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Tara Gold Initiates Expansion Plans for the La Currita Mill26 October 2006
Tara Gold Resources Corp. (PINKSHEETS: TRGD) (FRANKFURT: T8N) and Raven Gold Corp are pleased to announce that they have initiated expansion plans for the La Currita Mine and Mill located in Temoris, Chihuahua, Mexico. Raven Gold has an option to earn up to 60% of La Currita by investing $4,000,000, reaching production levels of 8,000 tons per month, issuing 750,000 shares, and making various payments.
With the objective of creating of an efficient exploitation systems design and mining operations framework capable of increasing throughput capacity to 300 tonnes per day at the La Currita Mill, additional geological, engineering, and management staff has been added. Together they will complete preliminary engineering, topography, and metallurgical tests to maximize recuperation.
Various tasks include the survey and mapping of existing mine workings/audits, mineralized outcrops, and structures to create mine engineering maps; the development of a framework for the processing of combined tailings and bedrock resources; the identification of new equipment needed, various electrical and mechanical tasks, metallurgical tests, and the formalization of a communication and financial structure.
Highlighted Links Tara Gold Resources
The overall design plan also includes the adaptation of social, environmental, safety, quality control policies, and determines to balance the needs of local communities, the environment, and shareholders.
Mr. Francis Biscan Jr., President of Tara Gold Resources, stated, "Our goal at La Currita is to expand throughput capacity, increase efficiencies, and generate significant revenue beginning early in 2007. Our objective is to begin mining operations and start placing ore on the pads by the beginning of December 2006."
About La Currita
The La Currita Groupings includes 4 mines, a 150 ton/day operating floatation mill and stockpiled ore. The La Currita mine was in steady production from 1983 until 1998. A diamond drilling exploration program conducted in 1998 indicated grades of 2.59 g/t Au and 200 g/t Ag. Existing mines and mineralized structures hold potential to increase tonnage through systematic exploration. The area surrounding La Currita has numerous mines and recent substantial discoveries. Adjacent to the La Currita holdings, Palmarejo has announced an inferred resource of 3.1 million ounce gold equivalent on their property. In addition, about 20 miles to the SE is the 170,000 ounce/year Glamis Gold's El Sauzal gold mine and 40 miles to the North is Gammon Lake Resource's Ocampo Gold-Silver Project with a projected 270,000 gold-equivalent ounces/year.
About Tara Gold Resources Corp.
Tara Gold Resources Corp. is a growth-oriented precious metals exploration and development company with existing production plants. It is management's objective to become a significant gold and precious metals producer by re-initiating and increasing production levels at La Currita, Lluvia de Oro and Picacho, and developing the San Miguel, La Millionaria, Pilar De Mocoribo and Las Minitas projects in Mexico. We continue to acquire other advanced-stage projects and/or producing mines in one of the most prolific precious metal districts in the world. 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.
Contact: Tara Gold Resources Corp. Website: http://www.TaraGoldResources.com E-mail IR: angie@taragoldresources.com Corporate Office: 630-462-2079 Investor Relations: 630-551-7802
SOURCE: Tara Gold Resources Corp.
Source: marketwire
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