Tara Minerals Corp.: Picacho Gold and Silver Property
May 14, 2013 — Henderson, Nevada (Source: Marketwired) — Tara Minerals Corp. (OTCQB: TARM) (BERLIN: 6T3) reports that Yamana Mexico Holdings B.V., a subsidiary of Yamana Gold Inc., has exercised its option to not complete the acquisition of American Copper Mining S.A. de C.V., the holder of the Picacho group of concessions, from its subsidiary, Adit Resources Corp.
Yamana is obligated to return all assets in good standing, along with all the Picacho drilling and exploration data collected. Tara retains the initial US $7.5 million payment made by Yamana towards the purchase. Tara will assess the work conducted by Yamana, over the last twelve months, and provide an update when this review is completed.
Mr Francis Biscan Jr., President of Tara Minerals, stated, “Tara is positioned to achieve our primary objectives. The Company has over $2 million in cash, a strong technical team, and management that is focused on expanding and advancing our project pipeline towards 2013 production. Prior to Picacho being sold, the project had already produced significant exploration results as outlined below. We understand Yamana was very active at Picacho and look forward to assessing its current and future potential.”
The Picacho group of concessions consisted of 7,060 hectares and is located in Sonora, Mexico, 100 km south of the U.S.A border. The area has a high level of exploration activity, is close to a national paved highway, power grid, and a 1,200 m airstrip. Prior to the Yamana agreement and its 12 month work period, nine gold-bearing veins over four mineralized target areas with an aggregate strike length of over 10.8 km had been identified at Picacho. In addition, 5,300 meters of drilling along only 600 meters of the vein system, had returned true width intercepts including 11.3 m of 15.6 g/t gold, 6.1 m of 4.7 g/t gold, and 9.4 m of 7.8 g/t gold.
The Ponderosa Project consists of 6,721 acres of both patented and unpatented mining claims in central Idaho, USA. At Ponderosa, tolling options are currently being assessed and the permitting work has begun. The contracted metallurgical work is expected to be completed over the next two weeks.
The Don Roman project consists of 25,770 acres (39 square miles) in the northern part of the La Reforma Mining District of north-eastern Sinaloa State, Mexico. A drill is being prepared for mobilization to the project for underground fan drilling.
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About Tara Minerals Corp. (http://www.TaraMinerals.com)
Tara is currently focused on advancing its US and Mexico project pipeline towards 2013 production. In addition to achieving production, management is creating long-term shareholder value and deploying its capital to advance its projects by enhancing resources, further outlining new discoveries/targets, and acquiring additional strategic assets.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein 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. Please read the full disclaimer at www.TaraMinerals.com (http://taraminerals.com/English/General/Disclaimer/default.aspx).
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>