Tao Minerals to Announce New Favorable Closing Terms on Purchase of El Colmillo Gold Mine
Tao Minerals, Ltd. (OTCBB: TAOL) announced today that it is preparing an announcement, which will provide a detailed description of the terms for the finalization of its purchase of the El Colmillo Gold Mine.
In previous announcements, Tao has outlined its plan for the upgrade and modernization of the El Colmillo Mine and processing facility to include, in their most recent news release, a detail of the activities and expenditures (of money on hand) that will comprise Phase I of the project. To reiterate, the objective of Phase I is to reactivate mine operations to the level possible with the current workings and equipment, that will serve as a base from which to build increased production via the ongoing upgrade process.
Tao’s program for the mine has now progressed to the point at which the next step is the finalization of the closing of Tao’s purchase of the mine property. Tao will, imminently, be releasing an announcement providing details of the finalization of this acquisition.
Jim Sikora, CEO of Tao, had this to say about the pending news, “We are pleased that we have achieved the completion of this major step in the process of the advancement of the El Colmillo Mine Project and look forward to releasing the details of the purchase.”
About Tao Minerals, Ltd.
Tao Minerals (OTCBB: TAOL) is a junior exploration company based in Medellin, Colombia. Tao is successfully positioning itself as a leader in gold exploration in Colombia through key acquisitions of properties with exceptional potential for low extraction cost deposits. Tao’s focus in calendar 2008 is on the upgrading and initiation of operations of its El Colmillo mine, which offers the potential to quickly provide a strong revenue stream, able to fund exploration activities on the estimated high grade gold deposit of its Golondrina property and finance additional acquisitions, while greatly enhancing shareholder value.
Notice Regarding Forward-Looking Statements
Notice Regarding 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, including but not limited to, the completion of the Phase 1 mine upgrade program, and the anticipated expenses and capital costs associated with the reactivation plan.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Contact Info: Shawn Van Damme Tao Minerals Investor Relations 1-877-512-1120 Svd@Taomining.comwww.Taomining.com
SOURCE: Tao Minerals, Ltd.