CONCORD, ONTARIO, Feb. 10, 2010 (Marketwire) -- Tawsho Mining Inc (TSX VENTURE:TAW) is pleased to announce that it has entered into an Option Agreement with Rhino Exploration Ltd. ("Rhino") dated February 8, 2010. ( the "Option Agreement") 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 Rhino partly in cash and partly by the issuance to them of certain shares on an annual basis, in order to keep the Option Agreement in good standing. 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. Signing of a definitive Option Agreement is conditional on approval by the Board of Directors of Tawsho, certain due diligence to be completed by February 28, 2010 and the approval of the TSX to the issuance of the shares contemplated by the said agreement.
"We are extremely pleased that we have been able to secure a foothold in this part of the Baie Verte area of Newfoundland, an area that has achieved significant success in mining exploration activity stated Joseph Feldman, President of Tawsho. We are undertaking our due diligence and have retained a local geologist to assist us in our assessment of this opportunity."
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.