WARNING, this share is so speculative do not even think about buying it unless you can afford to throw your money down the toilet.

The Group's principal activity is international mining development and investment. Toledo Copper Corporation plc was introduced to the AIM market on the 5th April 2004 via a Placing of 166.6 million shares at 1.5p each. The funds raised will contribute towards a feasibility study with Atlas Consolidated Mining and Development - a company based in the Philippines and quoted on the Philippine stock exchange. That study will determine if the Philippines-based Toledo Copper Mine, in which TCU has a right to acquire a 40% stake potentially worth 316 million US dollars, can be re-opened

There are 453.7 million ordinary shares of 0.01p each in issue.

Major Shareholders (as at 18th April 2004): RAB Special Solutions LP, 96,000,000 shares (21.16%); Resources Investment Trust plc, 77,000,000 shares (16.97%); Chrisilios Chris Kyriakou (Dir), 50,000,000 shares (11.02%); Sierra International Services Ltd, 50,000,000 shares (11.02%); Craggan International Ltd, 30,000,000 shares (6.61%); Golden Dragon Trading, 20,000,000 shares (4.41%); Wai Yip Investments Ltd, 20,000,000 shares (4.41%); and Hartford Investment Group Ltd, 15,000,000 shares (3.31%).

TCU Director Merfyn Roberts is an 18% partner in Absolute Resources LP, which holds 10,000,000 Ordinary Shares. The Company has also granted the Directors options to subscribe for a further 17,500,000 Ordinary Shares at 0.02p per Ordinary Share at any time up to the third Anniversary of Admission.#

cheerrs GF.

This is from minisite
Date: October 26, 2004

Toledo Mining Steps Up The Pace In Its Philippines Nickel Business.

By Robert Wallace

We last wrote about Toledo Mining in August. Its not like us to feature a reported company just two months later as there are so many juniors clamouring for a bit of exposure to investors in Europe. Rapidly evolving events at its nickel projects in the Philippines have, however, demanded an update.

To recap, when it listed in April this year, the company was named Toledo Copper as its sole project was the Carmen copper mine near the town of Toledo on Cebu island. This is a medium-term project where the rehabilitation required to return the project to operational status has now been costed at US$ 178million. Endeavour Financial has just been appointed to plan capital provision. Toledo acquired a 40 per cent interest in what was effectively a dormant resource from Atlas Consolidated Mining Corporation, a Philippine-registered company owned by the Ramos family, which also own substantial publishing interests in the country.

This summer, the company did a second set of deals primarily with the same family, acquiring stakes in two established but non-producing nickel laterite mines located on Palawan island in the south-west Philippines, acquiring 44 per cent in Berong and 52 per cent in Celestial. These deposits are so important that on 6th October, the company changed its name to emphasise its wider-than-copper activities; its AIM epic also altered from TCU to TMC.

At Berong, mining is expected to be contracted to Australian company Leighton Contractors and the total cash cost of operations will be around US$1.30 per pound of nickel shipped. Profitability is helped by a strong nickel price and a weak Philippine peso. An FOB shipping contract has now been signed with a Japanese customer, Nippon Metals and Alloy, to supply 300,000 tonnes of dried ore pa at a nickel grade of 2.2%. At the current price of US$6 per pound, this should give total annual revenues of US$15.7 million , of which Toledos share will be US$6.9 million. A second agreement with Japanese buyers for a further 350,000 tonnes of ore pa is nearing signature. This would bring the total to 650,000 tonnes, generating total income of US$35.5 million and US$15.6 million respectively.

Negotiations are also proceeding with a prospective Australian customer which would take 600,000 tonnes of high grade nickel/cobalt limonite material at a grade greater than1.8% nickel equivalent. At the same nickel price, Toledos revenue from this additional contract should be US$5.9 million.

Total annual Toledo cash flow from Berong of US$21.5 million is therefore thought by management to be within reach. All that is needed is a road, a shipping pier and a final government mining permit to add to the regional one already obtained. Permitting and confidence is helped by the existence some 150 kms south of Berong on Palawan island of the Rio Tuba nickel mine which has been direct shipping nickel for over 25 years and has just installed and is commissioning a 10,000tonnes/year HPAL processing plant which has recently received its government environmental permit.

