SOURCE: Gold & Silver Minerals

October 30, 2006 16:52 ET

G&S Minerals, Inc. dba Gold & Silver Minerals Enters Into Joint Venture Agreement on La Millonaria Property

Property Is Located on the Sierra Madre Occidental Gold-Silver Belt in Mexico

LAS VEGAS, NV -- (MARKET WIRE) -- October 30, 2006 -- G&S Minerals, Inc. (PINKSHEETS: GSML) dba Gold & Silver Minerals (www.gold-silverco.com), a growing mining company focused on acquiring and developing high quality, low risk resource and energy prospects, announced today that it had entered into a Joint Venture Agreement on the La Millonaria property with Tara Gold Resources Corp., to earn up to a 55% interest in the property by making certain payments to Tara Gold Resources, issuing 7,000,000 restricted shares, making all remaining underlying payments, and spending at least $3 million over the next 30 months.

President and CEO Mr. Charles Brown commented, "We are excited to finalize this agreement and position Gold & Silver Minerals in leveraging the huge mineral potential in the Sierra Madre Occidental gold-silver belt in Mexico. This agreement immediately allows us to begin generating value for our shareholders and creating the potential for positive cash flow."

The La Millonaria property, located in a historic mining district within Mexico's prolific Sierra Madre Occidental gold-silver belt, consists of four mining concessions that total 875 hectares in area. The property is located in a region where other gold/silver projects are ongoing such as the 170,000 ounce/year El Sauzal mine, Glamis Gold's newest and largest gold mine; Gammon Lake Resource's Ocampo Gold-Silver Project, projecting annual production of 270,000 gold-equivalent ounces; Palmarejo is developing its Palmajero mine and has announced an inferred resource of 3.1 million ounces gold equivalent on their property; Industrias Peñoles, the world's largest silver producer with proven and probable reserves of more than 430 million ounces of silver.

La Millonaria is a 20-30 meter wide, intensely silicified and stockwork veined, east-west trending structure that can be traced on surface for a minimum distance of 600 meters with additional workings present up to two kilometers along strike. Historical mining has reported recoveries of 10 g/ton gold on average. In 1993, Direccion General de Formento Economico, a state agency, undertook a study of the waste dumps at La Millonaria and estimated an average grade of 9.702 g/t gold and 23 g/t silver.

About G&S Minerals, Inc.

G&S Minerals, Inc. dba Gold & Silver Minerals is a growing mining company focused on acquiring and developing high quality, low risk resource and energy prospects. The company is aggressively pursuing opportunities to develop working interests in mineral properties that offer short time to production as well as significant upside exploration potential. By leveraging an extensive network of industry contacts, management expertise, smart acquisitions and a strong market for minerals, Gold & Silver Minerals is working to build rapid asset growth, near-term cash flow, market interest and shareholder value. Gold & Silver Minerals trades on the OTCPK as "GSML." For additional information, please visit www.gold-silverco.com.

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