Toledo - Cashflow from the world's 3rd largest Nickel Resource

The latest Metal Bulletin report on Berong, and some thoughts below:

(MB) Toledo gets another clearance for Berong nickel project

By Kamachi Ruthramurthi-Nilssen

Singapore, December 14 (Metal Bulletin) -- Toledo Mining Corp (TMC) has moved a step closer
to developing the Berong nickel mine in the Philippines after obtaining clearance from a local
community organisation.
The clearance from Palawan Council for Sustainable Development (PCSD) keeps the company on
target for direct shipping of ore in the first half of 2006, TMC said in a statement to the
London Stock Exchange.
"This is the second important consent granted within the past two weeks, and gives us the
backing we needed from the local community," said TCM's chief executive George Bujtor in the
statement.
The Philippine government awarded TMC a temporary exploration permit at the end of November,
allowing it to start field work at the mine site on the island of Palawan (MB Dec 1).
TCM has finalised sales agreements with some companies and is in negotiations with others,
but has not revealed names. Earlier this year an official at Atlas Consolidated Mining, which
holds a minority stake in Berong, told MB that discussions were taking place with potential
customers in Japan and China (MB August 18).
The Berong nickel project has an estimated resource of 275 million tonnes of nickel laterite
at a grade of 1.3% Ni and 0.074% cobalt, including some direct shipping grade ore of 2.3% Ni.

Wednesday, December 14 2005, 10:07

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From the Dec 1st article mentioned above, which I think I also posted here, George told the journo about supply contracts - note the plural, not contract singular! This 'slip' is a strong hint that there really are more in the bag than just the first Nippon contract we know about. This is what Daz and others have speculated, but this comes from the horse's mouth itself.

"Toledo has already finalised agreements with some customers for the ores. “We have some agreements in place and still in some negotiations with other companies,” Bujtor told MB."

So why are TMC not telling us about these new contracts? Perhaps because they are subject to confirmation of good grades, which in turn might be why they've gone crazy sampling. Did you notice in the last rns that they'd bagged 500 samples since the TEP - thats a lot of sampling in just two weeks.

Keep the faith.