NR – TSQ Drills 177 Metres of 0.101 Mo

Posted on October 27, 2011 by Tim

TOSCA DRILLS 365 METRES OF 0.084% MO INCLUDING 177 METRES OF 0.101% MO AND 64 METRES OF 0.80% CU AND 0.067% MO

Tosca Mining Corp. has received assay results for two additional holes
(TMC-17 and TMC-18) from its 4,873-metre (16,000-foot) two-phase diamond drill
program carried out at the Red Hills molybdenum-copper project, located in
Presidio county, Texas. The balance of the assays for the remaining 13 holes
will be announced when received.

Hole     Length   From     To   Interval    Interval    Cu %    Mo %
                                   (feet)    (metres)

TMC-17     1249      0   1249       1249         380           0.036
includes             0    869        869         265           0.030
includes           869   1249        380         116           0.049
TMC-18     1199      0   1199       1199         365           0.084
includes           409    989        580         177           0.101
includes            99    309        210          64    0.80   0.067

 

Drill hole TMC-17 was collared at the south end of the mineralized system
within the barren core at the centre of the deposit. It was drilled on a bearing
of 90 degrees at minus-75-degree inclination to test the boundaries of the
barren core. As expected, the grades diminish closer to the centre. However, as
TMC-17 has intercepted Mo values throughout its length, this indicates that the
size of the barren core is smaller than previously thought, thereby increasing
the total amount of Mo in the system.

Drill hole TMC-18 was set at a previously untested location at the north end
of the deposit. This vertical hole targeted the shallow copper cap and the
underlying molybdenum zone. TMC-18 is the best hole drilled to date at Red Hills
in terms of its molybdenum grades and thicknesses. TMC-18 also penetrated a
thick zone of shallow copper-molybdenum mineralization averaging 0.80 per cent
Cu and 0.067 per cent Mo over 64 metres.

The results of Tosca’s drilling to date generally validate historic holes
previously drilled to define the copper-molybdenum cap. In addition, Tosca’s
holes drilled to date to test the underlying molybdenum system show strong
continuity and good molybdenum grades over wide intervals.

The company is in the process of completing flotation tests on a number of
composites at the Metcon laboratory in Tucson, Ariz. The tests are being
conducted under the supervision of M3-Engineering. Complete metallurgical
results are expected by year-end.

This information and new resource estimates to be finalized by Mine
Development Associates of Reno, Nev., will form the basis for the preparation of
a pre-economic assessment on the copper-molybdenum cap.

Luca Riccio, PhD, PGeo, a qualified person as defined by NI 43-101, is
responsible for the technical information contained in this release.

We seek Safe Harbor.

Posted in News Release, Tosca | Comments Off

NR – ENW signs agreement with Ocean Spray Cranberries

Posted on October 25, 2011 by Tim

EnWave Corp. has signed a technology evaluation and licence option agreement
with Ocean Spray Cranberries Inc. to test EnWave’s nutraREV food dehydration
technology. The agreement provides a period of up to 18 months for Ocean Spray
to develop and test market dried cranberries, with an option to license the
nutraREV technology at the end of this period for global production. Further
terms of the agreement are confidential.

“We now have a substantial effort being made on the global stage by
multinational companies such as Ocean Spray to develop new products, improve
existing products, or improve current manufacturing processes using our
proprietary REV dehydration technology,” stated Dr. Tim Durance, chairman and
co-chief executive officer, EnWave. “Through these partnerships, we are
determining the best applications of REV in areas as diverse as high-quality
food ingredients, snack foods and cereals, along with biological material such
as bacteria, enzymes, antibodies and vaccines.”

“Initial internal response to cranberry samples was very positive, and we
will continue to evaluate the technology for potential commercialization
opportunities,” said Paula Manoski, director, product development, Ocean Spray
Cranberries.

We seek Safe Harbor.

Posted in EnWave, News Release | Comments Off

NR – ENW signs agreement with Milne Fruit Products

Posted on October 13, 2011 by Tim

EnWave Corp. has signed two new collaboration agreements with Milne Fruit
Products Inc., a leading American fruit processor. In May of 2011, EnWave
entered a commercial licence agreement with Milne Fruit to supply
radiant-energy-vacuum (REV) technology for the dehydration of a variety of
specified fruit products. The agreement includes a provision for royalty
payments on nutraDried fruit products produced using EnWave’s technology. A
MIVAP dehydrator has been purchased for Milne Fruits’ initial plant in Idaho and
is on schedule for delivery in December, 2011.

