Interesting little company. Did a series of asset swops to leave them with half of the 4th largest Nickel deposit in the world.
The deposit itself is in the Philippines has been known about for 30 years but due to low prices and lack of demand in the Far East it was never exploited. With the explosion in demand from India and China the nickel price has climbed from $2 to $6.50 but oddly enough is still considered low.
The final approval stage for exploitation is just about to be approved and extraction will begin. The company already has one contract with a Japanese smelter and is in discussions with smelters in a series of countries.
Nothing clever about the operation, as the ore is of sufficiently high grade, they dig it up and ship it out. Infrastrucure is already in place for operation.
TMC is currently priced at 18m, the initial Japanese contract is worth 4m and each additional contract will hopefully be at this level or greater.
Final approval turns the company into a producer and each additional contract simply increases their size.
The management is tight with cash and has some good quality mining skills onboard.
The Philippine government is fast tracking the final approval and the company says it expects it shortly.
One to hold for approval and through the series of RNS's as more contracts are won. Company should be worth 50m in 6 months and 100m in 12-18 months.
Buy it, ignore it, just pointing this one out.

Good stuff, PP.

Two further posts from EGM attendee's and much more detail, and thanks for daz and Tiggy for sharing :) :

daz2004 - 3 Apr'06 - 21:30 -

Meeting was better attended than AGM...about 15 PI's i reckon, 20 in total.

Anyway funding was as already detailed due to taking production from 500kt to 1Mt+ per annum...original estimate was US$10m now to be US$18m.

- conveyor to be used instead of barge boats...conveyor to be 1km in total length so that 30-60kt ships can be loaded. Barge boats would have meant 3-4 of these being filled and towed out to then for their loads to be taken off again to be then be reloaded onto ships, this whole loading process will reduce timescales dramatically.

- additional work will be done to the roads to increase their widths...

- additional work will be done to increasing drying areas

The whole issue of this placing really is to get Direct Shipping Operations performing to a much higher level than was estimated. When all this infrastructure is in place income generation will be significantly greater than anticipated.

Sample shipments are scheduled to up to 3 Japanese smelters(NIPPON is still taking it), 2 Chinese, and the one of the largest smelters in Europe (Greek smelter LARCO http://www.larco.gr/ )

ECC meeting is next week, CK confident its in the bag. Something mentioned about DENR minster needing to sign something and he's been out of the Country.

MPSA requires ECC & feasibility study of designated area. The feasibility study is very throrough as DENR have requested it, its up to JORC standard but CK mentioned something about nickel deposits being difficult to JORC standard?? (I haven't got that written down, just remember that)

Tax required for DSO is 35% for government & 2% for Indigenious People, and thats all...infact capital expenditure can be offset and also if Acid-Leaching operations set up then 5yrs tax free holiday mentioned.

PR is being addressed with Charles Vivian, Pelham PR in attendance, who informed us that they are talking to finacial press and priming them so that when news is released in future then they will hopefully run a feature for example on mining exploration in Philippines with TMC mentioned. Felt reassured that the PR is being worked on and I look forward to more exposure coming...

I hope the above is a fair assessment, I may have missed something out or someone who attended may be able to elaborate further...but the overriding sense that attendees got imo, is that management know exactly what they are doing, the DSO is not some small operation being undertaken, George was not there, but CK has complete 100% faith in what George is doing and he mentioned his previous experience has/is paying dividends, "WE are extremely lucky to have him" was stated...the sp is where it is because its the Philippines it carries a higher risk, however he did state that the hardwork has paid off and he highlighted that the rewards are also higher as well.


Tiggy2101 - 3 Apr'06 - 21:32

I attended the EGM today, and thought it was a very positive meeting and well worth attending. I also met Daz and had the opportunity to thank him in person for all the hard work and well researched information he has posted on this board over the last two years.

My notes are similar to those posted by David77. However I will add \ confirm the points made at the EGM, in no particular order.

