Contact Information: Website: www.TaraMinerals.com Francis Biscan Jr. Phone: (630) 462-2079
Tara Minerals Acquires Gold/Silver Property
| Source: Tara Minerals Corp.
CHICAGO, IL--(Marketwire - July 17, 2009) - Tara Minerals Corp. (OTCBB : TARM ), a subsidiary
of Tara Gold Resources Corp. (PINKSHEETS : TRGD ) (FRANKFURT : T8N ), is
pleased to announce that the company has acquired, through a newly formed
subsidiary, eight mining claims known as the Picacho prospect. The Picacho
property is located on a 3,236 hectare mining concession within the
Northern Sierra Madre Gold Belt, 120 kilometers south of the U.S. border,
in Sonora, Mexico.
Tara Minerals has formed a 100% owned US subsidiary named Adit Resources
Corp. Adit's Mexican subsidiary has the right to acquire a 100% interest
in Picacho by making payments totaling $4,800,000, plus value-added tax of
$720,000. An initial payment of $575,000 has been made. The remainder of
the purchase price is payable in varying installments with a final payment
of $3,507,500 due in 2012.
Tara Gold Resources Corp., which owns approximately 80% of Tara Minerals'
common stock, had previously conducted sampling of old workings and the
property has seen numerous core holes drilled on an 800 meter segment of
the two km long Picacho vein. Four "ore-shoots," spaced about 150 meters
apart along strike, have been defined. Geologic inference and geophysical
interpretation suggests that mineralization may continue along strike.
Drilling along the Don Julian ore-shoot, which is estimated to be 12 meters
thick, at least 150 meters wide along strike, and open to the northwest and
downward, intercepted 11.28 meters grading 15.57 g/t Au and 32.4 g/t Ag.
Adit is assessing options to aggressively advance this property.
Mr. Francis Biscan Jr., President of Tara Minerals Corp., stated, "With
results from several encouraging holes and its vicinity to other near
production projects, Picacho presents us with exceptional blue sky
potential."
About Tara Minerals Corp.
Tara Minerals is fully funded and focused on generating revenue in 2009
from a 300 t/day Lead, Zinc, and Silver mine on its Don Roman and Lourdes
project, located in Choix, Mexico. Tara Minerals Corp. is a US-based
growth-orientated resource company engaged in the search, acquisition,
exploration and development of high-quality non-precious & precious metals
and minerals projects with potential for economic commercial value.
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.