Tara Minerals Establishes Position in Historic US Gold Mining District
20 Mars 2013 - 2:11PM
Marketwired
Tara Minerals Corp. (OTCQB: TARM) (BERLIN: 6T3) is pleased to
announce that is has optioned and staked land in the Dixie Mining
District of central Idaho, USA. To date, the land package consists
of 6,721 acres of both patented and unpatented mining claims. The
optioned claims include previously mined veins with historic
sampling of the exposed outcrops averaging 14 grams/tonne Au.
Tara's initial focus is to assess the previously unmined veins for
their near-term production potential. Tara's technical team has
already begun the assessment process, which includes sampling and a
detailed review of several historical underground mining levels.
Mr. Francis Biscan Jr., President of Tara Minerals, stated, "Our
technical team, Steve Eady and Tom Claridge, have begun to leverage
their established relationships to identify and acquire projects of
value. Expanding our project pipeline to the US gives our
shareholders increased diversification and opportunity. Based on
historical records, we believe the district contains exceptional
high grade potential which could be developed relatively quickly
with the use of modern mine development and milling processes. In
addition to the ongoing plans to move the Don Roman Mexico district
into production, the near-term production potential of the
Ponderosa Project aligns with our focus to generate positive cash
flow, as a means for organic growth and the building of long-term
shareholder value."
These US holdings, which will be known as the Ponderosa Project,
consist of optioned and staked land located within the northeast
trending gold mineralized Idaho belt that is approximately 35 miles
wide by 50 miles long. The belt is known as the Orogrande Shear
Zone and has been mined since the 1860s, producing at least
1,000,000 ounces of gold according to historic records. The
optioned claims are entered on an individual basis and Tara can
choose to drop some, along with its corresponding payment, while
exercising others. In aggregate, the optioned claims are for total
future payments of $2,150,000, upon exercise of the given options,
due between May 2013 and September 2016. Production royalties are
also due on certain of the optioned claims.
Jim Chmelik, Idaho County Commissioner, commented, "We are
excited to have Tara Minerals in the area and the potential jobs
and growth that come from responsible mining will benefit the
county and Idaho State."
Activity in the Dixie district began with placer mining in 1861.
In 1891, the attention focused on mining the discovered veins with
some of the larger mines in operation for up to 15 years. Mining in
the district was shut down due to the World War. The shut down was
not, in any way, related to the potential of the mines. Since this
stoppage, the district owners have focused on its logging value.
Tara, based on historical information and its relationships in the
area, believes it can add value to the region and Tara shareholders
by working the district using current exploration technology and
milling processes.
About Tara Minerals Corp. (http://www.TaraMinerals.com)
Tara currently has 100% ownership in over 39 square miles
(25,770 acres) in the Don Roman district located in the northern
part of the La Reforma Mining District of northeastern Sinaloa
State, Mexico. Tara Minerals Corp. is focused on prioritizing and
the delineation of an estimated 70+ Don Roman Gold, Silver, Zinc,
and Lead mineralized structures for 2013 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. The
sale of the Picacho Gold/Silver project, to Yamana Gold, brought an
initial payment of $7.5 million, with a second payment of $9.8
million due in May 2013. Tara's strength in recognizing value early
and strategy of reducing risk through a foundation of cash flow,
positions it for low-risk value creation.
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).
Contact: David Barefoot (888) 901-4550 Email Contact
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