1)An institutional visit is planned in April 2006.
2)Chris commented that George is confident that more orders will be added and that the order book will only get bigger.
3)Toledo will be focused on direct shipping and cashflow generation and confirmed the BFS will be funded by direct shipping.
4)The market will be informed once contracts have been signed, should be in the next six weeks or so.
5) Chris stated that TMC was very fortunate to have George on board and have Atlas as a partner.
6) MPSA will be expected in the coming weeks, and all preconditions of MPSA are in place. Chris did comment on the amount of bureaucracy and is continuing to chase all the necessary documentation on a daily basis.
7) Return on investment should be no later than December 2007
8) Confirmed BHP are still on board and a large smelter in Europe could be added in addition to 2 in Japan and 2 in China. Could not name names until contracts have been agreed.
9)Construction of the trestle conveyor should start in August once the sample shipments have taken place. It will take about 2 months to complete the trestle conveyor located 1 Kilometre inland.
10) The question was asked about the bishops who are opposed to mining. Chris stated that the majority of the catholic church were not opposed to mining and did not see any potential problems.
11)The placing for shares was taken up by Framlington, Fidelity, RAB Capital, Scottish Widows with the smallest investor taking 250k
12) A new PR company was appointed in January 2006

Hope the above information helps, and thank you to all the ADVFN posters who have contributed to this board. I guess my sentiments are in the Daz \ Minty camp!!

Regards and good luck
Tiggy

Placing now a done deal and no more reason to hold the price back, so of it goes....... :)

L2 4 v 2 and moving up well.

I think this should be back to the 130/140 range soon. Still moving well today, now 1 v 2 at 107/114 and all blue.

Yep - very satisfactory rise today - would be delighted if your prediction comes right, PP!! Certainly the potential is there.

BTW thanks again for some excellent posts - lots of encouragement in the details, including re planned institutional visit in April plus the take-up of the placing shares. I'm glad to hear they'll be working on their PR as well - it seems that the biggest problem with this venture is that nobody knows it's there. Otherwise there's no reason for it to be this cheap (??).

FYI - Nickel price in today's FT: $15,650 the tonne or $7.10/lb. It just seems to keep going up at the moment, which hopefully augurs well for the durability of TMC's conservative pricing estimates, but WDIK/DYOR.

Up 7p so far today, to 112/118. No news that I can see . . .

Just found this article on TMC.Registration is free.

http://www.proactiveinvestors.com/registered/articles/article.asp?TMC2

Toledo Mining Corporation: where from here

One thing is for sure, many bulletin board posters who hold shares in Toledo Mining don't seem to be very happy just now.

First came the unexpected financing announced on 8 March, which raised 8.5 million at 108p, just a small discount to market. Weeping, wailing and gnashing of teeth greeted this news - although the EGM to authorise the issue seems to have passed off smoothly enough.

Good article, HH, thanks.

I agree that the timetable seems to be a bit drawn-out. But the upside is still considerable, and in that light waiting until 2011 for TMC to be producing 50 million tonnes of ore per year seems to me to be worthwhile. Okay, I wish it would happen be the end of next week too, but it still ain't bad.

Actually if it does take a while for the market to wake up to the value of this stock, then that could be a good thing for the canny investor. If TMC's SP continues to lag for a while, then as long as the nickel market remains buoyant I'd continue adding to my holding on a regular basis by reinvesting top-sliced profits from elsewhere - all feeding the multi-bagger that this is ultimately destined to be.

DYOR, etc.

Toledo Mining Corporation PLC
19 April 2006


TOLEDO MINING CORPORATION PLC

OPERATIONS UPDATE
The directors of Toledo Mining Corporation plc (AIM : TMC) wish to inform and
update the market on the following activities which have been carried out during
the quarter ended 31 March 2006.

Project activities focused on re-sampling and analysis of the laterite deposit,
ore body modelling, preliminary infrastructure design and seeking the necessary
permits and clearances from the appropriate Philippine Government agencies.

