Toledo Mining Corporation plc (“Toledo” or the “Company”, (AIM: TMC)) is pleased to announce an initial JORC compliant resource estimate has been completed for portions of its Ipilan Nickel Project, located on Palawan Island in the Philippines. The Project is a Joint Venture between Toledo Mining Corporation plc (52% economic interest), Celestial Nickel Mining Exploration Corporation (24%) and Brookes Nickel Ventures, Inc (24%).

The initial resource estimate covers around 30%, or 800 hectares of the 2,835 hectare Ipilan MPSA area and only incorporates drilling and test pitting undertaken up to the end of 2007.  The resource estimate was calculated by Snowden Mining Industry Consultants (Perth, Australia) following in-fill pitting and drilling totalling approximately 81,787 metres for 5,132 test pits and 3,179 drill holes. The JORC compliant Measured, Indicated and Inferred Resource is approximately 30.59 million tonnes at 1.36% nickel, which contains 417,000 tonnes of contained nickel at a 1.0% nickel cut-off grade.  More than 90% of the resource tonnage falls within the ‘Measured’ category with drilling and test pitting on a nominal 25m x 25m grid. The attached plan shows that portion of the MPSA area tested to date and the categorisation of the resource.

George Bujtor, CEO of Toledo, commented, “The Ipilan deposit is arguably one of the best tested nickel laterite deposits in the world, and provides more than sufficient resources for future value added processing. Metallurgical test work indicates that the deposit lends itself ideally to processing via one or more of the leach technologies of agitation leaching (AL), heap leaching (HL) or high pressure acid leaching (HPAL).   Looking ahead, our focus is on continuing the metallurgical testwork on the vatrious ore types to define the preferred processing route and converting the MOU with Jiangxi into a legally binding agreement.”

Detailed JORC Resource Estimate

Ipilan Nickel Project JORC Resource Estimate at 1.0% Ni Cut-off Grade

JORC

Category

Tonnes

[millions]

Ni%

Ni Metal

[Tonnes]

Co%

Fe2O3%

MgO%

P2O5%

SiO2%

Measured

28.8

1.36

391,680

0.08

32.03

14.36

<0.01

37.27

Indicated

1.73

1.34

23,182

0.06

30.30

16.19

<0.01

35.33

Inferred

0.06

1.30

780

0.06

26.46

17.57

<0.01

40.56

TOTAL

30.59

1.36

415,642

0.08

31.92

14.47

<0.01

37.17

Note: Numbers rounded

Ipilan Nickel Project JORC Resource Estimate at 1.0% Ni Cut-off Grade

Rock Category

Tonnes

[millions]

Ni%

Ni Metal

[Tonnes]

Co%

Fe2O3%

MgO%

P2O5%

SiO2%

Limonite

7.30

1.21

88,330

0.18

61.97

1.86

<0.01

12.80

Saprolite

9.10

1.38

125,580

0.07

32.53

11.13

<0.01

40.38

Rocky

Saprolite

14.19

1.43

202,917

0.03

16.25

23.24

<0.01

47.18

TOTAL

30.59

1.36

416,827

0.08

32.00

14.54

<0.01

36.95

Note: Numbers rounded

Ipilan Nickel Project JORC Resource Estimate at 0.0% Ni Cut-off Grade

JORC

Category

Tonnes

[millions]

Ni%

Ni Metal

[Tonnes]

Co%

Fe2O3%

MgO%

P2O5%

SiO2%

Measured

39.78

1.21

481,338

0.07

32.69

13.49

<0.01

37.69

Indicated

4.15

0.96

39,840

0.06

30.99

12.90

<0.01

38.58

Inferred

0.19

0.89

1,691

0.05

25.66

13.56

<0.01

46.35

TOTAL

44.12

1.19

522,869

0.07

32.50

13.43

<0.01

37.81

Note: Numbers rounded

 

Ipilan Nickel Project JORC Resource Estimate at 0.0% Ni Cut-off Grade

Rock Category

Tonnes

[millions]

Ni%

Ni Metal

[Tonnes]

Co%

Fe2O3%

MgO%

P2O5%

SiO2%

Limonite

12.72

1.03

131,016

0.14

59.06

1.73

<0.01

16.93

Saprolite

12.20

1.24

151,280

0.07

30.95

10.35

<0.01

43.56

Rocky Saprolite

19.21

1.26

242,046

0.03

15.90

23.14

<0.01

47.97

TOTAL

44.13

1.19

524,342

0.07

32.50

13.43

<0.01

37.80

Note: Numbers rounded

The resource lies within 0.5m of the surface and averages approximately 12.2 metres in thickness. The resource is predominantly saprolite (70%) with lesser quantities of limonite (30%). Additional drilling and test pitting undertaken since the end of 2007, is expected to add significantly to the above estimate.

As previously reported, the Ipilan MPSA area has an estimated resource of some 77 million tonnes at 1.25% nickel. The nickel laterite deposit extends across the common boundary of the contiguous MPSA area held by MacroAsia Corporation.  It is estimated the total combined nickel laterite mineralization over the two areas could be greater than 120 million tonnes.  Toledo has an MOU with MacroAsia to jointly develop the properties.

George Bujtor, CEO of Toledo Mining Corporation, is a member of the Australasian Institute of Mining & Metallurgy and is a qualified person that has reviewed and approved the technical information contained in this announcement.

For further information, contact:

Reg Eccles, Chairman, Toledo Mining Corporation plc   

+44 (0) 20 7514 1480

Hugh Oram, Ambrian Capital plc

+44 (0) 20 7634 4705

Alex Buck, BuckBias Limited

+44 (0) 20 7244 8053