Tosca Mining Corporation announces new mine plan and PEA
September 12, 2012 Tosca Mining Corporation (TSQ-V; US: TSMNF; FSE: TQ4) announces that it has been working with Mine Development Associates of Reno, Nevada, to prepare an updated Mine Plan and Pre-Economic Assessment (PEA) for its Has commissioned the Red Hills Molybdenum-Copper Project in Presidio County, Texas.
On the 22. February 2012 announced Tosca Mining Corporation's completion of the NI 43-101's first publicly announced mineral resource estimate for the Red Hills deposit, which was created by Mine Development Associates ("MDA") of Reno, Nevada. The report includes 31 recently completed by Tosca drilled holes and historical work. The interesting mineralization at Red Hills occurs within a porphyry molybdenum deposit and a near-surface copper-bearing zone ("copper blanket") that encompasses an approximately 4.000 foot (1.220 meter) by 3.000 foot (915 meter) area. The porphyry molybdenum mineralization has a depth above 2.000 feet (610 meters), although the mineralization is not well defined after a depth of 1.000 feet (305 meters). Both copper and molybdenum mineralization are still open to the south below the topcoat after mineralization.
The resource includes (at 0,05% molybdenum equivalent cut-off) 27 million pounds of molybdenum in the indicated category (21,7 million tonnes containing 0,069% molybdenum) and 207 million pounds of molybdenum in the derived category (149,8 million tonnes grading from 0,069% molybdenum). The copper resource includes 69 million pounds of copper in the indicated category (21,7 million tonnes grading 0,16% copper) and 68 million pounds of copper in the derived category (149,8 million tonnes grading 0,02% copper).
In view of the difficult market situation, the company examined the scope of the envisaged PEA. This review led to the decision to work on a production scenario that requires less capital by designing a smaller operation, while at the same time planning to mine higher grade material found within the copper ceiling to improve cost-effectiveness.
"The two approaches to mining higher grade material and designing a smaller facility were intended to improve the economics of the Red Hills project. Future expansions are possible in a better market situation, "said CEO Dr. Ing. Sadek E. El-Alfy.
Tosca is working with a Arizona engineering and construction company to prepare a cost estimate for any smaller facility.
Tosca's project Red Hills:
The Red Hills molybdenum and copper project, which is already at an advanced stage, is located 18 kilometers north and west of the border town of Presidio (between Texas and Mexico), which is connected to the US Highway 67 and the South Orient Railroad. The 2.880 Acres large-scale project is located along a seven-kilometer, mineralized area of significant precious and base metal resources, including the Shafter-Presidio silver deposit owned by Aurcana.
For the Board of Directors,
"Ron Shenton"
The TSX Venture Exchange and its regulators (referred to in the Articles of Association of the TSX Venture Exchange as Regulation Services Providers) accept no responsibility for the adequacy or accuracy of this announcement.
Those statements in this news release that are not historical information, including statements about future plans and goals of the company and expected results, may contain forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all risks and uncertainties associated with commodity exploration and discovery. As a result, actual results may differ materially from those expressed in forward-looking statements.
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