Toledo Mining Corporation plc
                     ("Toledo" or the "Company") (AIM:TMC)
                              Ipilan Offer Update


On  18 October 2011, Toledo announced  that the three  joint venture partners of
Ipilan  Nickel  Corporation  ("INC"  or  "Ipilan")  had  separately entered into
Memoranda  of Understanding  with a  wholly owned  subsidiary of  Jinchuan Group
Limited  of China ("Jinchuan") which could result in Jinchuan and its Philippine
partners acquiring 100% of the equity of INC. The MOU gave Jinchuan an exclusive
90 day period for due diligence and preparation of share purchase agreements.

Since  the  signing  of  the  MOUs,  Jinchuan  has been conducting extensive due
diligence  and has indicated  that it is  hopeful of consummating a transaction.
Jinchuan   is   in  the  final  stage  of  due  diligence  and  seeking  certain
confirmations,  primarily from  government agencies,  as to  the full  extent of
INC's rights to develop the Ipilan resource.

Jinchuan has advised that "they are preparing their report document for their
board, remain serious about the acquisition of INC and will pursue the project
as long as Jinchuan is satisfied with the due diligence result."

Given the positive statements made by Jinchuan in relation to completion, the
joint venture partners intend to continue to negotiate and have communicated
their willingness to agree to a request from Jinchuan to extend the deadline to
February 10, 2012.

Further announcements will be made in due course.



For further information, please visit www.toledomining.com or contact:

Reg Eccles, Chairman, Toledo Mining Corporation
 +44 (0) 20 7290 3100

Katie Grinham, Toledo Mining Corporation
+44(0) 7958 765 745

Anthony Rowland / Jen Boorer, Ambrian Partners Ltd
+44 (0) 20 7634 4858

Anthony Shewell / Alex Glover, Fin Public Relations
+44 (0) 20 7608 2280







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Source: Toledo Mining Corporation PLC via Thomson Reuters ONE

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