TORONTO, ONTARIO--(Marketwire - Nov. 3, 2011) - Tawsho Mining Inc. (TSX VENTURE:TAW) ("Tawsho"), trading as "TAW" on the TSX Venture Exchange, today announced an update on its Whisker Valley property, located in Baie Verte, Newfoundland, consisting of 913 claims, covering an area of 21,875 hectares or 218 sq. kms.
"Given the promising results of the 2011 summer drill campaign, previously announced in press releases dated August 22nd, 2011 and September 19th, 2011, with gold showings of up to 1.4 ounces per ton over 0.15m in one of the holes (No. 8) and significant gold showing in 6 of the of the 11 holes drilled, Tawsho is currently carrying out trenching in selected areas in order to expose the veins near the surface which will lead to a better understanding of the mineralization and underlying structure. We are most pleased with the results of the 2011 summer drill campaign. The results from the trenching program will help target the drill sites for the upcoming winter drilling program currently being planned," stated Dr. Michael Avedesian, CEO.
Tawsho is pleased to announce that it has re-negotiated the option agreement, with Rhino Exploration Ltd. (Rhino) for its Whisker Valley property in Newfoundland, by reducing the required cash payments by $575,000 and having the option to reduce the net smelter royalty (NSR) payable to the vendors, from 3% to 1%, for a cost of $2.5 million.
"These changes will help Tawsho accelerate the exploration program and share the risk of achieving commercial success on this property, especially in light of the promising results from its 2011 drill program," declared Dr. Avedesian.
ABOUT TAWSHO MINING INC: www.tawshomining.com
Tawsho is a mining exploration company focused on the acquisition, exploration and development of gold resources and advanced stage gold exploration projects. The Corporation is presently developing its Chevrier project (comprised of 557 claims, covering an area of 9542 hectares, or 95.4 sq. km) in the Chibougamau region of Quebec and its Whisker Valley project( comprised of 913 claims, covering an area of 21,875 hectares, or 218.8 sq. km) 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.