Field activities associated with the major sampling program continued with the
aim of providing the grade and metallurgical information for mine design and
planning purposes. Progress has been excellent:-

Test Pits re-sampled: 610 pits (4,575 samples collected)

Test Pits re-deepened: 186 pits (547 samples collected)

New Test Pits dug: 18 pits (209 samples collected)

Drilling completed 67 holes (1,019 metres drilled & 861 samples)

Lines Cleared 47.3 kms

GPR Survey 28.15 kms (incomplete)

The topographic survey covering the 288 hectare MPSA application area has been
completed as has the cross-section profiling of the access roads (16 kms) from
the coast to the mine site. The Ground Penetrating Radar (GPR) survey will be
completed in the second quarter. In-fill drilling and new in-fill test pitting
is also expected to be completed in the second quarter. Following completion of
all the drilling, a JORC compliant resource statement will be prepared.


As previously reported, the nickel and cobalt grades from the re-sampling
program are higher than the historical grades across the whole spectrum of
assays above cut-off grade.

Within the 288 hectare MPSA application area, a smaller higher grade 'priority'
ore block has been identified where metallurgical bulk samples will be extracted
and initial mining will commence. Snowden Mining Industry Consultants validated
the re-sampling assay results and generated a detailed ore body block model for
the 'priority' area using conventional geostatistical methods. Open pit
optimization and detailed mine equipment sizing, estimation of operating and
capital costs, and mine scheduling will be undertaken by Snowden early in the
second quarter.

Detailed engineering design and capital cost estimation of the coastal and mine
infrastructure facilities commenced. The design of the causeway for initial
shipments is well underway, as is an alternative road to the existing public
road which was re-surfaced last quarter and which will be used for the
metallurgical shipments. Leightons Construction is intimately involved in the
engineering design and construction phase.

A detailed bathymetric survey of the area immediately offshore from the proposed
barge loading area was completed as was the detailed survey of the near shore
anchorage area and the 50 kms shipping channel to the South China Sea.

Discussions continued with potential laterite customers in China, Japan, Europe
and Australia. Trial bulk metallurgical shipments of up to 30,000 tonnes in
total are planned to be sent to potential customers by mid-2006. Several long
term ore supply contracts are expected to be put into place during the second
quarter. An export target of 80,000 to 90,000 dry metric tonnes of ore has been
set for 2006, rising to around 1 Mtpa over a two year period.

Permitting continues to be an area of considerable focus. Both the Mineral
Production Sharing Agreement and the Environmental Clearance Certificate are
awaiting signature by the Secretary of the Department of Environment and Natural
Resources.

On the Celestial/Ipilan deposit, a major re-sampling and metallurgical testing
program has been fully planned and mapped out. Work is expected to commence once the third extension to the current Exploration License is approved by the Mines & Geoscience Bureau. Approval is expected shortly.

There's not a lot I can add to that - well done, PP, for beating me to the post! It all looks very encouraging,

ST, looks nice when summarised too :)

LONDON (AFX) - Toledo Mining Corp PLC said "excellent progress" has been
made in field activities associated with its nickel sampling program in the
Philippines during the first quarter to March 31.
The company said it has completed the topographic survey covering the 288
hectare Mineral Production Sharing Agreement (MPSA) application area and the
cross-section profiling of the access roads from the coast to the mine site.
Toledo said project activities focused on re-sampling and analysis of the
laterite deposit, ore body modelling, preliminary infrastructure design and
seeking the necessary permits and clearances from the appropriate Philippine
government agencies.
The Ground Penetrating Radar (GPR) survey will be completed in the second
quarter. In-fill drilling and new in-fill test pitting is also expected to be
completed in the second quarter.
The nickel and cobalt grades from the re-sampling program are higher than
the historical grades across the whole spectrum of assays above cut-off grade,
it said.
Within the MPSA application area, a smaller higher grade "priority" ore
block has been identified where metallurgical bulk samples will be extracted and
initial mining will commence.
Discussions continued with potential laterite customers in China, Japan,
Europe and Australia, it said, adding trial bulk metallurgical shipments of up
to 30,000 tonnes in total are planned to be sent to potential customers by
mid-2006.
Several long term ore supply contracts are expected to be put into place
during the second quarter. An export target of 80,000 to 90,000 dry metric
tonnes of ore has been set for 2006, rising to around 1 mln tonnes per year over
a two year period, Toledo said.
newsdesk@afxnews.com
jlw