Under the new agreements, EnWave has agreed to expand product development in
a new fruit category and has granted 18-month exclusive licensing options for
two other territories within the United States where Milne Fruits is interested
in potentially expanding its REV capacity. Under the terms of the agreements,
Milne Fruits has agreed to a $100,000 (U.S.) non-refundable commitment to secure
the licensing option rights. If a second REV machine is acquired within the
licensing option period, this payment would be credited toward the purchase
price.

“Milne Fruits has indicated that the initial market response from a variety
of nutraDRIED fruit samples has been very positive,” said Dr. Tim Durance,
co-chief executive officer, EnWave. “This positive market feedback has opened up
a new product opportunity and increased their interest in considering REV
capacity expansions in two other territories.”

EnWave’s dehydration technologies for food include nutraREV, MIVAP and
quantaREV; each employs a combination of vacuum and microwave energy to deliver
a high-speed, low-temperature food dehydration process. The technologies can be
used to dry a wide variety of fruit, vegetables, herbs, meats and seafood at
mild temperatures in order to maintain high levels of nutrition, flavour, colour
and texture. nutraREV is being introduced globally as an alternative technology
to freeze drying and air drying for the development of nutraDRIED snack foods,
baked goods and ingredients.

About Milne Fruit Products

Located in Prosser, Wash., Milne Fruit was started in 1956 as a quality
processor and purveyor of fruit-based ingredients. Milne Fruit supplies a
diverse offering of fruit purees, juices, concentrates, extracts, powders and
mixes to the North American food processing sector. More information about the
company is available at its website.

We seek Safe Harbor.

Posted in EnWave, News Release | Comments Off

NR – TQS Drills 128 Metres of 0.085% Mo

Posted on September 29, 2011 by Tim

TOSCA DRILLS 128 METRES OF 0.085% MOLYBDENUM AND 469 PPB RHENIUM

Tosca Mining Corp. has received assay results for three additional holes
(TMC-7, TMC-15 and TMC-16) from the 2,865-metre (9,400-foot) phase 1 diamond
drill program carried out at the Red Hills molybdenum-copper project, located in
Presidio county, Texas. The three drill holes were analyzed for total copper,
molybdenum and a suite of elements including rhenium, a rare and one of the most
expensive industrial metals, often associated with Mo.

“The phase one drill program continues to verify the presence of the shallow
copper/molybdenum blanket, but more importantly we are seeing an expansion of
the large molybdenum zone underneath that shows grades similar to projects
currently considered of potential economic interest,” said Dr. S.E. El-Alfy,
chief executive officer and chairman of Tosca. “The presence of rhenium in
TMC-07, TMC-15 and TMC-16 could represent a significant addition to the value of
the molybdenum concentrates. We have ordered a multiple element analysis on
several other composites from previously disclosed holes drilled during the 2011
exploration campaign.”

The results of the three holes are summarized and their location can be found
on the company’s website. TMC-15 and TMC-16 are vertical holes. TMC-7 is an
inclined hole (minus-50-degree/260-degree azimuth). Results of the last hole of
phase 1 and of the 14 holes of phase 2 drilling are pending.

            Length   From    To    Interval  Interval     Cu     Mo   Re
Hole                                 (ft)    (metres)      %      % (ppb) 

TMC-7        1491     70    200      130        39.6     0.2
                     375   1435     1060       323.1          0.061  309
          Includes   510    930      420         128          0.085  469
TMC -15       350     17    272      255        77.7    0.19
          includes    92    164       72        21.9    0.32
                     247    272       25         7.6    0.36
                     299    350       51        15.5    0.07  0.019  568
TMC-16        299     26    169      140        42.6    0.14  0.041
                     261    299       38        11.6    0.04  0.031  850

 

TMC-07 was drilled across the Southeast limb of the molybdenum zone. It was
collared within the copper blanket zone outside the molybdenum envelope and
drilled to investigate continuity and grade of the molybdenum deposit. It
intersected an upper copper zone grading 0.20 per cent Cu over 130 feet (39.6
metres) followed by 1,060 feet (323.1 m) averaging 0.061 per cent Mo and 309
parts per billion Re. From 510 feet to 930 feet, hole TMC-07 assayed 0.085 per
cent Mo and 469 ppb Re (1,000 ppb equals one gram).

