Tawsho Mining Inc. Exploration Update and Financing
04 Avril 2014 - 10:30PM
Marketwired
Tawsho Mining Inc. Exploration Update and Financing
TORONTO, ONTARIO--(Marketwired - Apr 4, 2014) - Tawsho Mining
Inc. (TSX-VENTURE:TAW) ("Tawsho" or the "Corporation") is pleased
to provide exploration updates for its Cabot Graphite Property and
Chevrier Gold Property.
To advance the Cabot Graphite Property, Tawsho has initiated a
sampling and assaying program to complete the sampling program of
the previous drill program (results announced November 12th 2013).
During that program graphite content was unknown and sampling
intervals were based on visual estimates of graphite. However, the
subsequent assay results proved that visual estimates of graphite
are difficult and that many of the unsampled intervals could
contain significant graphite. This sampling program, currently
underway, could improve both the grade and interval length of the
previously announced composites. The program will take a few weeks
to complete with assays and updated composites expected sometime in
May 2014.
Also on the Cabot Graphite Property, Tawsho will acquire enough
graphite material to submit for metallurgical testing in order to
determine the grade, purity and flake size of the graphite.
On the Chevrier Gold Property, Tawsho has completed its
recompilation of historic drilling that includes almost 100 drill
holes through the mineralized zones known as the Main Zone and the
South Zone. A reanalysis of this information suggests the two zones
are in fact one continuous zone with an approximate strike length
of 2.7 km. A new mineralized zone was also identified based on
three adjacent drill holes, namely GFA-126 which intersected 5.44
gpt Au over 6.87 m (131.18 - 138.05 m down hole), GFA-131 which
intersected 7.14 gpt Au over 1.90 m (232.00 - 233.90 m) and GFA-133
which intersected 4.67 gpt Au over 3.25 m (539.35 - 542.60 m). This
new zone, the "East Zone" is open in all directions.
Tawsho is also pleased to announce a non-brokered private
placement offering of units and flow-through units to arm's-length
and non-arm's-length parties (the "Offering"). As of this date, it
is anticipated that insiders of the Corporation may subscribe for
more than 25% of the Offering.
Tawsho intends to issue up to 1,555,556 flow-through units ("FT
units") at a price of $0.09 per FT unit, for gross proceeds of up
to $140,000 and 750,000 hard dollar units ("HD units") at a price
of $0.08 per HD unit, for gross proceeds of $60,000. The total
gross proceeds for both components of the financing is expected to
be $200,000.
Each FT unit will consist of one flow-through common share and
one common share purchase warrant ("Warrant"). Each Warrant will
entitle the holder to purchase one non-flow-through common share of
Tawsho at a price of $0.12 per share for a period of two years from
the date of issuance. Each HD unit will consist of one common share
and Warrant.
Tawsho also intends to provide for an overallotment of both FT
units and HD units. A total of 777,778 FT units will be reserved
for overallotment and 375,000 HD units will be reserved for
overallotment. The maximum total gross proceeds, assuming full
subscription of the overallotments, will be $300,000.
The Offering is subject to the acceptance of the TSX Venture
Exchange. The Corporation may pay finder's fees in cash and/or
securities of the Corporation in respect of the Offering. All
securities issued to purchasers and finders under the Offering will
be subject to a four-month hold period from the date of issuance of
the securities, pursuant to applicable securities legislation and
the policies of the TSX Venture Exchange. The proceeds of the
Offering will be used for the exploration and development of
Tawsho's graphite Property in Newfoundland, the Chevrier gold
Property in Quebec, and for general working capital.
Stephen Balch (P.Geo.), President & CEO of Tawsho Mining
Inc., is a Qualified Person under the definition of National
Instrument 43-101 and has reviewed and approved the technical
content in this press release. The gold grades referenced in this
press release are historic in nature and were reported by Geonova
Explorations Inc. from their exploration program during the period
1989-1997.
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 Properties. The Corporation is
presently developing its Cabot Graphite Property (comprised of 102
claims covering and area of 2,550Ha or 25.5sq. km) both located in
Baie Verte Peninsula, Newfoundland and its Chevrier Gold Property
(comprised of 557 claims, covering an area of 9542 hectares, or
95.4 sq. km) located in the Chibougamau region of Quebec.
Tawsho currently has approximately 25,251,849 common shares
issued and outstanding.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as a term that is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this press release.
Tawsho Mining Inc.Mr. Stephen BalchPresident & CEO(905)
407-9586sbalch@tawshomining.com
Tawsho Mining Inc. (TSXV:TAW)
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