Toledo announced that Berong Nickel Corporation has finalized the sale of its remaining stockpile of nickel ore.

The existing stockpile at Berong of some 150,000 wet metric tonnes averaging 1.45% nickel will be shipped under a contract with Shaanxi Energy Metals and Minerals Resources Co Limited.

The first shipment of 50,000 wet metric tonnes is scheduled for the second half of May with two further shipments of 50,000 wet metric tonnes each scheduled for June 2011.

BNC will use the proceeds from the sale of the stockpile to provide working capital to support the resumption of operations at the Berong nickel mine. The main aspects of the mining plan have now been agreed with our JV partners. We are in the process of finalizing the details and will update our shareholders shortly.