TMC-15 and TMC-16 were shallow holes aimed at testing the copper blanket and
the associated copper-molybdenum mineralization. TMC-15 penetrated a 225-foot
(77.7 m) interval averaging 0.19 per cent Cu while TMC-16 cut 140 feet (42.6 m)
of 0.14 per cent Cu and 0.041 per cent Mo. Both holes encountered high rhenium
values near the bottom, including 51 feet (15.5 m) of 568 ppb Re from 299 to 350
feet in hole TMC-15 and 38 feet (11.6 m) of 850 ppb Re from 261 to 299 feet in
hole TMC-16. Note that the reported rhenium averages include three samples with
values above the maximum detection limit of 1,000 ppb (one gram) Re. The figure
of 1,000 ppb Re was used in calculating the weighted average.

Luca Riccio, PhD, PGeo, commented: “The high rhenium concentrations found in
holes TMC-15 and TMC-16 are intriguing since higher rhenium values tend to
correlate with higher molybdenum values. In these two holes we find that high
rhenium occurs within intervals averaging 0.02 to 0.03 per cent Mo.”

A comprehensive investigation on the distribution of rhenium at Red Hills is
being undertaken to assess its overall distribution and economic significance.

About rhenium

Rhenium is a rare element that is added to high-temperature superalloys. The
main application is in platinum-rhenium catalysts, used primarily in producing
lead-free, high-octane gasoline and jet engine components. Rhenium is one of the
most expensive industrial minerals, currently selling for $4,575 per kilogram.

As described in the company’s news release dated March 2, 2011, the Red Hills
project consists of a large molybdenum porphyry system overlain by a copper
(chalcocite)-enrichment blanket developed below the oxide-sulphide transition
zone. Eighty-eight holes were drilled on the property between 1955 and 1972.
This work led to the identification of a non-43-101-compliant resource of 17
million tons grading 0.35 per cent Cu with associated molybdenum mineralization
in the shallow copper blanket.

Drilling and quality assurance/quality control

The drilling was carried out by Ruen Drilling of Idaho, using a wire-line rig
and NQ core recovery. The core boxes are transported to Marfa, Tex., where Tosca
maintains a secure office/warehouse facility. The core undergoes geotechnical
and geological logging by Tosca geologists. Sample intervals are designated and
the core is split in half using a rock saw. Half of the core is left in the
boxes and the other half is bagged and shipped to Skyline Assayers and
Laboratories in Tucson, Ariz., to be analyzed for Cu and Mo using ICP/OES.
Rhenium values were derived by aqua regia leach analyzed by ICP/MS. Skyline is
an ISO/17025 accredited laboratory. Skyline monitors quality control through the
introduction of blanks, standards and duplicates. In addition, Tosca’s employees
routinely insert blanks and standards in the sample stream.

Mr. Riccio, a qualified person as defined by NI 43-101, is responsible for
the technical information contained in this release.

We seek Safe Harbor.

Posted in News Release, Tosca | Comments Off

NR – CBC Revises TAM Property Option

Posted on September 28, 2011 by Tim

Central Resources Corp. has negotiated an extension to the Tam property agreement. The option agreement has been amended to give the company more time to complete the required exploration expenditures. The Tam property is located in the Quesnel Trough area of British Columbia, approximately 21 kilometres northeast of Lac La Hache, immediately to the east of GWR Resources Inc.’s Lac La Hache property, where diamond drilling is under way.

The following description of the Tam property is based upon a National Instrument 43-101 report prepared for the company by Calvin Church, PGeo, and dated May 14, 2008 (revised June 20, 2008). The entire report can be found on SEDAR.

The property is underlain by Nicola group island arc volcaniclastic and sedimentary rocks, which are intruded by a number of plutons, stocks and dikes, which are part of an alkaline intrusive complex underlying the Spout Lake area. Nicola group rocks occur in contact with the Takomkane batholith to the east and north of the property.

