Maybe Richard should come out with his own PR to explain
Lateegra Announces Picacho Property Matter
Sep 14, 2007 17:53:00 (ET)
VANCOUVER, BC, Sep 14, 2007 (MARKET WIRE via COMTEX) -- Lateegra has received a termination notice from Tara Gold Resources Corp. ("Tara") respecting the Company's option to earn an interest in the Picacho property located in Sonora, Mexico.
The Board of Directors of the Company has decided to suspend payments to Tara with respect to the Picacho Option Agreement on the basis that the title to the property has not yet been delivered to Lateegra. The Company understands that Tara is taking the necessary steps to clarify title, however, it has not yet received assurances that Tara has done so.
Exploration programs planned by the Company were delayed for several months waiting for the title issue to be resolved. Due to this delay, the property is still in an early exploration stage that does not justify the escalating payments required under the option agreement. Tara has indicated that it is inflexible on the payment schedule because of an underlying agreement it has with the vendor.
The Company is reserving the right to review the situation in the short term in order to decide whether to continue to exercise its rights under the Option Agreement or possibly to commence legal proceedings against Tara for failing amongst other things to provide secure title as provided in the Option Agreement.
The company had prepared additional documentation respecting the completion of outstanding matters related to a revised Option Agreement for execution by Tara and its subsidiary. The Company has engaged Mexican counsel to provide advice respecting the title situation. Extensive negotiations with Tara have failed to resolve the outstanding issues and the Company is of the view that it had no alternative but to suspend payments under the Option Agreement until the outstanding matters are resolved to its satisfaction.
ON BEHALF OF THE BOARD OF DIRECTORS
"Chris Verrico,"
President, CEO and Director
My picks are my own and many times wrong, generally looking 3-6 months out
'A government big enough to give you everything you want, is big enough to take away everything you have.' ........
Thomas Jefferson