The Berong nickel deposit is said to be the fourth largest in the world with 275 tonnes of reserves at 1.3% nickel, ie 3.6million tonnes of contained nickel. As it has an approximately 50/50 mix of limonite and saprolite orebodies it offers options for either leaching or smelting. The company intends to commission a bankable feasibility study at a cost of some US$20 million which it could fund out of cash flow to asses the economics of developing the mine into a not less than 50,000 tonnes of nickel pa producer. Not surprisingly, there is considerable interest already from majors to farm in to its future large scale operations.

Toledos success is largely due to its Australian CEO Chris Kyriakou. Originally a lawyer, he was a mine developer in Australia, Canada and South Africa for 20 years. In the late 90s he left the industry but returned with a keen interest in the Philippines where he first met Atlas in July last year. Most mining companies have to discover an economic orebody, attract capital and then develop a mine. What Kyriakou especially likes about Berong is that Toledo just has to dig ore, dry it and deliver it to a port.

The Philippines hosts some of the worlds most important mineral resources, especially of copper, nickel, cobalt and gold and silver. Yet currently mining development in the country is minimal; the effects of past typhoons, economic strife and environmental antipathy to mining have conspired to close most previously viable mines. The government is now actively courting mining companies and hopefully the Minister of Mines will be in London for a Special Philippines Mining Forum run by Minesite in February 2005.

At the moment there are less than a dozen operating miners either listed on the Philippines Stock Exchange or foreign explorers active in the country. Most of the prospects being explored or developed are previously-active mines which closed in the 90s; Toledos Carmen copper mine is an instance. No wonder the Philippines Environment Secretary Michael Defensor appealed at a business leaders forum in Manila last week for investors to participate in developing mineral resources.

Toledo heard the call ahead of the crowd. So have some other shrewd investors in this rapidly-evolving story; with a purchase of 30million shares, 3.4%, AIM listed Cambrian Mining has just joined RAB Capital and Resources Investment Trust as significant holders on Toledos share register.

Many thanks for a cracking good post Stockwoodjack.

PTH

Yes an excelent post.

A second agreement with Japanese buyers for a further 350,000 tonnes of ore pa is nearing signature. This would bring the total to 650,000 tonnes, generating total income of US$35.5 million and US$15.6 million respectively

Should help send the price north.

cheers GF.

Missed this above....................

Negotiations are also proceeding with a prospective Australian customer which would take 600,000 tonnes of high grade nickel/cobalt limonite material at a grade greater than1.8% nickel equivalent. At the same nickel price, Toledos revenue from this additional contract should be US$5.9 million.

cheers GF.

goldfinger do you have company names or details of prospective customers, either japanese or austrailian, this would of course justify my next buy and maybe increase it. Hope it remains a waiting game with good news along the way.

watcher

Sorry I dont watcher, I think these will only become available when Toledo gives out its next RNS on news of the contracts being signed.

Miners tend to be very poor in the PA department anyway.

cheers GF.

gf had a chuckle and I admit I should have known better, you are right. just watching the selling going on. if the detail from the posts is correct then it is getting near the time to top up and confirm the investments that the big boys did last month are correct.

watcher

Copper price is going up aswell watcher, nut sure about nickel.

cheers GF.

GF thanks for that, looks good and steady with the price of copper, just a thought the period of ramadan is coming to an end soon and hopefully this might just push the pace with company negotiations. Local religion and all that......

watcher

Watcher,

Interesting point, but the Philippines is a catholic country, and therefore they don't celebrate "ramadan"!

thanks for that, jjust digging for any angle I can. the thought of this going positive intrigues me. Whilst they are a newly formed company, they seem to have well established board and leaders. I suppose its a case of settling in and producing. Must be hard to produce some good news at this early stage, apart from the price of nickle and copper going through the roof that is..

watcher

New website at, http://www.toledomining.com/

Well the price went up today but only just. Silence is golden.

cheers GF.

They have a Subcrption for information to be sent to you if required via E/mail
on website looked via minesite on wed 10/11/04 http://hhpt://www. minsite.com

MANILA (AFX) - A powerful storm which triggered landslides and heavy flooding in the Philippines has left nearly 500 people dead or missing, government officials said.

