Further re Municipal Endorsement for Mine Development at Ipilan
(Thomson Reuters ONE) -
1 June 2010
Toledo Mining Secures Municipal Endorsement for Mine Development at Ipilan
Toledo Mining Corp. PLC ("Toledo" or "the Company") (AIM: TMC), which has a 52%
economic interest in Ipilan Nickel Corporation ("INC"), is pleased to announce
that the Municipality of Brookes Point has endorsed INC's application to develop
a mining operation at Ipilan in southern Palawan, the Philippines.
The current plan is to develop a Direct Ore Shipping ("DOS") operation,
providing market conditions support the sale of ore in sufficient quantity and
at commercially acceptable prices. If all the necessary permits are received
during 2010, Toledo believes that Ipilan will be in a position to commence
development as early as 2011. Subsequently, and in keeping with Toledo's longer
term objectives, the intention is to construct a value added processing plant at
Ipilan.
INC has previously announced a JORC resource of 30.6 million tonnes of ore with
an average grade of 1.36% nickel at a 1% grade cut off. Although there is
potential to increase the size of the resource, the 416,000 tonnes of contained
nickel is sufficient to support a long life mining operation.
Municipal endorsement is a crucial step in a complex permitting process and,
along with the previously received endorsement of the four local councils
(barangay) on which the Ipilan resource is located, demonstrates the local
community support for the project. The final step in this process is the
endorsement of the Palawan Provincial government and the Palawan Council for
Sustainable Development. Toledo has no reason to believe these endorsements will
not now be forthcoming.
Running parallel to the endorsement process, INC has submitted the mandatory
Environmental Impact Assessment ("EIA") to the INC EIA Review Committee
("REVCOM") for official review. The review will consist of a site visit and a
series of committee meetings to provide INC with any final comments. Once
approved, the Environmental Compliance Certificate is granted by the Secretary
of the Philippines Department of Environment and Natural Resources ("DENR").
REVCOM has been established under the auspices of the DENR and is the body which
determines whether the INC EIA covers the requirements of the assessment under
Philippine law, and whether INC has demonstrated it is capable of preventing and
minimising environmental harm whilst mining.
Ipilan already has the all important Mineral Production Sharing Agreement for
the mining and shipping of ore, albeit conditional on a successful endorsement
process and approval of both the EIA and by the Mines and Geosciences Bureau of
a Declaration of Mine Feasibility (similar to a pre-feasibility study) which the
Company is currently in the process of preparing for submission before the year
end.
Toledo will keep shareholders updated on the progress of the approval process.
For further information, please visitwww.toledomining.com
Reg Eccles, Toledo Mining Corporation plc +44 (0) 20 7514 1480
Richard Greenfield, Ambrian Partners Limited +44 (0) 20 7634 4710
Alex Buck, BuckBias Limited +44 (0) 7932 740 452
[HUG#1420463]
Unternehmensinformation / Kurzprofil:
Datum: 01.06.2010 - 08:01 Uhr
Sprache: Deutsch
News-ID 21744
Anzahl Zeichen: 0
contact information:
Town:
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Kategorie:
Business News
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"Further re Municipal Endorsement for Mine Development at Ipilan"
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