailed when it became apparent that whilst the requisite tonnage was present, the nickel grade was less than expected with results from in-house analysis of assay data indicating a total resource of 43 million tonnes grading just over 0.8% nickel using a 0% cut-off grade.  Further work is required to ascertain whether any part of this huge resource has the potential of commercial development.

The area that is believed to offer significant potential is the coastal portion of the Long Point prospect, located some 20 kilometres to the north east of the Berong mine. Currently this area lies within an Environmental Critical Area Network (“ECAN”), within which exploration is not permitted. However, we remain hopeful that with the support of the local council, which has petitioned for the ECAN map to be redrawn, we will be granted permission to explore.

Ipilan

The company has interests in an additional laterite property, Ipilan, in which the company holds a 52% economic interest.  Ipilan is also located on Palawan Island. It covers an area of 2,835 hectares, and has substantial permitting already in place.

A Mining Project Feasibility Study was carried out in August 2010 and the relevant documents were compiled and submitted to the Mines and Geosciences Bureau for review and approval in November 2010.  These documents require official sign off before any mining operations can begin and the company understand that their initial review has drawn no negative feedback. However, Clearance of the all important Strategic Environmental Plan (“SEP”) has already been recieved from the Palawan Council for Sustainable Development (“PCSD”).

A comprehensive sintering test has been undertaken on Ipilan’s ore, which has highlighted an opportuity to upgrade the ore, especially its limontic part, to make it more suitable for NPI blast furnace production.  As Berong’s ore is similar, the results of this study could extend to Berong’s low grade limonitic ore.  Capital and operating costs are currently being evaluated.

The company were in negotiations with a wholly owned subsidiary of Jinchuan Group Ltd of China to sell their equity interest in Ipilan along with Ipilan’s joint venture partners.  Memoranda of Understanding were separately entered into and Jinchuan had a 90 day period for due diligence and preparation of share purchase agreements. The exclusivity granted to Jinchuan in the MoU in relation to Ipilan has now expired and Toledo and the Partners are free to investigate alternative opportunities to maximise the value of their investments in Ipilan.

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, Ipilan and Ulugan represent world class projects. The deposits offer the potential to recover both limonite and saprolite ore.

Social issues and the processing of permit requirements around the Puerto Princesa area [Ulugan Area] have delayed progress.

Reginald Eccles – Non-Executive Director/Acting Chairman

Reg has extensive experience in the mining industry, specialising in the areas of planning, strategy and finance. He has worked for major international mining houses (Anglo American Corporation and Consolidated Goldfields plc), co-founded a successful minerals consultancy and publishing business and served as Head of Global Mining Equities for both SBC Warburg (now UBS) and ABN Amro.

Victor Kolesnikov – Chief Executive Officer

Victor, aged 49, is a qualified metallurgical engineer with over 22 years experience in the non-ferrous metals industry, including eight years with Norilsk Nickel.

Although based in London, he spends extended periods in the Philippines working with the local management and joint venture partners utilising his specialist skills to unlock the potential inherent in the Company’s nickel assets.

Following his appointment as CEO, Victor now also holds directorships with our joint venture partners:

• TMM Management Inc.
• Berong Nickel Corporation
• Ipilan Nickel Corporation.

Simon Purkiss – Non-Executive Director

Mr Purkiss is a metallurgical engineer with over 25 years’ experience in the base metals and platinum group metals industries in various operational and business development roles at Impala Platinum Ltd and BHP Billiton. He has specialised in developing new processing routes to treat deposits that have not been able to be treated by conventional processes and has brought a number of these companies to the market. Mr Purkiss was one of the founders of European Nickel plc, a UK registered company which developed the heap leach process for application to nickel laterites.

Constantine Thanassoulas – Non-Executive Director

Mr Thanassoulas was the Chief Executive Officer of Larco SA, the largest ferronickel company in Europe from 2004 – 2008.  Prior to this, he has held a number of senior positions in the banking sector, including Managing Director, Gobal Head of Derivatives for Barclays Bank and Chief Operating Officer of Sanwa (UFJ) International PLC.  Mr Thanassoulas is curently a partner of Eilon Associates Ltd, an investment banking consultancy and has been the past President of the European Finance Assocation and President of the European Financial Management Association.

Jason Cheng – Non-Executive Director

Mr Cheng is based in Hong Kong and is the Managing Partner of Kerogen Capital Limited, a private equity firm which invests in the energy sector. Previously, Mr Cheng worked in investment banking in the resources sector at Schroders and JP Morgan in Australia, and was also based in Beijing, China, undertaking investment and advisory activities at Jade International Capital Partners. Born and educated in Australia, Mr Cheng holds a Bachelor of Commerce from Melbourne University and a Masters of Commerce from Sydney University.

Significant Shareholders*

*shareholder > 3% as at 23 March 2012

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