Social Welfare Secretary Corazon Soliman said her department had recorded 306 deaths in the towns of Real, Infanta and General Nakar in the eastern province of Quezon.

Another 150 people were listed missing in Real after a weekend tropical storm sparked flashfloods and landslides which destroyed entire villages, said Soliman.

Another 39 people were killed and two others were listed as missing in other parts of the Philippines affected by the floods, a civil defense official said.

RNS Number:0335G
Toledo Mining Corporation PLC
06 December 2004

TOLEDO MINING CORPORATION PLC

INTERIM RESULTS
FOR THE PERIOD 25 FEBRUARY 2004 TO 30 SEPTEMBER 2004

CHAIRMAN'S STATEMENT

Dear Shareholder

I am pleased to present the Company's first financial report since its shares
were admitted for trading on the AIM market in April 2004.

The period from incorporation to date has been very active and I am very pleased
with the progress which the Company has made, including the key achievements
discussed below.

Berong Nickel Project

The Berong Nickel property comprises four nickel laterite deposits (Berong,
Moorsom, Long Point and Tagkawayan) having an aggregate area of 10,659 ha.
These are located adjacent to the coast in mid-western Palawan, Philippines
adjacent to the South China Sea. The Company will earn a 44% economic interest
in the property, through meeting project development expenditures of US$2
million, and by the Company issuing 150 million fully paid ordinary shares to
the vendors and the payment to them of US$400,000. As at 30 September 2004, the
Company had advanced US$0.2 million against this commitment.

The nickel resources within the four deposits of the property, based on 3,866
test pits (spaced at 300m x 300m) have been calculated by independent geological
consultants to be 275 million tonnes at 1.30% Ni and 0.074% Co at a cut-off
grade-of 0.90% Ni. The resource is one of the largest in the world; possibly
the fourth largest based on contained nickel of 3.5 million tonnes.

Extensive testing of the property was carried out during the late 1960s and
early 1970s, culminating in an independent bankable feasibility study into the
development of an ammonia leach plant producing 60 million lbs of nickel metal
per year. This project was shelved following the significant increase in oil
prices.

A further 1,197 test pits were sunk in a selected area of 324 ha in Berong on a
50m and 25m spacing to establish direct shipping ore content and, in 1996, an
independent pre-feasibility study was carried out into a direct shipping
operation. As part of this pre-feasibility study, an independent consultant
estimated the ore reserves within the selected area to be 2.105 million tonnes
at 2.3% Ni. At a cut-off grade of 2.0% Ni, the estimated indicated resource
within the selected area was estimated to be 4.2 million tonnes at 2.3% Ni. At
a reduced cut-off of 1.8% Ni, the resource increases to 7.0 million tonnes at
2.1% Ni, from which direct shipping saprolite ore (low Fe) at a grade of 2.3% Ni
and direct shipping limonite ore (high Fe) at a grade of 1.8% Ni+Co can be
co-produced.

Initially, the focus of the Company's activities will be the development of a
direct shipping operation from the selected area at Berong. The first shipment
is scheduled for mid-2005 at the rate of 300,000 tonnes per annum of saprolite
ore to ferro nickel smelters in Japan, pursuant to a contract entered into in
August 2004. Discussions are also underway with another major Japanese company
for a further 350,000 tonnes per year. Negotiations have commenced with a major
Australian consumer for the direct shipment of 600,000 tonnes per year of high
grade limonite ore (> 1.8% Ni+Co), which will be produced as a co-product at
little additional cost.

Cost estimates from the 1996 independent pre-feasibility study costs have been
updated and the funding requirement to positive cash flow is estimated to be
US$6.5 million. The procurement of the necessary permits is progressing on
schedule with considerable support from the various government units, following
the Philippine Government's declaration of major support to rehabilitate the
mining industry to its former state as a major contributor to the economy.

The direct shipping project is planned to generate a significant cash flow.
Part of this cash flow will be utilized to fund the Company's ongoing program of
completing a bankable feasibility study into a subsequent large scale (+50
million lbs/annum) operation, for which four development options have been
identified.

