Tosca Mining Corporation Renegotiates Its Red Hills Option Agreement
01 Mai 2012 - 3:30PM
Business Wire
Tosca Mining Corporation, (TSQ.V; TSMNF.US; TQ4.FSE) announces
that it has successfully renegotiated its 5 year option agreement
to purchase the Red Hills Molybdenum/Copper project located in
Presidio County, Texas.
Under the renegotiated terms, Tosca has reduced its annual
option payment to the vendors down from $800,000 US to $300,000 US
in 2012 and each of the subsequent two years. This defers
$1,500,000 US in payments until, May 01, 2015, or a production
decision whichever comes first, which will trigger a final payment
of $2,400,000. As part of the new terms, Tosca will increase the
number of shares issued to the vendors from 2,100,000 to 2,800,000
over the length of the option agreement in annual increments of
600,000 shares.
“These renegotiated terms allow the Company to redirect working
capital to advance its Red Hills project. We wish to thank the
vendors for recognizing the difficulties of the current market and
working with us, “states, Ron Shenton, President.
On February 22, 2012, Tosca released the first ever independent
and NI43-101 compliant resource report on its Red Hills project.
The study by Mine Development Associates of Reno Nevada shows that
Red Hills is a large porphyry deposit with an indicated resource,
at 0.05% MoEq cutoff grade, of 21.7 million tons grading 0.09%
MoEq, and an inferred resource at the same cut off grade of 0.05%
MoEq of 149.8 million tons grading 0.073% MoEq.
At a 0.05% MoEq cutoff the contained molybdenum is 26.6 million
lbs in the indicated category and 206.6 million lbs in the inferred
category. The contained copper is 68.6 million lbs in the indicated
category and 68.2 million lbs. in the inferred category. The
deposit is open at depth and to the south.
On April 27, Molybdenum was $14.28 per pound and on April 30,
2012 spot Copper was $3.83 per pound according to
metalprices.com.
The terms of the renegotiated deal are subject to the approval
of the TSX Venture Exchange.
On Behalf of the board of directors,"Ron Shenton"
For further information, please visit the company's website at
www.toscamining.com or call 604-687-6562. Email
info@toscamining.com
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.
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