Aesthetic perfection in miniature, PP :o)

Nice article on Nickel here ST.

http://www.roskill.com/news/newsCMS/newsItems/220206161536/viewNewsItem

Thanks PP. Nice article, but I'd say on the basis of this extract from FT.com's Commodities Market round-up today, that Roskill is having a little trouble predicting the nickel price:

>> Nickel rose 3.5 per cent to a record $20,000 a tonne as traders said that hedge funds were betting on disruptions to output from Incos Sudbury facility in Canada, where wage negotiations are ongoing and the current labour contract runs out in mid-May. Inco has also forecast a 10,000 tonne global nickel deficit this year compared to an 11,000 tonne surplus in 2005. <<

"$12,000 a tonne?" If I were Roskill, I wouldn't go shorting the stuff just yet.


PS - "Demand for nickel in the aerospace sector dropping off" ??!!?? Every time I open the FT.com website, some other airline I've never heard of has placed an order for several dozen new Airbuses!!
Roskill's report surely makes interesting reading, but I think I'd be more likely to go see if I can find a copy at my local public library than pay 2,200 for my own copy. I note, however, that the release you mention is now over two months old, so maybe something has changed meanwhile, but all the same, it seems a touch bearish! Keep up the good postings though, PP - it's appreciated!

Up 4p today - and I've broken through into profit on my holding! only just over 36k shares traded though - makes you wonder what might happen if a really big order came along.

Toledo Mining Corporation PLC
03 May 2006

NOTIFICATION OF INTERERSTS IN SHARES - SECTION 198 COMPANIES ACT 1985

Notification of interest in shares under section 198 Companies Act 1985 ('The
Act'). The Company announces that on 27 April 2006, it was notified of the
following holding:

As at 26 April 2006 AXA S.A., of 25 Avenue Matignon, 75008 Paris and its Group
Companies, held a total of 3,477,132 shares.

AXA S.A. are interested in 3,477,132 ORD 5p in the 25,843,703 share capital
immediately after the time when the obligation of disclosure arose pursuant to
section 198 of the Companies Act 1985. These shares are represented by a
non-beneficial interest of 3,477,132 shares (12.62%).

The identity of each registered holder of the shares to which this notice
relates, so far as is known to AXA Investment Managers UK Ltd, as at 26 April
2006, is as follows:

Name of the Company / Number of Shares Particulars of Beneficial Owners
Fund
Framlington HSBC 2,597,507 HSBC Global Custody Nominee (UK) Limited
Framlington BBH Noms 250,000 BBH Nominees
Framlington Goldmans 629,625 Goldman Sachs Nominees

The notification of change is due to an increase in the total holding to 12.62%.

This notification supersedes any previous notification from AXA Investment
Managers UK Ltd.

Goody - AXA don't muck around, so I take it we must be on the right track :o)

And there is more !!!

Work Program Commences
RNS Number:3464C
Toledo Mining Corporation PLC
03 May 2006

TOLEDO MINING CORPORATION Plc
("Toledo Mining" or "the Company")

Evaluation Work Program Commences
at the Ipilan Nickel Project (formerly Celstial Nickel Project)

Toledo Mining Corporation (AIM:TMC), a mining company focused on nickel
exploration and development in the Philippines, is pleased to announce the
commencement of a US$2 million re-sampling and evaluation programme at the
Company's Ipilan Nickel Project on Palawan Island, in the Philippines.

This re-sampling and evaluation program will ensure that a comprehensive
analysis of the Ipilan project gains an accurate knowledge of grade, quality,
and value.

