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.

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.

Shortage of stock is likely behind the increase in the spread, to deter buyers from buying.

It's not working; we're up 4p today :o)

Anyone can have mine for 5 a share - how's that?

They can have mine for 4.99 then ;) thats a bargain :)

I can't compete . . .

Actually, about 20 a share would be more like, once production is up and running and the co starts posting some decent profits. Patience . . .

Now today's news has filtered down through to the bulk of players out there (that's the delay inherent with a mid-morning RNS). We're up 8p, at 130 to sell. Nice.

Now the MM's are narrowing the spread again, this time dropping the bid price (in view of the price rise, I'd say they're having a good day).

TMC Bid: 130p Offer: 133p Change: 7.5

From uk-analyst.com

News that Toledo Mining had begun a 2 million dollar re-sampling and evaluation programme at its Ipilan nickel project, helped lift shares in the company 8p to 132p. The Palawan Island based project, has a combined inferred and indicated resource of around 75 million tonnes of nickel ore. 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 re-sampling and evaluation programme being undertaken maintains the company's momentum and keeps it well on track to commercialise the Ipilan Nickel Project in 2007. The project is thought to have 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.

Up 3p this morning - very pretty graph over the last month or so.

A higher low, thats nice to see :)

L2 is 1 v 2 with 3 MM's up and blue the only moves today.

TMC the top tip for him !! Full article on the link, extract below.


http://news.ft.com/cms/s/ca9e46a2-f29d-11da-b78e-0000779e2340.html

Roger Whiteoak Framlington UK Smaller Companies Fund
By Isabel Berwick
Published: June 3 2006 03:00


............What's your top tip?

A small company called Toledo Mining Corporation, a nickel resource company in the Philippines. It's a high risk-reward company, but there's a low market cap and they don't need to build a huge plant, so the cost of production is relatively low. They will be shipping the product direct to China and Japan. They should be shipping ore by the end of 2006 and generating positive cash flow next year.

Nickel is a commodity where the price should be well supported in the medium term because of structural undersupply.........