NEWS!!!!!!!!!!!!!!
MEDELLIN, COLOMBIA -- (MARKET WIRE) -- 01/26/11 -- Tao Minerals Ltd. (TAO) (PINK SHEETS: TAON) is pleased to provide a corporate update outlining some of the milestones targeted for 2011. The company is currently developing the El Colmillo gold property and is currently working to complete the geological program to file a NI 43-101 report providing a mineral resource classification with certified resource and reserve estimate. The El Colmillo has the potential to quickly provide a strong revenue stream for Tao as it moves forward to becoming a growth oriented gold producing company. Tao geologists estimate that a substantial amount of gold could be produced from the known mineralization at the El Colmillo project as well as additional revenue from any additional precious and base metals that are contained in that ore. Tao is aiming to start up production at the El Colmillo in 2011.
Tao reported in October, 2010 that it is had presented a letter of intent to acquire the Mutata properties, a prospective gold and platinum project in Colombia. Minera Primecap Geological Services (MPGS) has been performing the due diligence on this potential acquisition and Tao expects to close this acquisition in the coming weeks having filed an extension to the 90 day assessment period. Tao will move quickly to complete a NI43-101 report on the Mutata properties once the acquisition has been completed. The Mutata gold and platinum property presents an excellent low cost opportunity for Tao's goal of assembling a high quality portfolio of Colombian mineral properties. Preliminary reports conducted by geologists from the Colombia Institute of Geology and Mining, Ingeominas have reported the presence of gold and platinum on the concessions as well as copper in some areas.
Tao will continue its financing activities towards the start up of the El Colmillo mine and has been in discussions to potentially secure a joint venture partner for the Mutata project once the acquisition has been completed. Tao will provide an update at that time.
As a corporation, Tao has firmly established itself in Colombia over the past five years, becoming fully adept with the legal and political processes required and hiring highly qualified personnel in the geological, legal and security professions. Arriving early to the boom in the expansion of natural resource development in Colombia enabled Tao firmly establish itself in Colombia.
Tao's management team led by President James Sikora is headquartered in Medellin, Colombia. Chief geologist Prospero Benavides oversees the geological and exploration activities complimented by MPGS geologist Juan Fernando Restrepo. As reported last month, Tao has hired Senior Resource and Professional Geologist, James A. McCrea to conduct the geophysical review of the Mutata Gold and Platinum project. Canadian based directors Terry Plummer, president of RMS Ross a designer, manufacturer and distributor of an extensive range of quality mining equipment and Professional Geologist Duncan Bain provide invaluable depth and guidance to Tao. Resident Manager Eliana Ramirez oversees the office management responsibilities.
Tao Minerals Ltd. is a mining exploration and development company formed to acquire, develop, and exploit natural resource properties focusing primarily on the rich, yet highly underdeveloped gold deposits of Colombia doing so in a socially and environmentally responsible manner.
Notice regarding forward looking statements
This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the expectation of low cost opportunity, the final terms of the acquisition and the gold production of the property to be acquired.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the 2009 fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Contacts:
Tao Minerals Ltd.
James A. Sikora
President & CEO
877-331-8777
Source: Tao Minerals Ltd.
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