Further re Berong Exploration Update and Investor Presentation
(Thomson Reuters ONE) -
21 June 2010
Berong Exploration Update and Investor Presentation
Toledo Mining Corporation PLC ("Toledo" or the "Company") (AIM: TMC) is pleased
to announce that the latest investor presentation is available to download from
the Company's website:www.toledomining.com. The presentation includes an update
on the ongoing exploration at the Company's Berong nickel project on Palawan
Island, the Philippines.
The Berong deposit currently hosts a JORC resource of 10Mt (at)1.55% Ni (155,000t
contained nickel), sufficient to supply a direct ore shipping operation for 15
years. Toledo is currently undertaking a 20,000m drilling programme with the aim
of expanding the JORC resource to 40Mt, sufficient to support a 20,000tpa nickel
processing operation in line with its stated strategy of in country value added
processing.
As of early June, 5,317m of the planned 20,000m programme had been completed
comprising 531 holes.
In addition to exploration drilling, 81 holes (1,400m) have been completed in
the existing mining area with the aim of improving resource definition and grade
control. Several of the previously drilled holes within the current mining area,
on which the existing JORC resource is based, ended in nickel mineralisation.
For best mining practice, it was decided to re-drill the current resource until
holes ended in bedrock rather than mineralised material. Assay results received
to date (including 8m (at) 2.37% Ni, 18m (at) 2.14% Ni and 24m (at) 1.99% Ni) indicate
the potential for the nickel resource within the current mining area to be
thicker and therefore larger than previously thought. The Company intends to
drill more holes in the mined area once the interpretation of the 54 holes for
which assay results have been received to date is completed.
A further 450 holes (3,917m) have been completed in a new area, referred to as
Parcel 4. Analysis of results received to date is at an early stage but selected
assays indicate nickel grades in places in excess of 2.2%Ni confirming that ore
has been encountered, warranting further drilling.
The Company expects to complete the current exploration drilling programme
before the end of 2010 with an updated resource estimate being published shortly
thereafter.
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
The technical information contained in this announcement has been reviewed and
approved by Mr Tim Ashworth. Mr Ashworth has sufficient experience which is
relevant to the style of mineralisation and type of deposit under consideration
and to the activity which he is undertaking to qualify as a Qualified Person
under the AIM Note for Mining, Oil and Gas Companies. Mr Ashworth holds the
position of General Manager, Philippines, Toledo Mining Corporation. Mr Ashworth
consents to the inclusion of his name in this announcement in the form and
context in which it appears.
[HUG#1425979]
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(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.
All reproduction for further distribution is prohibited.
Source: Toledo Mining Corporation PLC via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 22.06.2010 - 08:01 Uhr
Sprache: Deutsch
News-ID 22798
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contact information:
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Kategorie:
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"Further re Berong Exploration Update and Investor Presentation"
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