Rhino Changes Name, Symbol an Completes Option on Nevada Project
RHINO EXPLORATION INC.
SUITE 200 – 551 HOWE STREET VANCOUVER, BRITISH COLUMBIA, V6C 2C2 Telephone: (604) 683-8610 Facsimile: (604) 683-8605
Trading Symbol: RHI
NEWS RELEASE
RHINO CHANGES NAME, SYMBOL AN COMPLETES OPTION ON NEVADA PROJECT
Vancouver, B.C. March 4, 2013- Rhino Exploration Inc. (“Rhino” or the “Company”) (TSX-V: “RHI”) is pleased to announce a name change to Walker River Resources Corp. and the completion of a formal option agreement (see news release 12/12/2012) with World Ventures Inc. and District Gold Inc. to acquire the Sleeper-Lapon Canyon Gold project, located in Mineral County, Nevada.
Effective at market open tomorrow, Tuesday March 5, 2013, the Company’s shares will begin to trade under the new symbol (TSX-V: “WRR”). Please visit Walker River Resources Corp.’s new website www.wrrgold.com for further information about the Company and the Sleeper-Lapon Canyon Project.
The Company has completed a formal option agreement with World Ventures Inc. of Vancouver, B.C., and District Gold Inc. of Mississauga, Ont., to acquire the Sleeper-Lapon Canyon Gold project, located in Mineral County, Nevada. The Company completed initial payments to District Gold Inc. of $200,000.00 and issued 250,000 common shares of the Company. The parties amended the formal option agreement reducing the further $200,000.00 to $150,000.00 cash or share payments in year two and three at the option of the vendor. The 2 million dollars of exploration work over a four year period remains unchanged. After completion, Rhino will be vested with a 75% ownership, and the vendors a 25% working interest. Rhino may purchase an additional 20% for 500,000, with the vendors retaining a 5% carried interest.
Rhino received TSX Venture Exchange approval on the transaction January 18, 2013. A finder's fee of 352,083 shares was paid to 2845351 Canada Inc. (Dominique Gendron), in accordance with exchange rules and policies.
The Sleeper-Lapon Canyon Gold project, consists of 36 claims (720 acres—292 hectares), situated some 60 km south of Yerrington, Nevada and is easily accessible by secondary roads from the main highway (25 km). A power transmission lines passes within 3 km of the property. The Sleeper-Lapon Canyon Project is located within the Walker Lane Shear Zone, a 100 km wide structural corridor extending in a SE direction from Reno. The past producing historic Comstock Lode silver/gold mine is located within this trend, as is the past producing Esmeralda/Aurora gold mine with reported production of some 1.0 million ounces, which is located 30 km SW of the project.
Previous work began in 1907 with the discovery of vein type gold mineralization. Approximately 600 meters of underground drifts and adits were used to explore and access a series of vein type structures. From 1914-1924 a two stamp mill was erected and limited production was reported. Further limited underground exploration was carried out, returning numerous assay values in the range of 1 ounce per ton, with a sample at the end of an adit returning 20.6 ounces per ton gold (Gruenwald 1994, NI 43-101 report Montgomery 2004).
In 1990, Teck Resources discovered a surface area of argillitic alteration and low grader grade disseminated gold mineralization, which they were able to trace over a strike length of 450 meters. Grid sampling over this zone returned an average grade of 2.01 grams per ton gold, in this zone which was named the Central Zone.
The Sleeper-Lapon Canyon Gold project exhibits potential for high grade lode type vein deposits as evidenced by the past underground activities on the property, and lower grade disseminated gold deposits as shown by the Central Zone.
The project consists of 36 lode claims, of which 19 are under lease. The lease terms are 4500/month as advanced royalty payments. The lease may be bought out at any time for 1.25 million dollars with prior lease payments credited to the purchase price. The leaseholder will retain a 0.5% N.S.R.
Eugene Gauthier geol., eng. (OIQ) acts as the qualified person and has reviewed the contents of this release.
ON BEHALF OF THE BOARD OF DIRECTORS
“Michel David”
____________________________________ Michel David, Chief Executive Officer and Director
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.