Israel vows Hamas will pay "an intolerable price" for persisting in its attacks and will continue to fight in the Gaza Strip even after its forces have completed its mission to demolish all cross-border tunnels used by militants to infiltrate its territory, said Prime Minister Benjamin Netanyahu on Saturday.

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Israel said they were close to achieving its goal in destroying all tunnels built by the Hamas, with at least 30 tunnels and dozens of entry shafts neutralized and destroyed, according to Lieutenant-Colonel Peter Lerner.

Netanyahu stressed that Israel will continue to work for as long it takes and however much force is needed to "bring back the quiet" in the country.

Netanyahu's announcement comes after Israel said it would not participate in peace talks in Cairo this weekend, saying that the talks will most likely fail given the Hamas' history of reneging on previous cease-fire deals.

Israel's Deputy Foreign Minister Tzachi Hanegbi told media that the Hamas could not be trusted to honor the cease-fire deals and would keep on firing because to agree to a truce at this stage would "mean acknowledging the worst possible defeat."

Hanegbi did not elaborate.

Meanwhile, Hamas spokeswoman Fawzi Barhoum dismissed Netanyahu's "confused" comments, saying that the group will continue its resistance until it reaches its goals.

Several cease-fire deals between the two sides have failed, most recently on Friday after three Israeli soldiers were ambushed. Two of them were killed while the third went missing.

The fierce fighting in Rafah that ensued thereafter also resulted in the deaths of at least 150 Palestinians, according to Reuters.

Israel accused Hamas had abducted its soldier, Second-Lieutenant Hadar Goldin, an hour after the cease-fire took effect, with the United States demanding for the immediate release of the soldier, calling the abduction a "barbaric" violation of the truce.

Fierce fighting in Rafah where Goldin was believed to have been captured ensued on Friday morning, with shelling exchanges resulting in the deaths of about 150 Palestinians, according to Reuters.

Israel's Defense Forces searched for its missing soldier, Second-Lieutenant Hadar Goldin, in southern Gaza.

But after conducting its investigations and meeting with Goldin's family in Kfar Saba, the Associated Press said Israel's military on Sunday declared the 23-year-old soldier had died during last Friday's battle.

TagsIsrael, Hamas, Gaza, cease fire, Cairo, Hadar Goldin, Missing Israeli soldier, Palestine, Kfar Saba, Rafah, Benjamin Netanyahu, Tzachi Hanegbi, Peter Lerner, Gaza Strip