The claims are located at the southeast end of a large arcuate aeromagnetic anomaly, which reflects magnetite-rich phases in the Spout Lake alkaline intrusive complex and/or alteration zones along its margin. Past exploration work along the southern limb of this anomaly located a number of occurrences mineralized with copper plus accessory values in gold, silver, plus/minus molybdenum and tungsten. Mineralization occurring on the Tam property consists predominately of pyrite, chalcopyrite, malachite and bornite and is primarily associated with monzodiorite to syenitic intrusives and structures.

There are two significant copper (plus/minus gold) showings on the property: Tim 1 and Tim 2. The Tim 1 showing is located on the east side of the Tam 3 claim. The Tim 1 zone was tested by Stallion Resources Ltd. in 1983 with six short diamond drill holes totalling 312 metres. The more significant mineralized intersections are found in the attached significant drill intersections (1983) table.

                   SIGNIFICANT DRILL INTERSECTIONS (1983)

                                  Interval
Drill hole   From (m)     To (m)        (m)     Cu (%)   Ag (opt)   Au (opt)

DDH 83-1 (i)     0.0       45.7       45.7       2.76       0.74      0.018
DDH 83-3        16.7       25.9        9.2       0.52       0.15      0.003
                47.2       51.8        4.6       0.90       0.09      0.003
DDH 83-5        19.8       33.5       13.7       1.03       0.30       0.01
DDH 83-6         9.1       13.7        4.6       1.99        n/a        n/a

(i) This interval includes 14 samples assaying between 1 per cent and 18
per cent copper. DDH 83-1 drilled at negative 70 degrees may have been
drilled downdip. The true width of the mineralization is unknown.

 

Drilling at the Tim 1 showing by GWR Resources in 2001 returned 0.61 per cent copper, 0.18 gram per tonne gold and six g/t silver over 17.4 metres, and 0.50 per cent copper, 0.11 g/t gold and 3.0 g/t silver over 5.6 metres, respectively, from sheared and brecciated monzodiorite.

The Tim 2 showing is located on the northwest side of the Mat 3 claim. Grab samples taken over a strike distance of 44 metres by GWR Resources in 2001 returned 0.212 per cent to 1.915 per cent copper, seven to 222 parts per billion gold and 5.9 to 64.5 parts per million silver. Other areas of copper mineralization which have not been evaluated are reported in trenches and along road cuts on the Tam and Mat claims.

Induced polarization surveys conducted by Central in 2008 have produced several anomalous resistivity and chargeability responses that can be interpreted as exploration targets that warrant further investigation. The induced polarization surveys clearly show that the IP anomaly in the central portion of the property is at a depth greater than 100 metres below surface. None of the previous drilling in this area has penetrated to this depth. This is clearly a primary drill target.

Mr. Church, PGeo, a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical disclosure made in this press release.

Revised option terms

The option agreement has been amended to give the company more time to complete the required exploration expenditures and make the required cash and share payments. The total exploration expenditures, cash and share payments have not changed.

A summary of the revised terms is found in the revised option terms table.

                       REVISED OPTION TERMS

Date                    Exploration expenditure          Cash        Shares

Oct. 15, 2011                               Nil           Nil       200,000
June 30, 2012                          $200,000       $45,000       200,000
Dec. 31, 2012            An additional $400,000       $60,000       200,000
Dec. 31, 2013            An additional $800,000       $90,000           Nil

 

We seek Safe Harbor.

Posted in Central, News Release | Comments Off

NR – LCO Amends Terms of Financing

Posted on September 20, 2011 by Tim

El Condor Minerals Inc. has amended terms of its financing for aggregate gross proceeds of up to $6-million, originally announced on July 29, 2011. The financing is now composed of a non-brokered private placement of up to 8,823,530 units at a price of 17 cents per non-flow-through unit for gross proceeds of up to $1.5-million and up to six million flow-through units at a price of 25 cents per FT unit for gross proceeds of up to $1.5-million, concurrent with a secured credit facility from a third party lender in the amount of $3-million.

Each NFT unit will consist of one common share and one-half of one share purchase warrant. Each whole NFT warrant will entitle the holder to purchase one common share at a price of 27 cents per share for a period of one year from closing. Each FT unit will consist of one common share in the capital of the company, which will be designated as a flow-through share pursuant to the Income Tax Act (Canada) and one-half of one share purchase warrant. Each whole FT warrant will entitle the holder to purchase one common share in the capital of the company at a price of 35 cents per share for a period of one year from closing.