This follows the approval by the Philippine's Mines & Geosciences Bureau of the
third extension of the Exploration License covering the Ipilan project area.

The Ipilan Nickel Project

The Ipilan nickel project has a combined inferred and indicated resource of
approximately 75 million tonnes of nickel ore at around 1.25% Ni based on test
piting results (Consultant Report to Sarabat Minerals Philippines, August 28,
1997). Toledo holds a 52% economic interest in the project with options to
increase this to over 71% once the decision is made to develop the project. The
nickel ore type and mineralogy is similar to that of the Berong Nickel Project
which is at a more advanced stage of development. The Ipilan project has a
granted MPSA ("Mineral Production Sharing Agreement") in place, covering an area
of approximately 2,835 hectares.

The Evaluation Work Program

The work program planned will cost approximately US$2 million and comprises the
following activities:-

* Line Clearing 195 kilometers
* Topographic Survey 2,000 hectares
* Ground Penetrating Radar Survey 195 kilometers
* Test Pitting - re-sampling 6,496 meters (812 pits)
* Test Pitting - new pits 7,600 meters (950 pits)
* Drilling 6,000 meters (400 holes)
* Field Workforce 170 people (peak)

Toledo Mining is able to fund its share of the US$2 million commitment from
existing resources.

The results of the work program are expected to validate the historical nickel
grades and provide additional elemental analyses required by potential customers
in Japan, China, Australia and Europe. Multi-element analysis will be undertaken
by the XRF method. The laterite mineralization has not been fully tested to
bedrock and is open laterally.

In addition to the above activities, further metallurgical test work on the
leaching characteristics of the ore will be undertaken.. Past metallurgical test
work has indicated an ore body amenable to acid leaching. Nickel percentage
recoveries in the high 90s have been achieved in test work so far.

George Bujtor, CEO of Toledo Mining Corporation Plc commented:

"The re-sampling and evaluation program being undertaken maintains the Company's
momentum and keeps us on track to commercialise the Ipilan Nickel Project in
2007. The project has the potential to export up to about 1 million dry tonnes
of laterite every year with trial metallurgical bulk sample shipments targeted
for mid-2007."

For further information:

Toledo Mining Corporation Plc:
Yve White +44 (0) 20 7514 1480
Pelham Public Relations:
Charles Vivian +44 (0) 20 7743 6676
Kate Newton +44 (0) 20 7743 6604



NOTES TO EDITORS

About Toledo Mining Corporation Plc:

Toledo Mining is a mining company focused on nickel exploration and development
in the Philippines. It holds a 56.1% economic interest in the Berong nickel
project; a 52% economic interest in the Ipilan nickel project; and a 58%
economic interest in the Ulugan nickel project.

IPILAN NICKEL PROJECT, PALAWAN, PHILIPPINES: The Ipilan Nickel Project is a joint
venture between TMC (initially 52%, with a right to increase up to 71.2%),
Celestial Nickel Mining Exploration Corporation (initially 24%) and Brookes
Nickel Ventures Inc. (initially 24%). The project, consisting of a granted MPSA
covering 2,835 hectares, has been assessed by earlier investigators to have
indicated resources of 77 million tonnes at 1.25% Nickel and 0.1% Cobalt, making
it comparable in nickel grade with Berong, This estimate covers an 800-hectare
portion of the property, containing 408 test pits spaced 100 metres apart, and
testing less than a third of the granted MPSA property area. A series of 19
small-diameter cored drillholes has indicated that the mineralized laterite zone
is up to 40 metres thick, with 8 of these holes intersecting higher-grade
saprolite mineralisation.

Acid-leach metallurgical test work has been conducted on the project by Sheritt
International Consultants Inc. (now Dynatec), and a pre-feasibility study was
conducted by international engineering group H.A. Symons Ltd. (now AMEC).

It's all good news, got that SP moving, nice little uptrend since mid-March. Pity the MM's have jacked the spread up to 8p.