SOURCE: Tara Minerals Corp.
HENDERSON, NV--(Marketwire - Mar 20, 2013) - Tara Minerals Corp. (OTCQB: TARM) (BERLIN: 6T3) is pleased to announce that is has optioned and staked land in the Dixie Mining District of central Idaho, USA. To date, the land package consists of 6,721 acres of both patented and unpatented mining claims. The optioned claims include previously mined veins with historic sampling of the exposed outcrops averaging 14 grams/tonne Au. Tara's initial focus is to assess the previously unmined veins for their near-term production potential. Tara's technical team has already begun the assessment process, which includes sampling and a detailed review of several historical underground mining levels.
Mr. Francis Biscan Jr., President of Tara Minerals, stated, "Our technical team, Steve Eady and Tom Claridge, have begun to leverage their established relationships to identify and acquire projects of value. Expanding our project pipeline to the US gives our shareholders increased diversification and opportunity. Based on historical records, we believe the district contains exceptional high grade potential which could be developed relatively quickly with the use of modern mine development and milling processes. In addition to the ongoing plans to move the Don Roman Mexico district into production, the near-term production potential of the Ponderosa Project aligns with our focus to generate positive cash flow, as a means for organic growth and the building of long-term shareholder value."
These US holdings, which will be known as the Ponderosa Project, consist of optioned and staked land located within the northeast trending gold mineralized Idaho belt that is approximately 35 miles wide by 50 miles long. The belt is known as the Orogrande Shear Zone and has been mined since the 1860s, producing at least 1,000,000 ounces of gold according to historic records. The optioned claims are entered on an individual basis and Tara can choose to drop some, along with its corresponding payment, while exercising others. In aggregate, the optioned claims are for total future payments of $2,150,000, upon exercise of the given options, due between May 2013 and September 2016. Production royalties are also due on certain of the optioned claims.
Jim Chmelik, Idaho County Commissioner, commented, "We are excited to have Tara Minerals in the area and the potential jobs and growth that come from responsible mining will benefit the county and Idaho State."
Activity in the Dixie district began with placer mining in 1861. In 1891, the attention focused on mining the discovered veins with some of the larger mines in operation for up to 15 years. Mining in the district was shut down due to the World War. The shut down was not, in any way, related to the potential of the mines. Since this stoppage, the district owners have focused on its logging value. Tara, based on historical information and its relationships in the area, believes it can add value to the region and Tara shareholders by working the district using current exploration technology and milling processes.
About Tara Minerals Corp. (http://www.TaraMinerals.com)
Tara currently has 100% ownership in over 39 square miles (25,770 acres) in the Don Roman district located in the northern part of the La Reforma Mining District of northeastern Sinaloa State, Mexico. Tara Minerals Corp. is focused on prioritizing and the delineation of an estimated 70+ Don Roman Gold, Silver, Zinc, and Lead mineralized structures for 2013 production. Management is creating long-term shareholder value and deploying its capital to advance its projects by enhancing resources, further outlining new discoveries/targets, and acquiring additional strategic assets. The sale of the Picacho Gold/Silver project, to Yamana Gold, brought an initial payment of $7.5 million, with a second payment of $9.8 million due in May 2013. Tara's strength in recognizing value early and strategy of reducing risk through a foundation of cash flow, positions it for low-risk value creation.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein 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. Please read the full disclaimer at www.TaraMinerals.com (http://taraminerals.com/English/General/Disclaimer/default.aspx).