CHICAGO, IL -- (MARKET WIRE) -- 07/20/11 -- Tara Gold Resources Corp. (FRANKFURT: T8N) is pleased to provide the following update.
On July 18, 2011, the Securities and Exchange Commission (SEC) revoked the registration of Tara Gold's securities pursuant to Section 12(j) of the Securities Exchange Act of 1934. Contrary to SEC's statement, the Company does not agree that the revocation is 'necessary and appropriate in the public interest.' The Company intends to appeal the decision and seek the reinstatement of the trading of Tara Gold securities.
As noted by the SEC in its decision, the Company has filed Form 10-K for fiscal year 2009, Form 10-Q for each quarter of fiscal year 2010, Form 10-K for fiscal year 2010 and the timely filing of Form 10-Q for period ended 3/31/11. Therefore, with these filings made and accepted by the SEC, the Company believes that it has grounds for appeal, as it does not believe the SEC action is in the best interest of shareholders. The Company will expeditiously file an appeal regarding the revocation.
In addition to the appeal, the Company will also promptly file a Form 10, General Form for Registration of Securities Pursuant to Section 12(b) or (g) of the Securities Exchange Act of 1934, to begin registration process anew. The Company has all the necessary financial statements, exhibits and all other papers and documents necessary to make the filings.
The Company holds 35,758,430 shares (59%) of Tara Minerals Corp.; a 100% interest in La Currita (a past producing gold/silver project which borders the southeast end of Coeur d'Alene's Guadalupe deposit and by Paramount Gold's Don Ese discovery on the north); an equity position in Cayden Resources Inc.; and has the potential to earn additional shares in NWM Mining Corp. as its gold production rate increases.
About Tara Gold Resources Corp. (http://www.TaraGoldResources.com)
Since its inception, Tara Gold has been focused on assembling a pipeline of high-quality precious and non-precious metals projects with potential for economic commercial value. To date, it has added value and profitably sold the San Miguel silver/gold project, and the Lluvia de Oro gold/silver/copper project. Tara Gold currently holds equity position in Cayden Resources Inc. and Tara Minerals Corp. (OTCBB: TARM) (BERLIN: 6T3). Tara Gold also continues to hold several prospective projects, including a past gold/silver producer.
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.
Source: Tara Gold Resources Corp.