Toledo Mining Corporation plc ("Toledo" or the "Company") (AIM:TMC) Ipilan Offer Update

Further to the Company's announcement of 13 February 2012, Toledo confirms that a draft Share Purchase
Agreement (the "Agreement") has been received from Jinchuan Group Limited ("Jinchuan").
The draft Agreement includes commercial terms which Toledo and its Joint Venture partners in Ipilan Nickel Corporation ("Ipilan") (together, the "Partners") deem wholly unacceptable. This has been communicated to Jinchuan and Toledo and the Partners await their response.
The exclusivity granted to Jinchuan in the MoU in relation to Ipilan has now expired and Toledo and the Partners are free to investigate alternative opportunities to maximise the value of their investments in Ipilan.
Further announcements will be made in due course.
For further information, please visit www.toledomining.com or contact: Reg Eccles, Chairman, Toledo Mining Corporation
+44 (0) 20 7290 3100
Richard Morrison / Jen Boorer, Ambrian Partners Ltd
+44 (0) 20 7634 4700
Anthony Shewell / Alex Glover, Fin Public Relations
+44 (0) 20 7608 2280
Carina Corbett, 4C Communications Ltd
+44 (0) 20 3170 7973

First Floor, 10 Dover Street, London, W1S 4LQ United Kingdom TEL: +44 (0) 20 7290 3100 FAX: +44 (0) 20 7290 3109

Toledo Mining Corporation PLC Registered in England and Wales 5055833 VAT No. 843 4658 09 Registered Office 1st Floor, 10 Dover Street, London, W1S 4LQ

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This press release was issued by Toledo Mining Corporation plc and was initially posted at http://www.toledomining.com/wp-content/plugins/downloads-manager/upload/120328_Ipilan Offer Update F INAL.pdf . It was distributed, unedited and unaltered, by noodls on 2012-03-28 08:30:53 AM. The issuer is solely responsible for the accuracy of the information contained therein.