CHICAGO, IL -- (MARKET WIRE) -- 07/17/09 --
Tara Gold Resources Corp. (PINKSHEETS: TRGD)
(FRANKFURT: T8N) announces that it has elected to let the Picacho option
expire.
Between October 2006 and January 2007Tara Gold Resources Corp. acquired
eight mining claims known as the Picacho prospect. Under the terms of the
2006 option agreement, Tara Gold Resources had the right to acquire a 100%
interest in the property and plant by making payments to the vendor
totaling $7,000,000, plus appropriate taxes, over a 5 year period. Tara
has been attempting, since mid 2008, to renegotiate the terms to better
reflect current market conditions. Tara missed a November 2008 payment
during the renegotiations. The vendor's request for changes, and an
analysis of the offered option structure, indicated that the corporate
benefits resulting from the expiration of the option outweighed the ongoing
obligations under Tara Gold.
Mr. Francis Biscan Jr., President of Tara Gold Resources, stated, "Tara
Gold is making this decision based on the vendor's requirements and the
structure of the acquisition, not on the future potential of the property."
About Tara Gold Resources Corp.
Tara Gold is fully funded and currently focused on generating revenue in
2009 from the Don Roman and Lourdes project owned 100% by its subsidiary
Tara Minerals 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. 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.
Website: www.TaraGoldResources.comFrancis Biscan Jr.
Phone: (630) 462-2079
E-mail: Email Contact
|