TCU Toledo Copper

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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