TORONTO, ONTARIO--(Marketwire - Feb. 21, 2012) - Tawsho Mining Inc. (TSX VENTURE:TAW) ("Company" or "Tawsho") announced today it has signed a Memorandum of Understanding ("MOU") to acquire the Cabot Property ("The Property") consisting of 5 contiguous licenses containing a total of 100 claims covering an area of 25 km(2). The property is located on the northern tip of the Baie Verte Peninsula in Newfoundland.
The Cabot Property is located approximately 12 km north from the village of Baie Verte and 5 km east of HWY 410 on the northernmost extent of the Baie Verte Peninsula in north eastern Newfoundland. The property is accessible by road, is located within 1.5 km from electric power lines and approximately 35 km by road from the Rambler Mine that is currently being mined and producing a Cu-Co concentrate and gold. The Cabot property is also located 60 km NNE from the Whisker Valley Au-Ag property that is currently being explored by Tawsho. The Cabot Property is prospective for copper and cobalt in the north and gold in the south .
The Cabot Copper-Cobalt prospect:
The mineralized Cu-Co showing is located in the central portion of the Cabot property. The Cu-Co mineralization is exposed on surface and has been traced for a distance of 350 m. Seventeen drill holes (4869 m of core) completed during the 1997 -2002 period have extended the Cu-Co as a mineralized sheet averaging 21.6 m in thickness and extending over a 550 m strike length and presently traced to a depth of 450 m.
The Marble Cove Point Gold prospect:
The Marble Cove Point Au prospect is located in the southern portion of the Cabot Property. Noranda made the original discovery in 1987 and reported assays for grab samples taken from a quartz vein 0.08 to 1.0 m wide of 9.97 and 8.30 g/t Au.
British Canadian Mines Ltd. conducted a diamond drilling during the 2003 and 2004 period in the vicinity of the original Marble Cove Point Au showing. Fifteen holes for a total of 1671 m were drilled along a N-NE trend over an area about 200 m wide and 800 m. The company reported that the best assay value came from hole # 02 returning 10 g/tonne Au. Field prospecting conducted on the property have returned several grab samples containing visible free gold. This "grass-roots" discovery property occurs in a highly favourable structurally complex geological terrane.
This press release was prepared and reviewed by Gary Perkins, President and CEO and Edward Procyshyn P. Geo. The technical details in the report were approved by Edward Procyshyn P. Geo. who is the qualified person as defined by NI 43-10.
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 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 870 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.
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