Re Joint Venture

RNS Number:1961B
Toledo Copper Corporation PLC
26 July 2004

                         Toledo Copper Corporation plc



                         Progress on feasibility study



The company announces that the feasibility study regarding the Toledo copper
mine located in Cebu in the Philippines is on schedule and due for release
within the next three to four weeks.  As previously announced the company owns
the option to acquire a 40% interest in both the mine and its assets and is
providing management services.



The Toledo mine was one of the largest mines in the world until mining
operations were suspended in 1994 (due to flooding caused by an unusually large
typhoon).  Until then it had operated continuously for 40 years and earned
annual profits of up to US$ 100 million.  The mine has been on care and
maintenance since operations were suspended and key managerial staff has been
retained on the payroll.  Remaining reserves and resources exceed the entire
past production and the scope to locate additional higher grade ore is high,
with several prime exploration targets having been identified.



The financial projections of the feasibility study (which are subject to final
audit by international consultants Behre Dolbear) are highly encouraging and
indicate costs which are in the second quartile of the world cost curve.



Discussions are well underway for offtake and finance agreements with three
major groups consisting of a Japanese trading house, a Chinese smelting
consortia and an international trading company.  All have expressed interest in
taking equity in the project as part of the financing package, if acceptable to
management.



26 July 2004



Enquiries



Chris Kyriakou, Chairman

Tel: [phone]


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