SOURCE: Tara Gold Resources Corp.

January 23, 2007 07:00 ET

New Structure at Picacho Assays 2.8 oz/t Gold and 156.9 oz/t Silver

CHICAGO, IL -- (MARKET WIRE) -- January 23, 2007 -- Tara Gold Resources Corp. (PINKSHEETS: TRGD) (FRANKFURT: T8N) and Lateegra Gold Corp are pleased to announce that a comprehensive phase 1 surface exploration program has been completed on the Picacho Gold Mine, located 84 kilometers south of the United States border, near the town of Bacoachi, Sonora State, Mexico. In July, 2006, Tara Gold signed an Option Agreement with Lateegra Gold Corp. to acquire up to a 70% interest in the Picacho Gold Mine by spending a minimum of US$3.5 million, delivering 600,000 shares, and achieving a minimum of 600 tonnes per day of production.

Results of the Phase 1 geochemical sampling and detailed geological mapping have identified two new large gold bearing Quartz-Breccia vein structures (Dos Amigos and Basaitegui). Both structures trend NW-SE, with individual results grading as high as 87.5 g/t Au (2.8oz/t) and 4880 g/t Ag (156.9 oz/t). Sampling was conducted over an area greater than 3000m in length (NW-SE), with the vein structures exposed up to 5m in width. Numerous samples provided assays of > 2g/t Au. Samples were analyzed by ALS Chemex Ltd. of Vancouver B.C. Please refer to the attached table for the complete assays results. A map of the location of the structures is available at Lateegra's website.

Field crews including geologists, geophysicists and a mining engineer have been mobilized to the property outfitted with a new Hyundai 16T excavator and a Longyear 38 diamond drill rig along with the necessary down-the-hole tooling. The phase two program has commenced consisting of the following:

--  Ground Magnetic Geophysical Survey by Zonge Engineering and Research
    Organization Inc. of Tucson Arizona-USA;
    
--  1,000 meters of NQ diamond drilling aimed at twining historic drill
    holes (to verify to current standards the previous results);
    
--  1,000 meters of NQ diamond drilling to develop the extent of the
    surface structure, and;
    
--  Surface trenching on the newly discovered targets.
    
Detailed geological mapping, geochemical rock sampling and surveying in concert with a complete data compilation aided development of a geological model clearly portraying 3 distinct parallel mineralized zones having a combined mineralized strike length of 8.5km, 10 times greater than that originally understood. The discovery of these new areas of mineralization is providing the Company a basis for determining the projects potential to host near surface, lower grade heap-leachable bulk tonnage gold mineralization amenable to open pit development.

Data from 22 historic diamond drill holes (drilled by Groupo Mexico and Minera Escuadra) indicates the presence of near surface low grade bulk-tonnage target. Planned phase 2 drilling will target extensions to both the known zones and newly discovered areas providing a basis for an improved understanding of the geological and structural control of the mineralization. The 22 holes drilled by Groupo Mexico and Minera Escuadra were completed prior to implementation of NI43-101 guidelines for assuring accuracy, therefore individual results, while providing valuable information to Lateegra for exploration guidance, are not deemed reliable by the Company, and are therefore not being reported.

The 2007 exploration program, planned with two phases, focuses on identifying further areas of gold mineralization while generating a N.I. 43-101 compliant resource estimate by attempting to duplicate historical data, justifying the expansion and upgrading of the company's mining and milling facilities.

Lateegra is currently re-fitting the 250 tonne/day operation, previously recovering grades averaging 5g/t Au, 15g/t Ag and 85 % Silica, while maintaining contracted silica supply commitments with a nearby smelter.

Exploration work is being conducted under the supervision of Lateegra's Qualified Person, Jeff Reeder, P.Geo.

Sample     Au-ppm_    Au-ppm_    Ag-ppm_   Ag-ppm_    Ag-ppm_    SiO2%
            AA23       GRA21      AA45      AA46       Gra21

77851       0.163                 23.5                           91.9
77852     < 0.005                < 0.2                           98
77853       0.597                  3.8                           87.1
77855       0.193                  4.4                           53.2
77856       0.231                  2.4                           86.5
77857       0.051                  0.5                           84.3
77858       0.066                  0.6                           86
77859       0.07                   1.7                           94.2
77861       0.03                   0.3                           95.9
77862       0.034                  0.5                           80.9
77863       0.397                  0.5                           84.2
77864       1.335                  1                             94.4
77872       0.028                  0.3                           73.4
77873     > 10.0       87.5      > 100     > 1500      4880      87.5


Sample     Au-ppm_    Au-ppm_    Ag-ppm_   Ag-ppm_    Ag-ppm_    SiO2%
            AA23       GRA21      AA45      AA46       Gra21

77874       0.921                 22                             87
77875       0.302                 14.2                           91.2
77876       0.178                 1                              66.3
77877       0.084                 2.1                            67
77878       0.142                 15.5                           65.6
77879       0.083                 8.4                            79.3
77880       0.073                 2.1                            89.5
77881       0.045                 12.5                           88.2
77882       0.27                  1                              85.3
77883       0.849                 1.6                            89.8
77884       0.673                 1.4                            70.2
77885       0.024                 0.3                            51.6
77886       0.112                 2.9                            63.6
77887       0.06                  11                             85.9
77901       0.069                 0.9                            89.1
77902       0.077                 3.2                            75
77903       2.19                  28.8                           90.9
77904       2.68                  16.9                           93.7
77905       0.251                 1                              93.2
77906       0.075                 0.5                            75.2
77907       0.092                 1.3                            85.3
77908       0.083                 2.6                            85.3
77909       0.065                 1.5                            92.1
77910       0.015                 0.7                            91.3
77911       2.83                  19.9                           90
77912       1.915                 7.4                            66.2
77913       0.329                 5.3                            91.8
77914       0.87                  5.5                            85.3
77915       0.104                 2.6                            74.1
77916       0.248                 4.2                            92.1
77918       4.1                 > 100         123                83.1
77919       0.235                 4.2                            77.7
77920       8.84                  19                             86
77921       0.082                 0.4                            68.4
77922       0.581                 3                              80.8
About Picacho Gold Mine

The Picacho Gold Mine is a 3,236 hectare mining concession located within the Northern Sierra Madre Gold Belt, 120 kilometers south of the United States Border, in Sonora State, Republic of Mexico. The mine includes rolling stock and an extensive processing facility currently capable of 250 tonnes/per day of ore throughput. The previous owners have been exploiting an up to 5 meter wide vein structure for the past three years by driving a 5 meter by 5 meter ramp declining 8% extending over 1km in length. Production comes from several working faces averaging 4-6 meters in width. The ore grades average 5 grams/tonne gold and 15 grams/tonne silver. The structure that hosts the mineralization is 85% silica creating a tailings product that is being sold as a flux agent to the local smelters for US$35.00/tonne, an amount that is estimated to generate sufficient revenues to cover current mining and milling costs.

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.

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