The credit facility in the amount of $3-million is for a term of 14 months, bears interest at a rate of 12 per cent per annum, payable monthly, and is secured against the assets of the company. A bonus payment of $300,000 is payable to the lender in the form of two million common shares of the company.

Closing of the financing is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals. All securities issued in connection with the financing will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. The company may pay finders’ fees on all or part of the financing within the policies of the TSX Venture Exchange.

The proceeds from the financing will be used for the acquisition of the Horden Lake property, to finance the exploration and development programs at Horden Lake, and for general working capital and corporate purposes.

We seek Safe Harbor.

Posted in El Condor, News Release | Comments Off

NR – ENW signs agreement with Bonduelle Canada

Posted on September 15, 2011 by Tim

EnWave Corp. has signed a research and development agreement with an option to license with Bonduelle Canada Inc., a subsidiary of Bonduelle SAS, for production in Canada and the Eastern United States.

“Having developed many partnerships with companies outside of Canada, we are excited to begin a collaboration with a Canadian company that holds such a substantial presence in the global food sector,” stated Dr. Tim Durance, chairman and co-chief executive officer, EnWave. “Bonduelle is a global leader in fresh, frozen and canned vegetables, and they have a significant corporate focus on the use of innovation to provide the highest-quality products to the market.”

About Bonduelle

Bonduelle is Canada’s leading processor of canned and frozen vegetables. Its expertise, along with that of its highest-calibre agricultural partners in the most fertile croplands in North America, guarantee products of superior quality that meet the very highest customer standards. The company’s products are marketed under the private-brand labels of the major North American food distributors and supermarket chains, as well as under Bonduelle’s own labels, which include Arctic Gardens frozen fruits and vegetables, a popular Canadian brand. Bonduelle has seven plants in Canada harvesting more than 335,000 tons of vegetables annually, with three plants in Ontario’s famed Horseshoe Valley and four in the fertile St. Lawrence River Valley in Quebec.

We seek Safe Harbor.

Posted in EnWave, News Release | Comments Off

NR – CBC Announces Results from TAC Property

Posted on September 15, 2011 by Tim

Central Resources Corp. has released results from exploration of the TAC property, Yukon. A four-day reconnaissance exploration program was conducted with a three-man crew. Exploration work was focused on assessing the nature and extent of the known gold mineralization at the Rhyolite zone and following up an anomalous rock sample collected last year which has led to the discovery of a new gold mineralized showing.

No Name Creek zone

While following up an anomalous gold result from last year, a new mineralized zone was discovered. The No Name Creek zone is characterized by moderately altered and silicified granodiorite in close proximity to a quartz-feldspar porphyry. Nine grab samples were collected from an area of about 200 metres by 200 metres. Of the nine samples collected, five samples exceeded 100 parts per billion gold, two samples exceeded 500 ppb gold and one sample exceeded 1,000 ppb gold. The highest value obtained was 3,887 ppb (3.9 grams per tonne) gold. See the attached table for the significant results.

Rhyolite zone

A total of 21 samples were collected from the Rhyolite zone and the area immediately surrounding it. Of the 21 samples collected, 13 samples exceeded 50 ppb gold, 12 samples exceeded 100 ppb gold and four samples exceeded 500 ppb gold. The highest value obtained was 1,099 ppb (1.1 grams per tonne) gold. See the attached table for the significant results.

Previous work has shown that the Rhyolite zone is characterized by a large gossanous (iron-oxide stained) quartz-sericite alteration zone measuring 500 by 800 metres, hosted by rhyolite tuffs. Within this area, a 180-metre-wide body of sheared and silicified rhyolite, exposed in a creek drainage, has returned multiple grab samples consistently running 500 to 1,500 ppb gold (see news release dated March 30, 2011). Results from the current sampling program show that mineralization extends in to the surrounding granodiorite. Elsewhere on the property, historical samples of quartz vein-breccia float returned values as high as 8,400 ppb (8.4 g/t) gold and 108 g/t (3.5 ounce per ton) silver. The outcrop source of these mineralized samples has yet to be identified. Central is encouraged by the geological setting of the TAC claims and the tenor of gold mineralization found to date.

