SOURCE: Tamija Gold & Diamond Exploration, Inc.

August 15, 2007 17:18 ET

Tamija Gold & Diamond Exploration Inc. Has Been Unable to Proceed With Planned Joint Venture Operations Under Mining Convention With the Government of The Central African Republic and Plans Restructuring

HOLLYWOOD, FL--(Marketwire - August 15, 2007) - Tamija Gold & Diamond Exploration, Inc. (PINKSHEETS: TMJG) was formed as a multi-faceted resource and exploration company specializing in the exploration and recovery of diamonds and gold, with its core business being conducted through a wholly-owned subsidiary, Tamija Resources Centrafrique. In November of 2006, that wholly-owned subsidiary entered into a joint venture relationship with The Central African State ('C.A.R.") in the form of a Convention of Mining Development (the "Convention").

Initially, Company management was very pleased with the seemingly favorable terms and conditions of the Convention, for which the Company was granted a twenty-five (25) year term for the exclusive right to explore, develop, exploit, extract, treat, market and sell on the international markets gold, diamonds and other mineral substances extracted from within its large and highly desired territories -- and subject to availability, the right to annex additional property for research and exploitation.

Subsequently, the socio-political climate has become increasingly unfavorable for operating in C.A.R. The escalation and incidence of widespread rebel activity, including an alleged objective to overthrow the authority of the existing Government, has resulted in repeated U.S. State Department advisories that warn against any travel to C.A.R.

Under its existing structure, the Company was unable to receive expected financing required to remain a going concern. While the Company will seek measures to preserve or extend the mineral rights attained in the C.A.R. Convention, which potentially would be highly valued when C.A.R. returns to stability; there is absolutely no assurance as to whether the Company will be successful in retaining any of the mineral rights under the C.A.R. Convention. Company management is proceeding to report audited financials and has identified an opportunity to acquire an operating interest consistent with the Company's strategy to become established for growth in the mineral sector. The Company management is also investigating other mineral industry pursuits. In any event, the continued viability of the Company will be predicated upon the receipt of adequate financing. Accordingly, management is initiating a procedure to re-structure the capitalization of the Company aimed to facilitate and enable the required funding of future operations.

Forward-Looking Statements

This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Tamija Gold & Diamond Exploration, Inc. undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Contact Information

  • Company contact:
    Moshe Edery