Toledo Mining Corporation plc ("Toledo" or the "Company") (AIM:TMC) Ipilan Offer Update
On 18 October 2011, Toledo announced that the three joint
venture partners of Ipilan Nickel Corporation ("INC" or
"Ipilan") had separately entered into Memoranda of
Understanding with a wholly owned subsidiary of Jinchuan
Group Limited of China ("Jinchuan") which could result in
Jinchuan and its Philippine partners acquiring
100% of the equity of INC. The MOU gave Jinchuan an exclusive
90 day period for due diligence and preparation
of share purchase agreements.
Since the signing of the MOUs, Jinchuan has been conducting
extensive due diligence and has indicated that it is hopeful
of consummating a transaction. Jinchuan is in the final stage
of due diligence and seeking certain confirmations, primarily
from government agencies, as to the full extent of INC's
rights to develop the Ipilan resource.
Jinchuan has advised that "they are preparing their report
document for their board, remain serious about the
acquisition of INC and will pursue the project as long as
Jinchuan is satisfied with the due diligence result."
Given the positive statements made by Jinchuan in relation to
completion, the joint venture partners intend to continue to
negotiate and have communicated their willingness to agree to
a request from Jinchuan to extend the deadline to February
10th 2012.
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
Katie Grinham, Toledo Mining Corporation
+44(0) 7958 765 745
Anthony Rowland / Jen Boorer, Ambrian Partners Ltd
+44 (0) 20 7634 4858
Anthony Shewell / Alex Glover, Fin Public Relations
+44 (0) 20 7608 2280
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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Ipilan Offer Update - 17 Jan 2012 Download |