          SIGNIFICANT RESULTS                                                

Showing  Sample   Sample Gold      As    Bi
                   width (ppb)   (ppb) (ppm)
                     (m)
No Name  578004           108    7.60  0.05
Creek
No Name  579858           197    5.20  0.20
Creek
No Name  579859          3887   19.20  0.05
Creek
No Name  579860           657   26.50  0.20
Creek
No Name  579861           257   16.70  0.70
Creek
Rhyolite 578007     0.50  814 2729.70  0.10
Rhyolite 578009           312 1070.80  0.20
Rhyolite 578010     1.00 1099 4053.30  0.10
Rhyolite 579852           682  181.40  7.40
Rhyolite 579866           227  643.20  0.10
Rhyolite 579867     0.60  212 3841.60  0.20
Rhyolite 579868     2.50  470 3900.30  0.40
Rhyolite 579869     4.00  312 1258.60  0.30
Rhyolite 579870     4.50  205 1712.60  0.05
Rhyolite 579871     6.50  425 1597.50  0.05
Rhyolite 579873           433 1252.40  0.20
Rhyolite 579874           777  157.10  0.05

 

Fieldwork was supervised by Paul Reynolds, PGeo, president of Central Resources, a qualified person under the definition of National Instrument 43-101. Mr. Reynolds is responsible for all aspects of the work including the quality control/quality assurance program. On-site personnel at the project collect and track samples which are then sealed and shipped to Acme Analytical Laboratories Ltd. in Vancouver. Acme’s quality control system complies with the requirements for the international standards ISO 9001:2008. Analytical accuracy and precision are monitored at the laboratory by the analysis of reagent blanks, reference material and replicate samples.

Mr. Reynolds, PGeo, president of Central and a qualified person as defined by National Instrument 43-101, managed the exploration program and has reviewed and approved the technical disclosure made in this news release.

We seek Safe Harbor.

Posted in Central, News Release | Comments Off

NR – ENW signs agreement with sub of Bonduelle SAS

Posted on September 15, 2011 by Tim

EnWave Corp. has signed a research and development agreement with an option
to license with Bonduelle Canada Inc., a subsidiary of Bonduelle SAS, for
production in Canada and the Eastern United States.

“Having developed many partnerships with companies outside of Canada, we are
excited to begin a collaboration with a Canadian company that holds such a
substantial presence in the global food sector,” stated Dr. Tim Durance,
chairman and co-chief executive officer, EnWave. “Bonduelle is a global leader
in fresh, frozen and canned vegetables, and they have a significant corporate
focus on the use of innovation to provide the highest-quality products to the
market.”

About Bonduelle

Bonduelle is Canada’s leading processor of canned and frozen vegetables. Its
expertise, along with that of its highest-calibre agricultural partners in the
most fertile croplands in North America, guarantee products of superior quality
that meet the very highest customer standards. The company’s products are
marketed under the private-brand labels of the major North American food
distributors and supermarket chains, as well as under Bonduelle’s own labels,
which include Arctic Gardens frozen fruits and vegetables, a popular Canadian
brand. Bonduelle has seven plants in Canada harvesting more than 335,000 tons of
vegetables annually, with three plants in Ontario’s famed Horseshoe Valley and
four in the fertile St. Lawrence River Valley in Quebec.

We seek Safe Harbor.

Posted in EnWave, News Release | Comments Off

NR – TSQ Confirms MO & CU at Red Hills

Posted on September 8, 2011 by Tim

Tosca Mining Corp. has received assay results for seven holes (TMC-8 to TMC-14) from the 2,865-metre (9,400-foot) phase 1 diamond drill program carried out at the Red Hills molybdenum-copper project, located in Presidio county, Texas. Results of the remaining four holes are pending.

The results of the seven holes are summarized in the attached table. All holes are vertical except for TMC-8.

