+--------------------------------------------------+
| TR-1: Notifications of Major Interests in Shares |
+--------------------------------------------------+



+-------------------------------------------------------------------+
|                                           |                       |
| 1. Identity of the issuer or the          | Toledo Mining Corp.   |
| underlying issuer of existing shares to   | (TMC LN)              |
| which voting rights are attached:         |                       |
|-------------------------------------------------------------------|
|                                                                   |
| 2. Reason for notification (yes/no)                               |
|-------------------------------------------------------------------|
|                                                       |           |
| An acquisition or disposal of voting rights           |     N     |
|-------------------------------------------------------+-----------|
|                                                       |           |
| An acquisition or disposal of financial instruments   |           |
| which may result in the acquisition of shares already |     N     |
| issued to which voting rights are attached            |           |
|-------------------------------------------------------+-----------|
|                                                       |           |
| An event changing the breakdown of voting rights      |     Y     |
|-------------------------------------------------------+-----------|
|                                                       |           |
| Other (please specify):                               |           |
|-------------------------------------------------------------------|
|                                |                                  |
| 3. Full name of person(s)      |                                  |
| subject to notification        |  1. TPG-Axon Capital Management, |
| obligation:                    |     LP                           |
|                                |  2. TPG-Axon GP, LLC             |
|                                |  3. Dinakar Singh, LLC           |
|                                |  4. Dinakar Singh                |
|--------------------------------+----------------------------------|
|                                |                                  |
| 4. Full name of shareholder(s) | TPG-Axon Partners, LP            |
| (if different from 3):         | TPG-Axon Partners (Offshore),    |
|                                | Ltd.                             |
|--------------------------------+----------------------------------|
|                                |                                  |
| 5. Date of transaction (and    | 4 August 2009                    |
| date on which the threshold is |                                  |
| crossed or reached if          |                                  |
| different):                    |                                  |
|--------------------------------+----------------------------------|
|                                |                                  |
| 6. Date on which issuer        | 26 August 2009                   |
| notified:                      |                                  |
|--------------------------------+----------------------------------|
|                                |                                  |
| 7. Threshold(s) that is/are    |  6%, 5% (crossed) (below)        |
| crossed or reached:            |                                  |
+-------------------------------------------------------------------+




+-------------------------------------------------------------------------------------------------+
|8: Notified Details                                                                              |
|-------------------------------------------------------------------------------------------------|
|A: Voting rights attached to shares                                                              |
|                                                                                                 |
|-------------------------------------------------------------------------------------------------|
|Class/type of   |Situation previous to the  |Resulting situation after the triggering transaction|
|shares          |triggering transaction     |                                                    |
|If possible use |---------------------------+----------------------------------------------------|
|ISIN code       |Number of    |Number of    |Number of  |Number of voting      |Percentage of    |
|                |shares       |voting rights|shares     |rights                |voting rights    |
|Common Shares   |             |             |           |----------------------+-----------------|
|(GB00B0CRWC45)  |             |2,000,000*   |2,000,000  |        |             |       |         |
|                |2,000,000*   |             |           |Direct  |Indirect     |Direct |Indirect |
|                |             |             |           |        |             |       |         |
|                |             |             |           |0**     |2,000,000**  |0%***  |4.81%*** |
|                |             |             |           |        |             |       |         |
|-------------------------------------------------------------------------------------------------|
|*  As a result of the increase in total share count, the indirect ownership of TPG-Axon related  |
|entities was reduced to 4.81% from the last reported position at 6.48% on 17 January 2008.  This |
|filing is made consistent with DTR 5.1.2(2) to reflect the effective indirect ownership of the   |
|TPG-Axon related entities pursuant to the transactions described above.                          |
|** *  As of the close of business on 26 August 2009, representing 1,334,850 shares held by       |
|TPG-Axon Partners (Offshore), Ltd. and 665,150 shares held by TPG-Axon Partners, L.P. (please see|
|Section 9 below for information on the nature of beneficial ownership by all persons providing   |
|this filing).  No transaction in the shares of the issuer held by the reporting persons is       |
|represented by this filing. It only reflects the fact that the company issued additional shares  |
|(as reported on its website: http://www.toledomining.com/rns.asp) as of 31 July 2009, which were |
|accepted as listed on the London Stock Exchange on 4 August 2009.                                |
|*** Please see Section 9 below.                                                                  |
+-------------------------------------------------------------------------------------------------+



+---------------------------------------------------------------------------+
|B: Financial Instruments                                                   |
|                                                                           |
|---------------------------------------------------------------------------|
|Resulting situation after the triggering transaction                       |
|                                                                           |
|---------------------------------------------------------------------------|
|Type of   |Expiration|Exercise/  |No. of voting rights that may |Percentage|
|financial |date      |conversion |be acquired (if the instrument|of voting |
|instrument|          |period/date|exercised/converted)          |rights    |
|----------+----------+-----------+------------------------------+----------|
|          |          |           |                              |          |
|          |          |           |                              |          |
+---------------------------------------------------------------------------+




+-------------------------------------------------------------------+
| Total (A+B)                                                       |
|                                                                   |
|-------------------------------------------------------------------|
| Number of voting rights             | Percentage of voting rights |
|-------------------------------------+-----------------------------|
|                                     |                             |
| 2,000,000 voting rights when        | 4.81% voting rights when    |
| aggregated for all indirect owners. | aggregated with indirect    |
|                                     | owners.                     |
|                                     |                             |
+-------------------------------------------------------------------+




+-------------------------------------------------------------------+
| 9. Chain of controlled undertakings through which the voting      |
| rights and /or the financial instruments are effectively held, if |
| applicable:                                                       |
|-------------------------------------------------------------------|
|                                                                   |
| Dinakar Singh, an individual, is the Managing Member of Dinakar   |
| Singh LLC, which is the Managing Member of TPG-Axon GP, LLC,      |
|  which is the general partner of TPG-Axon Capital Management,     |
| L.P.                                                              |
|                                                                   |
| TPG-Axon Capital Management, L.P, as Investment Manager to        |
|  TPG-Axon Partners (Offshore), Ltd and TPG-Axon Partners L.P, has |
| the authority to direct the voting of the shares held by          |
|  TPG-Axon Partners (Offshore), Ltd and TPG-Axon Partners L.P.     |
|                                                                   |
| TPG-Axon GP, LLC is also the general partner of TPG-Axon Partners |
| GP, LP which is the general partner of TPG-Axon Partners L.P.     |
+-------------------------------------------------------------------+



+-------------------------------------------------------------------+
| Proxy Voting:                                                     |
|                                                                   |
|-------------------------------------------------------------------|
| 10. Name of proxy holder:                                   |     |
|                                                             | N/A |
|-------------------------------------------------------------+-----|
| 11. Number of voting rights proxy holder will cease to      |     |
| hold:                                                       | N/A |
|                                                             |     |
|-------------------------------------------------------------+-----|
| 12. Date on which proxy holder will cease to hold voting    |     |
| rights:                                                     | N/A |
|                                                             |     |
+-------------------------------------------------------------------+



+---------------------------------------------+
| 13. Additional information: |               |
|                             |               |
|-----------------------------+---------------|
| 14 Contact name:            | Mia Harding   |
|                             |               |
|-----------------------------+---------------|
| 15. Contact telephone name: | 0207 758 6243 |
|                             |               |
+---------------------------------------------+

---END OF MESSAGE---




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