Celestial Nickel Project

The Celestial Nickel laterite property covers an area of 2,835 ha and is also
located on Palawan Island in the Philippines. This property is well advanced
and has substantial permitting already in place. The Company will earn a 52%
economic interest in this project, with the right to increase its economic
interest to 71.2% on payment of further moneys, through meeting project
development expenditures of US$2 million and by the Company issuing to the
vendors 75 million fully paid ordinary shares and 75 million options over
ordinary shares in the Company exercisable at 2.5p per share within two years,
the payment of US$150,000 and the reimbursement of costs incurred by the vendors
of US$100,000. In addition, the Company has a commitment to pay US$200,000 on
achievement of certain milestones and is also required to pay property
maintenance fees of US$200,000 per annum.

Acid leach metallurgical test work has been conducted on the property and a
pre-feasibility study has demonstrated economic viability, subject to more
detailed work being carried out for a bankable feasibility study.

The property has been well explored, yielding a current resource estimate of 77
million tonnes of 1.25% Ni and 0.10% Co within an area of 800 ha.

Metallurgical test work was carried out for suitability for a High Pressure Acid
Leach (HPAL) plant, and a proposal was generated by independent international
consultants to use this technology to produce 40,000 tonnes of Ni metal per
annum at a capital cost of US$840 million (US$9.55/annual lb of capacity), with
a projected operating cost of US$1.38/lb before cobalt credits.

Subsequent experience with HPAL in Australia has lead to wide scepticism as to
its economic viability, notwithstanding that it has worked profitably in Cuba
for decades. The process has since been refined by BHP Billiton, Sumitomo and
others and now represents a credible alternative for bringing this property into
profitable production.

However, in the last two years several new technologies have been developed,
including atmospheric heap leaching and elevated temperature vat leaching, which
together with advancements made in the metal recovery and refining process,
suggest that better alternatives to HPAL are now practical offering, lower
capital cost, lower operating cost and less down time.

The previous operators of the property performed metallurgical tests on an
atmospheric vat leach with modest success, achieving a recovery of about 65%.
The Company believes that this method has excellent potential, and that an
advanced form of this technology with better recovery potential is now
available. It is proposed as part of the future program to conduct an
evaluation of vat leaching and other alternative technologies.

The property also contains indications of the presence of direct shipping ore
which requires further investigation.

Carmen Copper Project

The Company entered into an agreement with Atlas Consolidated Mining &
Development Corporation, a company quoted on the Philippine Stock Exchange,
under which it has the option to acquire a 40 per cent interest in the Toledo
copper assets owned by Atlas. In order to earn the full amount of the interest,
the Company will be required to make payments and loans up to US$28 million to
fund in part the development of the Toledo copper mine, including final
feasibility work, the equity component of the project funding and other related
costs. As at 30 September 2004, the Company had advanced US$2.2 million against
this commitment.

A feasibility study of the rehabilitation and re-opening of the mine has been
prepared and is being subject to independent technical audit by consultants
Behre Dolbear Australia Limited. The study has been subject to delays caused by
the recent sharp increase in smelting/refining charges and in particular, the
cost of oil and coal which has necessitated a revision of the cost estimates and
the method of power supply to the mine. The Directors will assess the
conclusions of this study in deciding whether to exercise the option.

Based on the revised energy plan, key figures from the study are:

Capital cost US$171.38 million
Cash costs US$0.64/lb copper

Based on a gold price of $385/oz and an exchange rate of Php55=$1.00, the net
present value using a discount rate of 10% at a copper price of $1.00/lb, $1.20/
lb and $1.40/lb is $12.09 million, $93.52 million and $173.60 million
respectively.

Future scheduled rates of production are 42,000 tonnes per day (15.2 million
tonnes per year) from the Carmen Lift 1, through a system of underground
crushing followed by conveying through a decline directly to the Carmen
concentrator. This will result in significant cost savings over the scheduled
11-year life of Carmen Lift 1. Existing shaft hoisting facilities will provide
hoisting back up. Average annual payable production will be 108.5 million lbs
of copper and 47,900 oz of gold.

