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DJ Investika Berong Nickel Project Issued Permit

Edited Press Release

LONDON (Dow Jones)--Investika, an investment company in the mining finance industry
with a focus on pre-production emerging resource opportunities, said Monday that the
Berong Nickel Project, in which the company has a 18.7% direct interest, has been issued
a Special Mines Permit (SMP), and is now able to start full scale commercial mining of
laterite nickel ore from its Berong project on Palawan Island in the Philippines with
immediate effect.
The SMP, issued by the Department of Environment and Natural Resources (DENR) headed by
Secretary Angelo T. Reyes, has a term of one year (commencing on the Nov. 15, 2006) and
is renewable for a further one year.
The issuance of the SMP allows Berong Nickel Corporation (BNC) to commence its mining
operations whilst it completes a feasibility report as part requirement for the
company's commercial Mineral Production Sharing Agreement (MPSA) application.
The Berong Nickel Project is a Joint Venture between Toledo Mining Corporation Plc,
Atlas Consolidated Mining & Development Corporation, and Investika Ltd.
Current activities are focused on the extraction of a bulk metallurgical sample of
approximately 30,000 dry metric tons (equivalent to approximately 45,000 wet metric tons)
at a grade of approximately 1.7% nickel (includes 10% dilution). To date, approximately
20,000 wmt of ore has been mined. Progress has been slower than anticipated because of
heavy rains associated with typhoon activity. This should change considerably with the
approaching dry season. The bulk metallurgical sample will be shipped to Hainan Yulai
Steel Co. Ltd., a Chinese stainless steel producer.
Commercial mining operations will commence immediately. For the first year of the SMP,
an export target of approximately 1 million wet metric tons (wmt) of ore has been set,
weather permitting. The grade of this ore will average greater than 1.85% nickel. Some
shipments with grades above 2% nickel can be expected. The mine is expected to be
operating at an annual rate of approximately 1.5 million wmt per year by the start of
2008.
Customer demand for the laterite ore is very strong. Negotiations are well advanced for
the long term (4+ years) supply of up to 50% of the mine output to the BHP Billiton/QNI
(Queensland Nickel) plant at Townsville in Australia. Similarly, negotiations continue
with numerous Chinese and Japanese customers for shorter term supply of up to 2 years.
Demand far exceeds supply.

(END) Dow Jones Newswires
November 27, 2006 12:57 ET (17:57 GMT)
Copyright (c) 2006 Dow Jones & Company, Inc.

Tuesday 28 November 2006 04:57:32:760 AEST