+--------------------------------------------+
| For filings with the FSA include the annex |
| For filings with issuer exclude the annex  |
+--------------------------------------------+



+--------------------------------------------------+
| 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         |      Y      |
|-----------------------------------------------------+-------------|
|                                                     |             |
| An acquisition or disposal of financial instruments |             |
| which may result in the acquisition of shares       |      N      |
| already issued to which voting rights are attached  |             |
|-----------------------------------------------------+-------------|
|                                                     |             |
| An event changing the breakdown of voting rights    |      N      |
|-----------------------------------------------------+-------------|
|                                                     |             |
| Other (please specify): There was an increase in    |      N      |
| total issued share capital on 24 June 2009          |             |
|-------------------------------------------------------------------|
|                               |                                   |
| 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               | TPG-Axon Partners, LP             |
| shareholder(s) (if different  | TPG-Axon Partners (Offshore),     |
| from 3):                      | Ltd.                              |
|-------------------------------+-----------------------------------|
|                               |                                   |
| 5. Date of transaction (and   | 8 December 2009                   |
| date on which the threshold   |                                   |
| is crossed or reached if      |                                   |
| different):                   |                                   |
|-------------------------------+-----------------------------------|
|                               |                                   |
| 6. Date on which issuer       | 10 December 2009                  |
| notified:                     |                                   |
|-------------------------------+-----------------------------------|
|                               |                                   |
| 7. Threshold(s) that is/are   | 4%, 3% (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  | |
|shares         |triggering transaction          |transaction                               | |
|If possible use|                                |                                          | |
|ISIN code      |--------------------------------+------------------------------------------+-|
|               |Number of |Number of voting     |Number  |Number of voting|Percentage of   | |
|---------------|shares    |rights               |of      |rights          |voting rights   |-|
|               |          |                     |shares  |----------------+----------------+-|
|Common Shares  |          |                     |        |       |        |      |         | |
|               |----------+---------------------+--------|Direct |Indirect|Direct|Indirect |-|
|(GB00B0CRWC45) |          |                     |        |-------+--------+------+---------+-|
|               |2,000,000 |2,000,000            |Below 3%|       |        |      |         | |
|               |          |                     |        |0      |Below 3%|0%*   |Below 3%*| |
|               |          |                     |        |       |        |      |         | |
|-------------------------------------------------------------------------------------------+-|
|                                                                                           | |
|* 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 |
|-------------------------+-----------------------------|
|                         |                             |
| Below 3%.               | Below 3%.                   |
|                         |                             |
+-------------------------------------------------------+








+-------------------------------------------------------------------+
| 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 and  |
| 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:                                    |    |
|                                                              | NA |
|--------------------------------------------------------------+----|
| 11. Number of voting rights proxy holder will cease to hold: |    |
|                                                              | NA |
|--------------------------------------------------------------+----|
| 12. Date on which proxy holder will cease to hold voting     | NA |
| rights:                                                      |    |
|                                                              |    |
+-------------------------------------------------------------------+



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


For notes on how to complete form TR-1 please see the FSA website.

---END OF MESSAGE---




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