Jun. 13, 2011 (Marketwire Canada) --
TORONTO, ONTARIO -- Tawsho Mining Inc. (TSX VENTURE:TAW) ("Tawsho" or the "Company") is pleased to announce that notwithstanding it has received the TSX Venture Exchange' approval to issue 441,177 common shares to the shareholders of Rhino Exploration Ltd. ("Rhino") to satisfy its current obligation pursuant to the option agreement ("Option Agreement") dated February 8, 2010 (See Press Release dated February 10, 2010), the Company has instead elected to pay Rhino the sum of $75,000 in cash and not in shares, as provided for pursuant to the terms of the Option Agreement.
The Option Agreement allows Tawsho to acquire a 100% ownership interest of Rhino's Whisker Valley claims, located on Baie Verte Peninsula, Newfoundland, covering approximately 235 sq. kms. The Option Agreement extends over a term of 8 years and provides for periodic payments to the shareholders of Rhino via a combination of both cash and issuance of the Company' shares on an annual basis, in order to maintain the Option Agreement. In addition, Tawsho is obligated to spend a certain amount of money each year on exploration activities in order to keep the Option Agreement in good standing.
ABOUT TAWSHO MINING INC:
Tawsho is a mining exploration company focused on the acquisition, exploration and development of gold resources and advanced stage gold exploration projects. The Corporation owns the Chevrier property in the Chibougamau region of Quebec and its Whisker Valley project in Baie Verte, Newfoundland. Tawsho currently has approximately 22 Million shares outstanding.
Forward-looking statements provide an opinion as to the effect of certain events and trends on the business. Certain statements contained in this news release constitute forward looking statements. The use of any words such as "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors. Forward-looking information includes, but is not limited to, statements with respect to the development potential of the Corporation's properties; the estimation of mineral reserves and mineral resources; conclusions of economic evaluation; the realization of mineral reserve estimates; success of exploration activities; mining or processing issues; government regulation of mining operations; and environmental risks. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Readers are cautioned not to place undue reliance on these statements as the Corporation's actual results, performance, or achievements may differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements if known or unknown risks, uncertainties or other factors affect the Corporation's business, or if the Corporation's estimates or assumptions prove inaccurate. Therefore, the Corporation cannot provide any assurance that forward-looking statements will materialize. The Corporation assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or any other reason except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulations Services Provide (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Tawsho Mining Inc.