17 February 2010
BERONG UPDATE - DRILLING TO COMMENCE
Toledo Mining Corporation plc ("Toledo" or the "Company") (AIM:TMC) is pleased
to announce that Berong Nickel Corporation ("BNC") has received an approved
Exploration Permit EP60 to commence its planned drilling programme at the Berong
nickel project. A drilling programme of 20,000 metres will commence immediately
with six drill rigs which are already on site and is expected to take 12 months
to complete. Publication of a revised JORC resource will follow approximately
six months after completion. Drilling results will be released as assay results
become available during this period.
The goal of this programme is to delineate a JORC resource of over 40 million
tonnes of nickel laterite ore, which the Directors consider would be sufficient
to support a potential nickel mine producing 20,000 tonnes per annum of nickel.
BNC continues to assess the potential for direct ore shipping operations,
however no decision has yet been made to recommence mining operations.
Toledo has a 56.1 per cent. economic interest in BNC. Toledo's partners in BNC
are Atlas Consolidated Mining & Development Corporation which has a 25.2 per
cent. economic interest and European Nickel which has a 18.7 per cent. economic
interest.
For further information please visit www.toledomining.com
or contact:
Reg Eccles, Chairman, Toledo Mining +44 (0) 7803 208 341
Richard Greenfield, Ambrian Partners Limited +44 (0) 20 7634 4710
Alex Buck, BuckBias +44 (0) 7932 740 452
[HUG#1385108]
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