The mining of DAS Lifts 2 and 3 at 42,000 tonnes per day is being studied. This
will extend mine life beyond 20 years. Total mine resource is estimated at 848
million tonnes and promises a much longer mine life. In addition, several
higher grade exploration targets in proximity to the existing production shafts
have been identified and will be drilled at a later date.

Retained senior management at the mine is of high international repute and
represents many years of operating experience. Suitably experienced expatriate
staff will provide full technical and commercial back-up to the mine staff. A
fully experienced mine workforce is available in the district.

The Company is making good progress with major companies in Japan and China for
the provision of copper concentrate offtake and project financing agreements.

The Company has engaged Endeavour Financial to provide financial advice with
respect to financing the rehabilitation and re-development of the mine.
Endeavour has one of the largest investment banking teams dedicated exclusively
to the mining industry and has significant experience in raising capital for
mining projects on a global basis.

The Toledo mine commenced operations in 1955 and operated continuously for a
period of 31 years. In 1994 mining operations were suspended when an unseasonal
super typhoon caused flooding of the underground mine due to lack of
maintenance of the drainage system above the block cave area.

The Carmen Lift 1 was in partial production prior to the suspension of mining
operations and the mining method to be deployed at Carmen Lift 1 is well
established and proven.

Prior to suspension of operations, mine production peaked at 110,000 tonnes per
day from open pit and underground block caving, and Toledo was at the time, the
largest copper mine in Asia. Full gravity block caving was practiced for many
years at the mine, which was amongst the lowest cost producers in the world.

Production over the last 15 years of operations was at the same grade as the
remaining resource and also the projected future production. During this period
the mine produced profits of up to $100 million per annum before tax, debt
service and management fees. To date, the mine has produced total operating
cash flow of $1.31 billion before tax, debt service and management fees.


Chrisilios Kyriakou
Executive Chairman
3 December, 2004


UNAUDITED PROFIT AND LOSS ACCOUNT

Period 25 February 2004 to 30 September 2004

Period from
25 February 2004 to
30 September 2004
Note #

Administrative costs (400,022)
_________________________________________________________________________

Operating Loss (400,022)
Interest receivable 5 30,913
_________________________________________________________________________

Loss on Ordinary Activities (369,109)
Before Taxation
Tax on loss on ordinary activities 2 -
_________________________________________________________________________

Loss on Ordinary Activities (369,109)
After Taxation
_________________________________________________________________________

Loss per share (pence) 3 0.086p


The Company has no recognised gains or losses other than the results for the
period as set out above.

UNAUDITED BALANCE SHEET

Note As at
30 September 2004
#
Fixed Assets
Intangible Assets 4 354,247
Tangible Assets 2,684
Investments 5 1,207,673
_________________________________________________________________________
1,564,604
Current Assets
Debtors 6 2,530,029
Investments 7 600,000
Cash held in trust bank account 8 634,805
Cash at bank and in hand 1,937,423
_________________________________________________________________________
5,702,257
Creditors: Amounts falling due (269,124)
within one year
_________________________________________________________________________

Net Current Assets 5,433,133
_________________________________________________________________________

Total assets less current liabilities 6,997,737
_________________________________________________________________________

Capital and Reserves
Called-up equity share capital 673,667
Share premium account 6,693,179
Profit and loss account (369,109)
_________________________________________________________________________

Equity Shareholders' Funds 6,997,737
_________________________________________________________________________



UNAUDITED CASH FLOW STATEMENT
Period from
25 February 2004 to
30 September 2004
Note #
Net cash outflow from operating activities 10 (2,660,628)

Returns on investments
and servicing of finance
Loan interest receivable 30,913

Capital Expenditure
and financial investment
Purchase of intangible fixed assets (354,247)
Purchase of tangible fixed assets (2,983)
Loan investments made (1,207,673)
Purchase of current assets investments (600,000)
_________________________________________________________________________

Net cash outflow for capital expenditure (2,164,903)
and financial investments
_________________________________________________________________________

Financing
Issue of share capital 7,366,846
_________________________________________________________________________

Increase in cash 2,572,228
_________________________________________________________________________

Cash at beginning of period -
_________________________________________________________________________

Cash at end of period 2,572,228
_________________________________________________________________________



NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

Period 25 February 2004 to 30 September 2004

1. Accounting Policies

Basis of Preparation

The financial information for the period 25 February 2004 to 30 September 2004
is unaudited and has been prepared on the basis of the Company's adopted
accounting policies. This financial information does not constitute statutory
accounts as defined in Section 240 of the Companies Act 1985.

