2013-01-28 15:33:59 -
Vancouver, British Columbia CANADA, January 28, 2013 /FSC/ - Tosca Mining Corp. (TSQ - TSX Venture, TQ4 - FWB), announces that it will not be proceeding with its option agreement on the Red Hills Molybdenum/Copper project, located in Presidio County, Texas.
An evaluation of the results of a draft preliminary economic assessment (PEA) under various capital and development scenarios indicated that the project was not-viable at the current price of molybdenum. For this reason, the Company decided it was not prudent to expend any further exploration or engineering funds on the project.
"When we optioned the project, the price of molybdenum was higher and the capital markets were in much better shape than they are today. These factors, and the
results of the economic studies, have prompted management to unanimously recommend not proceeding with further work at Red Hills" states Ron Shenton, President.
The Company is currently reviewing various options, including opportunities in the precious metals sector.
On behalf of the Board of Directors,
Tosca Mining Corp
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
Tosca Mining Corporation
#400 - 409 Granville St,
Vancouver, BC, Canada, V6C-1T2
604-687-6562 Ph. 604-678-2532 Fx.
January 28, 2013
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Source: TOSCA Mining Cor. (TSX-V TSQ)
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