new projectTosca Mining Corporation #400 – 409 Granville St, Vancouver, BC, Canada, V6C-1T2
604-687-6562 Ph. 604-689-9925 Fx.
www.toscamining.com
October 24, 2013
Tosca to acquire Carol Copper Project, Sonora, Mexico Tosca Mining Corporation (TSQ-TSX-V) announces that it has entered into a Letter of Intent (LOI) with Alta Vista Ventures Ltd., to acquire a 100% interest in the Carol Copper Project, Sonora, Mexico.
The Carol Copper Project consists of approximately 756 hectares and is located 5km NE of the Pierdras Verdes Porphyry Copper Mine, Mexico’s third largest copper mine, with measured and indicated resources of 197 million tonnes grading 0.39 % Cu (Cobre Del Mayo NI-43101 report, Feb 12, 2010).
Previous work by Alta Vista over a number of campaigns succeeded in identifying widespread Cu-Ag-Zn-Au skarn-style mineralization in outcrops and trenches over two zones covering 1,100 m by 400 m and 700 m by 180 m and the La Escondida occurrence, which is located between the two zones The most significant work program was conducted in 2008 when a total of 232 samples were taken from 18 trenches with values ranging from trace to 7.67% copper, trace to 2.24 g/t gold, trace to 83.9 g/t silver, and trace to 15.3% zinc with highlights from the trenching of:
| Trench # | Width (m) | Average Grades |
| | | Cu (%) | Ag (g/t) | Au g/t) | Zn (%) |
| BS – 1 | 22.0 | 0.54 | 6.69 | 0.14 | 4.45 |
| BS – 2 | 16.5 | 1.10 | 8.42 | 0.11 | 2.45 |
| BS – 6 | 10.0 | 1.94 | 36.7 | 0.59 | 19.17 |
| BS – 8 | 48.0 | 0.86 | 16.57 | 0.09 | 0.37 |
| Inc | 22.0 | 1.15 | 28.57 | 0.05 | 0.61 |
| BS – 9 | 24.0 | 1.20 | 8.07 | 0.18 | 2.24 |
| | | | | | |
| La Escondida | 10.0 | 2.19 | 18.26 | 0.91 | 1.07 |
Additionally, two gold zones were discovered by trenching in the southernmost portion of the project area. Zone 1 returned 0.60 g/t Au over a 16 metre width, and Zone 2 returned 0.39 g/t Au over 16 metres. The two zones are separated by approximately 20 metres of deeper overburden, possibly masking a continuous zone.
With more than 90% of outcrop hidden by overburden and no previous geophysical nor drilling campaigns conducted on the property Tosca’s Management believes that excellent potential exists for the discovery of a bulk-tonnage copper-silver skarn deposit. Known mineralized zones may be significantly expanded with Induced Polarization (IP) surveys and diamond drilling.
The project is easily accessed by 22 kilometres of all-weather roads from the town of Alamos, and is close to power, water, and a talented labour pool in the town of Navajoa and the neighboring state of Chihuahua; Sonora is considered to be one of the safest and most mining friendly states in Mexico.
Acquisition Terms:
To earn 100% interest in the Carol Project Tosca must pay $50,000, issue 1 million shares and incur $2.2 million in exploration expenditures over a five year period. The first two years consist of $200,000 in expenditures, including a geophysics program within the first six months and issuance of 150,000 shares per year. The company has paid $5000 and will issue 150,000 shares upon the signing of the LOI and exchange approval. There is an underlying 3% NSR on the property that can be bought from the original Mexican owner for a total of $750,000.
Ian Foreman, P.Geo., president of Alta Vista Ventures, is the Qualified Person according to NI 43-101 for the Carol Property and is responsible for the technical information in this news release.
On behalf of the Board of Directors,
“Ron Shenton” 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.