Trading Statement
24 Septiembre 2004 - 4:55AM
UK Regulatory
RNS Number:3006D
Toledo Copper Corporation PLC
24 September 2004
24 September 2004
TOLEDO COPPER CORPORATION PLC
The Directors of Toledo Copper Corporation plc (AIM: "TCU") wish to advise on
progress of the Berong nickel project on the island of Palawan, Philippines.
A number of pre-feasibility and feasibility studies have been carried out by the
majority owners in past years and have outlined a total resource, at a cut off
grade of 0.9% Ni for limonite and 0.9% for saprolite, of 275 million tonnes at a
grade of 1.3% Ni and 0.074% Co. Contained nickel is 3.6 million tonnes.
Included in the above resource based on CIM Resource/Reserve definitions,
Canadian consultants Rescan and Nilsson estimated measured, indicated and
inferred resources of 2.117 million tonnes of 2.26% Ni at a cut-off grade of
2.0% Ni. A mining plan is currently being developed in this direct shipping ore
resource, which has potential to be enlarged.
A sales contract has been signed with a Japanese trading company for 250,000 dry
tonnes of direct shipping saprolite ore per year. In addition, discussions are
continuing with a second trading company for a future contract of a similar
quantity with the object of a steady build up to a mining rate of 700,000 wet
tonnes per year, equivalent to 500,000 dry tonnes of direct shipping ore.
The procurement of the necessary permits is progressing on schedule with
considerable support from the various government units following the Philippine
Government's declaration of major support to rehabilitate the mining industry to
its former state as a major contributor to the economy.
Chris Kyriakou
Executive Chairman
For further information contact:
Annie Richards Toledo Copper Corporation plc Tel: 0870 010 6044
Hugh Oram Nabarro Wells & Co Ltd Tel: 020 7710 7400
This information is provided by RNS
The company news service from the London Stock Exchange
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