Press Release Source: Tara Gold Resources Corp.
Tara Gold Partners Its Picacho, Curcurpe and Millonaria Projects
Thursday December 20, 2:52 pm ET
CHICAGO, IL--(MARKET WIRE)--Dec 20, 2007 -- Tara Gold Resources Corp. (Other OTC:TRGD.PK - News) (Frankfurt:T8N.F - News) is very pleased to announce binding commitments to purchase a 70% undivided interest in Tara Gold's Picacho, Curcurpe and Millonaria Projects by La Camera Mining Inc. Tara Gold will retain a 30% carried interest in all properties once Camera earns its 70%.
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For Picacho, La Camera will spend $6 mil over the next 3.5 years, make the underlying property payments, and issue 1,500,000 shares of La Camera to Tara. The partners are excited about better defining existing structures and exploring the numerous targets that have been identified. La Camera will also provide the capital and operating funds necessary to put Picacho back into full-scale production in 2008. The new agreement also addresses the previous dissolution of the Lateegra Gold Corp. option with no claim of gain or liability against Tara Gold or Lateegra Gold. Furthermore, all past payments of cash and shares, made by Lateegra, will remain the property of Tara Gold.
For Curcurpe, La Camera will spend $3.75 million over the next 3.5 years and make all underlying property payments. The exploration program will test identified targets through systematic groundwork and drilling.
For Millonaria, La Camera will spend $3.75 million over the next 3.5 years and make all underlying property payments. The program will aggressively explore the extensive 40-metre-wide vein system that runs through Millonaria and conduct a regional survey towards testing the larger potential as illustrated by the close proximity of Millonaria to both the Palmarejo and the El Sauzal mines.
Mr. Francis Biscan, Jr., President of Tara Gold Resources, stated, "We believe we have found a quality partner with La Camera. These Agreements more than adequately provide Tara with the cash that it requires to maintain all of its project interests and allows the company to advance these superior assets simultaneously. We believe that each of these three projects has large scale potential and that well executed work programs will expose the tremendous value of these assets for Tara and La Camera. 2008 now promises to be a year where we will see activity on all of our properties. We continue to generate revenue from La Currita and expect to see revenue from Lluvia de Oro in 2008, and now Picacho. We are very pleased with our new relationship with Camera and look forward to working with their team."
About Tara Gold Resources Corp.