Depreciation

Depreciation has been provided on fixed assets at rates calculated to write off
the cost, less estimated residual value, of each asset evenly over its useful
economic life as, follows:

Office equipment and fixtures 33 1/3% - 100% straight line

Foreign Currencies

Transactions in foreign currencies are translated at the exchange rate ruling at
the date of transaction. Monetary assets and liabilities in foreign currencies
are translated at the rates ruling at the balance sheet date.

Investments

Investments are included at cost less any amounts written off.

Intangible Assets - Exploration Expenditure

Costs relating to the acquisition, exploration and development of mining
projects are capitalised under intangible assets. When it is determined that
such costs will be recouped through successful development and exploitation or
alternatively by sale of such interests acquired, the expenditure will be
transferred to tangible assets and depreciated over the expected productive life
of the asset. Whenever a project is considered no longer viable, the associated
exploration expenditure is written off to the profit and loss account.

2. Taxation

No provision for corporation tax has been provided for, due to losses incurred
in the period.

3. Loss per Share

The loss per share has been calculated by dividing the loss after taxation of
#369,109 by the weighted average number of Ordinary Shares in issue of
426,796,557.

4. Intangible fixed assets
Exploration
Expenditure
#
Additions in period 354,247
________
At 30 September 2004 354,247
========

The above exploration expenditure relates to three projects: the Berong Nickel
Project, the Celestial Nickel Project and the Carmen Copper Project, all of
which are located in the Philippines.

5. Fixed asset investment
Loan
Investment
#
Loan advanced in period 1,207,673
_________
At 30 September 2004 1,207,673
=========

The loan investment relates to amounts advanced to Atlas Consolidated Mining &
Development Corporation, a Philippines company quoted on the Philippine Stock
Exchange. The loan is interest bearing at 8% per annum.


6. Debtors
Period ended
30 September 2004

#
Trade debtors 2,135
VAT 20,394
Called up share capital unpaid 2,507,500
_________
2,530,029
=========

7. Current Investments

Investments held as current assets are carried in the balance sheet at cost.
Their value as quoted on the AIM market at 30th September 2004 was
#923,333.

8. Trust Bank Account

The company has transferred funds to a trust account in the Philippines to
facilitate the payment of various expenses on the Philippine projects. Funds can
only be released from this account on the authority of Toledo Mining
Corporation Plc.

9. Reconciliation of movement in shareholders' funds

Period from
25 February 2004 to
30 September 2004
#
Loss for the period (369,109)
_________
Issue of share capital - nominal value 673,667
- share premium 6,693,179
_________
Closing shareholders' equity funds 6,997,737
=========

10. Reconciliation of operating loss to net
cash outflow from operating activities
Period from
25 February 2004 to
30 September 2004
#
Operating loss (400,022)
Increase in debtors (2,530,029)
Increase in creditors 269,124
Depreciation 299
__________
(2,660,628)
==========
11. Post balance sheet events

Since the balance date, the Company has:

* advanced a short-term unsecured loan of #270,000 to Archipelago
Resources plc. The loan bears interest at 10% per annum, is unsecured and is
due to be repaid on 11 May 2005.

* sold 72.4% of the current investments referred to in note 7 for proceeds
of #1,205,843 generating a profit before income tax of #771,593.




This information is provided by RNS
The company news service from the London Stock Exchange
END

IR FSDFUDSLSESE

This one has really shot up today-anyone know the reason? I don't own any but I'm tempted !

Taken from Uk-Analist.com the stockmarcket reporter Rumours & Shakers

"Shares in Toledo Mining jumped 0.75p to 2.625p on talk that a number of deals are set to be announced."

saint, I got into this share a number of months ago and have recently topped up. Thinking back to the price of copper and the rises since they floated I am resting easy that some contractural news will not be to far away and then the sp rises will follow.

watcher