Hole      Length   From      To  Interval    Interval         Cu        Mo
No.        (feet) (feet)  (feet)    (feet)         (m)        (%)       (%)

TMC-8      1,400     65     240       175        53.3       0.21     0.043
                    240     280        40        12.2       0.26
                    280     930       650       198.1                0.074
TMC-9       269       0      80        80        24.4       0.32     0.044
                      0     269       264        80.5       0.15     0.057
TMS-10      220      45     150       105        32.0       0.32      0.04
                    150     220        70        21.3                0.088
TMC-11      349     125     310       185        56.4       0.80     0.067
TMC-12     1,129     15     105        90        27.4       0.16     0.056
                    175   1,129       954       290.8                0.071
TMC-13      189      15     140       125        38.1       0.21      0.05
TMC-14     1,169     10     700       690       210.3                0.085
Includes             50     400       350       106.7                0.098
                    700     979       279          85                0.058
                    979   1,169       190        57.9                0.031

 

The results of the shallow holes (TMC 9, 10, 11 and 13) corroborate the presence of a copper blanket with accompanying molybdenum mineralization located immediately below the oxide zone. The grades range from 0.21 per cent copper and 0.05 per cent molybdenum over 38.1 metres (125 feet) in hole TMC-13 to 0.80 per cent copper and 0.067 per cent molybdenum over 56.4 metres (185 feet) in hole TMC-11. The grades and thicknesses encountered to date in the 2011 drill program are generally comparable with those found in adjoining historic holes.

The deep holes (TMC-8, 12 and 14) point to the existence of a deep molybdenum porphyry characterized by wide, well-mineralized intercepts: 198.1 metres (650 feet) of 0.074 per cent molybdenum in hole TMC-8, 290.8 metres (954 feet) of 0.071 per cent molybdenum in hole TMC-12 and 210.3 metres (690 feet) of 0.085 per cent molybdenum in hole TMC-14. The distribution of molybdenum grades within the Red Hills deposit is very homogeneous over significant widths due to the dense stockwork nature of the molybdenite mineralization. Note that these three holes are either new holes (TMC-08) or holes that deepened previous shallow holes (TMC-12 and 14). Hence they will expand the historic database.

“The results from these seven holes are very encouraging,” said Dr. Sadek El-Alfy, chief executive officer. “They demonstrate and verify the continuity of the shallow copper-molybdenum blanket and indicate that we are on our way toward the confirmation of a large molybdenum deposit. As a term of reference, the grades of the molybdenum porphyry projects currently considered of potential economic interest are in the 0.06-per-cent- to 0.10-per-cent-molybdenum range.”

As described in the company’s news release dated March 2, 2011, the Red Hills project consists of a large molybdenum porphyry system overlain a by a copper (chalcocite) enrichment blanket developed below the oxide-sulphide transition zone. Eighty-eight holes were drilled on the property between 1955 and 1972. This work led to the identification of a non- NI 43-101-compliant resource of 17 million tonnes grading 0.35 per cent copper with associated molybdenum mineralization in the shallow copper blanket. The previous activity also led to the discovery of a linear trend of high-grade copper mineralization defined by three vertical holes which included 33.55 metres (110 feet) of 9.09 per cent copper. Based on historic drilling, the molybdenum mineralization occurs within a horseshoe-shaped area measuring 1,000 metres by 200 metres (3,280 feet by 656 feet), and is open in two directions and at depth. Although many of the holes drilled in the molybdenum system were stopped in mineralization at shallow depths, the deeper holes were mineralized throughout (for example, hole Duval 07 was 642 metres (2,100 feet) of 0.076 per cent molybdenum).

Drilling and quality assurance/quality control

The drilling was carried out by Ruen Drilling of Idaho, using a wire line rig and NQ core recovery. The core boxes are transported to Marfa, Tex., where Tosca maintains a secure office/warehouse facility. The core undergoes geotechnical and geological logging by Tosca geologists. Sample intervals are designated and the core is split in half using a rock saw. Half of the core is left in the boxes, and the other half is bagged and shipped to Skyline Assayers and Laboratories in Tucson, Ariz., to be analyzed for copper and molybdenum using ICP/OES. Skyline is an ISO 17025-accredited laboratory. Skyline monitors quality control through the introduction of blanks, standards and duplicates. In addition, Tosca’s employees routinely insert blanks and standards in the sample stream.

Luca Riccio, PhD, PGeo, a qualified person as defined by NI 43-101, is responsible for the technical information contained in this release.

We seek Safe Harbor.

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