August 29, 2007 A non-binding MOU with Macroasia Corporation was signed on a study on the possible joint development of the Ipilan Nickel Project as the deposit extends across the common boundary of the contiguous Mineral Production Sharing Agreement (MPSA) areas held by Toledo and Macroasia. To the end of June 2007,
Toledo has drilled 1579 holes and dug 2883 test pits. Macroasia has drilled 229 holes.
January 22, 2007 Field exploration and evaluation activities continued throughout the quarter. Drilling continues to define the ore / mineralisation beneath the depth indicated by test pitting. Many of the pits bottomed in rocky saprolite where pitting generally stops because of the difficulty of hand digging. The deepest vertical drill hole intersecting mineralization was some 55 metres, with grades averaging over 1.3% nickel for the entire length of the hole. Infill drilling on 25m x 25m spacing continues, as does infill test pitting. The Ground Penetrating Radar survey and topographic survey of the area was completed during the quarter. A JORC compliant reserve estimate will only be undertaken once infill drilling and pitting is completed and assay results are to hand. This is now expected in the second half of 2007. Development concepts and options for an initial Direct Shipping Operation continue to be assessed and costed.
September 30, 2006 The sampling and evaluation program continued. Initial concepts and study of the development options covering infrastructure requirements, location of coastal facilities, port loading options and initial mining areas were completed. In addition, a program of metallurgical leach testing of representative ore types has also been developed, and is expected to be undertaken next quarter.