Tara Gold Increases Las Minitas Project Holdings to 79 Square Kilometres and Signs Definitive Agreement With Pershimco
Tuesday November 13, 10:50 am ET
CHICAGO, IL--(MARKET WIRE)--Nov 13, 2007 -- (Other OTC:TRGD.PK - News) and (Frankfurt:T8N.F - News) Tara Gold Resources Corp. is pleased to announce that it has increased its Las Minitas holdings to 79.52 square kilometres to encompass additional targets. Tara has also signed the definitive option agreement with Pershimco Resources Inc. whereby Pershimco can acquire a 75% direct property interest in the Las Minitas Project.
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The parties acquired additional contiguous properties, covering the on-strike extension of the historical mineralization, which will also form part of the Las Minitas Project. The current size of the Las Minitas Project now totals 79.52 square kilometres in 30 contiguous properties.
In May of 2007, Tara Gold signed an option agreement with giving Pershimco, as operator, an option to earn a 75% direct property interest by making cumulative payments of $1.8 million to Tara Gold, staged exploration work for a total of $5.2 million over 48 months, underlying properties payments of $3.4 million and issuing 750,000 shares to Tara Gold. The $1.8 million payment to Tara has been reduced to $1.7 million with the $100,000 going towards the new acquisitions.
Mr. Francis Biscan, Jr., President of Tara Gold Resources, stated, "We are very pleased with the professionalism shown by Pershimco. Their passion for the Las Minitas project and the talent of their technical team have served to increase the excitement surrounding the project. We are looking forward to working with them to understand and uncover the full potential of Las Minitas."
Pershimco is planning a comprehensive exploration campaign on the Las Minitas Project, with airborne geophysics (magnetics, electro-magnetics, radiometrics), surface geochemical sampling, trenching and sampling, and 5000 meters of diamond drilling. Details of the program will be made available once Pershimco receives and processes assay results from its recently completed 3,000 m / 19 hole diamond drill program on the first 2 of 6 targets at the Las Minitas gold-rich and El Negro silver-rich targets. A total of 16 holes were completed at El Negro and 3 at Las Minitas.
The information in this news release has been prepared and reviewed by Mr. Jean Lafleur, P. Geo., Director and Technical Advisor to Pershimco, the operator's Qualified Person under NI 43-101.
About Tara Gold Resources Corp.
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