Tara Gold Resources Corp. (PINKSHEETS: TRGD) (FRANKFURT: T8N) is pleased to provide an update on the actions it has taken to keep the company on track for growth during a difficult economy and a strained commodity sector.
In 2008, Tara Gold completed the monetization of its interest in San Miguel (see 10-02-08 PR); progressed La Currita towards cash flow by entering into a cash and royalty agreement with a senior producer (see 12-30-08 PR); benefited from additional investments into Lluvia de Oro by its partner; and Tara continues to assess options for advancing its 100% controlled Las Minitas, which had initial positive drilling results (see 11-27-07 PR).
Tara Gold's subsidiary, Tara Minerals Corp., has hired a new contractor to complete the processing plant at it's 100% owned Don Roman Silver/Lead/Zinc project, and is seeing steady progress towards completion leading to initial startup. Tara Minerals Corp. will provide its own updates, when appropriate.
Tara Gold also holds 1.5 million share in La Camera Mining Inc., a private company that is exploring its Morelos project (adjacent to Goldcorp) in Mexico. La Camera has intercepted mineralization, expects to complete a 43-101 report during 2009 and closed a $5 million financing in September 2008 at $0.60.
Tara's current strategy will continue to involve aggressive steps that steer resources towards projects with near term potential for revenue generation or partner generated growth. Tara Gold has also reduced its future costs by dropping its option in Curcurpe without conducting any exploration; redirected its La Millonaria investment to the benefit of Tara Minerals; and is in the process of renegotiating the Picacho option. This positions Tara Gold with a strong portfolio of joint ventures and growth oriented equity investments. Project specific details are available at our website www.TaraGoldResources.com.
Tara is also committed to completing its financial audits and has been allocating a high percentage of free cash flow towards this goal.
Mr. Francis Biscan Jr., President of Tara Gold Resources Corp., stated, "Even in a disappointing market environment, our strategy generated revenue through option payments and advanced projects through partnerships. We have responded to the current environment in a manner that avoided shareholder dilution and focused our investments. With our recently completed deal on La Currita, we have positioned the company to advance the existing portfolio without the need to raise additional equity."
About Tara Gold Resources Corp.
The principal business of Tara Gold Resources Corp. is the acquisition, exploration and development of high-quality precious metals projects with potential for economic commercial value. Tara provides investors growth exposure with a diversified exploration portfolio, multiple multi-million ounce targets and several near term production scenarios. Tara Gold is currently focused on generating revenue from the Don Ramon and Lourdes project owned 100% by the subsidiary Tara Minerals Corp. Tara Gold is also positioned to benefit from production start-up at Lluvia de Oro, the NSR royalty with Coeur d'Alene Mines Corporation on La Currita, the potential of Picacho and from the future advancement of Las Minitas. For more information, please visit the Company's web site at: http://www.TaraGoldResources.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
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