Toledo Mining Corporation PLC (UK) – Further re Berong Update
Further re Berong Update
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.
HUGIN /Source: Toledo Mining Corporation PLC /LSE: TMC /ISIN: GB00B0CRWC45